OSCR Oscar Health, Inc.

Overview and Growth

Oscar Health, Inc. generated $11.70B of revenue in fiscal 2025, with net loss of $443.15M and an operating cash inflow of $1.09B. Revenue of $11.70B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $9.18B in fiscal 2024, revenue recorded a 27.5% year-over-year increase. On a per-share basis, diluted EPS was -$1.69, which connects the reported earnings outcome with the company’s diluted share count. Total assets stood at $6.33B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 1.85x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The company recorded an operating loss of $396.36M after the reported operating expense base. Relative to revenue, the operating deficit measured 3.4%, showing the shortfall after operating costs. The bottom-line result was a net loss of $443.15M after operating, financing, tax, and other recognized items. The net loss equaled 3.8% of revenue, showing the bottom-line deficit relative to the company’s sales base. The pretax result was a loss of $437.30M, establishing the deficit before tax effects. Pretax margin was -3.7%, reflecting a pre-tax loss equal to 3.7% of revenue. Income tax expense totaled $5.61M, providing the reported tax component that separates pretax and after-tax earnings. The net loss equaled 45.2% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 7.0%. A $443.15M net loss replaced fiscal 2024 net income of $25.43M.

Liquidity and Capital Structure

Total assets were $6.33B, supported by $5.34B of liabilities and $980.74M of shareholder equity. The near-term balance sheet paired $4.61B of current assets with $4.86B of current liabilities at the reporting date. Current assets covered only 0.95x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $2.77B, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 57.1% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $430.10M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.44x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 6.8%, showing how much of the asset base was matched by borrowing. The equity-to-assets relationship was 15.5%, placing book capital against the total resource base. Relative to total assets, liabilities measured 84.5%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 43.9%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 30.7% from $4.84B in fiscal 2024, leaving current total assets higher year over year. Book equity was 3.5% lower than fiscal 2024 equity of $1.02B, showing how shareholder capital changed year over year. Compared with $1.53B in fiscal 2024, the current cash balance moved 81.7% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $1.09B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The cash-flow statement records $36.37M of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 3.3%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $1.06B, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 9.0%, showing how much sales converted into cash after investment. Free cash flow equaled 16.7% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.