Oscar Health is seeing the “strongest year” in its history in 2026, CEO Mark Bertolini told investors during the company’s third quarter earnings call Thursday morning.
“We delivered record profitability for the first nine months of the year, reporting earnings from operations of $1.3 billion and net income of $1.2 billion,” he said. “We also expect to achieve several of our 2024 Investor Day commitments one year ahead of plan.”
Oscar Health brought in $5.1 billion in Q3 revenue, up “roughly 70%” year-over-year, Bertolini said. It beat analysts’ estimates of $4.72 billion.
Its medical loss ratio was 84%, down from 88.5% year-over-year, according to financial results published Thursday morning.
The company ended Q3 with 2.7 million members, up 27% year-over-year, Bertolini said, adding it is entering open enrollment with a “24% larger footprint” with plans to expand into South Carolina. “Our expansion increases our total addressable market to approximately 10 million consumers across 21 states,” he said.
Moreover, Oscar Health is launching a “new wave” of consumer lifestyle products and “addressing affordability through bundled benefits,” Bertolini said.
He also pointed to new artificial intelligence capabilities across the Oscar Health platform, including Lucie. Unveiled in April, the platform is a one-stop shop for individuals seeking health plans and supplemental benefit options.
“No other platform brings these capabilities together in one place, he said. “Lucie is on track to sell approximately 800,000 new policies in 2027, driven by growing broker and consumer demand.”
Based on the company’s performance, CFO Scott Blackley said Oscar Health is raising its 2026 full year outlook. Earnings are expected to be in a range of $850 million to $950 million, Blackley said.
Total revenue is expected to be in the range of $19 billion to $19.3 billion, which Blackley notes is “an increase of $300 million” from its prior outlook.
Blackley continued that the company expects to end the year with 2.5 million members, a figure that reflects “additional disenrollments from the second CMS review.” A full-year MLR of 80.5% to 81.5% is also expected.