Oscar Health (OSCR) investor relations material

Executive summary

• Achieved strong first-quarter 2026 results with significant year-over-year improvements in revenue, net income, and membership, including record highs for both revenue and net income.

• Membership grew 56% year-over-year to 3.2 million as of March 31, 2026, driven by innovative plan designs and superior member experience.

• Technology and AI initiatives contributed to operational efficiency and cost reduction.

• Reaffirmed full-year 2026 guidance, emphasizing confidence in margin expansion and meaningful profitability.

Financial highlights

• Total revenue for Q1 2026 was $4.65 billion, up 53% year-over-year, driven by higher membership and rate increases.

• Net income reached $679 million ($2.07 diluted EPS), the highest in company history, more than doubling year-over-year.

• Earnings from operations were $704.1 million, up nearly 2.5x year-over-year.

• Adjusted EBITDA was $727.1 million, up $398 million year-over-year.

• Operating margin improved 540 basis points year-over-year to 15.2%.

Outlook and guidance

• Reaffirmed full-year 2026 guidance: total revenues expected at $18.7-$19 billion, with expectations for significant margin expansion and profitability.

• MLR guidance remains at 82.4%-83.4%, with lowest MLR in Q1 and highest in Q4.

• SG&A expense ratio guidance unchanged at 15.8%-16.3%.

• Earnings from operations expected between $250-$450 million; adjusted EBITDA to be ~$115 million higher.

• Management expects regulatory changes, including the expiration of enhanced premium tax credits and new program integrity rules, to impact future membership and market size.