What's in the Cards for Oscar Health This Earnings Season?

Oscar HealthOSCR is expected to witness an improvement in its top and bottom lines when it reports third-quarter 2026 results on Nov. 5, before market open.

The Zacks Consensus Estimate for OSCR's third-quarter revenues is pegged at $4.7 billion, indicating a 58.1% increase from the year-ago reported figure.

The consensus estimate for the bottom line is pegged at a loss of 11 cents per share. The Zacks Consensus Estimate for OSCR's third-quarter earnings did not witness any movement in the last seven days. The estimate suggests a year-over-year decrease of 79.3%.

OSCR's Decent Earnings Surprise History

OSCR's earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, while missing in one; the average surprise being 45.73%.

What the Zacks Model Unveils for Oscar Health

Our proven model does not conclusively predict an earnings beat for OSCR this time around. A stock needs to have the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) that increases the chances of an earnings beat. This is not the case here, as you can see below.

You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Earnings ESP:OSCR has an Earnings ESP of 0.00%. This is because both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at a loss of 11 cents.

Oscar Health, Inc. Price and EPS Surprise

Oscar Health, Inc. price-eps-surprise | Oscar Health, Inc. Quote

Zacks Rank: OSCR currently has a Zacks Rank #1. You can see the complete list of today's Zacks #1 Rank stocks here.

Factors Likely to Shape OSCR's Q3 Results

Oscar Health's third-quarter revenues are likely to have benefited from strong ACA marketplace enrollment, higher premium rates and market share gains.

Favorable inpatient, professional and pharmacy utilization trends, coupled with disciplined pricing, are expected to have supported underwriting performance. However, elevated outpatient utilization and seasonal increases in medical expenses might have pressured profitability. As members met deductibles and out-of-pocket limits, Oscar's share of medical costs likely increased.

Risk adjustment remained a key determinant, with first-half payables representing approximately 20% of direct premiums. Favorable market morbidity trends might have supported the medical loss ratio, although estimation uncertainties persisted. Additionally, the absence of the second quarter's $164 million favorable prior-period reserve development, including roughly $160 million from the final 2025 CMS risk adjustment reconciliation, might have weighed on sequential earnings.

Meanwhile, investments in AI-driven automation, streamlined claims processing and improved operating leverage are likely to have moderated SG&A expenses despite rising administrative costs. Higher investment income, backed by an expanded investment portfolio, might have further supported quarterly revenues.