Income Statement Snapshot

Oscar Health, Inc.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2025

58.8% CAGR

$11.7B

CAGR 58.8% (FY2021 to FY2025)

Gross Profit

FY2025

Latest filing

N/A

Latest annual filing: FY2025

Operating Income

FY2025

Latest filing

-$396.4M

Latest annual filing: FY2025

Net Income

FY2025

Latest filing

-$443.2M

Latest annual filing: FY2025

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for Oscar Health, Inc..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2025	2024	2023	2022	2021
Total Revenue	$11,701	$9,178	$5,863	$3,964	$1,839
Selling, General & Administrative	$2,050	$1,756	$1,426	$1,257	$265
Operating Income	-$396	$57	-$236	-$590	-$544
Interest Expense	N/A	N/A	$25	$23	$5
Other Non-Operating Income (Expense)	-$23	-$0	-$7	$2	-$1
Pretax Income	-$437	$33	-$267	-$610	-$571
Income Tax Expense (Benefit)	$6	$7	$3	-$1	$1
Net Income	-$443	$25	-$271	-$606	-$573
Basic EPS	-$1.69	$0.11	-$1.22	-$2.85	-$3.20
Diluted EPS	-$1.69	$0.10	-$1.22	-$2.85	-$3.20
Basic Average Shares	262.4M	240.4M	221.7M	212.5M	179.0M
Diluted Average Shares	262.4M	265.9M	221.7M	212.5M	179.0M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for Oscar Health, Inc.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2025

vs FY2021

N/A

Change vs FY2021: N/A

Operating Margin

FY2025

vs FY2021

-3.4%

Change vs FY2021: +2622 bps

Net Margin

FY2025

vs FY2021

-3.8%

Change vs FY2021: +2735 bps

Observation Window

FY2021 to FY2025

5 years

5 Years

Profitability profile tracked across FY2021 through FY2025.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2025 vs FY2024

YoY change

+27.5%

FY2025 versus FY2024

Gross Profit YoY

FY2025 vs FY2024

YoY change

N/A

FY2025 versus FY2024

Op. Income YoY

FY2025 vs FY2024

YoY change

-792.1%

FY2025 versus FY2024

Net Income YoY

FY2025 vs FY2024

YoY change

-1842.5%

FY2025 versus FY2024

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2025	2024	2023	2022	2021
Revenue Growth %	+27.5%	+56.5%	+47.9%	+115.6%	N/A
Gross Profit Growth %	N/A	N/A	N/A	N/A	N/A
Operating Income Growth %	-792.1%	-124.3%	-60.1%	+8.3%	N/A
Net Income Growth %	-1842.5%	-109.4%	-55.3%	+5.9%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2021 to FY2025, useful for filtering out one-year noise.

Revenue CAGR

FY2021 to FY2025

4-yr CAGR

58.8%

Compounded annual growth across FY2021 to FY2025.

Gross Profit CAGR

FY2021 to FY2025

4-yr CAGR

N/A

Compounded annual growth across FY2021 to FY2025.

Op. Income CAGR

FY2021 to FY2025

4-yr CAGR

N/A

Compounded annual growth across FY2021 to FY2025.

Net Income CAGR

FY2021 to FY2025

4-yr CAGR

N/A

Compounded annual growth across FY2021 to FY2025.

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Income Statement Snapshot

Oscar Health, Inc.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2025

58.8% CAGR

$11.7B

CAGR 58.8% (FY2021 to FY2025)

Gross Profit

FY2025

Latest filing

N/A

Latest annual filing: FY2025

Operating Income

FY2025

Latest filing

-$396.4M

Latest annual filing: FY2025

Net Income

FY2025

Latest filing

-$443.2M

Latest annual filing: FY2025

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for Oscar Health, Inc..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2025	2024	2023	2022	2021
Total Revenue	$11,701	$9,178	$5,863	$3,964	$1,839
Selling, General & Administrative	$2,050	$1,756	$1,426	$1,257	$265
Operating Income	-$396	$57	-$236	-$590	-$544
Interest Expense	N/A	N/A	$25	$23	$5
Other Non-Operating Income (Expense)	-$23	-$0	-$7	$2	-$1
Pretax Income	-$437	$33	-$267	-$610	-$571
Income Tax Expense (Benefit)	$6	$7	$3	-$1	$1
Net Income	-$443	$25	-$271	-$606	-$573
Basic EPS	-$1.69	$0.11	-$1.22	-$2.85	-$3.20
Diluted EPS	-$1.69	$0.10	-$1.22	-$2.85	-$3.20
Basic Average Shares	262.4M	240.4M	221.7M	212.5M	179.0M
Diluted Average Shares	262.4M	265.9M	221.7M	212.5M	179.0M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for Oscar Health, Inc.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2025

vs FY2021

N/A

Change vs FY2021: N/A

Operating Margin

FY2025

vs FY2021

-3.4%

Change vs FY2021: +2622 bps

Net Margin

FY2025

vs FY2021

-3.8%

Change vs FY2021: +2735 bps

Observation Window

FY2021 to FY2025

5 years

5 Years

Profitability profile tracked across FY2021 through FY2025.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2025 vs FY2024

YoY change

+27.5%

FY2025 versus FY2024

Gross Profit YoY

FY2025 vs FY2024

YoY change

N/A

FY2025 versus FY2024

Op. Income YoY

FY2025 vs FY2024

YoY change

-792.1%

FY2025 versus FY2024

Net Income YoY

FY2025 vs FY2024

YoY change

-1842.5%

FY2025 versus FY2024

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2025	2024	2023	2022	2021
Revenue Growth %	+27.5%	+56.5%	+47.9%	+115.6%	N/A
Gross Profit Growth %	N/A	N/A	N/A	N/A	N/A
Operating Income Growth %	-792.1%	-124.3%	-60.1%	+8.3%	N/A
Net Income Growth %	-1842.5%	-109.4%	-55.3%	+5.9%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2021 to FY2025, useful for filtering out one-year noise.

Revenue CAGR

FY2021 to FY2025

4-yr CAGR

58.8%

Compounded annual growth across FY2021 to FY2025.

Gross Profit CAGR

FY2021 to FY2025

4-yr CAGR

N/A

Compounded annual growth across FY2021 to FY2025.

Op. Income CAGR

FY2021 to FY2025

4-yr CAGR

N/A

Compounded annual growth across FY2021 to FY2025.

Net Income CAGR

FY2021 to FY2025

4-yr CAGR

N/A

Compounded annual growth across FY2021 to FY2025.

Commentary on Oscar Health, Inc. Performance

Over the past five years, Oscar Health, Inc. has achieved significant revenue growth, jumping from approximately US$1.84 billion in 2021 to nearly US$11.70 billion in 2025. This impressive growth trajectory—more than a six-fold increase over the period—indicates that the company has been aggressively expanding its market presence. However, the reported gross profit remains at zero across all years, which may suggest that either the data is incomplete or that the company operates with a different accounting treatment for cost of sales. Operating income and net income figures show much more volatility. In 2021 and 2022, Oscar Health reported operating losses of US$544 million and US$590 million respectively, with net losses in a similar range. This trend started to shift in 2023 with a reduction in operating losses (down to US$235 million) and net losses (down to US$271 million). The company even turned a positive operating and net income in 2024, with US$57 million and US$25 million respectively, representing significant year-over-year improvements of more than 20% relative to the previous periods. However, the rebound in 2024 was not sustained; by 2025, both operating income and net income returned to negative territory, with declines exceeding 20% compared to the previous positive year. These fluctuations could be driven by market conditions, scaling investments, or operational challenges typical in the competitive health insurance and technology sectors. Overall, while Oscar Health’s revenue expansion is notable and suggests increasing market penetration, the inconsistent operating and net income results raise questions about profitability in the near term. The company appears to be in a transitional phase, and sustaining positive operating margins will be essential for long-term financial health and sustainability.

This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.

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OSCR Income Statement

Income Statement Snapshot

Income Statement Snapshot

Commentary on Oscar Health, Inc. Performance

Commentary on Oscar Health, Inc. Performance