OSCRMEDIUM SIGNALOPERATIONAL10-K

Oscar Health substantially expanded its business scope in 2025 through strategic acquisitions targeting the ICHRA market while significantly strengthening its balance sheet position.

The company's acquisition of three complementary businesses (a direct enrollment platform, individual market brokerage, and consumer education website) signals a deliberate strategy to capture the growing ICHRA opportunity and diversify revenue streams. The enhanced technology platform description emphasizing AI and data analytics suggests Oscar is positioning itself as a more sophisticated healthcare technology company rather than just an insurance provider.

Comparing 2026-02-13 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

Oscar demonstrated strong financial momentum with revenue growing 27.5% to $11.7B while maintaining disciplined expense management as SG&A expenses increased only 16.8%. The balance sheet strengthened notably with cash substantially increasing to $2.8B and total assets expanding 30.7%, though current liabilities also rose 40.4% reflecting the company's growth investments. Operating cash flow growth of 11.9% to $1.1B indicates the business is generating solid cash returns from its expansion efforts.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+81.7%
$1.5B→$2.8B

Cash position surged 81.7% — strong cash generation or capital raise providing significant financial cushion.

Current Assets
Balance Sheet
+62.1%
$2.8B→$4.6B

Current assets grew 62.1% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+40.4%
$3.5B→$4.9B

Current liabilities surged 40.4% — significant near-term obligations; verify ability to meet short-term debt.

Total Liabilities
Balance Sheet
+39.8%
$3.8B→$5.3B

Liabilities grew 39.8% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+30.7%
$4.8B→$6.3B

Asset base grew 30.7% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+27.5%
$9.2B→$11.7B

Revenue growing 27.5% — solid top-line momentum, watch margins for quality of growth.

SG&A Expense
P&L
+16.8%
$1.8B→$2.0B

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Operating Cash Flow
Cash Flow
+11.9%
$978.2M→$1.1B

Operating cash flow grew 11.9% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-20
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 64 Item 7A.
Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part I, Item 1A.
We offer health plans through the ACA serving individuals, families, and employees.
The platform leverages data and AI to identify high value opportunities for engagement and to deliver personalized interactions to improve care with real time reporting and analytics to measure key outcomes and insights.
In 2025, we also acquired early-stage businesses with capabilities to help us power Individual Coverage Health Reimbursement Arrangements ( ICHRA ) and further diversify the Company.
(f/k/a INSXCloud, Inc.), a direct enrollment technology platform; IHC Specialty Benefits, Inc., an individual market brokerage; and Healthinsurance.org, LLC, a consumer education website.
Our Offerings Oscar s innovative technology-enabled model - made up of Oscar s insurance business, +Oscar platform, and brokerage services, and enrollment platform - is uniquely positioned to meet the rising expectations of individuals, families, brokers, employers and employees, as well as +Oscar clients.
Oscar's insurance business is built on our cloud-native technology platform and our focus on member experience.
Employees whose employers have chosen to offer an ICHRA are also able to purchase Oscar s health plans.
Some of our products incorporate benefits and programs of particular value to certain members, such as our products specifically targeting diabetes, asthma, or menopause.
REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 59 Item 7A.
We offer health plans through the Patient Protection and Affordable Care Act ( ACA ) serving individuals, families, and employees.
The platform delivers continuous care management by informing population identification and delivering personalized interactions with real time reporting and analytics to measure key outcomes and insights.
Our Offerings Oscar s innovative technology-enabled model - made up of Oscar s insurance business and +Oscar - is uniquely positioned to meet the rising expectations of individuals, families, and employees, as well as +Oscar clients.
Oscar's business is built upon our focus on member experience and our cloud-native technology platform.
Employees whose employers have chosen to offer an Individual Coverage Health Reimbursement Arrangement ( ICHRA ) are also able to purchase Oscar s health plans.
Some of our products incorporate benefits and programs of particular value to members with complex conditions, such as diabetes and asthma.
Our premium rates, along with specific rate changes, are required to be approved by applicable state and federal regulatory agencies in accordance with the ACA.
MLR is defined as provided in Management s Discussion and Analysis of Financial Condition and Results of Operations Components of our Results of Operations Medical Loss Ratio .
+Oscar currently serves nearly 500,000 client lives on its Campaign Builder platform, in addition to the approximately 1.68 million members enrolled in Oscar health insurance, in each case as of December 31, 2024.
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