Short answer
Oscar Health, Inc. (OSCR) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $29M (+39.0% year over year) and net income of −$443M.
- Top risk flagged: Debt obligations under 2030 Convertible Senior Notes $410M pose liquidity risk on mandatory repurchase or conversion payments
FY2025 key financial metrics · XBRL
- Revenue
- $29M
- +39.0% YoY
- Net income
- −$443M
- −1842.5% YoY
- Operating margin
- -1386.2%
- −1664.5 pp YoY
- EPS (diluted)
- −$1.69
- −1790.0% YoY
- ROE
- -45.3%
- −47.8 pp YoY
- Operating cash flow
- $1.1B
- +11.9% YoY
Source: XBRL data from the Oscar Health, Inc. (OSCR) FY2025 10-K on SEC EDGAR. USD.
Oscar Health, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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