Equity Profile

OSCR

Oscar Health, Inc.

FinancialsLife & Health Insurance$9.5B

Aug10Mon

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Oscar Health, Inc. is a health insurance company that focuses on providing affordable and accessible healthcare solutions....

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of the company's profitability and financial health.

$1.50

Membership Growth

Tracking the number of members is crucial as it reflects the company's market penetration and growth potential.

10% YoY growth

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 that focuses on providing affordable and accessible healthcare solutions. Operating in the financial sector, particularly in life and health insurance, Oscar leverages technology to enhance customer experience and streamline healthcare services.

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 Health reported an EPS of $2.07, significantly beating estimates and showing strong performance. The stock reacted positively, gaining over 10% the following day.

Management Promises & Guidance

Focus on expanding membership base.
Commitment to improving customer service and technology integration.
Plans to enhance operational efficiency.

Expectations

Wall Street Expectations

Overall, analysts are cautiously optimistic about Oscar's upcoming earnings, especially after a strong performance last quarter. However, concerns about rising healthcare costs and competition remain.

Bull Case

If Oscar can demonstrate continued membership growth and maintain a healthy claims ratio, it could lead to further stock appreciation and investor confidence.

Bear Case

Conversely, if the company fails to meet EPS expectations or shows signs of increasing operational costs, it could face a negative market reaction.

Key Metrics to Watch

EPS

$1.50

Earnings per share (EPS) is a key indicator of the company's profitability and financial health.

Membership Growth

10% YoY growth

Tracking the number of members is crucial as it reflects the company's market penetration and growth potential.

Claims Ratio

80%

The claims ratio indicates how much of the premium income is being paid out in claims, which affects profitability.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected EPS for Q2-2026?

This will be critical in determining whether Oscar can maintain its profitability and meet investor expectations.

How much has membership grown compared to last year?

Membership growth is a key driver of revenue, and any slowdown could raise concerns about the company's future performance.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Oscar's ability to leverage technology for cost savings, which could lead to better-than-expected margins.

Supporting Evidence

Recent operational improvements suggest potential for lower claims ratios.

Strong membership growth in the last quarter indicates increasing market share.

Options pricing suggests higher volatility, which may reflect underlying confidence in performance.

Key Risk

If membership growth comes in below 8%, it could challenge the bullish outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is weighing Oscar's ability to sustain growth against rising operational costs and competitive pressures.

Bull Confirmed If

EPS of $1.50 or better, with membership growth exceeding 10% YoY.

Bear Confirmed If

EPS below $1.00 or membership growth stagnating below 5%.

Pre-Earnings Positioning

Options Market

Implied Move

±14.89%

Historical Avg

±9.2%

Pricing rich

The options market is pricing in a significant move, suggesting that investors 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)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Oscar beats expectations, history suggests a potential stock increase of around 8.74%, confirming strong operational performance.

In-Line / Cautious

If results are in line but cautious commentary is given, the stock may react neutrally, reflecting uncertainty.

Miss

A miss could lead to a decline of approximately 3.89%, indicating investor disappointment and concerns about future growth.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on technology integration and its impact on operational efficiency.
2Details on membership growth and retention strategies.
3Insights into claims management and cost control measures.
4Any commentary on competitive pressures in the health insurance market.
5Management's outlook on future revenue growth and profitability.

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Company Snapshot

Oscar Health, Inc. is a health insurance company that focuses on providing affordable and accessible healthcare solutions....

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of the company's profitability and financial health.

$1.50

Membership Growth

Tracking the number of members is crucial as it reflects the company's market penetration and growth potential.

10% YoY growth

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 Health reported an EPS of $2.07, significantly beating estimates and showing strong performance. The stock reacted positively, gaining over 10% the following day.

Management Promises & Guidance

Focus on expanding membership base.
Commitment to improving customer service and technology integration.
Plans to enhance operational efficiency.

Expectations

Wall Street Expectations

Bull Case

If Oscar can demonstrate continued membership growth and maintain a healthy claims ratio, it could lead to further stock appreciation and investor confidence.

Bear Case

Conversely, if the company fails to meet EPS expectations or shows signs of increasing operational costs, it could face a negative market reaction.

Key Metrics to Watch

EPS

$1.50

Earnings per share (EPS) is a key indicator of the company's profitability and financial health.

Membership Growth

10% YoY growth

Tracking the number of members is crucial as it reflects the company's market penetration and growth potential.

Claims Ratio

80%

The claims ratio indicates how much of the premium income is being paid out in claims, which affects profitability.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected EPS for Q2-2026?

This will be critical in determining whether Oscar can maintain its profitability and meet investor expectations.

How much has membership grown compared to last year?

Membership growth is a key driver of revenue, and any slowdown could raise concerns about the company's future performance.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Oscar's ability to leverage technology for cost savings, which could lead to better-than-expected margins.

Supporting Evidence

Recent operational improvements suggest potential for lower claims ratios.

Strong membership growth in the last quarter indicates increasing market share.

Options pricing suggests higher volatility, which may reflect underlying confidence in performance.

Key Risk

If membership growth comes in below 8%, it could challenge the bullish outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is weighing Oscar's ability to sustain growth against rising operational costs and competitive pressures.

Bull Confirmed If

EPS of $1.50 or better, with membership growth exceeding 10% YoY.

Bear Confirmed If

EPS below $1.00 or membership growth stagnating below 5%.

Pre-Earnings Positioning

Options Market

Implied Move

±14.89%

Historical Avg

±9.2%

Pricing rich

The options market is pricing in a significant move, suggesting that investors 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)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Oscar beats expectations, history suggests a potential stock increase of around 8.74%, confirming strong operational performance.

In-Line / Cautious

If results are in line but cautious commentary is given, the stock may react neutrally, reflecting uncertainty.

Miss

A miss could lead to a decline of approximately 3.89%, indicating investor disappointment and concerns about future growth.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on technology integration and its impact on operational efficiency.
2Details on membership growth and retention strategies.
3Insights into claims management and cost control measures.
4Any commentary on competitive pressures in the health insurance market.
5Management's outlook on future revenue growth and profitability.