Oscar Health Misses Q4, Grows Membership 21%, Eyes $18.7B-$19B 2026 Revenue
Oscar Health reported Q4 revenue of $2.81 billion and a $1.24 per share loss, driven by a 95.4% medical loss ratio. Membership reached 2.04 million, the company secured a $475 million credit facility and guided 2026 sales to $18.7-19 billion with $250-450 million in operating earnings.
1. Q4 Financial Results
Oscar Health generated $2.81 billion in Q4 revenue, up from $2.39 billion a year ago but below estimates, and reported a $1.24 loss per share. The medical loss ratio rose to 95.4% and adjusted EBITDA loss narrowed to $101.5 million as membership grew to 2.04 million.
2. Financing Boost
The company secured a $475 million three-year revolving credit facility to strengthen its balance sheet and support growth initiatives. SG&A expense ratio improved to 18.2% from 19.5%, reflecting disciplined cost management.
3. 2026 Guidance and Outlook
Oscar Health forecasts fiscal 2026 sales of $18.7 billion to $19 billion, operating earnings between $250 million and $450 million, and a medical loss ratio of 82.4%-83.4%. The company aims to leverage record membership and new products to achieve profitability.