Oscar Health
OSCR · NYSEHospital & Medical Service Plans · Fiscal year ends Dec 31
Oscar Health reported revenue of $29M in the fiscal year ended Dec 2025, up 39.0% from the year before. Operating income was −$396M, an operating margin of −1386.2%, and net income was −$443M. Operating cash flow of $1.1B less capital expenditure of $36M left free cash flow of $1.1B. It held more cash than debt (net cash $2.3B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5M | $65M | $21M | $21M | $29M |
| Selling, general & admin | – | $1.3B | $1.4B | $1.8B | $2B |
| Operating income | −$544M | −$590M | −$236M | $57M | −$396M |
| Interest expense | $5M | $23M | $25M | $24M | $18M |
| Pre-tax income | −$571M | −$610M | −$267M | $33M | −$437M |
| Income tax | $846,000 | −$523,000 | $3M | $7M | $6M |
| Net income | −$573M | −$606M | −$271M | $25M | −$443M |
| Diluted EPS | −3.20 | −2.85 | −1.22 | 0.10 | −1.69 |
| Diluted shares | 179M | 212M | 222M | 266M | 262M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.1B | $1.6B | $1.9B | $1.5B | $2.8B |
| Receivables | – | – | – | – | $363M |
| Current assets | $2.3B | $4.1B | $3.1B | $2.8B | $4.6B |
| Net PP&E | $47M | $60M | $62M | $67M | $88M |
| Total assets | $3.3B | $4.5B | $3.6B | $4.8B | $6.3B |
| Current liabilities | $1.9B | $3.3B | $2.4B | $3.5B | $4.9B |
| Long-term debt | $0 | $298M | $299M | $300M | $430M |
| Total liabilities | $1.9B | $3.6B | $2.8B | $3.8B | $5.3B |
| Shareholders' equity | $1.4B | $890M | $804M | $1B | $978M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$182M | $380M | −$272M | $978M | $1.1B |
| Capital expenditure | $26M | $29M | $26M | $28M | $36M |
| Free cash flow | −$208M | $351M | −$298M | $950M | $1.1B |
| Depreciation & amortisation | $15M | $15M | $31M | $32M | $29M |
| Stock-based compensation | $86M | $112M | $160M | $110M | $88M |
| Share buybacks | $0 | – | – | – | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1103.7% | −67.1% | −3.6% | 39.0% |
| Operating income growth (YoY) | – | – | – | – | −792.1% |
| EPS growth (YoY) | – | – | – | – | −1790.0% |
| Operating margin | −10094.2% | −908.5% | −1103.4% | 278.3% | −1386.2% |
| Net margin | −10615.6% | −933.8% | −1267.9% | 123.6% | −1549.9% |
| Return on equityBlank when equity is negative | −41.3% | −68.1% | −33.7% | 2.5% | −45.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −37.1% | −46.7% | −20.1% | 4.2% | −27.1% |
| Free cash flow margin | −3849.3% | 541.1% | −1394.4% | 4618.5% | 3701.9% |
| Cash conversion (CFO ÷ net income) | 0.32x | −0.63x | 1.01x | 38.5x | −2.47x |
| Receivable days | – | – | – | – | 4630 |
| Interest cover | −115x | −26.1x | −9.58x | 2.41x | −22.5x |
| Debt ÷ equity | 0.00x | 0.33x | 0.37x | 0.30x | 0.44x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$1.1B | −$1.3B | −$1.6B | −$1.2B | −$2.3B |
| Current ratio | 1.24x | 1.26x | 1.26x | 0.82x | 0.95x |
Recent filings
More in Hospital & Medical Service Plans
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.