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Oscar Health cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.2B in Q3 2026 · $4.1B over twelve months

Operating cash flow−$1.2B
Capital spending−$11.3M
Free cash flow−$1.2B
Cash / net income-7.2×

Analysis

In Q3 2026, Oscar Health generated −$1.2B of operating cash flow and spent $11.3M on capital projects, leaving free cash flow of −$1.2B. That is $238M less than in Q3 2025 (−$974M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.2B; the largest uses were other investing ($1.9B), capital spending ($40.9M), other financing ($14.0M); besides operations, cash came from shares issued ($54.7M); the cash balance rose by $2.3B.

Operating cash flow was −$1.2B against net income of $167M — -7.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables +$113M, payables +$63.4M, stock-based pay +$22.3M.

Free cash flow

Oscar Health: free cash flow by quarterOscar Health: free cash flow by quarter$340MQ4 2024$870MQ1 2025$500MQ2 2025−$974MQ3 2025$663MQ4 2025$2.6BQ1 2026$2.1BQ2 2026−$1.2BQ3 2026
Operating cash flow less capital spending.
Oscar Health: operating cash flow against capital spendingOscar Health: operating cash flow against capital spendingOperating cash flowCapital spending$347M$6.8MQ4 2024$879M$9.0MQ1 2025$509M$9.3MQ2 2025−$965M$9.0MQ3 2025$672M$9.1MQ4 2025$2.6B$8.8MQ1 2026$2.1B$11.8MQ2 2026−$1.2B$11.3MQ3 2026
Latest (Q3 2026): Operating cash flow −$1.2B, Capital spending $11.3M.

Capital allocation, year by year

Oscar Health: where the cash came from (up) and went (down), by fiscal yearOscar Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$182MFY2021: Net borrowing −$153MFY2021: Shares issued $1.4BFY2021: Capital spending −$25.9M$1.4BFY2021FY2022: Operating cash flow $380MFY2022: Net borrowing $305MFY2022: Shares issued $1.3MFY2022: Capital spending −$29.0M$687MFY2022FY2023: Operating cash flow −$272MFY2023: Shares issued $4.0MFY2023: Capital spending −$25.6M$4.0MFY2023FY2024: Operating cash flow $978MFY2024: Shares issued $68.4MFY2024: Capital spending −$27.9M$1.0BFY2024FY2025: Operating cash flow $1.1BFY2025: Net borrowing $410MFY2025: Shares issued $55.0MFY2025: Capital spending −$36.4M$1.6BFY2025
Over these 5 years operating cash flow totalled $2.0B; the largest uses were operating cash flow ($454M) and net borrowing ($153M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.5B
Debt$432M
Net cash$7.1B

Oscar Health funds itself: free cash flow was $4.1B over the last twelve months, and $7.5B of cash and investments stands against $432M of debt.

Where the cash came from and went

Oscar Health: sources (+) and uses (−) of cash, Q3 2026Oscar Health: sources (+) and uses (−) of cash, Q3 2026Other investing$1.6BOperating cash flow−$1.2BCash drawn (+) / kept (−)−$389MShares issued$11.9MCapital spending−$11.3MOther financing−$1.1M
Oscar Health: sources (+) and uses (−) of cash, TTM to Q3 2026Oscar Health: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.2BCash drawn (+) / kept (−)−$2.3BOther investing−$1.9BShares issued$54.7MCapital spending−$40.9MOther financing−$14.0MTaxes on employees’ shares−$11.9M

From profit to cash

Oscar Health: net income to operating cash flow, Q3 2026Oscar Health: net income to operating cash flow, Q3 2026Net income$167MDepreciation & amortization$6.5MStock-based pay$22.3MDeferred taxes$3.4MGains on investments−$175KReceivables$113MPayables$63.4MPrepaid and other assets$5.1MOperating cash flow−$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$1.2B−$11.3M$11.9M−$389M−$1.2B
Q2 2026$2.1B−$11.8M$28.8M$729M$2.1B
Q1 2026$2.6B−$8.8M$1.1M−$2.0B$2.6B
Q4 2025$672M−$9.1M$12.8M−$631M$663M
Q3 2025−$965M−$9.0M$12.9M$451M−$974M
Q2 2025$509M−$9.3M$23.6M−$363M$500M
Q1 2025$879M−$9.0M$5.7M−$709M$870M
Q4 2024$347M−$6.8M$3.8M−$319M$340M

Oscar Health: income statement and cash flow

Oscar Health, Q3 2026: revenue $5.1B (+72% year over year), operating margin 3.5%. The chart follows the revenue to costs, profit and cash.

Oscar Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.