Oscar Health (OSCR) Earnings Date & Reports

Key Takeaways

• Oscar Health is scheduled to report its third-quarter 2026 results before the market opens on Thursday, November 5, 2026.
• Analysts expect a net loss of roughly $0.14 to $0.19 per share, an improvement from a $0.53 loss in the same period last year.
• Consensus revenue estimates cluster around $4.65 billion to $4.72 billion, versus $2.99 billion a year ago.
• The company enters the quarter with momentum, having beaten earnings estimates in both the first and second quarters of 2026.
• Investors will watch the medical loss ratio, membership churn, and seasonal cost pressures heading into open enrollment.

Earnings Context and Why It Matters

Oscar Health is a technology-driven health insurer focused on individual and family plans sold through Affordable Care Act (ACA) marketplaces, alongside a growing platform business. The company has been shifting from a fast-growing, loss-making disruptor into a more consistently profitable operator, and recent quarters have shown that transition taking hold. The third quarter of 2026 matters because it opens a seasonally tougher stretch of the year, when medical costs tend to rise, member churn increases, and open-enrollment spending ramps up. With the stock having re-rated on improving margins, this report will test whether Oscar's profitability momentum can hold through the second half.

Earnings Expectations

Wall Street's consensus for the third quarter points to a loss of roughly $0.14 to $0.19 per share, compared with a loss of $0.53 per share in the year-ago quarter. Revenue is expected to come in around $4.65 billion to $4.72 billion, a sharp increase from $2.99 billion a year earlier. Estimates remain widely dispersed, reflecting uncertainty around seasonal cost trends and membership dynamics.

Oscar enters the report with strong momentum. In the second quarter of 2026, the company posted earnings of $1.10 per share, well above consensus, on revenue of roughly $4.88 billion, up about 70% year over year. That followed first-quarter earnings of $2.07 per share. The company has maintained its full-year 2026 revenue guidance of $18.7 billion to $19 billion, while raising its earnings-from-operations outlook after improved underwriting and expense efficiency.

Key metrics to watch include the medical loss ratio (MLR), which measures the share of premium revenue spent on medical claims, as well as administrative expense leverage and any updates to full-year guidance.

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Market Reaction and Investor Sentiment

Sentiment heading into Oscar Health's third-quarter report is broadly constructive but cautious. The stock has benefited from consecutive earnings beats and a sharper focus on margin durability, but the second half of the year carries well-known headwinds, including higher churn, seasonal medical costs, and increased spending tied to open enrollment. Management has also flagged that roughly 250,000 to 300,000 members may be retroactively disenrolled under program-integrity actions, which could weigh on membership figures. Investors will be parsing whether the improved medical loss ratio reflects sustainable pricing gains rather than one-time items, making the reaction to this report particularly sensitive to the quality of the underlying results.

Forward Outlook and Key Factors to Monitor

Following the third-quarter report, investors should watch several factors that will shape Oscar Health's trajectory into 2027. First, the medical loss ratio will remain the single most important profitability signal. The company's first-half 2026 MLR improved to roughly 75%, down from 83% a year earlier, and confirming that improvement carries into the back half will be key to sustaining confidence in the turnaround.

Second, membership trends matter. Management has guided toward elevated monthly churn in the back half, and any deviation from that outlook—combined with the effect of the anticipated program-integrity disenrollments—could shift the growth narrative.

Third, open-enrollment execution will set the tone for 2027. Spending around marketing and administrative functions typically rises in the fourth quarter, so investors will look for evidence that the company is investing efficiently while protecting margins.

Finally, the platform and technology business remains an emerging catalyst. Management has emphasized artificial-intelligence-driven efficiencies across claims, billing, and member support as a source of long-term expense leverage. Any progress on these initiatives, alongside updates to full-year and forward guidance, will be closely monitored by both retail and institutional investors.

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