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Elevance Health vs Oscar Health: revenue, profit, margins and growth compared

Elevance Health brought in $199.1B of revenue in fiscal 2025, Oscar Health $11.7B in fiscal 2025. Revenue changed by +12.5% at Elevance Health and +27.5% at Oscar Health on the year before, so Oscar Health grew faster. Elevance Health kept 2.8% of its revenue as net profit, Oscar Health -3.8%. Free cash flow was $3.2B at Elevance Health and $1.1B at Oscar Health.

Side by side, latest fiscal year

ELVOSCR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$199.1B$11.7B
Revenue growth+12.5%+27.5%
Net income$5.7B-$443.2M
Net margin2.8%-3.8%
Free cash flow$3.2B$1.1B
Free cash flow margin1.6%9.0%
Earnings per share (diluted)$25.21-$1.69
Cash$9.5B$2.8B
Debt$31.9B$430.1M
Price to earnings15.7n/a
Market value$85.9B$9.1B
Dividend yieldn/an/a
Rank by revenue in sector#6 of 523 · Health care#41 of 523 · Health care

Over the years

Revenue
ELV FY2018: $92.1BELV FY2019: $104.2BELV FY2020: $121.9BELV FY2021: $138.6BELV FY2022: $156.6BELV FY2023: $171.3BELV FY2024: $177BELV FY2025: $199.1BOSCR FY2019: $488.2MOSCR FY2021: $462.8MOSCR FY2021: $1.8BOSCR FY2022: $4BOSCR FY2023: $5.9BOSCR FY2024: $9.2BOSCR FY2025: $11.7BFY18FY19FY20FY21FY22FY23FY24FY25
ELV $199.1BOSCR $11.7B
Net income
ELV FY2018: $3.8BELV FY2019: $4.8BELV FY2020: $4.6BELV FY2021: $6.2BELV FY2022: $5.9BELV FY2023: $6BELV FY2024: $6BELV FY2025: $5.7BOSCR FY2019: -$261.2MOSCR FY2021: -$406.8MOSCR FY2021: -$572.6MOSCR FY2022: -$606.3MOSCR FY2023: -$270.7MOSCR FY2024: $25.4MOSCR FY2025: -$443.2MFY18FY19FY20FY21FY22FY23FY24FY25
ELV $5.7BOSCR -$443.2M
Net margin
ELV FY2018: 4.1%ELV FY2019: 4.6%ELV FY2020: 3.8%ELV FY2021: 4.4%ELV FY2022: 3.8%ELV FY2023: 3.5%ELV FY2024: 3.4%ELV FY2025: 2.8%OSCR FY2019: -53.5%OSCR FY2021: -87.9%OSCR FY2021: -31.1%OSCR FY2022: -15.3%OSCR FY2023: -4.6%OSCR FY2024: 0.3%OSCR FY2025: -3.8%FY18FY19FY20FY21FY22FY23FY24FY25
ELV 2.8%OSCR -3.8%
Revenue growth
ELV FY2019: +13.1%ELV FY2020: +16.9%ELV FY2021: +13.8%ELV FY2022: +13.0%ELV FY2023: +9.4%ELV FY2024: +3.3%ELV FY2025: +12.5%OSCR FY2021: -5.2%OSCR FY2021: +297.3%OSCR FY2022: +115.6%OSCR FY2023: +47.9%OSCR FY2024: +56.5%OSCR FY2025: +27.5%FY19FY20FY21FY22FY23FY24FY25
ELV +12.5%OSCR +27.5%
Free cash flow
ELV FY2018: $2.6BELV FY2019: $5BELV FY2020: $9.7BELV FY2021: $7.3BELV FY2022: $7.2BELV FY2023: $6.8BELV FY2024: $4.6BELV FY2025: $3.2BOSCR FY2019: -$191.4MOSCR FY2021: $208.7MOSCR FY2021: -$207.6MOSCR FY2022: $351.3MOSCR FY2023: -$297.7MOSCR FY2024: $950.3MOSCR FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
ELV $3.2BOSCR $1.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Elevance Health and Oscar Health

Which is bigger by revenue, Elevance Health or Oscar Health?

Elevance Health is bigger by revenue: $199.1B in fiscal 2025, against $11.7B for Oscar Health in fiscal 2025.

Which keeps more of its revenue as profit, Elevance Health or Oscar Health?

Elevance Health had a net margin of 2.8% in fiscal 2025; Oscar Health had -3.8% in fiscal 2025.

Which grew revenue faster, Elevance Health or Oscar Health?

In their latest fiscal years revenue changed by +12.5% at Elevance Health and +27.5% at Oscar Health.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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