Oscar Health’s membership increased approximately 46% year-over-year to nearly 3 million during the second quarter of 2026 as the health insurer delivered a dramatic improvement in profitability and raised its full-year operating earnings outlook.
Effectuated membership reached 2.963 million as of June 30, compared with approximately 2.027 million a year earlier.
Q2 total revenue reached $4.88 billion compared with $2.86 billion in the prior-year quarter, an increase of approximately 70%.
The improvement was even more pronounced on the bottom line. Earnings from operations reached $388.6 million compared with a $230.5 million operating loss a year earlier. Net income attributable to Oscar Health was $361.8 million compared with a $228.4 million loss, while Adjusted EBITDA swung to $415.3 million from a $199.4 million loss.
Oscar’s medical loss ratio improved substantially to 79.2% from 91.1%, while its SG&A expense ratio declined to 14.2% from 18.7%. For the first six months, Oscar generated $1.09 billion of earnings from operations and $1.14 billion of Adjusted EBITDA.
Following the strong first half, Oscar doubled the low end of its full-year operating earnings guidance. The company now expects earnings from operations of $500 million to $700 million, compared with its previous outlook of $250 million to $450 million.
Oscar maintained its 2026 revenue outlook of $18.7 billion to $19 billion while improving its expected medical loss ratio to 81.5% to 82.5% from 82.4% to 83.4%. Its SG&A expense ratio outlook was also improved to 15.6% to 16.1%.
Management believes structural changes in employment patterns could expand the individual insurance market, with CEO Mark Bertolini specifically pointing to movement between full-time work, part-time jobs, gig work and retirement, a trend he expects AI to accelerate.
KEY QUOTES:
“Oscar delivered record profitability in the first half of the year and we are raising our full-year 2026 guidance.”
Mark Bertolini, CEO of Oscar Health
