Equity Profile

OSCR

Oscar Health, Inc.

FinancialsLife & Health Insurance$7.4B

Aug10Mon

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Oscar Health, Inc. is a health insurance company focused on providing affordable and accessible healthcare coverage....

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of profitability and will show how well Oscar is managing its costs and revenues.

N/A

Membership Growth

Growth in membership is crucial for Oscar's revenue and market position, reflecting its ability to attract and retain customers.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

OSCR Q2-2026 Earnings Preview

Context

Company Snapshot

Oscar Health, Inc. is a health insurance company focused on providing affordable and accessible healthcare coverage. Operating in the financial sector, it aims to simplify the insurance experience for consumers, which is increasingly important as healthcare costs continue to rise.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

-38.79%

Avg Stock Reaction

+2.43%

Last Quarter Recap

In Q1-2026, Oscar reported an EPS of $2.07, significantly beating estimates and showcasing strong operational performance. The stock reacted positively, gaining over 10% the following day.

Management Promises & Guidance

Focus on expanding membership base.
Commitment to improving customer service.
Plans to enhance technology for better user experience.

Expectations

Wall Street Expectations

Investors are cautiously optimistic heading into the earnings report, especially after a strong performance last quarter. However, there are concerns about sustaining growth and managing costs.

Bull Case

If Oscar continues to show strong membership growth and manages its claims effectively, it could lead to further profitability and stock appreciation.

Bear Case

Conversely, if the company fails to meet growth expectations or faces higher-than-expected claims, it could lead to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the membership growth rate compared to last quarter?

This metric will be crucial in determining Oscar's ability to scale and sustain revenue growth.

How has the claims ratio changed this quarter?

A higher claims ratio could signal rising costs, which would impact profitability and investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Oscar's ability to manage claims effectively while driving membership growth, which could lead to better-than-expected results.

Supporting Evidence

Oscar's recent EPS surprise of over 71% indicates strong operational execution.

The options market is pricing a larger move than historical averages suggest, indicating potential for volatility.

The company's focus on technology improvements may enhance customer retention and attract new members.

Key Risk

If the claims ratio comes in lower than expected, it could significantly alter the narrative around Oscar's profitability.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Oscar can maintain its growth trajectory while managing costs effectively.

Bull Confirmed If

Membership growth of over 15% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

A claims ratio above 85% would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±14.89%

Historical Avg

±9.2%

Pricing rich

The options market is pricing in a significant move, indicating that traders expect volatility around the earnings announcement.

Options are pricing ±14.9% while OSCR has averaged ±9.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.8%

30d HV

58.0%

Calls (691K)P/C Ratio: 0.17Puts (348K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Financials

n=30

Fade rate: 12 of 25 (48%)

This setup has occurred 30 times across Financials in the last 2 years. 12 of 25 faded and 13 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 2.4%, with a raw directional average of -0.0% (roughly flat historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

History suggests that a strong earnings beat could lead to a stock increase of around 8.74%, confirming investor confidence in Oscar's growth strategy.

In-Line / Cautious

If the results are in line with expectations but lack strong guidance, the stock may experience muted movement as investors reassess future growth.

Miss

If Oscar misses expectations, the stock could decline by about 3.89%, reflecting disappointment in its growth prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on membership growth and retention strategies.
2Details on the claims ratio and any changes in claims management.
3Insights into technology investments and their impact on customer experience.
4Any commentary on regulatory changes affecting the insurance industry.
5Management's outlook on future revenue and profitability.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Oscar Health, Inc. is a health insurance company focused on providing affordable and accessible healthcare coverage....

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of profitability and will show how well Oscar is managing its costs and revenues.

N/A

Membership Growth

Growth in membership is crucial for Oscar's revenue and market position, reflecting its ability to attract and retain customers.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

OSCR Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

-38.79%

Avg Stock Reaction

+2.43%

Last Quarter Recap

In Q1-2026, Oscar reported an EPS of $2.07, significantly beating estimates and showcasing strong operational performance. The stock reacted positively, gaining over 10% the following day.

Management Promises & Guidance

Focus on expanding membership base.
Commitment to improving customer service.
Plans to enhance technology for better user experience.

Expectations

Wall Street Expectations

Investors are cautiously optimistic heading into the earnings report, especially after a strong performance last quarter. However, there are concerns about sustaining growth and managing costs.

Bull Case

If Oscar continues to show strong membership growth and manages its claims effectively, it could lead to further profitability and stock appreciation.

Bear Case

Conversely, if the company fails to meet growth expectations or faces higher-than-expected claims, it could lead to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the membership growth rate compared to last quarter?

This metric will be crucial in determining Oscar's ability to scale and sustain revenue growth.

How has the claims ratio changed this quarter?

A higher claims ratio could signal rising costs, which would impact profitability and investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Oscar's ability to manage claims effectively while driving membership growth, which could lead to better-than-expected results.

Supporting Evidence

Oscar's recent EPS surprise of over 71% indicates strong operational execution.

The options market is pricing a larger move than historical averages suggest, indicating potential for volatility.

The company's focus on technology improvements may enhance customer retention and attract new members.

Key Risk

If the claims ratio comes in lower than expected, it could significantly alter the narrative around Oscar's profitability.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Oscar can maintain its growth trajectory while managing costs effectively.

Bull Confirmed If

Membership growth of over 15% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

A claims ratio above 85% would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±14.89%

Historical Avg

±9.2%

Pricing rich

The options market is pricing in a significant move, indicating that traders expect volatility around the earnings announcement.

Options are pricing ±14.9% while OSCR has averaged ±9.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.8%

30d HV

58.0%

Calls (691K)P/C Ratio: 0.17Puts (348K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Financials

n=30

Fade rate: 12 of 25 (48%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

History suggests that a strong earnings beat could lead to a stock increase of around 8.74%, confirming investor confidence in Oscar's growth strategy.

In-Line / Cautious

If the results are in line with expectations but lack strong guidance, the stock may experience muted movement as investors reassess future growth.

Miss

If Oscar misses expectations, the stock could decline by about 3.89%, reflecting disappointment in its growth prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on membership growth and retention strategies.
2Details on the claims ratio and any changes in claims management.
3Insights into technology investments and their impact on customer experience.
4Any commentary on regulatory changes affecting the insurance industry.
5Management's outlook on future revenue and profitability.