Oscar Health次季轉賺3.62億美元 總收入48.8億創新高

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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 

FORM 10-Q 
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026 
or 
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________
Commission File Number: 001-40154
____________________________________________________________
Oscar Health, Inc.
(Exact name of registrant as specified in its charter) 
____________________________________________________________

Delaware46-1315570
(State or other jurisdiction 
of incorporation or organization)(I.R.S. Employer 
Identification No.)

75 Varick Street, 5th Floor,New York, NY10013
(Address of principal executive offices) (Zip Code) 

Registrant’s telephone number, including area code: (646) 403-3677 
Former name, former address and former fiscal year, if changed since last report: N/A
Securities registered pursuant to Section 12(b) of the Act: 

Title of each class Trading Symbol(s)Name of each exchange on which registered 
Class A Common Stock, $0.00001 par value per shareOSCRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

Large accelerated filer☒Accelerated filer ☐

Non-accelerated filer☐Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Class of StockShares Outstanding as of July 31, 2026 (in thousands)
Class A Common Stock, par value $0.00001 per share273,469
Class B Common Stock, par value $0.00001 per share35,176

Table of Contents

Oscar Health, Inc.
TABLE OF CONTENTS

Page
FORWARD LOOKING STATEMENTS
3

PART I - FINANCIAL INFORMATION

Item 1.Financial Statements (unaudited)
Condensed Consolidated Statements of Operations 
5

Condensed Consolidated Statements of Comprehensive Income
6

Condensed Consolidated Balance Sheets
7

Condensed Consolidated Statements of Stockholders' Equity
8

Condensed Consolidated Statements of Cash Flows 
9

Notes to Condensed Consolidated Financial Statements

Note 1 - Organization
10

Note 2 - Earnings Per Share
13

Note 3 - Revenue Recognition
14

Note 4 - Investments
14

Note 5 - Fair Value Measurements 
17

Note 6 - Restricted Cash and Restricted Deposits
17

Note 7 - Benefits Payable
18

Note 8 - Risk Adjustment
19

Note 9 - Debt
20

Note 10 - Reinsurance
22

Note 11 - Related Party Transactions 
23

Note 12 - Commitments and Contingencies
23

Note 13 - Segment Information
25

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
26

Item 3.Quantitative and Qualitative Disclosures about Market Risk
38

Item 4.Controls and Procedures
38

PART II - OTHER INFORMATION

Item 1.Legal Proceedings
39

Item 1A.Risk Factors
39

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
39

Item 3.Defaults Upon Senior Securities
39

Item 4.Mine Safety Disclosures
39

Item 5.Other Information
39

Item 6.Exhibits
40

SIGNATURES
41

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This Quarterly Report on Form 10-Q for the period ended June 30, 2026 (“Quarterly Report on Form 10-Q”) contains the following defined terms, unless the context otherwise requires: (i) “Oscar,” “the Company,” “we,” “our,” “us” or like terms refer to Oscar Health, Inc. and its subsidiaries, (ii) “Thrive Capital” refers to Thrive Capital Management, LLC, a Delaware limited liability company, and the investment funds affiliated with or advised by Thrive Capital Management, LLC and (iii) “Thrive General Partners” refers to Thrive Partners II GP, LLC, Thrive Partners III GP, LLC, Thrive Partners V GP, LLC, Thrive Partners VI GP, LLC, Thrive Partners VII GP, LLC, and Thrive Partners VII Growth GP, LLC, each of which is a general partner of a Thrive Capital-affiliated fund.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continues” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding our future results of operations and financial position, including risk adjustment transfer payments; industry, regulatory and business trends, including trends in medical expenses and overall market morbidity; our commercial arrangements, business strategy, plans and plan mix; membership and market growth; and our objectives for future operations.

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: 

•Our ability to execute our strategy and manage our growth effectively (including our ability to successfully integrate strategic acquisitions); 
•Our ability to retain and expand our member base;
•Our ability to accurately estimate our incurred medical expenses or overall market morbidity, or effectively manage our medical costs or related administrative costs;
•Unanticipated results of, or changes to, risk adjustment programs or our estimates thereof;
•Evolving federal or state laws or regulations (including any changes in the interpretation or enforcement of existing laws and regulations), including changes with respect to the Patient Protection and Affordable Care Act (“ACA”) and any regulations enacted thereunder, the expiration of the enhanced Advanced Premium Tax Credits (“eAPTCs”), the implementation of new program integrity rules, including pursuant to the Notice of Benefit and Payment Parameters (“NBPP”) for policy year 2027, the potential funding of a cost-sharing reduction (“CSR”) program, or other government actions, such as the imposition of tariffs; 
•Our ability to achieve or maintain profitability in the future;
•Our ability to arrange for the delivery of quality care and maintain good relations with brokers and the physicians, hospitals, and other providers within and outside our provider networks;
•Our ability to comply with ongoing, complex and evolving regulatory requirements, including capital reserve and surplus requirements and applicable performance standards; 
•Changes or developments in the regulation of health insurance markets in the United States; 
•Our, or any of our vendors’, ability to comply with laws, regulations, and standards related to the handling of information about individuals or applicable consumer protection laws, including as a result of our participation in government-sponsored programs;
•The ability of our health insurance and Health Maintenance Organization (“HMO”) subsidiaries (collectively, “Health Insurance Subsidiaries”) to make payments of dividends or distributions to us, including to fund our business strategy; 
3

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•Our ability to utilize quota share reinsurance to meet our capital and surplus requirements and protect against downside risk on medical claims;
•Adverse market conditions resulting in our investment portfolio suffering losses or reducing our ability to meet our financing needs;
•Unfavorable or otherwise costly outcomes of lawsuits, audits, investigations, and other third party claims that may arise from the extensive laws and regulations to which we are subject, such as fraud, waste and abuse laws;
•Incurrence of data security breaches of our or our partners’ information and technology systems;
•Heightened competition in the markets in which we participate;
•Our ability to attract and retain qualified personnel;
•Uncertainties associated with our utilization of certain artificial intelligence (“AI”) and machine learning models;
•Our ability to detect and prevent material weaknesses or significant control deficiencies in our internal controls over financial reporting or other failure to maintain an effective system of internal controls;
•Adverse publicity or other adverse consequences related to our dual class structure or “controlled company” status; and
•The other risks and uncertainties described under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 13, 2026.

The forward-looking statements in this Quarterly Report on Form 10-Q are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

This Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q should be read with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report on Form 10-Q, whether as a result of any new information, future events or otherwise.

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PART I. FINANCIAL INFORMATION

 Item 1. Financial Statements

Oscar Health, Inc.
Condensed Consolidated Statements of Operations
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share amounts)2026202520262025
Revenue

Premium$4,789,331 $2,803,444 $9,370,193 $5,799,265 
Investment income84,794 54,004 145,408 100,116 
Other revenues6,095 6,497 11,813 10,827 
Total revenue
4,880,220 2,863,945 9,527,414 5,910,208 
Operating Expenses

Medical
3,794,445 2,552,973 7,024,302 4,812,624 
Selling, general, and administrative691,080 534,485 1,397,314 1,017,244 
Depreciation and amortization
6,060 6,970 13,078 13,700 
Total operating expenses
4,491,585 3,094,428 8,434,694 5,843,568 
Earnings (loss) from operations388,635 (230,483)1,092,720 66,640 
Interest expense
4,709 5,847 10,092 11,841 
Other expenses (income)915 (2,794)844 124 
Earnings (loss) before income taxes383,011 (233,536)1,081,784 54,675 
Income tax expense (benefit)21,183 (5,045)40,933 7,660 
Net income (loss)361,828 (228,491)1,040,851 47,015 
Less: Net income (loss) attributable to noncontrolling interests20 (130)47 105 
Net income (loss) attributable to Oscar Health, Inc.$361,808 $(228,361)$1,040,804 $46,910 

Earnings (loss) per Share
Basic
$1.20 $(0.89)$3.47 $0.19 
Diluted
$1.10 $(0.89)$3.16 $0.17 
Weighted Average Common Shares Outstanding
Basic
302,220 255,531 300,197 253,417 
Diluted
333,432 255,531 331,292 270,244 

See the accompanying Notes to Condensed Consolidated Financial Statements

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Oscar Health, Inc.
Condensed Consolidated Statements of Comprehensive Income
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Net income (loss)$361,828 $(228,491)$1,040,851 $47,015 
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale(13,250)4,119 (26,280)15,547 
Comprehensive income (loss)348,578 (224,372)1,014,571 62,562 
Comprehensive income (loss) attributable to noncontrolling interests20 (130)47 105 
Comprehensive income (loss) attributable to Oscar Health, Inc.$348,558 $(224,242)$1,014,524 $62,457 

See the accompanying Notes to Condensed Consolidated Financial Statements

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Oscar Health, Inc.
Condensed Consolidated Balance Sheets
(unaudited)

(in thousands, except per share amounts) June 30, 2026December 31, 2025
Assets

Current Assets:

Cash and cash equivalents
$4,075,612 $2,774,151 
Short-term investments 
4,479,906 1,216,461 
Accounts receivable (net of allowance for credit losses of $55,298 and $7,226)
380,057 362,682 
Reinsurance recoverable196,544 99,750 

Receivables from CMS180,750 136,029 
Other current assets60,317 24,331 
Total current assets
9,373,186 4,613,404 
Long-term investments
1,600,770 1,470,987 
Property, equipment, and capitalized software, net
101,494 88,350 
Restricted deposits
29,178 32,951 
Other assets
122,134 119,719 
Total assets
$11,226,762 $6,325,411 

Liabilities and Stockholders' Equity

Current Liabilities:

Payables to CMS$6,095,289 $2,730,095 

Benefits payable
1,898,435 1,455,385 
Accounts payable and other liabilities
525,709 507,325 
Unearned premiums
167,505 166,203 
Reinsurance payable
2,564 3,579 
Total current liabilities
8,689,502 4,862,587 
Long-term debt431,629 430,095 
Other liabilities50,466 51,994 
Total liabilities9,171,597 5,344,676 
Commitments and contingencies (Note 12)
Stockholders' Equity

Class A common stock ($0.00001 par value; 825,000 thousand shares authorized, 273,410 thousand and 261,851 thousand shares outstanding as of June 30, 2026 and December 31, 2025, respectively)
3 3 
Class B common stock ($0.00001 par value; 82,500 thousand shares authorized, 35,224 thousand and 35,838 thousand shares outstanding as of June 30, 2026 and December 31, 2025, respectively)
— — 
Treasury stock (315 thousand shares as of June 30, 2026 and December 31, 2025)
(2,923)(2,923)
Additional paid-in capital
4,316,831 4,256,972 
Accumulated deficit
(2,253,630)(3,294,434)
Accumulated other comprehensive income (loss)(8,250)18,030 
Total Oscar Health, Inc. stockholders' equity2,052,031 977,648 
Noncontrolling interests3,134 3,087 
Total stockholders' equity
2,055,165 980,735 
Total liabilities and stockholders' equity
$11,226,762 $6,325,411 

See the accompanying Notes to Condensed Consolidated Financial Statements
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Oscar Health, Inc.
Condensed Consolidated Statements of Stockholders' Equity
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Common stock, Class A shares
Balance, beginning of period263,552217,983261,851214,974 
Issuance of common stock from equity incentive plans and stock purchase agreement9,8315,03411,2858,101 
Conversion of Class B shares to Class A shares1,027—1,274— 
Shares withheld for net settlement of share-based awards(1,000)(105)(1,000)(163)
Balance, end of period273,410222,912273,410222,912 
Common stock, Class B shares
Balance, beginning of period35,59135,51435,83835,514 
Issuance of common stock from equity incentive plans660—660— 
Conversion of Class B shares to Class A shares(1,027)—(1,274)— 
Balance, end of period35,22435,51435,22435,514 
Common stock, Class A
Balance, beginning of period$3 $2 $3 $2 
Balance, end of period3 2 3 2 
Common stock, Class B
Balance, beginning of period— — — — 
Balance, end of period— — — — 
Treasury stock
Balance, beginning of period(2,923)(2,923)(2,923)(2,923)
Balance, end of period(2,923)(2,923)(2,923)(2,923)
Additional paid-in capital
Balance, beginning of period4,277,292 3,902,373 4,256,972 3,869,617 
Stock-based compensation expense22,694 27,474 41,875 55,357 
Issuance of common stock from equity incentive plans and stock purchase agreement28,765 23,568 29,904 29,295 

Net settlement for taxes related to share-based awards(11,920)(1,435)(11,920)(2,289)
Balance, end of period4,316,831 3,951,980 4,316,831 3,951,980 
Accumulated Deficit
Balance, beginning of period(2,615,438)(2,576,012)(3,294,434)(2,851,283)
Net income (loss) attributable to Oscar Health, Inc.361,808 (228,361)1,040,804 46,910 
Balance, end of period(2,253,630)(2,804,373)(2,253,630)(2,804,373)
Accumulated other comprehensive income (loss)
Balance, beginning of period5,000 9,601 18,030 (1,827)
Unrealized gains (loss) on investments, net(13,250)4,119 (26,280)15,547 
Balance, end of period(8,250)13,720 (8,250)13,720 
Noncontrolling interests
Balance, beginning of period3,114 3,074 3,087 2,839 
Comprehensive income (loss) attributable to noncontrolling interests20 (130)47 105 
Balance, end of period3,134 2,944 3,134 2,944 
Total stockholders' equity$2,055,165 $1,161,350 $2,055,165 $1,161,350 

See the accompanying Notes to Condensed Consolidated Financial Statements
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Oscar Health, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)

Six Months Ended June 30,
(in thousands)20262025
Cash Flows from Operating Activities:

Net income$1,040,851 $47,015 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Change in provision for credit losses48,072 (23,950)
Stock-based compensation expense
36,623 49,084 
Depreciation and amortization expense
13,049 13,700 
Amortization of debt issuance costs2,163 389 
Net accretion of investments(15,285)(15,667)
Deferred taxes
(7,731)— 
Net realized gain on sale of financial instruments
(1,732)(131)
Changes in assets and liabilities:

(Increase) / decrease in:

Reinsurance recoverable
(96,794)98,839 
Accounts receivable(65,448)(51,666)

Receivables from CMS
(44,721)(95,982)
Other assets
(26,660)(26,512)
Increase / (decrease) in:

Payables to CMS3,365,194 1,127,430 

Benefits payable
443,050 194,902 
Accounts payable and other liabilities
20,408 103,024 

Unearned premiums
1,302 (4,900)
Reinsurance payable
(1,016)(27,966)
Net cash provided by operating activities4,711,325 1,387,609 
Cash Flows from Investing Activities:

Sale of investments
983,943 15,761 
Maturity and paydowns of investments
553,943 267,419 
Change in restricted deposits
606 526 
Purchase of investments
(4,942,801)(607,838)
Purchase of property, equipment, and capitalized software
(20,556)(18,303)
Net cash used in investing activities(3,424,865)(342,435)
Cash Flows from Financing Activities:

Proceeds from exercise of stock options and stock purchase agreement
29,904 29,295 

Tax payments related to net settlement of share-based awards(11,920)(2,289)
Payments of debt issuance costs(4,919)— 
Earn-out Liability Payout(3,370)— 
Net cash provided by financing activities9,695 27,006 
Increase in cash, cash equivalents and restricted cash equivalents1,296,155 1,072,180 
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period
2,804,123 1,551,118 
Cash, cash equivalents, restricted cash and cash equivalents—end of period
4,100,278 2,623,298 
Cash and cash equivalents
4,075,612 2,598,942 
Restricted cash and cash equivalents included in restricted deposits
24,666 24,356 
Total cash, cash equivalents and restricted cash and cash equivalents
$4,100,278 $2,623,298 
Supplemental Disclosures:
Interest payments$6,000 $11,360 
Income tax payments$1,107 $15,478 

See the accompanying Notes to Condensed Consolidated Financial Statements
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Oscar Health, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
(in thousands, except per share amounts, or as otherwise stated herein)

1.    ORGANIZATION

Oscar Health, Inc., together with its subsidiaries (either individually or collectively referred to as “Oscar” or the “Company”), is a leading healthcare technology company whose mission is to make a healthier life accessible and affordable for all. The Company’s Class A common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “OSCR”.

Oscar operates as one reportable segment to sell insurance to individuals, families, and employees through the federal and state-run healthcare exchanges formed in conjunction with the Patient Protection and Affordable Care Act (“ACA”). The Company also wholly owns three businesses operating in the individual market (collectively, the “Marketplace Subsidiaries”): Lucie, Inc. (formerly known as INSXCloud, Inc.), a technology enrollment platform for consumers, employers, and brokers, Trove Group Inc. (formerly known as IHC Specialty Benefits, Inc.), an insurance agency that sells individual medical and supplemental health products, and HealthInsurance.org, LLC, a lead generation website providing educational content to help consumers navigate health insurance as well as the ACA and Medicare marketplaces.

Oscar’s technology drives better choice, deeper engagement, and connection to high-value clinical care for the Company’s members. Oscar serves approximately 3.0 million effectuated members (“members”), as of June 30, 2026. Effectuated members are those who are actively enrolled in one of the Company’s plans and whose required premium payments have either been made or are within the payment grace period. For more information on the recognition of premium related to membership, see “Note 3 - Revenue Recognition”.

Basis of Presentation

The accompanying interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission for interim financial information. As such, these financial statements do not include all information and footnotes required by U.S. GAAP for complete financial statements.

These Condensed Consolidated Financial Statements are unaudited; however, in the opinion of management, they reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the information presented in conformity with U.S. GAAP applicable for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2025.

Certain monetary amounts, percentages, and other figures included in this Quarterly Report on Form 10-Q have been subject to rounding adjustments. Percentage amounts included in this Quarterly Report on Form 10-Q have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Quarterly Report on Form 10-Q may vary from those obtained by performing the same calculations using the figures in the Company's Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q. Certain other amounts that appear in this Quarterly Report on Form 10-Q may not sum due to rounding.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying interim Condensed Consolidated Financial Statements include healthcare costs incurred but not yet reported (“IBNR”), and risk adjustment transfers. Estimates are based on past experience, evaluation of current trends, information from third-party professionals, and other considerations that are reasonable under the circumstances. Actual results may differ materially from these estimates.
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Reclassification

Certain prior period amounts have been reclassified within the components of total current assets and total current liabilities in the Company’s Condensed Consolidated Balance Sheets, as well as within cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows, to conform to the current period presentation. These reclassifications had no impact on the previously reported totals for current assets, current liabilities, or net cash provided by operating activities.

Allowance for Credit Losses

The Company’s receivables are reported net of any allowance for credit losses. An allowance for credit losses is generally calculated based on historical collection experience, the counterparty's creditworthiness, and consideration of current and future economic events. 

As part of value-based care arrangements, the Company entered into risk sharing arrangements with certain of its providers. The intention of these agreements is to align incentives with providers who desire to share accountability for the quality and costs of managing a population of Oscar’s members. If medical expenses exceed agreed upon population-specific target MLR, the provider reimburses the Company an agreed upon portion of the excess expenses creating a risk share receivable due to the Company. The Company recorded risk sharing receivables on a gross basis on the Consolidated Balance Sheet. The Company evaluated expected losses on risk sharing receivables and recorded and adjusted the resulting expected losses to the allowance for credit losses based on the counterparty’s financial health and creditworthiness and any significant changes in the healthcare environment. The Company writes off the receivable balance when it is determined to be uncollectible.

A receivable is recorded for commissions that are due to the Company from brokers related to actual or expected retroactive member disenrollments. The Company evaluated expected losses on broker commission chargeback receivables and recorded the resulting expected losses to the allowance for credit losses based on the counterparty’s financial health and creditworthiness, the Company’s historical collection experience, and consideration of current and future economic events over the life of the receivable. The Company writes off the receivable balance when it is determined to be uncollectible.

The Company has presented the rollforward related to its allowance for credit losses below:

Six Months Ended June 30,
(in thousands)20262025
Beginning balance$7,226 $31,300 
Plus, provision for credit losses48,183 — 
Less, writeoffs— (23,950)
Less, recoveries collected(111)(124)
Ending balance$55,298 $7,226 

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Accounting Pronouncements - Not Yet Adopted

In November 2024, the FASB issued Accounting Standards Update No. 2024-03 (“ASU 2024-03”), Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosures in the Notes to Consolidated Financial Statements, disaggregating specific expense categories for relevant income statement captions and additional disclosures of the Company's total amount of selling expenses. This guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. While the standard will require additional disclosures related to the Company’s income statement, the standard is not expected to have any material impact on the Company’s consolidated operating results, financial condition, or cash flows. The Company is currently evaluating the impact of the adoption of this guidance on the related disclosures. 

In September 2025, the FASB issued Accounting Standards Update No. 2025-06 (“ASU 2025-06”), Intangibles–Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the recognition and disclosure framework for internal-use software costs, removing all references to “development stages” and introducing a more judgment-based approach. This guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. This ASU is applicable to the Company’s fiscal year beginning January 1, 2028, with early application permitted. The transition method may be prospective, modified, or retrospective. The Company is currently evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements and disclosures.
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2.    EARNINGS PER SHARE 

Basic earnings per share (“EPS”) is computed by dividing Net income (loss) attributable to Oscar Health, Inc. for the period by the weighted-average shares of common stock outstanding during the period. 

In periods when the Company is in a net loss position, potentially dilutive securities are excluded from the computation of diluted EPS because their inclusion would have an anti-dilutive effect; thus, basic EPS is the same as diluted EPS. 

During periods of net income, diluted EPS is computed by adjusting Net income attributable to Oscar Health, Inc. for any interest charges, net of tax, related to the Company’s convertible notes, and, when applicable, for changes in the fair value of the bifurcated conversion option to the extent these instruments are dilutive. This adjusted net income is then divided by the sum of the basic weighted-average shares of common stock outstanding and any dilutive potential common stock outstanding during the period, using the treasury stock method and the if-converted method for convertible senior notes, as described in “Note 9 - Debt”. Potential common stock includes the effect of outstanding dilutive stock options, restricted stock units, and performance-based restricted stock units. The computations for basic and diluted EPS are as follows:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share data)2026202520262025
Numerator: 

Net income (loss) attributable to Oscar Health, Inc. - basic$361,808 $(228,361)$1,040,804 $46,910 
Effect of convertible senior notes3,721 — 7,442 — 
Net income (loss) available to Oscar Health, Inc. common shareholders - diluted$365,529 $(228,361)$1,048,246 $46,910 

Denominator:

Weighted average shares of common stock outstanding - basic302,220255,531300,197253,417
Common stock equivalents10,485—10,36816,827
Effect of convertible senior notes 20,727—20,727—
Weighted average shares of common stock outstanding - diluted333,432 255,531 331,292 270,244 

Earnings (loss) per Share
Basic 
$1.20 $(0.89)$3.47 $0.19 
Diluted
$1.10 $(0.89)$3.16 $0.17 

The following potential common shares were excluded from the computation of diluted EPS because including them would have had an anti-dilutive effect: 

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Stock options to purchase common stock
371 15,323 638 2,952 
Restricted stock units
277 10,770 409 4,239 
Performance-based restricted stock units— 7,453 4,984 — 
Shares underlying convertible notes (Note 9)— 36,652 — 36,652 
Total
648 70,198 6,031 43,843 

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3.    REVENUE RECOGNITION

Premiums Earned

Premium revenue includes premium subsidies received from the federal government, policy premiums collected directly from members, and assumed policy premiums earned as part of the reinsurance arrangement under the Cigna+Oscar Small Group plan previously offered, net of risk adjustment transfers and ceded premiums from reinsurance contracts accounted for under reinsurance accounting (see “Note 10 - Reinsurance” for additional information on the Company’s reinsurance contracts). 

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Direct policy premiums$5,666,469 $3,482,764 $11,696,744 $6,832,435 
Risk adjustment transfers(871,470)(692,245)(2,314,281)(1,065,994)
Reinsurance premiums ceded(4,989)(2,690)(10,607)(5,232)
Assumed premiums (1)
(679)15,615 (1,663)38,056 
Premium$4,789,331 $2,803,444 $9,370,193 $5,799,265 
(1) The Company did not renew the Cigna+Oscar Small Group arrangement with Cigna Health and Life Insurance Company after its initial term ended on December 31, 2024. Following termination, the Company has been providing transition and run-off services, and will continue to provide such services through December 31, 2026. The Company also continues to share in premiums and claims for plans sold or issued prior to December 15, 2024.

The Company receives a fixed premium per member per month during the period in which it is obligated to provide services to its members based on eligibility criteria provided by the Centers for Medicare & Medicaid Services (“CMS”). Premium is subject to retroactive adjustment based on periodic reconciliation by CMS. Premium revenue reflects premium associated with effectuated members, net of adjustment for premium expected to be refunded to CMS. Premium is expected to be refunded to CMS when a member disenrollment is probable as a result of the non-payment of premium or when a member has been, or it is probable that a member will be, retroactively disenrolled in connection with CMS progr