Oscar Health, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Oscar Health, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	488	463	1,839	3,964	5,863	9,178	11,701
Selling, general and administrative				1,257	1,426	1,756	2,050
General and administrative	111	167	265	15.3	30.7	32.1	28.9
Operating income	-259	-402	-544	-590	-236	57.3	-396
Interest expense	0	3.51	4.72	22.6	24.6	23.7	17.6
Other non-operating income			-1.2	2.42	-7.08	-0.11	-23.3
Pre-tax income	-259	-406	-571	-610	-267	33.4	-437
Income tax	1.79	1.05	0.85	-0.52	3.29	7.31	5.61
Net income to minority interests	0	0	1.18	-3.28	0.13	0.69	0.25
Net income	-261	-407	-573	-606	-271	25.4	-443
EBITDA	-252	-391	-530	-575	-205	89.4	-367
EPS, basic	-9.06	-14.16	-3.20	-2.85	-1.22	0.11	-1.69
EPS, diluted	-9.06	-14.16	-3.20	-2.85	-1.22	0.10	-1.69
Shares, basic (weighted)	28.8	29.3	179	212	222	240	262
Shares, diluted (weighted)	28.8	29.3	179	212	222	266	262

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	337	826	1,104	1,559	1,870	1,527	2,774
Short-term investments		366	587	1,397	690	624	1,216
Receivables							363
Other current assets			3.78	6.45	6.56	21.3	24.3
Total current assets		1,870	2,306	4,122	3,061	2,845	4,613
Property, plant and equipment		35.8	46.6	59.9	61.9	66.8	88.4
Lease right-of-use assets			73	68	62.9	57.2	51.5
Long-term investments		326	844	223	365	1,815	1,471
Other non-current assets		13.1	96.6	94.8	83.3	82.4	120
Total assets		2,272	3,322	4,527	3,601	4,840	6,325
Accounts payable		138	235	298	273	432	507
Total current liabilities		1,666	1,852	3,264	2,429	3,463	4,863
Long-term debt		142	0	298	299	300	430
Lease liabilities			76.8	72.2	66.8	60.7	52
Other non-current liabilities		0	76.8	72.3	67.6	61.3	52
Total liabilities		1,823	1,929	3,634	2,795	3,824	5,345
Total debt		142	0	298	299	300	430
Paid-in capital		133	3,394	3,509	3,682	3,870	4,257
Retained earnings		-1,427	-2,000	-2,606	-2,877	-2,851	-3,294
Treasury stock		-2.92	-2.92	-2.92	-2.92	-2.92	-2.92
Other comprehensive income		0.88	-3.67	-9.72	1.31	-1.83	18
Shareholders' equity	-945	-1,296	1,387	890	804	1,014	978
Minority interests		0	5.29	2.02	2.15	2.84	3.09
Total equity	0	-1,296	1,393	892	806	1,016	981
Total liabilities and equity		2,272	3,322	4,527	3,601	4,840	6,325

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-261	-407	-571	-610	-271	26.1	-443
Depreciation and amortization	6.9	11.3	14.6	15.3	30.7	32.1	28.9
Stock-based compensation	33.6	35.9	86.3	112	160	110	87.7
Deferred income tax	-0.43	-0.07	-0.1	-0.17	0.06	-2.34	2.45
Change in payables	7.51	75.8	98.6	57.8	-29.2	153	205
Cash from operations	-165	223	-182	380	-272	978	1,095
Capital expenditures	-26	-14	-25.9	-29	-25.6	-27.9	-36.4
Purchases of investments	-878	-1,001	-1,810	-1,193	-837	-2,134	-1,014
Sales and maturities of investments	345	182	431	633	1,410	745	671
Cash from investing	151	-345	-775	-227	577	-1,387	-241
Debt issued		147	0	305	0	0	410
Debt repaid		0	-153	0	0
Stock issued	0.87	19.3	49.6	1.3	3.96	68.4	55
Share buybacks	-2.99	0	0
Cash from financing	-2.12	612	1,239	301	6.45	68.4	399
Net change in cash	-17	490	282	455	311	-341	1,253
Free cash flow	-191	209	-208	351	-298	950	1,058
Interest paid	0	0	4.26	10.1	23.2	33.7	12.8
Income taxes paid	1.83	1.53	0.7	1.89	2.41	0.67	17.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	4.1%	Operating income / revenue.
EBITDA margin	4.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.9%	Pre-tax income / revenue.
Net margin	3.6%	Net income / revenue.
FCF margin	28.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.8%	Cash from operations / revenue.
Effective tax rate	6.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	26.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.9%	Net income / average total assets.
SG&A / revenue	15.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	43.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	90.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-792.1%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-511.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-1,842.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-1,790.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	11.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	42.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	37.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	11.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	44.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	38.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	30.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	22.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	55.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.08x	Current assets / current liabilities.
Quick ratio	1.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.98x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.21x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.8%	Total debt / total assets.
Liabilities / assets	81.7%	Total liabilities / total assets.
Net debt	-$8.12B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-12.3x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	39.7x	Operating income / interest expense.
Working capital	$683.7M	Current assets - current liabilities.
Tangible book value	$2.05B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.36x	Revenue / average total assets.
Fixed asset turnover	151x	Revenue / average property, plant and equipment.
Receivables turnover	40.3x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.
FCF conversion	795.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.65	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$45.94	Revenue / diluted weighted shares.
FCF per share	$13.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$13.25	Cash from operations / diluted weighted shares.
Book value per share	$6.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.15	Tangible book value / shares outstanding.
Cash per share	$25.66	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$9.14B	Share price x shares outstanding.
Enterprise value	$1.01B	Market cap + total debt - cash - short-term investments.
P/E	16.6x	Market cap / net income. Only when net income is positive.
P/S	0.60x	Market cap / revenue.
P/B	4.45x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.45x	Market cap / tangible book value, when positive.
P/FCF	2.09x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.07x	Market cap / cash from operations, when positive.
EV/Sales	0.07x	Enterprise value / revenue.
EV/EBIT	1.61x	Enterprise value / operating income, when both are positive.
EV/EBITDA	1.54x	Enterprise value / EBITDA, when both are positive.
EV/FCF	0.23x	Enterprise value / free cash flow, when both are positive.
FCF yield	47.9%	Free cash flow / market cap.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).

What was Oscar Health, Inc.'s revenue in fiscal 2025?

Oscar Health, Inc. reported revenue of $11.70B for fiscal 2025, 27.5% higher than the year before.

Was Oscar Health, Inc. profitable in fiscal 2025?

No. It reported a net loss of $443.2M.

How much free cash flow did Oscar Health, Inc. generate in fiscal 2025?

Cash from operations of $1.09B minus capital expenditures of $36.4M left free cash flow of $1.06B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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