Oscar Health (NYSE:OSCR) reported a complex finish to 2025 on Tuesday, February 10, 2026, revealing a widening quarterly loss even as it achieved a historic membership milestone.
The New York-based health insurer posted a fourth-quarter net loss of $352.6 million, more than double the $153.5 million loss from the prior year, as the industry-wide trend of elevated medical utilization continued to pressure margins.
The primary culprit for the bottom-line miss was a spike in the Medical Loss Ratio (MLR), which hit 95.4% in the quarter compared to 88.1% a year ago.
Management attributed this to "higher average market morbidity" and pent-up demand for healthcare services that outpaced risk adjustment transfers.
However, investors focused on the company’s explosive top-line scale; total revenue for the quarter rose 17% to $2.8 billion, while full-year revenue jumped 28% to reach $11.7 billion.
Despite the current losses, CEO Mark Bertolini characterized 2025 as a "reset year" that has positioned Oscar for a profitable 2026.
The company reached a record 3.4 million members by year-end, a testament to the success of its new affordable product suite and "agentic AI" features that have improved member retention.
Bertolini’s optimism is backed by a massive 2026 outlook, with the company projecting total revenue to exceed $18 billion—a nearly 54% increase over 2025—as it implements disciplined 28% weighted-average rate increases to restore profitability.