Oscar Health Q2 net loss $228.4M, MLR 91.1% vs 79.0% YoY; revenue up 29%

Oscar Health, Inc.

2025-Q2 EPS reported $0.17 revenue$5,910,208,000

Total revenue: $2.86B, up 29% YoY from $2.22B on higher membership, partly offset by risk adjustment accrual.
Medical loss ratio worsened to 91.1% from 79.0%, driven by higher market morbidity and net risk adjustment accrual.
Net loss attributable to Oscar of $228.4M ($0.89 per diluted share) vs net income of $56.2M ($0.20) in Q2 2024.
Adjusted EBITDA loss $199.4M, compared to positive $104.1M a year ago; SG&A ratio improved to 18.7% from 19.6%.
Reaffirmed full-year 2025 outlook; membership grew 28% to 2.03M; Cigna+Oscar members fell from 58k to 10k.

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