---
schema_version: "secwatch.filing_event.v1"
accession: "0001568651-25-000035"
form_type: "8-K"
ticker: "OSCR"
cik: "0001568651"
company_name: "Oscar Health, Inc."
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-16T23:41:28.052894+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Oscar Health Q3 net loss $137.5M ($0.53 EPS); exchanges $187.5M notes for 23.3M shares

## Summary
- Q3 total revenue $2.99B (+23% YoY); net loss $137.5M vs $54.6M loss YoY; Adj EBITDA loss $101.5M vs $11.6M loss.
- Medical loss ratio 88.5% (vs 84.6% YoY) driven by $130M increase in risk adjustment accrual; SG&A ratio improved to 17.5%.
- Reaffirmed FY2025 guidance: revenue $12.0-12.2B, loss from operations $200-300M, MLR 86-87%.
- On Nov 5, exchanged $187.5M of 7.25% convertible notes due 2031 for 23.3M shares; up to $62.5M more by Dec 14.
- Debt covenants extinguished; $410M subordinated notes due 2030 no longer subordinated to 2031 notes.

## SEC filing metadata
- accession: 0001568651-25-000035
- form_type: 8-K
- ticker: OSCR
- cik: 0001568651
- company_name: Oscar Health, Inc.
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1568651/000156865125000035/0001568651-25-000035-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1568651/000156865125000035/oscr-20251103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001568651-25-000035
- JSON: https://secwatch.observer/filing/0001568651-25-000035.json
- Plain text: https://secwatch.observer/filing/0001568651-25-000035.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.