Filing Flows › Oscar Health (OSCR) › Q4 2025
Oscar Health (OSCR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Oscar Health (OSCR) reported revenue of $2.8B for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and -6% from the quarter before. Operating margin was -11.9%, net loss $352M (12.6% of revenue).
Oscar Health, Q4 2025: revenue $2.8B (+17% year over year), operating margin -11.9%, net loss $352M, operating cash flow $672M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.8B | -6% | +17% |
| Operating profit | −$334M | — | — |
| Net earnings | −$352M | — | — |
| Operating cash flow | $672M | — | +94% |
| Free cash flow | $663M | — | +95% |
What changed
Revenue was $2.8B in Q4 2025, up 17% year over year and down 6% from the previous quarter.
Operating costs exceeded revenue by $0.33B, an operating margin of -11.9%. Total costs grew 24% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+27%). The quarter ended with a net loss of $0.35B, wider than the previous quarter's $0.14B loss.
Operating cash flow was $0.67B (up 94% year over year). Non-cash charges added back $0.01B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $1.0B. Capital expenditures of $0.01B left free cash flow of $0.66B.
Questions
What was Oscar Health's revenue in the fourth quarter 2025?
Oscar Health (OSCR) reported revenue of $2.8B for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and -6% from the quarter before.
Was Oscar Health profitable in the fourth quarter 2025?
Operating loss was $334M (-11.9% of revenue) and net loss $352M.
Source: Oscar Health 10-K on SEC EDGAR.