Oscar Health swings to a $362M Q2 profit and sharply raises 2026 guidance

summarizeSummary

Oscar Health reported record first-half profitability with Q2 net income of $361.8 million and raised full-year 2026 earnings guidance to $500–$700 million, reflecting strong underwriting performance and membership growth.

check_boxKey Events · Earnings and Guidance · OSCR

• Q2 Net Income Swings to $361.8M

  Net income reached $361.8 million in Q2 2026, a sharp reversal from the $228.4 million loss in Q2 2025, fueled by a 79.2% MLR and $164 million in favorable prior-period reserve development.

• Full-Year 2026 Guidance Raised

  Full-year 2026 earnings from operations guidance was raised to $500–$700 million, up from $250–$450 million, while the MLR outlook improved to 81.5%–82.5% and the SG&A expense ratio to 15.6%–16.1%.

• Revenue Surges on Membership Growth

  Total revenue climbed 70% year-over-year to $4.88 billion in Q2 2026, as effectuated membership expanded to 2.96 million from 2.03 million a year ago.

• Record First-Half Profitability

  For the first six months of 2026, net income attributable to Oscar Health was $1.04 billion, compared to $46.9 million in the prior-year period, with Adjusted EBITDA of $1.14 billion.

auto_awesomeAnalysis · OSCR · Finance

A dramatic turnaround took shape as Oscar Health posted $361.8 million in net income for Q2 2026, reversing a $228.4 million loss a year ago. Disciplined pricing, favorable prior-period reserve development, and strong membership growth drove the result. The company lifted its full-year 2026 earnings from operations guidance to $500–$700 million, up from $250–$450 million, and improved both its medical loss ratio and SG&A expense ratio targets. With the stock trading near its 52-week high, these results validate the strategy and signal accelerating profitability in the individual health insurance market.