Oscar Health posted a $443 million net loss in 2025 after posting a $25 million profit the year before, as rising medical costs and higher risk adjustment transfers overwhelmed membership gains, according to its fourth quarter earnings report published Feb. 10.
Total revenue in the fourth quarter was $2.8 billion, up 17% year over year. Total revenue in 2025 was $11.7 billion, up 27% from $9.2 billion in 2024.
In the fourth quarter, the company’s net loss was $352.6 million, compared to a loss of $153.5 million the year before. Full-year net loss was $443.2 million, compared to net income of $25.4 million in 2024.
The company’s medical loss ratio was 95.4% in the fourth quarter, compared to 88.1% during the same period last year. In 2025, the MLR was 87.4%, up from 81.7% in 2024. Oscar attributed the increase primarily to higher average market morbidity and higher utilization that was not fully offset by risk adjustment.
As of Dec. 31, Oscar had more than two million individual and small group members, up 25% from 1.6 million the year before.
The company’s 2026 outlook projects revenue of $18.7 billion to $19 billion, an MLR of 82.4% to 83.4%, and earnings from operations of $250 million to $450 million.
