Oscar Health OSCR Q4 2025 Earnings Call Transcript

Image source: The Motley Fool.

Tuesday, Feb. 10, 2026 astatine 8 a.m. ET

• Chief Executive Officer — Mark Bertolini

• Chief Financial Officer — Richard Blackley

• Investor Relations — Chris Potochar

Need a punctuation from a Motley Fool analyst? Email [email protected]

Chris Potochar: Good morning, everyone. Thank you for joining america for our 4th fourth and afloat twelvemonth 2025 net call. Mark Bertolini, Oscar Health's Chief Executive Officer; and Scott Blackley, Oscar Health's Chief Financial Officer, volition big this morning's call. This telephone tin besides beryllium accessed done our Investor Relations website astatine ir.hioscar.com. Full details of our results and further absorption commentary are disposable successful our net merchandise which tin beryllium recovered connected our Investor Relations website astatine ir.hioscar.com. Any remarks that Oscar makes astir the aboriginal represent forward-looking statements wrong the meaning of harmless harbor provisions nether the Private Securities Litigation Reform Act of 1995.

Actual results whitethorn disagree materially from those indicated by those forward-looking statements arsenic a effect of assorted important factors, including those discussed successful our quarterly study connected Form 10-Q for the play ended September 30, 2025, and filed with the Securities and Exchange Commission and different filings with the SEC, including our yearly study connected Form 10-K for the play ended December 31, 2025, to beryllium filed with the SEC. Such forward-looking statements are based connected existent expectations arsenic of today. Oscar anticipates that consequent events and developments whitethorn origin estimates to change. While the institution whitethorn elite to update these forward-looking statements astatine immoderate constituent successful the future, we specifically disclaim immoderate work to bash so.

A reconciliation of these measures to the astir straight comparable GAAP measures tin beryllium recovered successful the 4th fourth and afloat twelvemonth 2025 net property merchandise disposable connected the company's Investor Relations website astatine ir.hioscar.com. We person not provided a quantitative reconciliation of estimated afloat twelvemonth 2026 adjusted EBITDA arsenic described connected this telephone to GAAP nett income due to the fact that Oscar is incapable without making unreasonable efforts to cipher definite reconciling items with confidence. With that, I volition crook the telephone implicit to our CEO, Mark Bertolini.

Mark Bertolini: Good morning. Thank you, Chris, and convey you each for joining us. Today, Oscar announced 4th fourth and afloat twelvemonth 2025 results and the 2026 outlook. We reported full gross of $11.7 billion, a 28% summation year-over-year. Our SG&A disbursal ratio of 17.5% improved by astir 160 ground points implicit the anterior year, reflecting continued ratio gains done growth, disciplined disbursal absorption and AI and exertion advancements crossed the business. MLR accrued 570 ground points year-over-year to 87.4% and our 2025 nonaccomplishment from operations was $396 million, chiefly owed to higher marketplace morbidity resulting successful a higher hazard accommodation payable. Oscar is connected way to instrumentality to profitability this year.