Oscar Health's second quarter EPS of $1.10 shatters estimates, prompting a raised full-year 2026 outlook.

Oscar Health reported second quarter 2026 total revenue of $4.9 billion, up 70% year-over-year, and diluted EPS of $1.10, substantially beating analyst expectations and reversing a loss from the prior-year period. The company also raised its full-year 2026 outlook for profitability.

Key Highlights

• Second quarter revenue grew 70% YoY to $4.9 billion, driven by a 46% increase in membership to 2.96 million.
• Medical Loss Ratio (MLR) improved significantly to 79.2% from 91.1% a year ago, reflecting disciplined pricing and $164 million of favorable prior period reserve development.
• The company raised its full-year 2026 guidance for Earnings from Operations to a new range of $500 million to $700 million, up from the prior range of $250 million to $450 million.