Oscar Health, Inc. (OSCR) FY2025 10-K Annual Report
Oscar Health, Inc. (OSCR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Oscar Health, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Technology-enabled health insurer offering ACA individual market plans with integrated full stack platform and focus on member experience
- • New 2025 acquisitions: Lucie (enrollment tech), IHC Specialty Benefits (brokerage), Healthinsurance.org, expanding ICHRA capabilities and consumer health marketplace
- • Strategic shift: Exited Cigna+Oscar Small Group partnership, intensified focus on growing ICHRA and individual market channels with proprietary tech and expanded broker/enrollment services
- • Membership growth: Total effectuated members increased 22% YoY to ~2.0 million, with Florida membership surging 35% to 1.18 million in 2025
- • Noteworthy: +Oscar’s Campaign Builder platform now serves nearly 0.6 million client lives, underscoring growth of Oscar’s technology-powered B2B engagement segment
Management Discussion & Analysis
- • Total revenue $X (amount not specified), driven by Premium revenue and investment income components
- • Operating loss and net loss figures not disclosed; MLR and SG&A ratios provided but no % margin change specified
- • Membership grew to approx. 2.0 million effectuated members as of Dec 31, 2025; impact of Medicaid redeterminations aided 2024 growth, limited in 2025
- • No specific cash flow, buybacks, dividends, or capex amounts detailed in the excerpt
- • Regulatory risks include expiration of enhanced Advanced Premium Tax Credits (eAPTCs) end of 2025 and new CMS Program Integrity Rules affecting enrollment and Advanced Premium Tax Credit eligibility
Risk Factors
- • Debt obligations under 2030 Convertible Senior Notes $410M pose liquidity risk on mandatory repurchase or conversion payments
- • $475M secured 3-year revolving credit facility with JPMorgan Chase began Feb 2026 replacing terminated $115M facility
- • Requirement to maintain restricted investments in U.S. Treasury securities and cash for state licensure limits liquidity flexibility
- • Operating cash flow impacted by timing and size of large insurance claim payments and risk adjustment transfers
- • Convertible notes issuance proceeds $410M increased financing cash by $399.2M in 2025 vs $68.4M in 2024
Oscar Health, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$29M
▲ +39.0% YoY
Net Income
-$443M
▼ -1842.5% YoY
Operating Margin
-1386.2%
▼ -166451bp YoY
Net Margin
-1549.9%
▼ -167346bp YoY
ROE
-45.3%
▼ -4784bp YoY
Total Assets
$6.3B
▲ +30.7% YoY
EPS (Diluted)
$-1.69
▼ -1790.0% YoY
Operating Cash Flow
$1.1B
▲ +11.9% YoY
Source: XBRL data from Oscar Health, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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