OSCAR HEALTH, INC., 10-K filed on 2/13/2026
Annual Report
v3.25.4
Cover - USD ($)
shares in Thousands, $ in Billions
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-40154    
Entity Registrant Name Oscar Health, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 46-1315570    
Entity Address, Address Line One 75 Varick Street, 5th Floor    
Entity Address, City or Town New York,    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10013    
City Area Code (646)    
Local Phone Number 403-3677    
Title of 12(b) Security Class A Common Stock, $0.00001 par value per share    
Trading Symbol OSCR    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 4.5
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement relating to its 2026 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2025 are incorporated herein by reference in Part III.
    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Central Index Key 0001568651    
Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   262,157  
Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   35,591  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location New York, NY
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue      
Premium $ 11,469,893 $ 8,971,259 $ 5,686,069
Investment income 202,941 185,729 155,447
Other revenues 28,593 20,576 21,353
Total revenue 11,701,427 9,177,564 5,862,869
Operating Expenses      
Medical 10,019,025 7,332,589 4,642,024
Selling, general, and administrative 2,049,867 1,755,565 1,425,766
Depreciation and amortization 28,892 32,145 30,694
Total operating expenses 12,097,784 9,120,299 6,098,484
Earnings (loss) from operations (396,357) 57,265 (235,615)
Interest expense 17,601 23,734 24,603
Other expenses 23,339 105 7,082
Earnings (loss) before income taxes (437,297) 33,426 (267,300)
Income tax expense 5,606 7,305 3,294
Net income (loss) (442,903) 26,121 (270,594)
Less: Net income attributable to noncontrolling interests 248 689 134
Net income (loss) attributable to Oscar Health, Inc. $ (443,151) $ 25,432 $ (270,728)
Earnings (Loss) per Share      
Basic (in dollars per share) $ (1.69) $ 0.11 $ (1.22)
Diluted (in dollars per share) $ (1.69) $ 0.10 $ (1.22)
Weighted Average Common Shares Outstanding      
Basic (in shares) 262,388,000 240,386,000 221,655,000
Diluted (in shares) 262,388,000 265,853,000 221,655,000
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (442,903) $ 26,121 $ (270,594)
Other comprehensive income (loss), net of tax:      
Net unrealized gains (losses) on securities available for sale 19,857 (3,136) 11,024
Comprehensive income (loss) (423,046) 22,985 (259,570)
Comprehensive income attributable to noncontrolling interests 248 689 134
Comprehensive income (loss) attributable to Oscar Health, Inc. $ (423,294) $ 22,296 $ (259,704)
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 2,774,151 $ 1,527,186
Short-term investments 1,216,461 624,461
Premiums and accounts receivable (net of allowance for credit losses of $7,226 and $31,300) 442,645 315,891
Risk adjustment transfer receivable 56,066 64,779
Reinsurance recoverable 99,750 291,537
Other current assets 24,331 21,320
Total current assets 4,613,404 2,845,174
Property, equipment, and capitalized software, net 88,350 66,793
Long-term investments 1,470,987 1,815,254
Restricted deposits 32,951 30,878
Other assets 119,719 82,397
Total assets 6,325,411 4,840,496
Current Liabilities:    
Benefits payable 1,455,385 1,356,730
Risk adjustment transfer payable 2,587,700 1,558,341
Unearned premiums 166,203 74,389
Accounts payable and other liabilities 649,720 432,428
Reinsurance payable 3,579 41,346
Total current liabilities 4,862,587 3,463,234
Long-term debt 430,095 299,555
Other liabilities 51,994 61,282
Total liabilities 5,344,676 3,824,071
Commitments and contingencies (Note 18)
Stockholders' Equity    
Treasury stock (315 thousand shares as of December 31, 2025 and 2024) (2,923) (2,923)
Additional paid-in capital 4,256,972 3,869,617
Accumulated deficit (3,294,434) (2,851,283)
Accumulated other comprehensive income (loss) 18,030 (1,827)
Total Oscar Health, Inc. stockholders’ equity 977,648 1,013,586
Noncontrolling interests 3,087 2,839
Total stockholders’ equity 980,735 1,016,425
Total liabilities and stockholders' equity 6,325,411 4,840,496
Class A    
Stockholders' Equity    
Common stock 3 2
Class B    
Stockholders' Equity    
Common stock $ 0 $ 0
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Premiums and other receivables, allowance for credit loss $ 7,226 $ 31,300
Treasury stock (in shares) 315 315
Class A    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, authorized (in shares) 825,000 825,000
Common stock, issued (in shares) 261,851 214,974
Common stock, outstanding (in shares) 261,851 214,974
Class B    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, authorized (in shares) 82,500 82,500
Common stock, issued (in shares) 35,838 35,514
Common stock, outstanding (in shares) 35,838 35,514
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Treasury stock
Additional paid-in capital
Accumulated Deficit
Accumulated other comprehensive income (loss)
Noncontrolling interests
Class A
Common Stock
Class B
Common Stock
Beginning balance (in shares) at Dec. 31, 2022             181,176 35,116
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock from equity incentive plans (in shares)             12,699 398
Ending balance (in shares) at Dec. 31, 2023             193,875 35,514
Beginning balance at Dec. 31, 2022   $ (2,923) $ 3,509,007 $ (2,605,987) $ (9,715) $ 2,016 $ 2 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock from equity incentive plans     3,956          
Stock-based compensation expense     166,841          
Joint venture contribution     2,490          
Net income (loss) attributable to Oscar Health, Inc. / Net income attributable to noncontrolling interests $ (270,594)     (270,728)   134    
Unrealized gains (losses) on investments, net 11,024       11,024      
Ending balance at Dec. 31, 2023 806,117 (2,923) 3,682,294 (2,876,715) 1,309 2,150 $ 2 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock from equity incentive plans (in shares)             21,099  
Ending balance (in shares) at Dec. 31, 2024             214,974 35,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock from equity incentive plans     68,388          
Stock-based compensation expense     118,935          
Net income (loss) attributable to Oscar Health, Inc. / Net income attributable to noncontrolling interests 26,121     25,432   689    
Unrealized gains (losses) on investments, net (3,136)       (3,136)      
Ending balance at Dec. 31, 2024 1,016,425 (2,923) 3,869,617 (2,851,283) (1,827) 2,839 $ 2 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock from equity incentive plans (in shares)             13,957 324
Shares withheld for net settlement of share-based awards (in shares)             (267)  
Issuance of common stock from convertible note conversion (in shares)             33,187  
Ending balance (in shares) at Dec. 31, 2025             261,851 35,838
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock from equity incentive plans     55,033          
Stock-based compensation expense     100,407          
Net settlement for taxes related to share-based awards     (4,035)          
Purchase of capped calls related to convertible notes     (34,440)          
Issuance of common stock from convertible note conversion     270,390       $ 1  
Net income (loss) attributable to Oscar Health, Inc. / Net income attributable to noncontrolling interests (442,903)     (443,151)   248    
Unrealized gains (losses) on investments, net 19,857       19,857      
Ending balance at Dec. 31, 2025 $ 980,735 $ (2,923) $ 4,256,972 $ (3,294,434) $ 18,030 $ 3,087 $ 3 $ 0
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net income (loss) $ (442,903) $ 26,121 $ (270,594)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
Deferred taxes 2,449 (2,338) 58
Net realized loss (gain) on sale of financial instruments (1,339) (23) 70
Depreciation and amortization expense 28,892 32,145 30,694
Amortization of debt issuance costs 1,630 778 778
Stock-based compensation expense 87,654 109,824 159,683
Net accretion of investments (29,793) (26,877) (29,374)
Non-cash inducement payment for convertible note conversion (Note 9) 13,336 0 0
Change in provision for credit losses (24,074) (300) 28,612
(Increase) / decrease in:      
Premiums and accounts receivable (101,932) (114,323) (13,405)
Risk adjustment transfer receivable 8,714 (12,854) (2,063)
Reinsurance recoverable 191,787 (50,343) 651,693
Other assets (27,116) (11,547) 11,307
Increase / (decrease) in:      
Benefits payable 98,655 390,744 28,258
Unearned premiums 91,814 8,472 (13,080)
Premium deficiency reserve 0 (5,776) 1,562
Accounts payable and other liabilities 205,488 152,768 (29,180)
Reinsurance payable (37,767) (19,678) (366,626)
Risk adjustment transfer payable 1,029,359 501,400 (460,552)
Net cash (used in) provided by operating activities 1,094,854 978,193 (272,159)
Cash Flows from Investing Activities:      
Purchase of investments (1,013,918) (2,133,510) (836,982)
Sale of investments 134,231 25,250 31,857
Maturity and paydowns of investments 670,724 744,794 1,410,166
Purchase of property, equipment and capitalized software (36,372) (27,897) (25,577)
Change in restricted deposits 4,275 3,929 (2,277)
Net cash (used in) provided by investing activities (241,060) (1,387,434) 577,187
Cash Flows from Financing Activities:      
Proceeds from long-term debt 410,000 0 0
Payments of debt issuance costs (22,902) 0 0
Inducement payment for convertible note conversion (4,445) 0 0
Purchase of capped calls related to convertible notes (34,440) 0 0
Tax payments related to net settlement of share-based awards (4,035) 0 0
Proceeds from exercise of stock options 55,033 68,388 3,956
Proceeds from joint venture contribution 0 0 2,490
Net cash provided by financing activities 399,211 68,388 6,446
Increase (decrease) in cash, cash equivalents and restricted cash equivalents 1,253,005 (340,853) 311,474
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period 1,551,118 1,891,971 1,580,497
Cash, cash equivalents, restricted cash and cash equivalents—end of period 2,804,123 1,551,118 1,891,971
Cash and cash equivalents 2,774,151 1,527,186 1,870,315
Restricted cash and cash equivalents included in restricted deposits 29,972 23,932 21,656
Total cash, cash equivalents and restricted cash and cash equivalents 2,804,123 1,551,118 1,891,971
Supplemental Disclosures:      
Interest payments 12,783 33,691 23,156
Income tax payments 17,516 674 2,414
Non-Cash Investing and Financing Activities:      
Conversion of convertible notes into common stock (Note 9) $ 283,336 $ 0 $ 0
v3.25.4
ORGANIZATION
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION ORGANIZATION
Oscar Health, Inc., together with its subsidiaries (either individually or collectively referred to as “Oscar” or the “Company”), is a leading healthcare technology company, whose mission is to make a healthier life accessible and affordable for all. The Company’s Class A common stock is traded on the New York Stock Exchange under the symbol “OSCR”.

Oscar operates as one segment to sell insurance to individuals, families and employees through the federal and state-run healthcare exchanges formed in conjunction with the Patient Protection and Affordable Care Act (“ACA”) and leverages its technology platform to provide services via its +Oscar offering. In May 2025, the Company purchased 100% of the equity interests in three businesses operating in the individual market: Lucie, Inc., an approved enhanced direct enrollment (“EDE”) entity, IHC Specialty Benefits, Inc., an insurance agency that sells individual medical and supplemental health products, and Healthinsurance.org, LLC, which operates online lead generation domains providing educational content for consumers navigating health insurance and the ACA marketplace.

The Company’s member-first philosophy and innovative approach to care has earned the trust of approximately 2.0 million effectuated members, as of December 31, 2025. Effectuated members are those who are actively enrolled in our plans and have either paid their premium or are within the grace period.

Non-Renewal of Cigna+Oscar Partnership and Exit from the Small Group Market

On March 26, 2024, the Company notified Cigna Health and Life Insurance Company that it would not renew the Cigna+Oscar Small Group arrangement after the expiration of the initial term on December 31, 2024. The parties continued to offer their Cigna+Oscar Small Group product through December 15, 2024. Following termination of the arrangement on December 31, 2024, the Company will continue to provide transition and run-off services through December 31, 2026 and share proportionally in all premiums and claims for any Cigna+Oscar Small Group plan sold or issued on or before December 15, 2024, in accordance with the terms of the arrangement. Additionally, effective December 15, 2024, Oscar no longer offered small group products in any market.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Consolidated Financial Statements include the accounts of the Company, all of the controlled subsidiaries and variable interest entities of which the Company is the primary beneficiary. Noncontrolling interest consists of equity that is not attributable directly or indirectly to the Company. All material intercompany transactions have been eliminated in consolidation. Balances (except per share data) are presented in U.S. dollars and rounded, as indicated. In order to preserve the mathematical accuracy of the underlying calculations, immaterial footing differences may occur between the sum of individual balances and the total balances presented.

Certain monetary amounts, percentages, and other figures included in this Annual Report on Form 10-K have been subject to rounding adjustments. Percentage amounts included in this Annual Report on Form 10-K have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Annual Report on Form 10-K may vary from those obtained by performing the same calculations using the figures in the Company's Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. Certain other amounts that appear in this Annual Report on Form 10-K may not sum due to rounding.

During the second quarter of 2025, management identified an understatement of Selling, general, and administrative (“SG&A”) expenses related to the 2023-2024 periods. In accordance with Staff Accounting Bulletin ("SAB") No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements with Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the error and determined that the out of period adjustment was not material to the consolidated financial statements for the current period or to any previously reported period. Accordingly, the Company recorded a $14.9 million adjustment in the second quarter of 2025 within SG&A expenses related to prior periods.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying audited Consolidated Financial Statements include healthcare costs incurred but not yet reported (“IBNR”) and risk adjustment transfers. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ materially from these estimates.

Segment Information

Oscar operates as one reportable segment to sell insurance to its members through the federal and state-run healthcare exchanges formed in conjunction with the ACA and leverages its technology platform to provide services via its +Oscar Offering. The Company determined that our Chief Executive Officer is the chief operating decision maker (“CODM”) who regularly reviews financial information and other key performance indicators on a consolidated basis, for the purposes of allocating resources and evaluating financial performance. Factors used in determining the reportable segment include the nature of operating activities, the Company’s organizational and reporting structure, and the type of information presented to the Company’s CODM to allocate resources and evaluate financial performance.

Revenue

Premium
Premium revenue includes subsidies received from the Centers for Medicare & Medicaid Services (“CMS”) as part of the Advanced Premium Tax Credit (“APTC”) and direct policy premiums collected directly from members, along with assumed premiums from the Company's former Cigna+Oscar SmallGroup reinsurance agreement. Premium revenue is adjusted for the estimated impact of the risk adjustment program required by CMS. Total premiums earned are net of ceded premium from excess of loss (“XOL”) and run-off quota share reinsurance contracts accounted for under reinsurance accounting.

The Company receives a fixed premium per member per month and recognizes premium revenue during the period in which it is obligated to provide services to its members. For direct policy premiums received from CMS, revenue is recorded based on membership and eligibility criteria provided by CMS and is subject to monthly adjustment by CMS.

The Company conducts business through the federal and state-run healthcare exchanges formed in conjunction with the ACA and is therefore subject to certain risk stabilization programs and fees established by the ACA, such as: Risk Adjustment and Minimum Medical Loss Ratio (“MLR”) requirements.

The ACA risk adjustment program is administered federally by CMS. Under this program, each plan is assigned a risk score based upon demographic information and current year claims information related to its members. Plans with lower than average risk scores relative to the estimated market average risk score, when applied to the statewide average premium, will have a risk adjustment payable into the pool. Inversely, plans with higher than average risk scores relative to the estimated market average risk score, when applied to the statewide average premium, will have a risk adjustment receivable from the pool.

Management develops its membership risk scores for the risk adjustment accrual using actuarial methodologies and assumptions and by analyzing member data, including demographic data and projections of claims data expected to be submitted by the Company to CMS for settlement. Generally, the estimated market average risk score and statewide average premium are obtained from third party surveys of others in the Health Insurance Marketplaces. There is judgment in estimating the Company’s membership risk scores and the estimated market average risk scores. Management refines its estimate as new information becomes available and the final report on actual market risk scores is received from CMS in June of the following year.

In addition, CMS and the Office of Inspector General for Health and Human Services (“HHS”) perform risk adjustment data validation (“RADV”) audits of health insurance plans to validate the coding practices of and supporting documentation maintained by healthcare providers, and such audits have in the past and may in the future result in retroactive adjustments to risk transfer payments.

The ACA established a minimum MLR that requires insurers to pay rebates to customers when MLR is below established thresholds. The MLR represents medical costs as a percentage of premium revenue. Federal regulations define what constitutes medical costs and premium revenue for purposes of calculating the required minimum MLR. The Company records estimated MLR rebates as an adjustment to premium revenue.

Other Revenues

Other revenues include revenue earned through brokerage, EDE platform, and market education services, fees for services performed via the +Oscar platform, revenue sharing from virtual credit card rebates, and sublease income. Other revenues are recognized in the period the contractual performance obligations are satisfied and measured in an amount that reflects the consideration the Company expects to be entitled to in exchange for performing the services. The timing of the Company's revenue recognition may differ from the timing of payment by customers. A receivable is recorded to Premiums and accounts receivable when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, deferred revenue is recorded to Accounts payable and other liabilities when payment is received before the performance obligations are satisfied.

Reinsurance

The Company participates in reinsurance agreements to limit risk and meet its capital requirements. The Company currently enters into two different types of arrangements: quota share reinsurance contracts that do not meet risk transfer requirements and XOL reinsurance contracts.

Reinsurance contracts that do not meet risk transfer requirements are accounted for under the deposit accounting method. Under deposit accounting, the contract is recorded as a financing, with no impact to premium revenue or medical expenses. In XOL reinsurance, the reinsurer agrees to assume all or a portion of the ceding company’s losses in excess of a specified amount. Under XOL reinsurance, the premium payable to the reinsurer is negotiated by the parties based on losses on an individual member in a given calendar year and their assessment of the amount of risk being ceded to the reinsurer.
Premiums under XOL reinsurance agreements are based on enrollment calculated on a per member per month basis. The XOL contracts are accounted for under reinsurance accounting and, as such, the Company records premium paid to the reinsurer as a reduction to premium revenue. In the case of federal and state-run reinsurance programs, no reinsurance premiums are paid. Expected reimbursement from the reinsurer for claims incurred are recorded as a reduction to medical expenses.
Reinsurance contracts are renewed periodically and the Company reviews them in advance of the contract’s expiration to negotiate terms for new reinsurance contracts. During each renewal cycle, there are a number of factors considered when determining reinsurance coverage, including (1) plans to change the underlying insurance coverage offered by the Company, (2) trends in loss activity, (3) the level of the HMO or health insurance subsidiaries' (the “Health Insurance Subsidiaries”) capital and surplus, (4) changes in the Company's risk appetite, and (5) the cost and availability of reinsurance coverage.

In addition to ceded reinsurance, an Oscar Health Insurance Subsidiary partially reinsured the Cigna+Oscar small group offering through a quota share reinsurance arrangement. The Company recorded assumed premiums and assumed claims. Refer to “Note 11 - Reinsurance” for more information.

Premium Deficiency Reserve

Premium deficiency reserve (“PDR”) liabilities are established when it is probable that expected future claims and maintenance expenses will exceed future premium and reinsurance recoveries based on existing insurance contract terms including consideration of net investment income. For purposes of determining premium deficiency reserves, contracts are grouped consistent with the Company’s method of acquiring, servicing, and measuring the profitability of such contracts, which is generally on a line of business basis. The Company records PDR expenses within Selling, general, and administrative expenses on the Consolidated Statements of Operations.

Cash and Cash Equivalents

Cash and cash equivalents consists of highly liquid investments with original maturities of three months or less.

Restricted Deposits

The Company defines Restricted deposits as restricted cash and cash equivalents, and investments maintained on deposit or pledged primarily to various state agencies in connection with its insurance licensure. Statutory regulations require these amounts to remain on deposit indefinitely; therefore, the Company classifies these restricted deposits as long-term regardless of the contractual maturity date of the securities held. Restricted deposits are recorded at fair value.

Investments

The majority of the Company's investments are classified as available-for-sale and are carried at fair value. Short-term investments include securities with maturities between three months and one year. Long-term investments include securities with maturities greater than one year.

Under the Company's current expected credit loss (“CECL”) model, the Company evaluates its available-for-sale debt investments for impairment by monitoring the difference between the carrying value and fair value of the relevant security and whether declines in fair value are credit-related. If a security is in an unrealized loss position and the Company has the intent to sell, or it is more likely than not that the security will be sold before recovery of its amortized cost basis, the decline in fair value is recognized as a loss on the income statement. For securities in an unrealized loss position that the Company does not intend to sell, the Company performs an evaluation to determine what portion of the unrealized losses are credit-related; this portion is recognized on the income statement as an Allowance for credit losses. The remaining non-credit-related portion of the decline in fair value is recognized as an unrealized loss in Accumulated other comprehensive income (loss).

Allowance for Credit Losses

Premium and accounts receivable primarily includes insurance premiums due from CMS and members, pharmaceutical rebates, and other claims-related provider receivables and are reported net of any allowance for credit losses. Receivable balances are also recorded related to the Company's risk adjustment program, reinsurance program, and value-based care arrangements. An Allowance for credit losses is generally calculated based on historical collection experience, the counterparty's creditworthiness, and consideration of current and future economic events.

As part of value-based care arrangements, the Company entered into risk sharing arrangements with certain of its providers. The intention of these agreements is to align incentives with providers who desire to share accountability for the quality and costs of managing a population of Oscar’s members. If medical expenses exceed agreed upon population-specific target MLR, the provider reimburses the Company an agreed upon portion of the excess expenses creating a risk share receivable due to the Company. The Company recorded risk sharing receivables on a gross basis on the Consolidated Balance Sheet. The Company evaluated expected losses on risk sharing receivables and recorded and adjusted the resulting expected losses to the allowance for credit losses based on the counterparty’s financial health and creditworthiness and any significant changes in the healthcare environment. The Company writes off the receivable balance when it is determined to be uncollectible. The Company has presented the rollforward related to its allowance for credit losses on its risk sharing receivables below:
For the year ended December 31,
(in thousands)20252024
Beginning balance$31,300 $31,600 
Plus, provision for credit losses— (300)
Less, writeoffs(23,950)— 
Less, recoveries collected(124)— 
Ending balance$7,226 $31,300 

Policy Acquisition Costs

Policy acquisition costs are those costs that relate directly to the successful acquisition of new and renewal insurance policies. Such costs include broker commissions, costs of policy issuance and underwriting, and other costs incurred to acquire new business or renew existing business. Policy acquisition costs, other than broker bonus commissions, are expensed in the period incurred. The Company recognizes policy acquisition costs as SG&A in its Consolidated Statements of Operations. Broker bonuses are capitalized and amortized over the policy term. The Company's short-duration policies typically have a one-year term and may be canceled by the member upon 30 days' notice.

Income Taxes

Income taxes are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. The Company establishes a valuation allowance when it does not consider it more likely than not that a deferred tax asset will be realized.

Benefits Payable

Benefits payable consists of liabilities for both IBNR and reported but not yet processed through the Company's systems that are determined in the aggregate, employing actuarial methods that are commonly used by health insurance actuaries and meet Actuarial Standards of Practice. Actuarial Standards of Practice require that the claim liabilities be appropriate under moderately adverse circumstances. IBNR is an actuarial estimate, determined by employing actuarial methods, that is based on claim payment patterns, medical cost inflation, historical developments such as claim inventory levels and claim receipt patterns, and other relevant factors.

For low severity incurred but not paid claims, for the months prior to the most recent two months, the Company typically uses the completion factor development method. This methodology is a detailed actuarial process that uses both historical claim payment patterns as well as emerging medical cost trends to project the Company's best estimate of claim liabilities. Under this method, historical paid claims data is formatted into claim triangles, which compare claim incurred dates to the dates of claim payments. This information is analyzed to create historical completion factors that represent the average percentage of total incurred claims that have been paid through a given date after being incurred. Completion factors are applied to claims paid through the period-end date to estimate the ultimate claim expense incurred for the period. Actuarial estimates of incurred but not paid claim liabilities are then determined by subtracting the actual paid claims from the estimate of the ultimate incurred claims. A seriatim methodology is utilized for high dollar claims which is supplemented by case management data supplied by medical and claims operations areas.

For the most recent incurred months (typically the most recent two months), the percentage of claims paid for claims incurred in those months is generally low. This makes the completion factor methodology less reliable for such months. Therefore, incurred claims for recent months are not projected from historical completion and payment patterns; rather, they are primarily based on forecasted per member per month low dollar claims projections developed from the Company’s historical experience and adjusted for emerging experience data in the preceding months, which may include adjustments for known changes in estimates of recent hospital and drug utilization data, provider contracting changes, changes in benefit levels, changes in member cost sharing, changes in medical management processes, product mix, and workday seasonality.

Because the reserve methodology is based upon historical information, it must be adjusted for known or suspected operational and environmental changes. These adjustments are made by the Company's actuaries based on their knowledge and their estimate of emerging impacts to benefit costs and payment speed. Circumstances to be considered in developing the Company's best estimate of reserves include changes in utilization levels, unit costs, member cost sharing, benefit plan designs, provider reimbursement levels, processing system conversions and changes, claim inventory levels, claim processing patterns, and claim submission patterns.

The Company regularly reviews and sets assumptions regarding cost trends and utilization when initially establishing claim liabilities. The Company continually monitors and adjusts the claims liability and benefit expense based on subsequent paid claims activity. If it is determined that the Company's assumptions regarding cost trends and utilization are materially different from actual results, the Company's income statement and financial position could be impacted in future periods. Adjustments of prior year estimates may result in additional benefit expense or a reduction of benefit expense in the period an adjustment is made. Further, due to the considerable variability of healthcare costs, adjustments to claim liabilities occur each period and are sometimes significant as compared to the net income recorded in that period. Prior period development is recognized immediately upon the actuary’s judgment that a portion of the prior period liability is no longer needed or that an additional liability should have been accrued. That determination is made when sufficient information is available to ascertain that the re-estimate of the liability is reasonable.

Disputed Claim Reserves
The Company also records, as part of benefits payable, an estimate of the ultimate liability for actual and potential claims disputes by providers based on an analysis of historical per member per month (“PMPM”) dispute experience supplemented with current information on reported disputes. Since these liabilities are part of the overall claim reserve, they are proportionally ceded under the Company's reinsurance agreements for historical policy years with contracts in force. The disputed claim reserves included as part of the benefits payable balance was approximately $221.8 million and $183.7 million as of December 31, 2025 and 2024, respectively.

Unallocated Claims Adjustment Expenses
Claims adjustment expenses (“CAE”) are costs incurred or expected to be incurred in connection with the adjustment and recording of health claims not subject to reinsurance. Such expenses include, but are not limited to, case management, utilization review, and quality assurance and are intended to reduce the number of health services provided or the cost of such services. CAE is included in Selling, general, and administrative expenses; Member acquisition and servicing costs and the related CAE payable are included in Accounts payable and accrued liabilities.

Property, Equipment, and Capitalized Software

Property, equipment, and capitalized software are reported at cost less accumulated depreciation. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the related assets, which range from two
to ten years. Costs related to certain software projects for internal use incurred during the application development stage are capitalized. Costs related to planning activities and post-implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, which ranges from three to seven years. Property, equipment, and capitalized software are assessed for impairment whenever events or circumstances suggest that an asset's carrying value may not be fully recoverable.

Leases

The Company leases office space under operating leases expiring on various dates through 2032. On the lease commencement date, a right-of-use (“ROU”) asset and lease liability are recognized as Other assets and Other Liabilities, respectively, on the Consolidated Balance Sheets based on the present value of the future minimum lease payments over the lease term. Since the Company's lease agreements do not provide an implicit rate, an incremental borrowing rate, based on the information available on the commencement date, is used to determine the present value of future payments. The calculation of the ROU asset is based on the lease liability, and includes any lease payments made, and excludes lease incentives and initial direct costs incurred.

The Company determines if an arrangement is a lease or contains a lease at inception of the arrangement based on the terms and conditions in the contract. Options to extend or terminate a lease at the Company's discretion are factored into the calculation of the lease liabilities and ROU assets only if the Company is reasonably certain it will exercise those options. Short-term leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheet.

Lease expense for the Company's operating leases is calculated on a straight-line basis over the lease term within Selling, general, and administrative expenses on the Consolidated Statements of Operations. Lease and non-lease components are accounted for as a single lease component for all asset classes.

Earnings (Loss) Per Share

Earnings (loss) per share (“EPS”) is calculated using the two-class method, which is an earnings allocation model that treats participating securities as having rights to earnings that otherwise would have been available to common stockholders. Under the two-class method, earnings for the period are required to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. For EPS computation purposes, the Company's Class A and Class B common stock are considered one single class of common stock because both classes have the same dividend and liquidation rights. Refer to “Note 3 - Earnings (Loss) Per Share” for a description of our basic and diluted EPS calculations.

Variable Interest Entities

The Company enters arrangements with various entities that are deemed to be variable interest entities (“VIE”). A VIE is an entity that either (1) has equity investors that lack certain essential characteristics of a controlling financial interest (including the ability to control activities of the entity, the obligation to absorb the entity’s expected losses, and the right to receive the entity’s expected residual returns) or (2) lacks sufficient equity to finance its own activities without financial support provided by other entities, which in turn would be expected to absorb at least some of the expected losses of the VIE. The Company is deemed a primary beneficiary of a VIE if it has (1) the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could be potentially significant to the VIE. If both conditions are present, the Company is required to consolidate the VIE into its financial results. The assets, liabilities, revenues, and operating results of the consolidated VIEs were not material as of and for the years ended December 31, 2025, 2024, and 2023.

Accounting Pronouncements - Recently Adopted

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures. This guidance is effective for annual periods beginning after December 15, 2024. The Company adopted this standard on January 1, 2025, and elected the retrospective method of transition to ensure comparability across all periods presented. The adoption resulted in the expanded presentation of our effective tax rate reconciliation and the disaggregation of income taxes paid in our financial statement footnotes. The retrospective application of these disclosure requirements had no impact on our consolidated financial position, results of operations, or cash flows for any period presented. Comparative 2024 and 2023 data in Note 12: Income Taxes have been recast.

In November 2024, the FASB issued Accounting Standards Update No. 2024-04 (“ASU 2024-04”), Debt-Debt with Conversion and Other Options: Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishments of convertible debt. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. The Company elected to early adopt ASU 2024-04 in the current fiscal year, which did not have a material impact on the Consolidated Financial Statements and related disclosures.

Accounting Pronouncements - Not Yet Adopted

In November 2024, the FASB issued Accounting Standards Update No. 2024-03 (“ASU 2024-03”), Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosures in the Notes to Consolidated Financial Statements, disaggregating specific expense categories for relevant income statement captions and additional disclosures of the Company's total amount of selling expenses. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. While the standard will require additional disclosures related to the Company’s income statement, the standard is not expected to have any material impact on the Company’s consolidated operating results, financial condition, or cash flows. The Company is currently evaluating the impact of the adoption of this guidance on the related disclosures.

In September 2025, the FASB issued Accounting Standards Update No. 2025-06 (“ASU 2025-06”), Intangibles–Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the recognition and disclosure framework for internal-use software costs, removing all references to “development stages” and introducing a more judgement-based approach. This guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. This ASU is applicable to the Company’s fiscal year beginning January 1, 2028, with early application permitted. The transition method may be prospective, modified, or retrospective. The Company is currently evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements and disclosures.
v3.25.4
EARNINGS (LOSS) PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE EARNINGS (LOSS) PER SHARE
Basic earnings per share (“EPS”) is computed by dividing Net income (loss) attributable to Oscar Health, Inc. for the period by the weighted-average shares of common stock outstanding during the period.

In periods when the Company is in a net loss position, potentially dilutive securities are excluded from the computation of diluted EPS because their inclusion would have an anti-dilutive effect; thus, basic EPS is the same as diluted EPS.

During periods of net income, diluted EPS is computed by adjusting Net income attributable to Oscar Health, Inc. for any interest charges, net of tax, related to the Company’s convertible notes, as well as for the changes in the fair value of the bifurcated conversion option to the extent these instruments are dilutive. This adjusted net income is then divided by the sum of the basic weighted-average shares of common stock outstanding and any dilutive potential common stock outstanding during the period, using the treasury stock method and the if-converted method for convertible senior notes, as described in “Note 9 - Debt.” Potential common stock includes the effect of outstanding dilutive stock options, restricted stock units, and performance-based restricted stock units. The computations for basic and diluted EPS are as follows:
Year Ended December 31,
(in thousands, except per share data)202520242023
Numerator:
Net income (loss) available to Oscar Health, Inc. common shareholders - basic & diluted$(443,151)$25,432 $(270,728)
Denominator:
Weighted average shares of common stock outstanding - basic262,388240,386221,655
Common stock equivalents—25,467—
Weighted average shares of common stock outstanding - diluted262,388 265,853 221,655 
Earnings (Loss) per Share
Basic$(1.69)$0.11 $(1.22)
Diluted$(1.69)$0.10 $(1.22)

The following potential common shares were excluded from the computation of diluted EPS because including them would have had an anti-dilutive effect:
Year Ended December 31,
(in thousands)202520242023
Stock options to purchase common stock
12,427 1,249 26,378 
Restricted stock units
7,045 346 21,723 
Performance-based restricted stock units7,453 — 9,305 
Shares underlying convertible notes (Note 9)20,727 36,652 36,652 
Total
47,652 38,247 94,058 
The Company entered into capped call transactions in connection with the 2030 Notes (as defined in “Note 9 - Debt”). The effect of the capped call transactions was excluded from the calculation of diluted earnings per share as the effect of the capped calls would have been anti-dilutive. The capped calls are generally expected to reduce the potential dilution to the Company’s common stock upon any conversion of the relevant series of the Notes (See “Note 9 - Debt” for further details).
v3.25.4
REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Premiums Earned

Premium revenue includes subsidies received from the federal government, direct policy premiums collected from members, and assumed policy premiums received as part of the reinsurance arrangement under the Cigna+Oscar Small Group plan previously offered, net of risk adjustment transfers. Premium revenue is net of ceded premium from XOL and run-off quota share reinsurance contracts accounted for under reinsurance accounting (See “Note 11 - Reinsurance” for additional information on the Company’s reinsurance contracts).

Year Ended December 31,
(in thousands)202520242023
Direct policy premiums$14,031,308 $10,292,125 $6,418,872 
Assumed premiums46,568 219,572 228,786 
Risk adjustment transfers(2,596,833)(1,526,448)(950,680)
Reinsurance premiums ceded(11,150)(13,990)(10,909)
Premium$11,469,893 $8,971,259 $5,686,069 

The direct policy premiums received from the CMS for the years ended December 31, 2025, 2024, and 2023 were $13,079.6 million, $9,512.3 million, and $5,521.9 million, respectively.
STATUTORY REGULATIONS
The Company's Health Insurance Subsidiaries prepare financial statements in accordance with Statutory Accounting Principles ("SAP") prescribed or permitted by the insurance departments of their states of domicile. SAP are focused on the solvency of insurance companies and HMOs and are designed to ensure that insurers maintain sufficient capital and surplus to meet their insurance-related obligations.

The Company's Health Insurance Subsidiaries are regulated by the state insurance departments of the states in which they are domiciled. Statutory regulations include the establishment of minimum levels of statutory capital to be maintained by Health Insurance Subsidiaries and restrictions on dividend payments and other distributions made by the Health Insurance Subsidiaries to the parent company. Minimum statutory capital requirements differ by state and are based on minimum risk-based capital ("RBC") requirements developed by the National Association of Insurance Commissioners ("NAIC").

As of December 31, 2025, the Company's Health Insurance Subsidiaries are estimated to have an aggregate statutory capital and surplus of approximately $1.0 billion. As of December 31, 2024, the Company’s Health Insurance Subsidiaries had an aggregate statutory capital and surplus of $1.2 billion. Individually, each of the Company's Health Insurance Subsidiaries is projected to exceed the minimum required statutory capital and surplus, and RBC minimum requirements.
v3.25.4
INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Net investment income was attributable to the following:
Year Ended December 31,
(in thousands)202520242023
Fixed maturity securities
$115,654 $82,085 $59,965 
Cash equivalents
87,035 98,618 90,152 
Other (1)
1,331 5,823 6,148 
Investment income
204,020 186,526 156,265 
Investment expense(1,079)(797)(818)
Net investment income
$202,941 $185,729 $155,447 
(1) Represents the net interest earned on funds withheld.

For the years ended December 31, 2025 and 2024, the Company recorded accrued investment income of $20.2 million and $19.8 million, respectively.

The following tables provide summaries of the Company's carrying amount and fair values of available-for-sale securities by major security type as of December 31, 2025 and 2024:
December 31, 2025
(in thousands)
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
U.S. treasury and agency securities
$2,076,112 $15,433 $(565)$2,090,980 
Corporate notes
557,413 3,051 (50)560,414 
Asset-backed securities
33,497 148 33,645 
Other (1)
2,409 — — 2,409 
Total
$2,669,431 $18,632 $(615)$2,687,448 
(1) Includes equity securities without a readily determinable market value.
December 31, 2024
(in thousands)
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
U.S. treasury and agency securities
$1,946,759 $6,631 $(9,028)$1,944,362 
Corporate notes
463,261 1,346 (799)463,808 
Certificates of deposit
29,136 — — 29,136 
Other (1)
2,409 — — 2,409 
Total
$2,441,565 $7,977 $(9,827)$2,439,715 
(1) Includes equity securities without a readily determinable market value.

The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position, by the length of time in which the securities have continuously been in that position, as of December 31, 2025 and 2024:
December 31, 2025
Less than 12 Months12 Months or Longer
(in thousands, except no. of securities)Number of SecuritiesFair ValueGross
Unrealized Losses		Number of SecuritiesFair ValueGross
Unrealized Losses
U.S. treasury and agency securities48 $265,431 $(445)5 $40,784 $(120)
Corporate notes59 82,246 (50)— — — 
Total107 $347,677 $(495)5 $40,784 $(120)
December 31, 2024
Less than 12 Months12 Months or Longer
(in thousands, except no. of securities)Number of SecuritiesFair ValueGross
Unrealized Losses		Number of SecuritiesFair ValueGross
Unrealized Losses
U.S. treasury and agency securities191 $730,938 $(9,003)6 $47,748 $(25)
Corporate notes110 146,349 (799)— — — 
Total301 $877,287 $(9,802)6 $47,748 $(25)

The Company monitors available-for-sale debt securities for credit losses and recognizes an allowance for credit losses when factors indicate a decline in the fair value of a security is credit-related. Certain investments may experience a decline in fair value due to changes in market interest rates, changes in general economic conditions, or a deterioration in the credit worthiness of a security's issuer. For securities in an unrealized loss position that the Company does not intend to sell, the Company has assessed the gross unrealized losses during the period and determined an allowance for credit losses is not necessary because the declines in fair value are believed to be due to market fluctuations and not due to credit-related events.

The amortized cost and fair value of the Company's fixed maturity securities as of December 31, 2025 and 2024 by contractual maturity are shown below. Actual maturities of these securities could differ from their contractual maturities because issuers may have the right to call or prepay obligations, with or without penalties.

December 31, 2025December 31, 2024
(in thousands)
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Due in one year or less$1,213,011 $1,216,461 $623,465 $624,461 
Due after one year through five years1,372,038 1,385,735 1,815,691 1,812,845 
Due after five years through ten years81,973 82,843 — — 
Total
$2,667,022 $2,685,039 $2,439,156 $2,437,306 
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value represents the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The Company's financial assets and liabilities measured at fair value on a recurring basis are categorized into a three-level fair value hierarchy based on the priority of the inputs used in the fair value valuation technique.

The levels of the fair value hierarchy are as follows:

•Level 1: Inputs utilize quoted (unadjusted) prices in active markets for identical assets or liabilities.
•Level 2: Inputs utilize quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; or model-derived valuations in which all significant inputs are observable in active markets.
•Level 3: Inputs utilized are unobservable but significant to the fair value measurement for the asset or liability. The unobservable inputs are used to measure fair value to the extent relevant observable inputs are not available. The unobservable inputs typically reflect management’s own estimates about the assumptions a market participant would use in pricing the asset or liability.
The following tables summarize fair value measurements by level for assets and liabilities measured at fair value on a recurring basis:
December 31, 2025
(in thousands)
Level 1
Level 2
Level 3
Total
Assets
Cash equivalents$49,552 $— $— $49,552 
Investments
U.S. treasury and agency securities
$— $2,090,980 $— $2,090,980 
Corporate notes
— 560,414 — 560,414 
Asset-backed securities
33,645 33,645 
Restricted investments
U.S. treasury securities— 2,979 — 2,979 
Total assets
$49,552 $2,688,018 $— $2,737,570 

December 31, 2024
(in thousands)
Level 1
Level 2
Level 3
Total
Assets
Cash equivalents$95,331 $— $— $95,331 
Investments
U.S. treasury and agency securities
$— $1,944,362 $— $1,944,362 
Corporate notes
— 463,808 — 463,808 
Certificates for deposit
— 29,136 — 29,136 
Restricted investments
U.S. treasury securities— 6,946 — 6,946 
Total assets
$95,331 $2,444,252 $— $2,539,583 
v3.25.4
RESTRICTED CASH AND RESTRICTED DEPOSITS
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
RESTRICTED CASH AND RESTRICTED DEPOSITS RESTRICTED CASH AND RESTRICTED DEPOSITS
The Company maintains cash, cash equivalents, and investments on deposit that are pledged to various state agencies in connection with its insurance licensure or property leases. The restricted cash and cash equivalents and restricted investments presented below are included in Restricted deposits in the accompanying Consolidated Balance Sheets.

As of December 31,
(in thousands)20252024
Restricted cash and cash equivalents$29,972 $23,932 
Restricted investments2,979 6,946 
Restricted deposits$32,951 $30,878 
v3.25.4
BENEFITS PAYABLE
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
BENEFITS PAYABLE BENEFITS PAYABLE
Reserves for medical claims expenses are estimated using actuarial assumptions and recorded as Benefits payable liabilities on the Consolidated Balance Sheets. The assumptions for the estimates and for establishing the resulting liability are reviewed and any adjustments to reserves are reflected in the Consolidated Statement of Operations in the period in which the estimates are updated.
The following table provides a rollforward of the Company’s beginning and ending Benefits payable and CAE payable balances for the years ended December 31, 2025, 2024, and 2023:

Year Ended December 31, 2025
(in thousands)Benefits PayableUnallocated Claims
Adjustment Expense		Total
Benefits payable, beginning of the period$1,356,730 $18,241 $1,374,971 
Less: Reinsurance recoverable58,635 — 58,635 
Benefits payable, beginning of the period, net$1,298,095 $18,241 $1,316,336 
Claims incurred and CAE
Current year$10,258,550 $87,043 $10,345,593 
Prior years(239,525)— (239,525)
Total claims incurred and CAE, net$10,019,025 $87,043 $10,106,068 
Claims paid and CAE
Current year$9,034,440 $67,733 $9,102,173 
Prior years853,836 18,241 872,077 
Total claims and CAE paid, net$9,888,276 $85,974 $9,974,250 
Benefits and CAE payable, end of period, net$1,428,844 $19,310 $1,448,154 
Add: Reinsurance recoverable26,541 — 26,541 
Benefits and CAE payable, end of period$1,455,385 $19,310 $1,474,695 

Year Ended December 31, 2024
(in thousands)Benefits PayableUnallocated Claims
Adjustment Expense		Total
Benefits payable, beginning of the period$965,986 $13,192 $979,178 
Less: Reinsurance recoverable57,111 — 57,111 
Benefits payable, beginning of the period, net$908,875 $13,192 $922,067 
Claims incurred and CAE
Current year$7,497,259 $108,492 $7,605,751 
Prior years(164,670)— (164,670)
Total claims incurred and CAE, net$7,332,589 $108,492 $7,441,081 
Claims paid and CAE
Current year$6,349,624 $92,758 $6,442,382 
Prior years593,745 10,685 604,430 
Total claims and CAE paid, net$6,943,369 $103,443 $7,046,812 
Benefits and CAE payable, end of period, net$1,298,095 $18,241 $1,316,336 
Add: Reinsurance recoverable58,635 — 58,635 
Benefits and CAE payable, end of period$1,356,730 $18,241 $1,374,971 
Year Ended December 31, 2023
(in thousands)Benefits PayableUnallocated Claims
Adjustment Expense		Total
Benefits payable, beginning of the period$937,727 $12,712 $950,439 
Less: Reinsurance recoverable277,944 — 277,944 
Benefits payable, beginning of the period, net$659,783 $12,712 $672,495 
Claims incurred and CAE
Current year$4,622,263 $105,565 $4,727,828 
Prior years19,761 — 19,761 
Total claims incurred and CAE, net$4,642,024 $105,565 $4,747,589 
Claims paid and CAE
Current year$3,840,009 $94,807 $3,934,816 
Prior years552,923 10,278 563,201 
Total claims and CAE paid, net$4,392,932 $105,085 $4,498,017 
Benefits and CAE payable, end of period, net$908,875 $13,192 $922,067 
Add: Reinsurance recoverable57,111 — 57,111 
Benefits and CAE payable, end of period$965,986 $13,192 $979,178 

Amounts incurred related to prior periods vary from previously estimated liabilities as more claim information becomes available and claims are ultimately settled. The favorable development recognized in the year ended December 31, 2025 resulted primarily from lower than expected paid claims.

The following tables provide information about incurred, paid healthcare claims development, unpaid claims liability, and cumulative claims frequency. The claims development information for all periods preceding the most recent reporting period is considered required unaudited supplementary information. For claims frequency information summarized below, a claim is defined as the financial settlement of a single medical event in which remuneration was paid to the servicing provider. Total IBNR plus expected development on reported claims represents estimates for claims incurred but not reported and development on reported claims. The Company estimates its liability using actuarial methods that are commonly used by health insurance actuaries and meet Actuarial Standards of Practice. These actuarial methods consider factors such as historical data for payment patterns, cost trends, product mix, seasonality, utilization of healthcare services, and other relevant factors.

Incurred Healthcare Claims
Net of Reinsurance
Year Ended December 31,IBNRCumulative number of reported claims
(in thousands)
(Unaudited)(Unaudited)
(in thousands)202320242025
Date of Service
2023$4,622,263 $4,469,672 $4,442,490 $25,696 15,529 
20247,497,259 7,353,060 150,220 22,379 
202510,258,550 1,224,110 25,326 
Total claims incurred$22,054,100 
Cumulative Paid Healthcare Claims
Net of Reinsurance
Year Ended December 31,
(Unaudited)(Unaudited)
(in thousands)202320242025
Date of Service
2023$3,840,009 $4,373,984 $4,416,794 
20246,349,624 7,202,840 
20259,034,440 
Total payment of incurred claims20,654,074 
All outstanding liabilities prior to 2023, net of reinsurance
28,818 
Total benefits payable, net of reinsurance$1,428,844 
v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
2031 Convertible Senior Notes

In February 2022, the Company issued $305.0 million in aggregate principal amount of convertible senior notes due 2031 (the “2031 Notes”) in a private placement to funds affiliated with or advised by Dragoneer Investment Group, LLC, Thrive Capital, LionTree Investment Management, LLC and Tenere Capital LLC (the “Initial Purchasers”). In connection with the issuance of the 2031 Notes, on January 27, 2022, the Company entered into an investment agreement with the Initial Purchasers (the “Investment Agreement”) and on February 3, 2022, the Company entered into an indenture with U.S. Bank, as Trustee (the “2031 Indenture”). On September 11, 2025, the Company entered into an amendment to the Investment Agreement to permit the private offering of the 2030 Notes (as defined below) under the Investment Agreement (the “Amendment”). The Amendment provided, in relevant part, that the issuance of the 2030 Notes would be permitted provided that the 2030 Notes were and remained expressly subordinated in right of payment to the 2031 Notes for as long as Oasis FD Holdings, LP (“Dragoneer”) held at least $75.0 million in aggregate principal amount of the 2030 Notes. As discussed further below, in connection with the Exchange Agreement and the related transactions, as of November 5, 2025, the debt covenants in the Investment Agreement, as amended, were extinguished, and the 2030 Notes ceased to be subordinated to the 2031 Notes.

The 2031 Notes are the Company's senior, unsecured obligations which bear interest at a rate of 7.25% per annum, payable in cash, semi-annually in arrears on June 30 and December 31 of each year, commencing on June 30, 2022. The 2031 Notes will mature on December 31, 2031, subject to earlier repurchase, redemption, or conversion.

Upon the occurrence of a fundamental change (as defined in the 2031 Indenture), holders of the 2031 Notes have the right to require the Company to repurchase all or some of their 2031 Notes for cash, subject to certain conditions. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. Additionally, the Initial Purchasers of the 2031 Notes have the right to require the Company to repurchase all of their 2031 Notes for cash, on each of June 30, 2027, June 30, 2028, June 30, 2029 and June 30, 2030, subject to certain notice requirements.

The Company may not redeem the 2031 Notes before December 31, 2026. The Company may redeem all of the 2031 Notes, from December 31, 2026 to the 35th scheduled trading day before the maturity date, at the redemption price. To do so, the last reported sale price per share of Class A common stock must have exceeded 200% of the conversion price for 20 of the last 30 consecutive trading days immediately before the date on which the Company sends the applicable redemption notice. The redemption price will be a cash amount equal to the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company calls any of the 2031 Notes for redemption, the Initial Purchasers may elect to convert their 2031 Notes and receive shares of Class A common stock pursuant to the terms of the Investment Agreement.
The 2031 Notes are initially convertible into the Company's Class A common stock at a price of approximately $8.32 per share of Class A common stock (based on an initial conversion rate of 120.1721 per $1,000 principal amount), subject to customary adjustments upon the occurrence of certain events. The holders may elect to convert their 2031 Notes: (i) on or after August 31, 2031, (ii) if the Company calls the 2031 Notes for redemption, (iii) upon satisfaction of a Class A common stock sale price condition, (iv) upon satisfaction of a 2031 Note trading price condition, or (v) upon certain corporate events. Upon conversion, the Company may choose to settle the 2031 Notes in shares of Class A common stock, cash, or a combination of both, unless an Initial Purchaser of the 2031 Notes elects to receive shares of Class A common stock pursuant to the terms of the Investment Agreement. During the quarterly period ended December 31, 2025, the Class A common stock sales price condition was satisfied because the last reported sales price per share of the Company’s common stock exceeded 130% of the conversion price of $8.32 per share for twenty (20) trading days of the thirty (30) consecutive trading days ending on the last trading day of the quarter. As a result, the holders may elect to convert their 2031 Notes during the first quarter of 2026.

The 2031 Notes include customary provisions relating to the occurrence of “Events of Default” (as defined in the Indenture), as well as customary covenants for convertible notes of this type, including restrictions on the Company's ability to refinance the Company's indebtedness and incur additional indebtedness.

In October 2025, the Company received conversion notices from certain of the Initial Purchasers to convert a total of $20.0 million in aggregate principal amount of the 2031 Notes. The Company elected to issue approximately 2.4 million shares of Class A common stock to settle these conversions. As a result of this partial conversion associated with certain Initial Purchasers, the net carrying amount of 2031 Notes, including unamortized debt discount and issuance costs of $0.9 million, were transferred to additional paid-in capital, and no gain or loss was recognized on the transaction.

On November 3, 2025, the Company and Dragoneer entered into an Exchange Agreement (the “Exchange Agreement”) pursuant to which, until December 14, 2025, Dragoneer could elect to exchange up to $250.0 million aggregate principal amount of the 2031 Notes, representing the balance of its 2031 Notes, for aggregate consideration consisting of (A) a number of shares of Class A common stock based on the conversion rate set forth in the 2031 Indenture, and (B) up to $17.8 million, payable in shares of Class A common stock and/or cash, pursuant to the terms of the Exchange Agreement and subject to the satisfaction of certain conditions. In November 2025, Dragoneer exchanged a total of $250.0 million aggregate principal amount of their 2031 Notes in exchange for approximately 30.1 million shares of the Company’s Class A common stock. As a result of this conversion, the net carrying amount of 2031 Notes, including unamortized debt discount and issuance costs of $12.9 million, were transferred to additional paid-in capital. Additionally, with the exchange, Dragoneer also received an inducement payment totaling $17.8 million, of which $4.4 million was paid in cash and the remaining $13.3 million was settled through the issuance of approximately 0.7 million additional shares of Class A common stock. The Company recognized the inducement payment as Other expense in its Consolidated Statements of Operations.

In connection with the Exchange Agreement and the related transactions, as of November 5, 2025, the debt covenants in the Investment Agreement, as amended, were extinguished, and the 2030 Notes (as defined below) ceased to be subordinated to the 2031 Notes.

2030 Convertible Senior Notes

On September 18, 2025, the Company issued $410.0 million aggregate principal amount of convertible senior notes due 2030 (the “2030 Notes”). The 2030 Notes were issued pursuant to an indenture (the “2030 Indenture”), dated as of September 18, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee.

The 2030 Notes are the Company’s unsecured indebtedness which bear interest at a rate of 2.25% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2026. The 2030 Notes will mature on September 1, 2030, unless they are earlier repurchased, redeemed, or converted.

As discussed above under “–2031 Convertible Senior Notes”, the 2031 Notes were originally subordinated to the 2030 Notes. In connection with the Exchange Agreement and the related transactions, as of November 5, 2025, the 2030 Notes ceased to be subordinated to the 2031 Notes.

Upon the occurrence of a fundamental change (as defined in the 2030 Indenture), holders of the 2030 Notes may require the Company to repurchase their 2030 Notes for cash, subject to certain conditions. The repurchase price will be equal to the
principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
The Company may redeem the 2030 Notes, in whole or in part (subject to certain limitations described below), from September 6, 2028 to the 25th scheduled trading day before the maturity date. To do so, (i) the 2030 Notes must be freely tradable (as defined in the 2030 Indenture) as of the date of the redemption notice, the Company must be current in its interest payment obligations to the 2030 Notes holders; and (ii) the last reported sale price per share of the Company’s Class A common stock must have exceeded 130% of the conversion price on (1) 20 of the last 30 consecutive trading days immediately before the date the Company sends the applicable redemption notice; and (2) the trading day immediately before the date the Company sends such redemption notice. The Company may only redeem less than all of the outstanding 2030 Notes if at least $100.0 million aggregate principal amount of 2030 Notes are outstanding (and not called for redemption) when the Company sends the redemption notice. The redemption price will be a cash amount equal to the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Calling any 2030 Note for redemption will constitute a make-whole fundamental change (as defined in the 2030 Indenture) with respect to that 2030 Note, so the conversion rate for that 2030 Note will be increased in certain circumstances if it is converted after it is called for redemption.

Before June 1, 2030, noteholders may only convert their 2030 Notes upon the occurrence of certain events. From June 1, 2030 until the second scheduled trading day before the maturity date, noteholders may elect to convert their 2030 Notes at any time. The Company may choose to settle conversions in cash, shares of its Class A common stock, or a combination of both. The initial conversion price is approximately $24.82 per share of the Company’s Class A common stock (based on an initial conversion rate of 40.2946 shares of the Company’s Class A common stock per $1,000 principal amount of 2030 Notes). The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. In addition, if certain make-whole fundamental changes occur, the conversion rate will, in certain circumstances, be increased for a specified period of time.

The following is a summary of net carrying amounts and the estimated fair values of the Company’s convertible notes:

2030 Notes2031 Notes
(in thousands)December 31, 2025December 31, 2025December 31, 2024
Principal amount$410,000 $35,000 $305,000 
Unamortized debt discount and issuance costs$13,356 $1,549 $5,445 
Net carrying amount$396,644 $33,451 $299,555 
Fair value amount$401,431 $63,997 $539,843 
LevelingLevel 2Level 3Level 3

The following table presents the interest expense over the term of the Company’s convertible notes:

Year Ended December 31,
(in thousands)202520242023
2031 Notes
Coupon interest expense$12,325 $21,928 $22,112 
Amortization of debt discount and issuance costs811 778 778 
Interest expense for 2031 Notes$13,136 $22,706 $22,890 
2030 Notes
Coupon interest expense$2,639 
Amortization of debt discount and issuance costs819 
Interest expense for 2030 Notes$3,458 
Capped Call Transactions

On September 15, 2025, in connection with the pricing of the offering of 2030 Notes, the Company entered into privately negotiated capped call transactions (the “Base Capped Call Transactions”) with certain of the 2030 Notes initial purchasers or their affiliates and certain other financial institutions (the “Option Counterparties”). In addition, on September 16, 2025, in connection with the initial purchasers’ exercise of their option to purchase additional 2030 Notes, the Company entered into additional capped call transactions (the “Additional Capped Call Transactions,” and, together with the Base Capped Call Transactions, the “Capped Call Transactions”) with each of the Option Counterparties.

The Capped Call Transactions cover the aggregate number of shares of the Company’s Class A common stock that initially underlie the 2030 Notes (subject to customary anti-dilution adjustments), and are expected to reduce potential dilution to the Company’s Class A common stock upon any conversion of 2030 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2030 Notes, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Call Transactions. The cap price of the Capped Call Transactions is initially $37.46 per share (subject to adjustment under the terms of the Capped Call Transactions), which represents a premium of 100% over the last reported sale price of the Company’s Class A common stock on September 15, 2025. The cost of the Capped Call Transactions was approximately $34.4 million.

For accounting purposes, the Capped Call Transactions are separated from the 2030 Notes. As the Capped Call Transactions qualify for a scope exception from derivative accounting for instruments that are both indexed to the issuer’s own stock and classified in stockholders’ equity, the premiums paid for the purchase of the Capped Call Transactions are recorded as a reduction to additional paid-in capital. The Capped Call Transactions will not be remeasured as long as they continue to meet the conditions for equity classification.

2021 Revolving Credit Facility

On December 28, 2023, the Company entered into a third amendment to its senior secured credit agreement with Wells Fargo Bank, National Association, as lender and administrative agent, and certain other lenders party thereto from time to time, and Oscar Management Corporation, as a subsidiary guarantor, which amended the senior secured credit agreement, dated as of February 21, 2021 (as amended, the “2021 Amended Credit Agreement”). The 2021 Amended Credit Agreement provided for a revolving loan credit facility (the “2021 Revolving Credit Facility”) in the aggregate principal amount of $115.0 million, with proceeds to be used for general corporate purposes of the Company. On September 18, 2025, the Company terminated the 2021 Revolving Credit Facility. At the time of termination, there were no outstanding borrowings under the 2021 Revolving Credit Facility.

Subsequent Event
On February 6, 2026, Oscar Health, Inc. entered into a $475.0 million secured three-year revolving credit facility (the “2026 Revolving Credit Facility”), pursuant to a Credit Agreement (the “2026 Credit Agreement”) by and among the Company, certain subsidiaries of the Company, as subsidiary guarantors, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto. The facility is set to expire on February 6, 2029, and includes the ability for the Company to increase commitments up to an additional $100.0 million, subject to customary closing conditions. Proceeds will be used for general corporate purposes. Borrowings will initially bear interest, at the Company’s option, at Term SOFR plus 4.50% per annum or the Alternate Base Rate plus 3.50% per annum. Starting June 30, 2026, each of the commitment fee (initially 0.50% for available but undrawn amounts) and applicable interest rate margin will be adjusted based on the Company’s Total Net Leverage Ratio. The 2026 Credit Agreement contains customary conditions precedent, representations and warranties, affirmative and negative covenants, events of default and indemnities. In addition, the 2026 Revolving Credit Facility requires compliance with certain financial covenants.
v3.25.4
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
2012 Stock Plan

Prior to its initial public offering ("IPO"), the Company maintained the 2012 Stock Plan (the “2012 Plan”), which provided for the grant of incentive stock options ("ISOs"), non-qualified stock options ("NSOs"), common stock of the Company, stock payments and restricted stock units. The 2012 Plan was initially adopted on December 6, 2012, and most recently amended and restated in March 2021. The 2012 Plan was terminated upon the effectiveness of the 2021 Incentive Award Plan in March 2021, and no further awards will be made under the 2012 Plan.

2021 Incentive Award Plan

In March 2021, the Company’s board of directors (“Board”) adopted the 2021 Incentive Award Plan (the “2021 Plan”), which provides for the grant of NSOs, ISOs, stock appreciation rights (“SARs”), restricted stock, restricted stock units (including time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”)), dividend equivalents and other stock or cash awards to employees, consultants and non-employee directors. Under the 2021 Plan, as of December 31, 2025, there are 56.1 million shares authorized to be issued, with 8.1 million shares still available for future issuance as of December 31, 2025. The shares available for future issuance as of December 31, 2025 may be issued as either Class A common stock or Class B common stock.

2022 Inducement Incentive Award Plan

In April 2022, the Company’s Board adopted the 2022 Employment Inducement Incentive Award Plan (the “Inducement Plan”), which provides for the grant of NSOs, SARs, restricted stock, RSUs, PSUs, dividend equivalents and other stock or cash awards to prospective employees. The Inducement Plan was amended on March 28, 2023 to add 13.3 million shares to the plan. Under the Inducement Plan, as of December 31, 2025, there are 18.3 million shares authorized to be issued, with 5.8 million shares still available for future issuance. The shares available for future issuance as of December 31, 2025 may be issued as Class A common stock.

Stock-Based Compensation Expense

Stock-based compensation expense is recognized on a straight-line basis over the requisite service period. Forfeitures are accounted for as they occur. The Company records stock-based compensation expense within Selling, general, and administrative expenses on the Consolidated Statements of Operations. The Company's stock-based compensation expense for the years ended December 31, 2025, 2024, and 2023 was $100.4 million, $119.0 million, and $166.8 million, respectively. The Company capitalized $12.8 million, $9.1 million, and $7.1 million of stock-based compensation expense related to internally developed software for the years ended December 31, 2025, 2024, and 2023 respectively.
Stock Options

Stock options granted under the 2012 Plan and 2021 Plan include ISOs and NSOs, generally have a maximum contractual term of 10 years, and typically vest over a four-year period.

The following table summarizes the stock option award activity for the year ended December 31, 2025:

Options
Number of Options
(in thousands)
Weighted Average Exercise Price
Weighted Average Remaining Contractual Life (in years)
Aggregate Intrinsic Value (in thousands)
Options Outstanding - December 31, 2024
17,944 $10.69 4.87$63,110 
 Options granted
333 $15.27 
 Options exercised
5,548 $9.92 $44,778 
 Options canceled
301 $16.83 
Options Outstanding - December 31, 2025
12,428 $11.01 4.30$49,322 
Options Exercisable - December 31, 2025
11,773 $11.06 4.08$46,300 

The weighted average grant date fair value of options granted during the years ended December 31, 2025, 2024, and 2023 was $10.22, $10.65, and $3.74, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023 was $44.8 million, $71.7 million, and $8.5 million, respectively.

Determination of Fair Value of Stock Options
The fair value of stock options is estimated on the grant date using the Black-Scholes option-pricing model, which takes into account significant assumptions such as the expected term of the option, stock price volatility, and a risk-free rate of return. The Company has used the simplified method in calculating the expected term of all option grants based on the vesting period and contractual term.

The table below summarizes the assumptions used during the years ended December 31, 2025, 2024, and 2023.

December 31,
202520242023
Term in years
5.95 - 6.12
5
6.02 - 6.14
Risk free rate of return
4.3%
3.8%
3.5% - 4.7%
Expected volatility
71.6% - 71.7%
65.0%
58.2% - 59.4%
Dividend yield— %— %— %

Compensation Expense – Stock Options
For the years ended December 31, 2025, 2024, and 2023, the Company recorded compensation expense of $4.5 million, $8.7 million, and $12.0 million respectively. As of December 31, 2025, the amount of unrecognized compensation expense for stock options is $3.7 million, which is expected to be recognized over a weighted-average period of 2.7 years.

Restricted Stock Units

RSUs represent the right to receive shares of the Company’s Class A or Class B common stock at a specified date in the future and typically have a vesting period of one to four years.
The following table summarizes RSU award activity for the year ended December 31, 2025:

RSUs
Number of Shares
(in thousands)		Weighted Average Grant Date Fair Value
Outstanding RSUs at December 31, 2024
13,132 $8.83 
RSUs granted5,455 $16.07 
RSUs vested8,733 $9.25 
RSUs canceled2,809 $11.46 
Outstanding RSUs at December 31, 2025
7,045 $12.88 

Determination of Fair Value of RSUs
The fair value of RSUs granted is determined on the grant date based on the fair value of the Company's common stock. The total fair value of RSUs vested during the years ended December 31, 2025 and 2024 was $80.8 million and $93.6 million, respectively.

Compensation Expense – RSUs
For the years ended December 31, 2025, 2024, and 2023, the Company recorded compensation expense of $80.7 million, $95.0 million, and $90.0 million, respectively. As of December 31, 2025, the amount of unrecognized compensation expense for RSUs is $76.1 million, which is expected to be recognized over a weighted-average period of 1.9 years.

Performance-based Restricted Stock Units

PSUs represent the right to receive shares of the Company’s Class A or Class B common stock at a specified date in the future based on pre-determined performance and service conditions. The PSUs granted include awards with a market condition, which are eligible to vest based on the achievement of predetermined stock price goals, and awards with performance conditions, which are eligible to vest based on the Company’s predetermined financial targets. These PSUs cliff vest at the end of a three-year performance period. For the PSUs with performance conditions, the ultimate payout of the PSUs is subject to achievement of predetermined targets (ranging from 0% to 200% of the target amount), as further adjusted by a relative total shareholder return (“TSR”) performance modifier, which adjusts the payout level upwards or downwards based on the Company’s shareholder return over the same three-year performance period relative to companies in a peer group established by the Company at the grant date.

The following table summarizes PSU award activity for the year ended December 31, 2025:

PSUs
Number of Shares
(in thousands)		Weighted Average Grant Date Fair Value
Outstanding PSUs at December 31, 2024
8,212 $5.21 
PSUs granted890 $19.39 
PSUs canceled338 $23.26 
Outstanding PSUs at December 31, 2025
8,764 $5.96 
Determination of Fair Value of PSUs
The fair value of PSUs with performance conditions is determined on the grant date based on the fair value of the Company's common stock.

The fair value of PSUs with market conditions, as well as PSUs with financial targets that include relative TSR modifiers, is estimated on the grant date using a Monte Carlo simulation model, which utilizes multiple variables that determine the probability of satisfying the market conditions or level of relative TSR modification as stipulated in the award. The table below summarizes the assumptions used during the years ended December 31, 2025, 2024, and 2023.

December 31, 2025December 31, 2024December 31, 2023
Grant date stock price$16.25$18.09$6.74
Term in years3.03.03.0
Expected volatility 71.1 %66.2 %59.9 %
Risk-free rate3.9 %4.6 %3.6 %
Dividend yield— %— %— %

Cancellation of the Founders Awards – PSUs
On March 28, 2023, the Company’s Co-Founders, Mario Schlosser (the Company’s President of Technology, and Chief Technology Officer, and former Chief Executive Officer) and Joshua Kushner (the Company’s Vice Chairman), recommended to the Company’s Board that they should cancel and terminate the applicable awards that were granted to them in connection with the Company’s IPO (the “Founders Awards”). Mr. Schlosser and Mr. Kushner each entered into an agreement to cancel and terminate his Founders Award, which consisted of performance-based restricted stock units covering 4,229,853 shares (for Mr. Schlosser) and 2,114,926 shares (for Mr. Kushner) of the Company’s Class A common stock. As a result of this cancellation, the Company recognized approximately $46.3 million of accelerated stock-based compensation expense that would have otherwise been recognized over the remaining vesting period of the awards.

Compensation Expense – PSUs
For the years ended December 31, 2025, 2024, and 2023 the Company recorded compensation expense of $15.2 million, $15.3 million, and $64.9 million respectively. As of December 31, 2025, the amount of unrecognized compensation expense for PSUs is $18.1 million, which is expected to be recognized over a weighted-average period of 1.7 years.
v3.25.4
REINSURANCE
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
REINSURANCE REINSURANCE
The Company participates in quota share reinsurance to limit risk and capital requirements and XOL reinsurance to mitigate the exposure of high cost or catastrophic member risk. The quota share reinsurance arrangements are with more than one counterparty with multiple state-level treaties. The XOL reinsurance arrangements are with a private counterparty and federal and state-run programs.

As disclosed in “Note 1 - Organization,” in this Annual Report on Form 10-K, the Company did not renew the Cigna+Oscar Small Group arrangement after the expiration of the initial term on December 31, 2024, and will continue to provide transition and run-off services through December 31, 2026, and share proportionally in all premiums and claims for any Cigna+Oscar Small Group plan sold or issued on or before December 15, 2024, in accordance with the terms of the arrangement.
Reinsurance Contracts Accounted for under Deposit Accounting

Reinsurance contracts that do not meet risk transfer requirements are accounted for under the deposit accounting method. Under deposit accounting, the contract is recorded as a financing, with no impact to premium revenues or medical expenses. The premiums earned and claims incurred that would have otherwise been ceded under reinsurance accounting are recorded on a net basis on the Consolidated Balance Sheets as a deposit liability within Accounts payable and other liabilities, respectively. As of December 31, 2025 and December 31, 2024, a deposit liability balance of $140.5 million and $13.6 million, respectively, was recorded for the Company's quota share arrangements accounted for under deposit accounting and represented fees due to the reinsurer, which are recognized within Selling, general, and administrative expenses on the Consolidated Statements of Operations.

For the years ended December 31, 2025, 2024, and 2023, the Company ceded 47%, 53%, and 45% of its premiums under reinsurance contracts accounted for under deposit accounting, respectively.

Reinsurance Contracts Accounted for under Reinsurance Accounting

In the current year, reinsurance accounting applies to XOL treaties. In prior years reinsurance accounting also applied to quota share reinsurance contracts that were in runoff. The tables below present information for the Company's reinsurance arrangements accounted for under reinsurance accounting. Please see “Note 4 - Revenue Recognition” for total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of total Premium revenue in the Consolidated Statements of Operations.

The following table reconciles total Medical expenses to the amount presented in the Consolidated Statements of Operations:
Year Ended December 31,
(in thousands)202520242023
Direct claims incurred
$10,118,434 $7,278,267 $4,459,702 
Ceded reinsurance claims
(144,151)(159,132)(44,736)
Assumed reinsurance claims
44,742 213,454 227,058 
Medical expenses$10,019,025 $7,332,589 $4,642,024 

The Company records SG&A expenses net of reinsurance ceding commissions and assumed SG&A expenses. The following table reconciles total SG&A expenses to the amount presented in the Consolidated Statements of Operations:
Year Ended December 31, 2025
(in thousands)202520242023
Selling, general and administrative expenses, gross
$2,049,867 $1,755,942 $1,424,763 
 Reinsurance ceding commissions
— (377)1,003 
Selling, general, and administrative expenses$2,049,867 $1,755,565 $1,425,766 

The composition of the Reinsurance recoverable balance on the Consolidated Balance Sheets is as follows:
December 31,
(in thousands)20252024
Reinsurance premium and claim recoverables$98,014 $288,878 
Reinsurance ceding commissions7,002 6,996 
Experience refunds on reinsurance agreements(5,266)(4,337)
Reinsurance recoverable$99,750 $291,537 

Credit Ratings

The financial condition of the Company's reinsurers is regularly evaluated to minimize exposure to significant losses. A key credit quality indicator for reinsurance is the financial strength ratings issued by the credit rating agencies, which provide an independent opinion of a reinsurer’s ability to meet ongoing obligations to policyholders. The Company’s reinsurers have most recently been issued financial strength ratings of A+ or higher.
The creditworthiness of each reinsurer is evaluated in order to assess counterparty credit risk and estimate an allowance for expected credit losses on the Company's reinsurance recoverable balances.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The current income tax provision reflects the tax consequences of revenues and expenses currently taxable or deductible for the year reported. The deferred income tax provision or benefit reflects the differences between the financial and income tax reporting bases of the Company’s underlying assets and liabilities. The components of the provision for income taxes are as follows for the periods indicated:

Years Ended December 31,
(in thousands)202520242023
Current income tax expense:
U.S. Federal$3,060 $2,219 $3,222 
U.S. State and Local97 7,424 14 
Total current income tax expense
$3,157 $9,643 $3,236 
Deferred income tax expense (benefit):
U.S. Federal$38 $73 $58 
U.S. State and Local2,411 (2,411)— 
Total deferred income tax expense (benefit)
$2,449 $(2,338)$58 
Total income tax expense
$5,606 $7,305 $3,294 

A reconciliation of the tax provision at the U.S. federal statutory tax rate to the provision for income taxes and the effective tax rate follows for the periods indicated:

Years Ended December 31,
(in thousands, except percentages)202520242023
Income (loss) before income taxes
$(437,297)$33,426 $(267,300)
U.S. Federal Statutory Tax Rate
(91,832)21.00 %7,019 21.00 %(56,133)21.00 %
State income taxes, net of federal effect *
1,981 (0.45)%3,960 11.85 %11 — %
Change in valuation allowance
84,573 (19.34)%(1,861)(5.57)%32,898 (12.31)%
Nontaxable and nondeductible items 
Share-based payment awards
(14,176)3.24 %(33,404)(99.93)%4,399 (1.65)%
Non-deductible compensation
22,649 (5.18)%31,941 95.56 %22,355 (8.36)%
Other2,280 (0.52)%268 0.80 %262 (0.10)%
Interest in Partnership(52)0.01 %(668)(2.00)%373 (0.14)%
Other
183 (0.04)%50 0.15 %(871)0.33 %
Total income tax
$5,606 (1.28)%$7,305 21.86 %$3,294 (1.23)%
*State taxes in Florida in 2025, 2024, and 2023 contributed to the majority of the tax effect in the category.

Cash paid for income taxes, net of refunds, by jurisdiction is as follows:
 Years Ended December 31,
(in thousands)202520242023
Income Taxes Paid
U.S. Federal$3,500 $800 $2,400 
U.S. State and Local
Florida$13,930 **
Texas*60 — 
Pennsylvania*(216)— 
Other
86 30 14 
Total Income Tax Paid
$17,516 $674 $2,414 
*The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.

Deferred income tax assets and liabilities are recognized for the differences between the financial and income tax reporting bases of assets and liabilities based on enacted tax rates and laws. The components of deferred income tax assets and liabilities are as follows for the periods indicated:

December 31,
(in thousands)20252024
Deferred Tax Assets:
Net operating loss ("NOL") carryforwards
$624,221 $525,056 
Deposit accounting37,794 15,330 
Claims reserves
30,373 27,282 
Unearned premium reserve
7,587 3,370 
Accrued bonus
6,414 7,652 
Stock option
2,402 2,824 
Allowance for credit loss1,831 6,573 
Start-up costs
1,739 2,364 
Fixed assets and capitalized software
— 7,968 
Unrealized losses— 383 
Other14,149 5,932 
Total deferred tax assets before valuation allowance
726,510 604,734 
Valuation allowance
696,298 590,629 
Total deferred tax assets, net of valuation allowance
$30,212 $14,105 
Deferred Tax Liabilities:
Fixed assets and capitalized software9,953 — 
Investments9,067 5,131 
Unrealized gains
4,342 54 
Prepaid expenses
3,419 3,204 
 Other2,841 2,676 
Total deferred tax liabilities
29,622 11,065 
Net deferred tax assets
$590 $3,040 

Effective January 1, 2025, the Company adopted ASU 2023-09, which requires disaggregated information about the effective tax rate reconciliation and income taxes paid. The Company has elected to apply the amendments in this update retrospectively to all prior periods presented in these financial statements. Accordingly, certain prior-year amounts in the rate reconciliation and income taxes paid disclosures have been reclassified to conform to the current year's presentation.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, which included among other provisions the restoration of immediate expensing of domestic research and experimental (“R&E”) expenditures under Section 174. Pursuant to the OBBBA’s transition rules, the Company elected to expense all unamortized domestic R&E costs previously capitalized between 2022 and 2024. As the Company maintains a valuation allowance against its net deferred tax assets, including NOLs, this election resulted in no change to tax expense for the year ended December 31, 2025.

The Company currently files income tax returns in the United States, various states, and localities. The majority of the Company’s operating subsidiaries are included in a consolidated federal income tax return. The Company began operations in 2012 and has never been placed under income tax audit. Federal tax returns are open for examination for tax years from 2022. State tax returns are open for examination for tax years from 2021.

The Company evaluates the need for a valuation allowance against its deferred tax assets considering all available positive and negative evidence. Based on its analysis, the Company concluded that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company has a valuation allowance of $696.3 million at December 31, 2025 against its deferred tax assets, including federal and state net operating losses, as the Company, with the exception of the year ended December 31, 2024, does not have a history of positive earnings. Valuation allowances will be provided until it becomes more likely than not that the benefit of the federal and state deferred tax assets will be realized.
Federal NOL carryovers are $2.6 billion, of which $1.5 billion expire beginning in 2035 through 2045, and $1.1 billion have indefinite carryforward periods. State NOL carryforwards from group filings are approximately $1.1 billion and from separate entity filings are $326.6 million; state NOL carryforwards expire beginning in 2035. Pursuant to I.R.C Section 382, the Company underwent a change in ownership in 2016. Based on the annual limitation, use of pre-change NOL carryforwards will not be limited prior to expiration.

The Company evaluates tax positions to determine whether the benefits are more likely than not to be sustained on audit based on technical merits. The Company did not have any uncertain tax positions for the years ended December 31, 2025, 2024, and 2023. The Company’s policy is to classify interest accrued related to unrecognized tax benefits in interest expense while penalties are included in income tax expense. The Company had no interest or penalties related to uncertain tax positions.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
The Company records ROU assets and lease liabilities for its real estate operating leases. Leases with an initial term of twelve months or less are not recorded on the balance sheet.

The following table presents the lease-related balances within the balance sheet:

December 31,
(in thousands)Balance Sheet Classification20252024
Operating Leases
Right-of-use assetsOther assets$51,544 $57,153 
Lease liabilities, currentAccounts payable and accrued liabilities$16,716 $13,548 
Lease liabilities, noncurrentOther liabilities$51,991 $60,651 

Operating lease expense was $15.1 million, $14.5 million, and $14.7 million for the years ended December 31, 2025, 2024, and 2023, respectively, which includes variable lease expense. Cash paid for amounts included in the measurement of lease liabilities was $15.0 million and $14.2 million for the years ended December 31, 2025 and 2024, respectively.

Future minimum rental payments under non-cancellable operating leases are estimated as follows:

Year Ended December 31,(in thousands)
2026$16,716 
202717,280 
202817,267 
202917,274 
203016,127 
Thereafter4,754 
Total lease payments$89,418 
Less: Imputed interest20,711 
Present value of lease liabilities$68,707 

Additional Information:December 31, 2025
Weighted-average remaining lease term
5.2 years
Weighted-average discount rate
10.60 %
Right-of-use assets obtained in exchange of new operating lease liabilities (in thousands)
$974 
v3.25.4
PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE
The following table summarizes the balances of the Company’s property, equipment, and capitalized software:


December 31,
(in thousands)20252024
Property, equipment, and capitalized software
Software and hardware
$202,277 $148,260 
Leasehold improvements
25,529 26,386 
Property and fixtures
2,186 6,248 
Property, equipment, and capitalized software
229,992 180,894 
Less: Accumulated depreciation and amortization
(141,642)(114,101)
Property, equipment, and capitalized software, net
$88,350 $66,793 
Depreciation and amortization expense for Property, equipment, and capitalized software for the years ended December 31, 2025, 2024, and 2023 was $28.9 million, $32.1 million, and $30.7 million, respectively.
v3.25.4
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Common Stock

The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting, conversion, and transfer rights.

Voting Rights

Holders of the Company’s Class A common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders, and holders of the Company’s Class B common stock are entitled to 20 votes for each share held on all matters submitted to a vote of stockholders. The holders of the Company’s Class A common stock and Class B common stock will vote together as a single class, unless otherwise required by law or under the Amended and Restated Certificate of Incorporation.

Conversion and Transfer Rights

Each outstanding share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. Each share of Class B common stock will convert automatically into one share of Class A Common Stock upon any transfer, except for certain permitted transfers described in the Amended and Restated Certificate of Incorporation. All outstanding shares of Class B common stock will automatically convert into shares of Class A common stock on a one-for-one basis upon the date that is the earlier of (i) the transfer of Class B common stock to a person or entity that is not in the transferor’s permitted ownership group, as described in the Amended and Restated Certificate of Incorporation, (ii) March 2, 2028, or (iii) upon the occurrence of certain other events as described in the Amended and Restated Certificate of Incorporation.

In the fourth quarter of 2025, certain holders of the Company’s 2031 Notes converted an aggregate principal amount of $270.0 million into approximately 32.4 million shares of the Company’s Class A common stock. In connection with the exchange, the Company also issued approximately 0.7 million additional shares of Class A common stock as an inducement payment. In accordance with the debt conversion accounting, the net carrying amount of 2031 Notes, including unamortized debt discount and issuance costs, were transferred to additional paid-in capital.

For more information on our 2031 Notes, including details relating to repurchase, redemption and conversions of the 2031 Notes, see “Note 9 - Debt” to our Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K.

Dividends

Common stockholders are entitled to receive dividends, as may be declared by the Board, if any.
v3.25.4
STATUTORY REGULATIONS
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
STATUTORY REGULATIONS REVENUE RECOGNITION
Premiums Earned

Premium revenue includes subsidies received from the federal government, direct policy premiums collected from members, and assumed policy premiums received as part of the reinsurance arrangement under the Cigna+Oscar Small Group plan previously offered, net of risk adjustment transfers. Premium revenue is net of ceded premium from XOL and run-off quota share reinsurance contracts accounted for under reinsurance accounting (See “Note 11 - Reinsurance” for additional information on the Company’s reinsurance contracts).

Year Ended December 31,
(in thousands)202520242023
Direct policy premiums$14,031,308 $10,292,125 $6,418,872 
Assumed premiums46,568 219,572 228,786 
Risk adjustment transfers(2,596,833)(1,526,448)(950,680)
Reinsurance premiums ceded(11,150)(13,990)(10,909)
Premium$11,469,893 $8,971,259 $5,686,069 

The direct policy premiums received from the CMS for the years ended December 31, 2025, 2024, and 2023 were $13,079.6 million, $9,512.3 million, and $5,521.9 million, respectively.
STATUTORY REGULATIONS
The Company's Health Insurance Subsidiaries prepare financial statements in accordance with Statutory Accounting Principles ("SAP") prescribed or permitted by the insurance departments of their states of domicile. SAP are focused on the solvency of insurance companies and HMOs and are designed to ensure that insurers maintain sufficient capital and surplus to meet their insurance-related obligations.

The Company's Health Insurance Subsidiaries are regulated by the state insurance departments of the states in which they are domiciled. Statutory regulations include the establishment of minimum levels of statutory capital to be maintained by Health Insurance Subsidiaries and restrictions on dividend payments and other distributions made by the Health Insurance Subsidiaries to the parent company. Minimum statutory capital requirements differ by state and are based on minimum risk-based capital ("RBC") requirements developed by the National Association of Insurance Commissioners ("NAIC").

As of December 31, 2025, the Company's Health Insurance Subsidiaries are estimated to have an aggregate statutory capital and surplus of approximately $1.0 billion. As of December 31, 2024, the Company’s Health Insurance Subsidiaries had an aggregate statutory capital and surplus of $1.2 billion. Individually, each of the Company's Health Insurance Subsidiaries is projected to exceed the minimum required statutory capital and surplus, and RBC minimum requirements.
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
In February 2022, the Company issued the 2031 Notes to funds affiliated with or advised by Dragoneer Investment Group, LLC, Thrive Capital Management, LLC, LionTree Investment Management, LLC and Tenere Capital LLC (collectively, the “Purchasers”). See “Note 9 - Debt” for additional information. On September 11, 2025, the Company entered into an amendment to the Investment Agreement (the “Amendment”) to permit the private offering of the 2030 Notes. The Amendment provided, in relevant part, that the issuance of the 2030 Notes would be permitted provided that the 2030 Notes were and remained expressly subordinated in right of payment to the 2031 Notes for as long as Oasis FD Holdings, LP (“Dragoneer”) held at least $75.0 million in aggregate principal amount of the 2031 Notes.

On November 3, 2025, the Company and Dragoneer entered into an Exchange Agreement (the “Exchange Agreement”) pursuant to which, until December 14, 2025, Dragoneer could elect to exchange up to $250.0 million aggregate principal amount of 2031 Notes, representing the balance of its 2031 Notes, for aggregate consideration consisting of (A) a number of shares of Class A common stock based on the conversion rate set forth in the applicable indenture, and (B) up to $17.8 million, payable in shares of Class A common stock and/or cash, pursuant to the terms of the Exchange Agreement and subject to the satisfaction of certain conditions. On November 5, 2025, Dragoneer exchanged $187.5 million aggregate principal amount of their 2031 Notes for approximately 22.5 million shares of Class A common stock, and on November 18, 2025, Dragoneer exchanged the remaining $62.5 million aggregate principal amount balance of their 2031 Notes for approximately 7.5 million shares of Class A common stock. Additionally, in connection with the exchange, Dragoneer also received an inducement payment totaling $17.8 million, of which $4.4 million was paid in cash and the remaining $13.3 million was settled through the issuance of approximately 0.7 million additional shares of Class A common stock.

In connection with the Exchange Agreement and the related transactions, as of November 5, 2025, the debt covenants in the Investment Agreement were extinguished, and the 2030 Notes ceased to be subordinated to the 2031 Notes.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
The Company’s current and past business practices are subject to reviews or other investigations by various state insurance and healthcare regulatory authorities and other state and federal regulatory authorities. These reviews focus on numerous facets of the Company’s business, including claims payment practices, statutory capital requirements, provider contracting, risk adjustment, competitive practices, commission payments, privacy issues, network adequacy, utilization management practices, pharmacy benefits, access to care, compliance with Health Insurance Marketplace or EDE agreements, and sales practices, among others. Some of these reviews have historically resulted in fines imposed on the Company and some have required changes to certain of the Company’s practices. The Company continues to be subject to these reviews, which could result in additional fines or other sanctions being imposed on the Company or additional changes to certain of its practices.
The Company is also currently involved in, and may in the future from time to time become involved in, legal proceedings and other claims in the ordinary course of its business, including class actions and suits brought by the Company’s members, providers, commercial counterparties, employees, and other parties relating to the Company’s business, including management and administration of health benefit plans and other services. Such matters can include claims relating to the performance of contractual and non-contractual obligations to providers, vendors, members, employer groups, and others, including, but not limited to, the alleged failure to properly pay in-network and out-of-network claims and challenges to the manner in which the Company processes claims, claims alleging that the Company has engaged in unfair business practices, disputes regarding the amounts owed under vendor contracts, various employment claims, disputes regarding reinsurance arrangements, disputes relating to intellectual property, privacy, the Telephone Consumer Protection Act and class action lawsuits, or other claims alleging that the Company has engaged in unfair business practices.

In addition, on May 12, 2022, a securities class action lawsuit against the Company, certain of its directors and officers, and the underwriters that participated in the Company’s IPO was commenced in the United States District Court for the Southern District of New York (the “Court”), captioned Carpenter v. Oscar Health, Inc., et al., Case No. 1:22-CV-03885 (S.D.N.Y.) (the “Securities Action”). The initial complaint in the Securities Action asserted violations of Sections 11 and 15 of the Securities Act of 1933 (the “Securities Act”) based on the Company’s purported failure to disclose in its IPO registration statement growing COVID-19 testing and treatment costs, the impact of significant Special Enrollment Period (“SEP”) membership, and RADV results for 2019 and 2020. By Court orders dated September 27, 2022 and December 13, 2022, the Court appointed a lead plaintiff and lead counsel on behalf of the putative class. An amended complaint filed on December 6, 2022 asserted the same violations of Sections 11 and 15 of the Securities Act, but this time based on the Company’s alleged failure to disclose in its IPO registration statement purportedly inadequate controls and systems in connection with the RADV audit for 2019, alleging that this purported omission caused losses and damages for members of the putative class. The amended complaint sought unspecified compensatory damages as well as interest, fees, and costs. On April 4, 2023, the Company moved to dismiss the amended complaint. On March 6, 2025, the Court granted the motion to dismiss without prejudice and granted leave to file a second amended complaint. A second amended complaint was not timely filed, and on April 22, 2025 the Court dismissed the case with prejudice.

The Company records liabilities for its reasonable estimates of probable losses resulting from these matters where appropriate. Estimates of losses resulting from legal and regulatory matters involving the Company are inherently difficult to predict, particularly where the matters: involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or represent a shift in regulatory policy; involve a large number of claimants or regulatory bodies; are in the early stages of the proceedings; or could result in a change in business practices. Accordingly, the Company is often unable to estimate the losses or ranges of losses for those matters where there is a reasonable possibility or it is probable that a loss may be incurred, the ultimate settlement of which could be material.

Given that such proceedings are subject to uncertainty, there can be no assurance that such legal proceedings, either individually or in the aggregate, will not have a material adverse effect on Oscar's business, results of operations, financial condition or cash flows.

The ACA originally established a cost-sharing reduction (“CSR”) program to make health insurance more affordable for eligible individuals by requiring insurers to reduce out-of-pocket costs while receiving CSR subsidies from CMS. In 2017, the Trump Administration issued an executive order that immediately ceased payments of ACA CSR subsidies to issuers. On June 27, 2017, impacted issuers seeking compensation for the halted CSR subsidy payments commenced a class action lawsuit against the federal government in the Court of Federal Claims, captioned Common Ground Healthcare Cooperative v. United States, Case No. 17-877. In 2024, an agreement in principle was reached between class counsel on behalf of impacted issuers and the federal government to retroactively compensate the class. The settlement agreement was fully executed by the class and the federal government on August 11, 2025. On November 6, 2025, the Court of Federal Claims granted final settlement approval and ordered the distribution of 95% of the settlement funds, with the remaining 5% held until the attorneys’ fees award is determined. The estimated net recovery recorded as of December 31, 2025 was approximately $48 million.
v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company operates in and reports as a single reportable segment as the CODM does not evaluate profitability nor evaluate performance or allocate resources below the level of the consolidated Company. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM reviews Net income (loss) attributable to Oscar Health, Inc. and Earnings from operations presented on a consolidated basis for purposes of
allocating resources and evaluating financial performance. These metrics serve as benchmarks to evaluate the business, measure performance, identify trends, prepare financial projections, and make strategic decisions. The CODM does not evaluate performance or allocate resources based on segment assets data; therefore, total segment assets are not presented.

The following table presents the revenue, significant expenses, and net income (loss) for the Company’s segment. As the Company operates and reports as a single segment, its measure of segment net income (loss) is the same as Net income (loss) attributable to Oscar Health, Inc. on the Consolidated Statements of Operations.
Year Ended December 31,
(in thousands)202520242023
Total revenue
$11,701,427 $9,177,564 $5,862,869 
Less:
Medical expenses
10,019,025 7,332,589 4,642,024 
Selling, general, and administrative expenses:
Member acquisition and servicing costs (1)
975,328 747,627 540,135 
Premium taxes, exchange fees, and other taxes and fees (2)
446,079 432,290 289,388 
All other SG&A (3)
628,460 575,648 596,243 
Total Selling, general, and administrative expenses2,049,867 1,755,565 1,425,766 
Depreciation and amortization28,892 32,145 30,694 
Earnings (loss) from operations(396,357)57,265 (235,615)
Interest expense17,601 23,734 24,603 
Other expenses23,339 105 7,082 
Earnings (loss) before income taxes(437,297)33,426 (267,300)
Income tax expense5,606 7,305 3,294 
Less: Net income attributable to noncontrolling interests248 689 134 
Net income (loss) attributable to Oscar Health, Inc.$(443,151)$25,432 $(270,728)
(1)Member acquisition and servicing costs include the Company’s expenses incurred to acquire, service, and fulfill obligations to members.
(2)Premium taxes, exchange fees, and other taxes and fees represent non-income tax charges from federal and state governments, including but not limited to healthcare exchange user fees and premium taxes.
(3)All other SG&A includes employee-related and administrative costs that are not member-based. Additionally, all other SG&A includes the net impact of quota share reinsurance accounted for under deposit accounting.

Significant Customers

The Company generates the majority of its total revenue from health insurance policy premiums, which primarily come from subsidies received from CMS as part of the APTC program.
v3.25.4
RISK ADJUSTMENT
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
RISK ADJUSTMENT RISK ADJUSTMENT
The risk adjustment programs in the markets the Company serves are administered federally by CMS and are designed to mitigate the potential impact of adverse selection and provide stability for health insurers. Under this program, each plan is assigned a risk score based upon demographic information and current year claims information related to its members. Plans with lower than average risk scores generally pay into the pool (a payable to CMS), while plans with higher than average risk scores generally receive distributions (a receivable from CMS). The Company estimates its risk adjustment transfer receivable or payable for each state by comparing its estimated risk score to the state average risk score. The Company records a receivable or payable as an adjustment to its premium revenues to reflect the year-to-date impact of the risk adjustment based on its best estimate. The Company reevaluates its risk adjustment transfer estimates as new information and market data becomes available until final reporting is received from CMS in later periods, which may be up to twelve months in arrears.

The following table provides a rollforward of the Company’s beginning and ending risk adjustment receivable and payable balances for the years ended December 31, 2025 and 2024:

Year Ended December 31, 2025Year Ended December 31, 2024
(in thousands)Risk Adjustment ReceivableRisk Adjustment PayableNet Risk Adjustment PayableRisk Adjustment ReceivableRisk Adjustment PayableNet Risk Adjustment Payable
Beginning balance (1)
$64,779 $1,558,341 $1,493,562 $51,925 $1,056,941 $1,005,016 
Change in accrual:
Current year$56,044 $2,583,506 $2,527,462 $64,567 $1,557,216 $1,492,649 
Prior years(10,824)57,580 68,404 (3,511)19,014 22,525 
Change in accrual, net$45,220 $2,641,086 $2,595,866 $61,056 $1,576,230 $1,515,174 
Payments:
Prior years$53,933 $1,611,727 $1,557,794 $48,202 $1,074,830 $1,026,628 
Payments$53,933 $1,611,727 $1,557,794 $48,202 $1,074,830 $1,026,628 
Ending balance:
Current year$56,044 $2,583,506 $2,527,462 $64,567 $1,557,216 $1,492,649 
Prior years 22 4,194 4,172 212 1,125 913 
Ending balance$56,066 $2,587,700 $2,531,634 $64,779 $1,558,341 $1,493,562 
(1)The table includes RADV receivables and payables. The balance at the beginning of each year presented pertains to prior policy years.

In the second and third quarters of 2025, the Company received third party reports indicating that the ACA average market risk scores (a measure of market morbidity) were significantly higher than the overall market expectation, which resulted in the Company significantly increasing its estimated risk adjustment transfer payable for such quarters. In the fourth quarter, the Company received third party reports indicating that overall market morbidity had stabilized, but that the Company had lower-than-anticipated relative risk scores, which resulted in the Company increasing its estimated risk adjustment transfer payable as of December 31, 2025.
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONDENSED FINANCIAL INFORMATION
Oscar Health, Inc.
Schedule I - Condensed Balance Sheets (Parent-Only)

(in thousands, except per share amounts)
December 31, 2025December 31, 2024
Assets:
Cash and cash equivalents
$335,923 $97,384 
Premium and Other Receivables4,486 — 
Restricted deposits and investments
2,409 9,086 
Investments in and advances to subsidiaries
1,073,134 1,207,848 
Other assets
18,744 11,801 
Total Assets
$1,434,696 $1,326,119 
Liabilities and Stockholders' Equity
Long-term debt
$430,095 $299,555 
Other liabilities
26,953 12,978 
Total Liabilities457,048 312,533 
Commitments and contingencies
Stockholders' Equity
Class A common stock ($0.00001 par value; 825,000 thousand shares authorized, 261,851 thousand and 214,974 thousand shares outstanding as of December 31, 2025 and 2024, respectively)
3 2 
Class B common stock ($0.00001 par value; 82,500 thousand shares authorized, 35,838 and 35,514 thousand shares outstanding as of December 31, 2025 and 2024, respectively)
— — 
Treasury stock (315 thousand shares as of December 31, 2025 and 2024)
(2,923)(2,923)
Additional paid-in capital4,256,972 3,869,617 
Accumulated deficit(3,294,434)(2,851,283)
Accumulated other comprehensive income (loss)18,030 (1,827)
Total Oscar Health, Inc. Stockholders’ Equity977,648 1,013,586 
Total Liabilities and Stockholders' Equity
$1,434,696 $1,326,119 
See the accompanying Notes to the Condensed Financial Information as well as the Consolidated Financial Statements and accompanying Notes.
Oscar Health, Inc.
Schedule I - Condensed Statements of Operations (Parent-Only)

Year Ended December 31,
(in thousands)
202520242023
Revenue
Investment income and other revenue$16,060 $16,714 $20,253 
Total revenue
16,060 16,714 20,253 
Operating expenses
General and administrative expenses
92,365 118,566 106,387 
Interest expense
17,599 23,697 24,577 
Other expenses23,330 110 7,081 
Loss before income tax benefit and equity in net income (loss) of subsidiaries(117,234)(125,659)(117,792)
Income tax benefit(2,340)(34,777)(7,870)
Loss before equity in net income (loss) of subsidiaries
(114,894)(90,882)(109,922)
Equity in net income (loss) of subsidiaries
(328,257)116,314 (160,806)
Net income (loss) attributable to Oscar Health, Inc.
$(443,151)$25,432 $(270,728)
See the accompanying Notes to the Condensed Financial Information as well as the Consolidated Financial Statements and accompanying Notes.
Oscar Health, Inc.
Schedule I - Condensed Statements of Comprehensive Income (Parent-Only)

Year Ended December 31,
(in thousands)202520242023
Net income (loss) attributable to Oscar Health, Inc.
$(443,151)$25,432 $(270,728)
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) attributable to subsidiaries19,857 (3,136)11,024 
Comprehensive income (loss) attributable to Oscar Health, Inc. $(423,294)$22,296 $(259,704)

See the accompanying Notes to the Condensed Financial Information as well as the Consolidated Financial Statements and accompanying Notes.
Oscar Health, Inc.
Schedule I - Condensed Statements of Cash Flows (Parent-Only)


Year Ended December 31,
(in thousands)
202520242023
Net cash provided by operating activities
$264 $2,103 $9,055 
Cash flows from investing activities:
Investments in subsidiaries(160,936)(159,628)(149,025)
Purchase of investments— (2,409)— 
Sale of investments
— — (15,775)
Maturity of investments
— 16,990 306,511 
Net cash (used in) provided by investing activities
(160,936)(145,047)141,711 
Cash flows from financing activities:
Proceeds from long-term debt410,000 — — 
Payments of debt issuance costs(22,902)— — 
Proceeds from joint venture contribution— — 2,490 
Inducement payment for convertible note conversion(4,445)— — 
Purchase of capped calls related to convertible senior subordinated notes(34,440)— — 
Tax payments related to net settlement of share-based awards(4,035)— — 
Proceeds from exercise of stock options55,033 68,388 3,956 
Net cash provided by financing activities
399,211 68,388 6,446 
Increase (decrease) in cash, cash equivalents and restricted cash equivalents
238,539 (74,556)157,212 
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period
97,384 171,940 14,728 
Cash, cash equivalents, restricted cash and cash equivalents—end of period
$335,923 $97,384 $171,940 
Non-Cash Investing and Financing Activities:
Conversion of convertible notes into common stock (Note 9)$283,336 $— $— 

See the accompanying Notes to the Condensed Financial Information as well as the Consolidated Financial Statements and accompanying Notes.
Oscar Health, Inc.
Schedule I
Notes to the Condensed Financial Information of the Registrant (Parent Company Only)
(in thousands, except share and per share amounts, or as otherwise stated herein)


These condensed financial statements of Oscar Health, Inc., (the “Parent Company”) should be read in conjunction with the consolidated financial statements and Notes thereto included in this Annual Report on Form 10-K. For purposes of these condensed financial statements, subsidiaries of Oscar Health, Inc are recorded using the equity method of accounting.

During the years ended December 31, 2025, 2024 and 2023, the Parent received approximately $25.0 million, $133.0 million and $52.0 million in capital distributions and loan repayments, respectively, from the Health Insurance Subsidiaries.

See “Note 9 – Debt” included in Part II, Item 8 of this Form 10-K for a description of the long-term debt obligations of Oscar Health, Inc., and its subsidiaries.
v3.25.4
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity Risk Management and Strategy

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information, including PHI and the systems that store and transmit such data. Our cybersecurity risk management program includes a cybersecurity incident response plan.

We use the ISO 27001 and National Institute of Standards and Technology (“NIST”) 800-53 standards as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. This does not imply that we meet any particular technical standards, specifications or requirements.

Our cybersecurity risk management program is integrated into our overall ERM program, and shares common methodologies, reporting channels and governance processes that apply across the ERM program to other legal, compliance, strategic, operational, and financial risk areas.

Our cybersecurity risk management program includes:

•risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information;
•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security processes, and (3) our response to cybersecurity incidents;
•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls, and conduct tabletop exercises to validate our cybersecurity incident response processes;
•the use of various technology and process-based methods, such as network isolation, intrusion detection systems, vulnerability assessments, penetration testing, use of threat intelligence, content filtering, endpoint security (including anti-malware and detection response capabilities), email security mechanisms, and access control mechanisms;
•cybersecurity awareness training of our employees, including incident response personnel and senior management;
•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
•a third-party risk management and diligence process for key vendors and service providers based on our assessment of their criticality to our operations and respective risk profile.
While we have implemented processes to maintain our cybersecurity risk management program, there can be no assurance that our program, including our controls, procedures and processes, will be fully complied with or that it will be fully effective in protecting the confidentiality, integrity and availability of our critical systems and information.

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See Part I, Item 1A. “Risk Factors—Risks Related to our Business—If we or our partners or other third parties with whom we collaborate fail to protect confidential information and/or sustain a data security incident, we could suffer increased costs, material financial penalties, exposure to significant liability, adverse regulatory consequences, and reputational harm, which would materially adversely affect our business, results of operations, and financial condition.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our cybersecurity risk management program is integrated into our overall ERM program, and shares common methodologies, reporting channels and governance processes that apply across the ERM program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our board of directors (“Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity risks. The Committee oversees management of our cybersecurity risks, including reviewing and discussing with management our major cybersecurity risk exposures and the steps management has taken to monitor and control such exposures.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board of directors (“Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Management provides quarterly reports on our cybersecurity risks to the Committee. In addition, management updates the Committee, as necessary, regarding any cybersecurity incidents it considers to be significant. The Committee reports to the full Board regarding its activities, including those related to cybersecurity.
Cybersecurity Risk Role of Management [Text Block]
Management provides quarterly reports on our cybersecurity risks to the Committee. In addition, management updates the Committee, as necessary, regarding any cybersecurity incidents it considers to be significant. The Committee reports to the full Board regarding its activities, including those related to cybersecurity. Our management team, including our Chief Technology Officer and Chief Information Security Officer (“CISO”), is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Technology Officer, the Company’s Co-Founder and former CEO, has extensive experience in computer science and technology, including as a visiting scholar at Stanford University. This experience has enhanced his expertise in cybersecurity governance and risk management. Our CISO is a Certified Information Systems Security Professional and his experience includes over 20 years of working in the cybersecurity field in various industries, including data analytics, identity verification software, and financial services industries, and over 15 years leading teams and programs.

Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from the Health Information Sharing and Analysis Center and other governmental, public or private sources; and alerts and reports produced by security tools deployed in the information technology environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our management team, including our Chief Technology Officer and Chief Information Security Officer (“CISO”), is responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Chief Technology Officer, the Company’s Co-Founder and former CEO, has extensive experience in computer science and technology, including as a visiting scholar at Stanford University. This experience has enhanced his expertise in cybersecurity governance and risk management. Our CISO is a Certified Information Systems Security Professional and his experience includes over 20 years of working in the cybersecurity field in various industries, including data analytics, identity verification software, and financial services industries, and over 15 years leading teams and programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Management provides quarterly reports on our cybersecurity risks to the Committee. In addition, management updates the Committee, as necessary, regarding any cybersecurity incidents it considers to be significant. The Committee reports to the full Board regarding its activities, including those related to cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Consolidated Financial Statements include the accounts of the Company, all of the controlled subsidiaries and variable interest entities of which the Company is the primary beneficiary. Noncontrolling interest consists of equity that is not attributable directly or indirectly to the Company. All material intercompany transactions have been eliminated in consolidation. Balances (except per share data) are presented in U.S. dollars and rounded, as indicated. In order to preserve the mathematical accuracy of the underlying calculations, immaterial footing differences may occur between the sum of individual balances and the total balances presented.

Certain monetary amounts, percentages, and other figures included in this Annual Report on Form 10-K have been subject to rounding adjustments. Percentage amounts included in this Annual Report on Form 10-K have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Annual Report on Form 10-K may vary from those obtained by performing the same calculations using the figures in the Company's Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. Certain other amounts that appear in this Annual Report on Form 10-K may not sum due to rounding.

During the second quarter of 2025, management identified an understatement of Selling, general, and administrative (“SG&A”) expenses related to the 2023-2024 periods. In accordance with Staff Accounting Bulletin ("SAB") No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements with Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the error and determined that the out of period adjustment was not material to the consolidated financial statements for the current period or to any previously reported period. Accordingly, the Company recorded a $14.9 million adjustment in the second quarter of 2025 within SG&A expenses related to prior periods.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying audited Consolidated Financial Statements include healthcare costs incurred but not yet reported (“IBNR”) and risk adjustment transfers. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ materially from these estimates.
Segment Information
Segment Information

Oscar operates as one reportable segment to sell insurance to its members through the federal and state-run healthcare exchanges formed in conjunction with the ACA and leverages its technology platform to provide services via its +Oscar Offering. The Company determined that our Chief Executive Officer is the chief operating decision maker (“CODM”) who regularly reviews financial information and other key performance indicators on a consolidated basis, for the purposes of allocating resources and evaluating financial performance. Factors used in determining the reportable segment include the nature of operating activities, the Company’s organizational and reporting structure, and the type of information presented to the Company’s CODM to allocate resources and evaluate financial performance.
Revenue
Revenue

Premium
Premium revenue includes subsidies received from the Centers for Medicare & Medicaid Services (“CMS”) as part of the Advanced Premium Tax Credit (“APTC”) and direct policy premiums collected directly from members, along with assumed premiums from the Company's former Cigna+Oscar SmallGroup reinsurance agreement. Premium revenue is adjusted for the estimated impact of the risk adjustment program required by CMS. Total premiums earned are net of ceded premium from excess of loss (“XOL”) and run-off quota share reinsurance contracts accounted for under reinsurance accounting.

The Company receives a fixed premium per member per month and recognizes premium revenue during the period in which it is obligated to provide services to its members. For direct policy premiums received from CMS, revenue is recorded based on membership and eligibility criteria provided by CMS and is subject to monthly adjustment by CMS.
Other Revenues

Other revenues include revenue earned through brokerage, EDE platform, and market education services, fees for services performed via the +Oscar platform, revenue sharing from virtual credit card rebates, and sublease income. Other revenues are recognized in the period the contractual performance obligations are satisfied and measured in an amount that reflects the consideration the Company expects to be entitled to in exchange for performing the services. The timing of the Company's revenue recognition may differ from the timing of payment by customers. A receivable is recorded to Premiums and accounts receivable when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, deferred revenue is recorded to Accounts payable and other liabilities when payment is received before the performance obligations are satisfied.
Affordable Care Act (“ACA”)
The Company conducts business through the federal and state-run healthcare exchanges formed in conjunction with the ACA and is therefore subject to certain risk stabilization programs and fees established by the ACA, such as: Risk Adjustment and Minimum Medical Loss Ratio (“MLR”) requirements.

The ACA risk adjustment program is administered federally by CMS. Under this program, each plan is assigned a risk score based upon demographic information and current year claims information related to its members. Plans with lower than average risk scores relative to the estimated market average risk score, when applied to the statewide average premium, will have a risk adjustment payable into the pool. Inversely, plans with higher than average risk scores relative to the estimated market average risk score, when applied to the statewide average premium, will have a risk adjustment receivable from the pool.

Management develops its membership risk scores for the risk adjustment accrual using actuarial methodologies and assumptions and by analyzing member data, including demographic data and projections of claims data expected to be submitted by the Company to CMS for settlement. Generally, the estimated market average risk score and statewide average premium are obtained from third party surveys of others in the Health Insurance Marketplaces. There is judgment in estimating the Company’s membership risk scores and the estimated market average risk scores. Management refines its estimate as new information becomes available and the final report on actual market risk scores is received from CMS in June of the following year.

In addition, CMS and the Office of Inspector General for Health and Human Services (“HHS”) perform risk adjustment data validation (“RADV”) audits of health insurance plans to validate the coding practices of and supporting documentation maintained by healthcare providers, and such audits have in the past and may in the future result in retroactive adjustments to risk transfer payments.

The ACA established a minimum MLR that requires insurers to pay rebates to customers when MLR is below established thresholds. The MLR represents medical costs as a percentage of premium revenue. Federal regulations define what constitutes medical costs and premium revenue for purposes of calculating the required minimum MLR. The Company records estimated MLR rebates as an adjustment to premium revenue.
Reinsurance
Reinsurance

The Company participates in reinsurance agreements to limit risk and meet its capital requirements. The Company currently enters into two different types of arrangements: quota share reinsurance contracts that do not meet risk transfer requirements and XOL reinsurance contracts.

Reinsurance contracts that do not meet risk transfer requirements are accounted for under the deposit accounting method. Under deposit accounting, the contract is recorded as a financing, with no impact to premium revenue or medical expenses. In XOL reinsurance, the reinsurer agrees to assume all or a portion of the ceding company’s losses in excess of a specified amount. Under XOL reinsurance, the premium payable to the reinsurer is negotiated by the parties based on losses on an individual member in a given calendar year and their assessment of the amount of risk being ceded to the reinsurer.
Premiums under XOL reinsurance agreements are based on enrollment calculated on a per member per month basis. The XOL contracts are accounted for under reinsurance accounting and, as such, the Company records premium paid to the reinsurer as a reduction to premium revenue. In the case of federal and state-run reinsurance programs, no reinsurance premiums are paid. Expected reimbursement from the reinsurer for claims incurred are recorded as a reduction to medical expenses.
Reinsurance contracts are renewed periodically and the Company reviews them in advance of the contract’s expiration to negotiate terms for new reinsurance contracts. During each renewal cycle, there are a number of factors considered when determining reinsurance coverage, including (1) plans to change the underlying insurance coverage offered by the Company, (2) trends in loss activity, (3) the level of the HMO or health insurance subsidiaries' (the “Health Insurance Subsidiaries”) capital and surplus, (4) changes in the Company's risk appetite, and (5) the cost and availability of reinsurance coverage.
In addition to ceded reinsurance, an Oscar Health Insurance Subsidiary partially reinsured the Cigna+Oscar small group offering through a quota share reinsurance arrangement. The Company recorded assumed premiums and assumed claims.
Premium Deficiency Reserve
Premium Deficiency Reserve
Premium deficiency reserve (“PDR”) liabilities are established when it is probable that expected future claims and maintenance expenses will exceed future premium and reinsurance recoveries based on existing insurance contract terms including consideration of net investment income. For purposes of determining premium deficiency reserves, contracts are grouped consistent with the Company’s method of acquiring, servicing, and measuring the profitability of such contracts, which is generally on a line of business basis.
Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents consists of highly liquid investments with original maturities of three months or less.
Restricted Deposits
Restricted Deposits

The Company defines Restricted deposits as restricted cash and cash equivalents, and investments maintained on deposit or pledged primarily to various state agencies in connection with its insurance licensure. Statutory regulations require these amounts to remain on deposit indefinitely; therefore, the Company classifies these restricted deposits as long-term regardless of the contractual maturity date of the securities held. Restricted deposits are recorded at fair value.
Investments
Investments

The majority of the Company's investments are classified as available-for-sale and are carried at fair value. Short-term investments include securities with maturities between three months and one year. Long-term investments include securities with maturities greater than one year.
Under the Company's current expected credit loss (“CECL”) model, the Company evaluates its available-for-sale debt investments for impairment by monitoring the difference between the carrying value and fair value of the relevant security and whether declines in fair value are credit-related. If a security is in an unrealized loss position and the Company has the intent to sell, or it is more likely than not that the security will be sold before recovery of its amortized cost basis, the decline in fair value is recognized as a loss on the income statement. For securities in an unrealized loss position that the Company does not intend to sell, the Company performs an evaluation to determine what portion of the unrealized losses are credit-related; this portion is recognized on the income statement as an Allowance for credit losses. The remaining non-credit-related portion of the decline in fair value is recognized as an unrealized loss in Accumulated other comprehensive income (loss).
Allowance for Credit Losses
Allowance for Credit Losses

Premium and accounts receivable primarily includes insurance premiums due from CMS and members, pharmaceutical rebates, and other claims-related provider receivables and are reported net of any allowance for credit losses. Receivable balances are also recorded related to the Company's risk adjustment program, reinsurance program, and value-based care arrangements. An Allowance for credit losses is generally calculated based on historical collection experience, the counterparty's creditworthiness, and consideration of current and future economic events.
Policy Acquisition Cost
Policy Acquisition Costs
Policy acquisition costs are those costs that relate directly to the successful acquisition of new and renewal insurance policies. Such costs include broker commissions, costs of policy issuance and underwriting, and other costs incurred to acquire new business or renew existing business. Policy acquisition costs, other than broker bonus commissions, are expensed in the period incurred. The Company recognizes policy acquisition costs as SG&A in its Consolidated Statements of Operations. Broker bonuses are capitalized and amortized over the policy term. The Company's short-duration policies typically have a one-year term and may be canceled by the member upon 30 days' notice.
Income Taxes
Income Taxes
Income taxes are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. The Company establishes a valuation allowance when it does not consider it more likely than not that a deferred tax asset will be realized.
Benefits Payable
Benefits Payable

Benefits payable consists of liabilities for both IBNR and reported but not yet processed through the Company's systems that are determined in the aggregate, employing actuarial methods that are commonly used by health insurance actuaries and meet Actuarial Standards of Practice. Actuarial Standards of Practice require that the claim liabilities be appropriate under moderately adverse circumstances. IBNR is an actuarial estimate, determined by employing actuarial methods, that is based on claim payment patterns, medical cost inflation, historical developments such as claim inventory levels and claim receipt patterns, and other relevant factors.

For low severity incurred but not paid claims, for the months prior to the most recent two months, the Company typically uses the completion factor development method. This methodology is a detailed actuarial process that uses both historical claim payment patterns as well as emerging medical cost trends to project the Company's best estimate of claim liabilities. Under this method, historical paid claims data is formatted into claim triangles, which compare claim incurred dates to the dates of claim payments. This information is analyzed to create historical completion factors that represent the average percentage of total incurred claims that have been paid through a given date after being incurred. Completion factors are applied to claims paid through the period-end date to estimate the ultimate claim expense incurred for the period. Actuarial estimates of incurred but not paid claim liabilities are then determined by subtracting the actual paid claims from the estimate of the ultimate incurred claims. A seriatim methodology is utilized for high dollar claims which is supplemented by case management data supplied by medical and claims operations areas.

For the most recent incurred months (typically the most recent two months), the percentage of claims paid for claims incurred in those months is generally low. This makes the completion factor methodology less reliable for such months. Therefore, incurred claims for recent months are not projected from historical completion and payment patterns; rather, they are primarily based on forecasted per member per month low dollar claims projections developed from the Company’s historical experience and adjusted for emerging experience data in the preceding months, which may include adjustments for known changes in estimates of recent hospital and drug utilization data, provider contracting changes, changes in benefit levels, changes in member cost sharing, changes in medical management processes, product mix, and workday seasonality.

Because the reserve methodology is based upon historical information, it must be adjusted for known or suspected operational and environmental changes. These adjustments are made by the Company's actuaries based on their knowledge and their estimate of emerging impacts to benefit costs and payment speed. Circumstances to be considered in developing the Company's best estimate of reserves include changes in utilization levels, unit costs, member cost sharing, benefit plan designs, provider reimbursement levels, processing system conversions and changes, claim inventory levels, claim processing patterns, and claim submission patterns.

The Company regularly reviews and sets assumptions regarding cost trends and utilization when initially establishing claim liabilities. The Company continually monitors and adjusts the claims liability and benefit expense based on subsequent paid claims activity. If it is determined that the Company's assumptions regarding cost trends and utilization are materially different from actual results, the Company's income statement and financial position could be impacted in future periods. Adjustments of prior year estimates may result in additional benefit expense or a reduction of benefit expense in the period an adjustment is made. Further, due to the considerable variability of healthcare costs, adjustments to claim liabilities occur each period and are sometimes significant as compared to the net income recorded in that period. Prior period development is recognized immediately upon the actuary’s judgment that a portion of the prior period liability is no longer needed or that an additional liability should have been accrued. That determination is made when sufficient information is available to ascertain that the re-estimate of the liability is reasonable.

Disputed Claim Reserves
The Company also records, as part of benefits payable, an estimate of the ultimate liability for actual and potential claims disputes by providers based on an analysis of historical per member per month (“PMPM”) dispute experience supplemented with current information on reported disputes. Since these liabilities are part of the overall claim reserve, they are proportionally ceded under the Company's reinsurance agreements for historical policy years with contracts in force. The disputed claim reserves included as part of the benefits payable balance was approximately $221.8 million and $183.7 million as of December 31, 2025 and 2024, respectively.

Unallocated Claims Adjustment Expenses
Claims adjustment expenses (“CAE”) are costs incurred or expected to be incurred in connection with the adjustment and recording of health claims not subject to reinsurance. Such expenses include, but are not limited to, case management, utilization review, and quality assurance and are intended to reduce the number of health services provided or the cost of such services. CAE is included in Selling, general, and administrative expenses; Member acquisition and servicing costs and the related CAE payable are included in Accounts payable and accrued liabilities.
Property, Equipment and Capitalized Software
Property, Equipment, and Capitalized Software

Property, equipment, and capitalized software are reported at cost less accumulated depreciation. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the related assets, which range from two
to ten years. Costs related to certain software projects for internal use incurred during the application development stage are capitalized. Costs related to planning activities and post-implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, which ranges from three to seven years. Property, equipment, and capitalized software are assessed for impairment whenever events or circumstances suggest that an asset's carrying value may not be fully recoverable.
Leases
Leases

The Company leases office space under operating leases expiring on various dates through 2032. On the lease commencement date, a right-of-use (“ROU”) asset and lease liability are recognized as Other assets and Other Liabilities, respectively, on the Consolidated Balance Sheets based on the present value of the future minimum lease payments over the lease term. Since the Company's lease agreements do not provide an implicit rate, an incremental borrowing rate, based on the information available on the commencement date, is used to determine the present value of future payments. The calculation of the ROU asset is based on the lease liability, and includes any lease payments made, and excludes lease incentives and initial direct costs incurred.

The Company determines if an arrangement is a lease or contains a lease at inception of the arrangement based on the terms and conditions in the contract. Options to extend or terminate a lease at the Company's discretion are factored into the calculation of the lease liabilities and ROU assets only if the Company is reasonably certain it will exercise those options. Short-term leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheet.
Lease expense for the Company's operating leases is calculated on a straight-line basis over the lease term within Selling, general, and administrative expenses on the Consolidated Statements of Operations. Lease and non-lease components are accounted for as a single lease component for all asset classes.
Earnings (Loss) Per Share
Earnings (Loss) Per Share

Earnings (loss) per share (“EPS”) is calculated using the two-class method, which is an earnings allocation model that treats participating securities as having rights to earnings that otherwise would have been available to common stockholders. Under the two-class method, earnings for the period are required to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. For EPS computation purposes, the Company's Class A and Class B common stock are considered one single class of common stock because both classes have the same dividend and liquidation rights. Refer to “Note 3 - Earnings (Loss) Per Share” for a description of our basic and diluted EPS calculations.
Variable Interest Entities
Variable Interest Entities

The Company enters arrangements with various entities that are deemed to be variable interest entities (“VIE”). A VIE is an entity that either (1) has equity investors that lack certain essential characteristics of a controlling financial interest (including the ability to control activities of the entity, the obligation to absorb the entity’s expected losses, and the right to receive the entity’s expected residual returns) or (2) lacks sufficient equity to finance its own activities without financial support provided by other entities, which in turn would be expected to absorb at least some of the expected losses of the VIE. The Company is deemed a primary beneficiary of a VIE if it has (1) the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could be potentially significant to the VIE. If both conditions are present, the Company is required to consolidate the VIE into its financial results. The assets, liabilities, revenues, and operating results of the consolidated VIEs were not material as of and for the years ended December 31, 2025, 2024, and 2023.
Accounting Pronouncements Recently Adopted and Accounting Pronouncements Not Yet Adopted
Accounting Pronouncements - Recently Adopted

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures. This guidance is effective for annual periods beginning after December 15, 2024. The Company adopted this standard on January 1, 2025, and elected the retrospective method of transition to ensure comparability across all periods presented. The adoption resulted in the expanded presentation of our effective tax rate reconciliation and the disaggregation of income taxes paid in our financial statement footnotes. The retrospective application of these disclosure requirements had no impact on our consolidated financial position, results of operations, or cash flows for any period presented. Comparative 2024 and 2023 data in Note 12: Income Taxes have been recast.

In November 2024, the FASB issued Accounting Standards Update No. 2024-04 (“ASU 2024-04”), Debt-Debt with Conversion and Other Options: Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishments of convertible debt. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. The Company elected to early adopt ASU 2024-04 in the current fiscal year, which did not have a material impact on the Consolidated Financial Statements and related disclosures.

Accounting Pronouncements - Not Yet Adopted

In November 2024, the FASB issued Accounting Standards Update No. 2024-03 (“ASU 2024-03”), Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosures in the Notes to Consolidated Financial Statements, disaggregating specific expense categories for relevant income statement captions and additional disclosures of the Company's total amount of selling expenses. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. While the standard will require additional disclosures related to the Company’s income statement, the standard is not expected to have any material impact on the Company’s consolidated operating results, financial condition, or cash flows. The Company is currently evaluating the impact of the adoption of this guidance on the related disclosures.

In September 2025, the FASB issued Accounting Standards Update No. 2025-06 (“ASU 2025-06”), Intangibles–Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the recognition and disclosure framework for internal-use software costs, removing all references to “development stages” and introducing a more judgement-based approach. This guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. This ASU is applicable to the Company’s fiscal year beginning January 1, 2028, with early application permitted. The transition method may be prospective, modified, or retrospective. The Company is currently evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements and disclosures.
Fair Value The Company's financial assets and liabilities measured at fair value on a recurring basis are categorized into a three-level fair value hierarchy based on the priority of the inputs used in the fair value valuation technique.
The levels of the fair value hierarchy are as follows:

•Level 1: Inputs utilize quoted (unadjusted) prices in active markets for identical assets or liabilities.
•Level 2: Inputs utilize quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; or model-derived valuations in which all significant inputs are observable in active markets.
•Level 3: Inputs utilized are unobservable but significant to the fair value measurement for the asset or liability. The unobservable inputs are used to measure fair value to the extent relevant observable inputs are not available. The unobservable inputs typically reflect management’s own estimates about the assumptions a market participant would use in pricing the asset or liability.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Premiums And Other Receivables, Allowance For Credit Loss The Company has presented the rollforward related to its allowance for credit losses on its risk sharing receivables below:
For the year ended December 31,
(in thousands)20252024
Beginning balance$31,300 $31,600 
Plus, provision for credit losses— (300)
Less, writeoffs(23,950)— 
Less, recoveries collected(124)— 
Ending balance$7,226 $31,300 
v3.25.4
EARNINGS (LOSS) PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of basic and diluted earnings per share
Year Ended December 31,
(in thousands, except per share data)202520242023
Numerator:
Net income (loss) available to Oscar Health, Inc. common shareholders - basic & diluted$(443,151)$25,432 $(270,728)
Denominator:
Weighted average shares of common stock outstanding - basic262,388240,386221,655
Common stock equivalents—25,467—
Weighted average shares of common stock outstanding - diluted262,388 265,853 221,655 
Earnings (Loss) per Share
Basic$(1.69)$0.11 $(1.22)
Diluted$(1.69)$0.10 $(1.22)
Schedule of antidilutive securities excluded from computation
The following potential common shares were excluded from the computation of diluted EPS because including them would have had an anti-dilutive effect:
Year Ended December 31,
(in thousands)202520242023
Stock options to purchase common stock
12,427 1,249 26,378 
Restricted stock units
7,045 346 21,723 
Performance-based restricted stock units7,453 — 9,305 
Shares underlying convertible notes (Note 9)20,727 36,652 36,652 
Total
47,652 38,247 94,058 
v3.25.4
REVENUE RECOGNITION (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Schedule of premiums earned
Year Ended December 31,
(in thousands)202520242023
Direct policy premiums$14,031,308 $10,292,125 $6,418,872 
Assumed premiums46,568 219,572 228,786 
Risk adjustment transfers(2,596,833)(1,526,448)(950,680)
Reinsurance premiums ceded(11,150)(13,990)(10,909)
Premium$11,469,893 $8,971,259 $5,686,069 
The following table reconciles total Medical expenses to the amount presented in the Consolidated Statements of Operations:
Year Ended December 31,
(in thousands)202520242023
Direct claims incurred
$10,118,434 $7,278,267 $4,459,702 
Ceded reinsurance claims
(144,151)(159,132)(44,736)
Assumed reinsurance claims
44,742 213,454 227,058 
Medical expenses$10,019,025 $7,332,589 $4,642,024 

The Company records SG&A expenses net of reinsurance ceding commissions and assumed SG&A expenses. The following table reconciles total SG&A expenses to the amount presented in the Consolidated Statements of Operations:
Year Ended December 31, 2025
(in thousands)202520242023
Selling, general and administrative expenses, gross
$2,049,867 $1,755,942 $1,424,763 
 Reinsurance ceding commissions
— (377)1,003 
Selling, general, and administrative expenses$2,049,867 $1,755,565 $1,425,766 

The composition of the Reinsurance recoverable balance on the Consolidated Balance Sheets is as follows:
December 31,
(in thousands)20252024
Reinsurance premium and claim recoverables$98,014 $288,878 
Reinsurance ceding commissions7,002 6,996 
Experience refunds on reinsurance agreements(5,266)(4,337)
Reinsurance recoverable$99,750 $291,537 
v3.25.4
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of investment income
Net investment income was attributable to the following:
Year Ended December 31,
(in thousands)202520242023
Fixed maturity securities
$115,654 $82,085 $59,965 
Cash equivalents
87,035 98,618 90,152 
Other (1)
1,331 5,823 6,148 
Investment income
204,020 186,526 156,265 
Investment expense(1,079)(797)(818)
Net investment income
$202,941 $185,729 $155,447 
(1) Represents the net interest earned on funds withheld.
Summary of investments
The following tables provide summaries of the Company's carrying amount and fair values of available-for-sale securities by major security type as of December 31, 2025 and 2024:
December 31, 2025
(in thousands)
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
U.S. treasury and agency securities
$2,076,112 $15,433 $(565)$2,090,980 
Corporate notes
557,413 3,051 (50)560,414 
Asset-backed securities
33,497 148 33,645 
Other (1)
2,409 — — 2,409 
Total
$2,669,431 $18,632 $(615)$2,687,448 
(1) Includes equity securities without a readily determinable market value.
December 31, 2024
(in thousands)
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
U.S. treasury and agency securities
$1,946,759 $6,631 $(9,028)$1,944,362 
Corporate notes
463,261 1,346 (799)463,808 
Certificates of deposit
29,136 — — 29,136 
Other (1)
2,409 — — 2,409 
Total
$2,441,565 $7,977 $(9,827)$2,439,715 
(1) Includes equity securities without a readily determinable market value.
Summary of investments in a gross unrealized loss position
The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position, by the length of time in which the securities have continuously been in that position, as of December 31, 2025 and 2024:
December 31, 2025
Less than 12 Months12 Months or Longer
(in thousands, except no. of securities)Number of SecuritiesFair ValueGross
Unrealized Losses		Number of SecuritiesFair ValueGross
Unrealized Losses
U.S. treasury and agency securities48 $265,431 $(445)5 $40,784 $(120)
Corporate notes59 82,246 (50)— — — 
Total107 $347,677 $(495)5 $40,784 $(120)
December 31, 2024
Less than 12 Months12 Months or Longer
(in thousands, except no. of securities)Number of SecuritiesFair ValueGross
Unrealized Losses		Number of SecuritiesFair ValueGross
Unrealized Losses
U.S. treasury and agency securities191 $730,938 $(9,003)6 $47,748 $(25)
Corporate notes110 146,349 (799)— — — 
Total301 $877,287 $(9,802)6 $47,748 $(25)
Summary of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of the Company's fixed maturity securities as of December 31, 2025 and 2024 by contractual maturity are shown below. Actual maturities of these securities could differ from their contractual maturities because issuers may have the right to call or prepay obligations, with or without penalties.

December 31, 2025December 31, 2024
(in thousands)
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Due in one year or less$1,213,011 $1,216,461 $623,465 $624,461 
Due after one year through five years1,372,038 1,385,735 1,815,691 1,812,845 
Due after five years through ten years81,973 82,843 — — 
Total
$2,667,022 $2,685,039 $2,439,156 $2,437,306 
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured on recurring basis
The following tables summarize fair value measurements by level for assets and liabilities measured at fair value on a recurring basis:
December 31, 2025
(in thousands)
Level 1
Level 2
Level 3
Total
Assets
Cash equivalents$49,552 $— $— $49,552 
Investments
U.S. treasury and agency securities
$— $2,090,980 $— $2,090,980 
Corporate notes
— 560,414 — 560,414 
Asset-backed securities
33,645 33,645 
Restricted investments
U.S. treasury securities— 2,979 — 2,979 
Total assets
$49,552 $2,688,018 $— $2,737,570 

December 31, 2024
(in thousands)
Level 1
Level 2
Level 3
Total
Assets
Cash equivalents$95,331 $— $— $95,331 
Investments
U.S. treasury and agency securities
$— $1,944,362 $— $1,944,362 
Corporate notes
— 463,808 — 463,808 
Certificates for deposit
— 29,136 — 29,136 
Restricted investments
U.S. treasury securities— 6,946 — 6,946 
Total assets
$95,331 $2,444,252 $— $2,539,583 
v3.25.4
RESTRICTED CASH AND RESTRICTED DEPOSITS (Tables)
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of restricted deposits The restricted cash and cash equivalents and restricted investments presented below are included in Restricted deposits in the accompanying Consolidated Balance Sheets.
As of December 31,
(in thousands)20252024
Restricted cash and cash equivalents$29,972 $23,932 
Restricted investments2,979 6,946 
Restricted deposits$32,951 $30,878 
v3.25.4
BENEFITS PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense
The following table provides a rollforward of the Company’s beginning and ending Benefits payable and CAE payable balances for the years ended December 31, 2025, 2024, and 2023:

Year Ended December 31, 2025
(in thousands)Benefits PayableUnallocated Claims
Adjustment Expense		Total
Benefits payable, beginning of the period$1,356,730 $18,241 $1,374,971 
Less: Reinsurance recoverable58,635 — 58,635 
Benefits payable, beginning of the period, net$1,298,095 $18,241 $1,316,336 
Claims incurred and CAE
Current year$10,258,550 $87,043 $10,345,593 
Prior years(239,525)— (239,525)
Total claims incurred and CAE, net$10,019,025 $87,043 $10,106,068 
Claims paid and CAE
Current year$9,034,440 $67,733 $9,102,173 
Prior years853,836 18,241 872,077 
Total claims and CAE paid, net$9,888,276 $85,974 $9,974,250 
Benefits and CAE payable, end of period, net$1,428,844 $19,310 $1,448,154 
Add: Reinsurance recoverable26,541 — 26,541 
Benefits and CAE payable, end of period$1,455,385 $19,310 $1,474,695 

Year Ended December 31, 2024
(in thousands)Benefits PayableUnallocated Claims
Adjustment Expense		Total
Benefits payable, beginning of the period$965,986 $13,192 $979,178 
Less: Reinsurance recoverable57,111 — 57,111 
Benefits payable, beginning of the period, net$908,875 $13,192 $922,067 
Claims incurred and CAE
Current year$7,497,259 $108,492 $7,605,751 
Prior years(164,670)— (164,670)
Total claims incurred and CAE, net$7,332,589 $108,492 $7,441,081 
Claims paid and CAE
Current year$6,349,624 $92,758 $6,442,382 
Prior years593,745 10,685 604,430 
Total claims and CAE paid, net$6,943,369 $103,443 $7,046,812 
Benefits and CAE payable, end of period, net$1,298,095 $18,241 $1,316,336 
Add: Reinsurance recoverable58,635 — 58,635 
Benefits and CAE payable, end of period$1,356,730 $18,241 $1,374,971 
Year Ended December 31, 2023
(in thousands)Benefits PayableUnallocated Claims
Adjustment Expense		Total
Benefits payable, beginning of the period$937,727 $12,712 $950,439 
Less: Reinsurance recoverable277,944 — 277,944 
Benefits payable, beginning of the period, net$659,783 $12,712 $672,495 
Claims incurred and CAE
Current year$4,622,263 $105,565 $4,727,828 
Prior years19,761 — 19,761 
Total claims incurred and CAE, net$4,642,024 $105,565 $4,747,589 
Claims paid and CAE
Current year$3,840,009 $94,807 $3,934,816 
Prior years552,923 10,278 563,201 
Total claims and CAE paid, net$4,392,932 $105,085 $4,498,017 
Benefits and CAE payable, end of period, net$908,875 $13,192 $922,067 
Add: Reinsurance recoverable57,111 — 57,111 
Benefits and CAE payable, end of period$965,986 $13,192 $979,178 
Reconciliation of Claims Development to Liability
Incurred Healthcare Claims
Net of Reinsurance
Year Ended December 31,IBNRCumulative number of reported claims
(in thousands)
(Unaudited)(Unaudited)
(in thousands)202320242025
Date of Service
2023$4,622,263 $4,469,672 $4,442,490 $25,696 15,529 
20247,497,259 7,353,060 150,220 22,379 
202510,258,550 1,224,110 25,326 
Total claims incurred$22,054,100 
Cumulative Paid Healthcare Claims
Net of Reinsurance
Year Ended December 31,
(Unaudited)(Unaudited)
(in thousands)202320242025
Date of Service
2023$3,840,009 $4,373,984 $4,416,794 
20246,349,624 7,202,840 
20259,034,440 
Total payment of incurred claims20,654,074 
All outstanding liabilities prior to 2023, net of reinsurance
28,818 
Total benefits payable, net of reinsurance$1,428,844 
v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following is a summary of net carrying amounts and the estimated fair values of the Company’s convertible notes:

2030 Notes2031 Notes
(in thousands)December 31, 2025December 31, 2025December 31, 2024
Principal amount$410,000 $35,000 $305,000 
Unamortized debt discount and issuance costs$13,356 $1,549 $5,445 
Net carrying amount$396,644 $33,451 $299,555 
Fair value amount$401,431 $63,997 $539,843 
LevelingLevel 2Level 3Level 3

The following table presents the interest expense over the term of the Company’s convertible notes:

Year Ended December 31,
(in thousands)202520242023
2031 Notes
Coupon interest expense$12,325 $21,928 $22,112 
Amortization of debt discount and issuance costs811 778 778 
Interest expense for 2031 Notes$13,136 $22,706 $22,890 
2030 Notes
Coupon interest expense$2,639 
Amortization of debt discount and issuance costs819 
Interest expense for 2030 Notes$3,458 
v3.25.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of stock option award activity
The following table summarizes the stock option award activity for the year ended December 31, 2025:

Options
Number of Options
(in thousands)
Weighted Average Exercise Price
Weighted Average Remaining Contractual Life (in years)
Aggregate Intrinsic Value (in thousands)
Options Outstanding - December 31, 2024
17,944 $10.69 4.87$63,110 
 Options granted
333 $15.27 
 Options exercised
5,548 $9.92 $44,778 
 Options canceled
301 $16.83 
Options Outstanding - December 31, 2025
12,428 $11.01 4.30$49,322 
Options Exercisable - December 31, 2025
11,773 $11.06 4.08$46,300 
Summary of stock option valuation assumptions
The table below summarizes the assumptions used during the years ended December 31, 2025, 2024, and 2023.

December 31,
202520242023
Term in years
5.95 - 6.12
5
6.02 - 6.14
Risk free rate of return
4.3%
3.8%
3.5% - 4.7%
Expected volatility
71.6% - 71.7%
65.0%
58.2% - 59.4%
Dividend yield— %— %— %
Summary of RSU activity
The following table summarizes RSU award activity for the year ended December 31, 2025:

RSUs
Number of Shares
(in thousands)		Weighted Average Grant Date Fair Value
Outstanding RSUs at December 31, 2024
13,132 $8.83 
RSUs granted5,455 $16.07 
RSUs vested8,733 $9.25 
RSUs canceled2,809 $11.46 
Outstanding RSUs at December 31, 2025
7,045 $12.88 
Summary of PSU activity
The following table summarizes PSU award activity for the year ended December 31, 2025:

PSUs
Number of Shares
(in thousands)		Weighted Average Grant Date Fair Value
Outstanding PSUs at December 31, 2024
8,212 $5.21 
PSUs granted890 $19.39 
PSUs canceled338 $23.26 
Outstanding PSUs at December 31, 2025
8,764 $5.96 
Summary of PSU valuation assumptions
December 31, 2025December 31, 2024December 31, 2023
Grant date stock price$16.25$18.09$6.74
Term in years3.03.03.0
Expected volatility 71.1 %66.2 %59.9 %
Risk-free rate3.9 %4.6 %3.6 %
Dividend yield— %— %— %
v3.25.4
REINSURANCE (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Schedule of premiums earned
Year Ended December 31,
(in thousands)202520242023
Direct policy premiums$14,031,308 $10,292,125 $6,418,872 
Assumed premiums46,568 219,572 228,786 
Risk adjustment transfers(2,596,833)(1,526,448)(950,680)
Reinsurance premiums ceded(11,150)(13,990)(10,909)
Premium$11,469,893 $8,971,259 $5,686,069 
The following table reconciles total Medical expenses to the amount presented in the Consolidated Statements of Operations:
Year Ended December 31,
(in thousands)202520242023
Direct claims incurred
$10,118,434 $7,278,267 $4,459,702 
Ceded reinsurance claims
(144,151)(159,132)(44,736)
Assumed reinsurance claims
44,742 213,454 227,058 
Medical expenses$10,019,025 $7,332,589 $4,642,024 

The Company records SG&A expenses net of reinsurance ceding commissions and assumed SG&A expenses. The following table reconciles total SG&A expenses to the amount presented in the Consolidated Statements of Operations:
Year Ended December 31, 2025
(in thousands)202520242023
Selling, general and administrative expenses, gross
$2,049,867 $1,755,942 $1,424,763 
 Reinsurance ceding commissions
— (377)1,003 
Selling, general, and administrative expenses$2,049,867 $1,755,565 $1,425,766 

The composition of the Reinsurance recoverable balance on the Consolidated Balance Sheets is as follows:
December 31,
(in thousands)20252024
Reinsurance premium and claim recoverables$98,014 $288,878 
Reinsurance ceding commissions7,002 6,996 
Experience refunds on reinsurance agreements(5,266)(4,337)
Reinsurance recoverable$99,750 $291,537 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense The components of the provision for income taxes are as follows for the periods indicated:
Years Ended December 31,
(in thousands)202520242023
Current income tax expense:
U.S. Federal$3,060 $2,219 $3,222 
U.S. State and Local97 7,424 14 
Total current income tax expense
$3,157 $9,643 $3,236 
Deferred income tax expense (benefit):
U.S. Federal$38 $73 $58 
U.S. State and Local2,411 (2,411)— 
Total deferred income tax expense (benefit)
$2,449 $(2,338)$58 
Total income tax expense
$5,606 $7,305 $3,294 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the tax provision at the U.S. federal statutory tax rate to the provision for income taxes and the effective tax rate follows for the periods indicated:

Years Ended December 31,
(in thousands, except percentages)202520242023
Income (loss) before income taxes
$(437,297)$33,426 $(267,300)
U.S. Federal Statutory Tax Rate
(91,832)21.00 %7,019 21.00 %(56,133)21.00 %
State income taxes, net of federal effect *
1,981 (0.45)%3,960 11.85 %11 — %
Change in valuation allowance
84,573 (19.34)%(1,861)(5.57)%32,898 (12.31)%
Nontaxable and nondeductible items 
Share-based payment awards
(14,176)3.24 %(33,404)(99.93)%4,399 (1.65)%
Non-deductible compensation
22,649 (5.18)%31,941 95.56 %22,355 (8.36)%
Other2,280 (0.52)%268 0.80 %262 (0.10)%
Interest in Partnership(52)0.01 %(668)(2.00)%373 (0.14)%
Other
183 (0.04)%50 0.15 %(871)0.33 %
Total income tax
$5,606 (1.28)%$7,305 21.86 %$3,294 (1.23)%
*State taxes in Florida in 2025, 2024, and 2023 contributed to the majority of the tax effect in the category.
Schedule of Cash Flow, Supplemental Disclosures
Cash paid for income taxes, net of refunds, by jurisdiction is as follows:
 Years Ended December 31,
(in thousands)202520242023
Income Taxes Paid
U.S. Federal$3,500 $800 $2,400 
U.S. State and Local
Florida$13,930 **
Texas*60 — 
Pennsylvania*(216)— 
Other
86 30 14 
Total Income Tax Paid
$17,516 $674 $2,414 
*The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.
Schedule of Deferred Tax Assets and Liabilities The components of deferred income tax assets and liabilities are as follows for the periods indicated:
December 31,
(in thousands)20252024
Deferred Tax Assets:
Net operating loss ("NOL") carryforwards
$624,221 $525,056 
Deposit accounting37,794 15,330 
Claims reserves
30,373 27,282 
Unearned premium reserve
7,587 3,370 
Accrued bonus
6,414 7,652 
Stock option
2,402 2,824 
Allowance for credit loss1,831 6,573 
Start-up costs
1,739 2,364 
Fixed assets and capitalized software
— 7,968 
Unrealized losses— 383 
Other14,149 5,932 
Total deferred tax assets before valuation allowance
726,510 604,734 
Valuation allowance
696,298 590,629 
Total deferred tax assets, net of valuation allowance
$30,212 $14,105 
Deferred Tax Liabilities:
Fixed assets and capitalized software9,953 — 
Investments9,067 5,131 
Unrealized gains
4,342 54 
Prepaid expenses
3,419 3,204 
 Other2,841 2,676 
Total deferred tax liabilities
29,622 11,065 
Net deferred tax assets
$590 $3,040 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Summary of Leases
The following table presents the lease-related balances within the balance sheet:

December 31,
(in thousands)Balance Sheet Classification20252024
Operating Leases
Right-of-use assetsOther assets$51,544 $57,153 
Lease liabilities, currentAccounts payable and accrued liabilities$16,716 $13,548 
Lease liabilities, noncurrentOther liabilities$51,991 $60,651 
Additional Information:December 31, 2025
Weighted-average remaining lease term
5.2 years
Weighted-average discount rate
10.60 %
Right-of-use assets obtained in exchange of new operating lease liabilities (in thousands)
$974 
Schedule of Operating Lease Liability Maturity
Future minimum rental payments under non-cancellable operating leases are estimated as follows:

Year Ended December 31,(in thousands)
2026$16,716 
202717,280 
202817,267 
202917,274 
203016,127 
Thereafter4,754 
Total lease payments$89,418 
Less: Imputed interest20,711 
Present value of lease liabilities$68,707 
v3.25.4
PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
The following table summarizes the balances of the Company’s property, equipment, and capitalized software:


December 31,
(in thousands)20252024
Property, equipment, and capitalized software
Software and hardware
$202,277 $148,260 
Leasehold improvements
25,529 26,386 
Property and fixtures
2,186 6,248 
Property, equipment, and capitalized software
229,992 180,894 
Less: Accumulated depreciation and amortization
(141,642)(114,101)
Property, equipment, and capitalized software, net
$88,350 $66,793 
v3.25.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents the revenue, significant expenses, and net income (loss) for the Company’s segment. As the Company operates and reports as a single segment, its measure of segment net income (loss) is the same as Net income (loss) attributable to Oscar Health, Inc. on the Consolidated Statements of Operations.
Year Ended December 31,
(in thousands)202520242023
Total revenue
$11,701,427 $9,177,564 $5,862,869 
Less:
Medical expenses
10,019,025 7,332,589 4,642,024 
Selling, general, and administrative expenses:
Member acquisition and servicing costs (1)
975,328 747,627 540,135 
Premium taxes, exchange fees, and other taxes and fees (2)
446,079 432,290 289,388 
All other SG&A (3)
628,460 575,648 596,243 
Total Selling, general, and administrative expenses2,049,867 1,755,565 1,425,766 
Depreciation and amortization28,892 32,145 30,694 
Earnings (loss) from operations(396,357)57,265 (235,615)
Interest expense17,601 23,734 24,603 
Other expenses23,339 105 7,082 
Earnings (loss) before income taxes(437,297)33,426 (267,300)
Income tax expense5,606 7,305 3,294 
Less: Net income attributable to noncontrolling interests248 689 134 
Net income (loss) attributable to Oscar Health, Inc.$(443,151)$25,432 $(270,728)
(1)Member acquisition and servicing costs include the Company’s expenses incurred to acquire, service, and fulfill obligations to members.
(2)Premium taxes, exchange fees, and other taxes and fees represent non-income tax charges from federal and state governments, including but not limited to healthcare exchange user fees and premium taxes.
(3)All other SG&A includes employee-related and administrative costs that are not member-based. Additionally, all other SG&A includes the net impact of quota share reinsurance accounted for under deposit accounting.
v3.25.4
RISK ADJUSTMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Schedule Of Risk Adjustment Receivables And Payables
The following table provides a rollforward of the Company’s beginning and ending risk adjustment receivable and payable balances for the years ended December 31, 2025 and 2024:

Year Ended December 31, 2025Year Ended December 31, 2024
(in thousands)Risk Adjustment ReceivableRisk Adjustment PayableNet Risk Adjustment PayableRisk Adjustment ReceivableRisk Adjustment PayableNet Risk Adjustment Payable
Beginning balance (1)
$64,779 $1,558,341 $1,493,562 $51,925 $1,056,941 $1,005,016 
Change in accrual:
Current year$56,044 $2,583,506 $2,527,462 $64,567 $1,557,216 $1,492,649 
Prior years(10,824)57,580 68,404 (3,511)19,014 22,525 
Change in accrual, net$45,220 $2,641,086 $2,595,866 $61,056 $1,576,230 $1,515,174 
Payments:
Prior years$53,933 $1,611,727 $1,557,794 $48,202 $1,074,830 $1,026,628 
Payments$53,933 $1,611,727 $1,557,794 $48,202 $1,074,830 $1,026,628 
Ending balance:
Current year$56,044 $2,583,506 $2,527,462 $64,567 $1,557,216 $1,492,649 
Prior years 22 4,194 4,172 212 1,125 913 
Ending balance$56,066 $2,587,700 $2,531,634 $64,779 $1,558,341 $1,493,562 
(1)The table includes RADV receivables and payables. The balance at the beginning of each year presented pertains to prior policy years.
v3.25.4
ORGANIZATION (Details)
member in Millions
 1 Months Ended 12 Months Ended
May 31, 2025
business
Dec. 31, 2025
member
segment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Number of operating segments | segment   1
Number of businesses acquired | business 3  
Number of members | member   2.0
INSXCloud, Inc.    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Equity interest 100.00%  
IHC Specialty Benefits, Inc.    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Equity interest 100.00%  
Healthinsurance.org, LLC    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Equity interest 100.00%  
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Property, Plant and Equipment [Line Items]          
Selling, general, and administrative   $ 2,049,867 $ 1,755,565 $ 1,425,766  
Number of reportable segments | segment   1      
Benefits payable   $ 1,455,385 1,356,730 $ 965,986 $ 937,727
Minimum          
Property, Plant and Equipment [Line Items]          
Estimated useful life   2 years      
Minimum | Internal-use software          
Property, Plant and Equipment [Line Items]          
Estimated useful life   3 years      
Maximum          
Property, Plant and Equipment [Line Items]          
Estimated useful life   10 years      
Maximum | Internal-use software          
Property, Plant and Equipment [Line Items]          
Estimated useful life   7 years      
Title Insurance Product Line          
Property, Plant and Equipment [Line Items]          
Benefits payable   $ 221,800 $ 183,700    
Revision of Prior Period, Adjustment          
Property, Plant and Equipment [Line Items]          
Selling, general, and administrative $ 14,900        
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Allowance for Credit Losses on Risk Sharing Receivables (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Risk Adjustment Transfer Receivables, Allowance For Credit Loss [Roll Forward]    
Premiums and other receivables, provision for credit losses, beginning of period $ 31,300 $ 31,600
Plus, provision for credit losses 0 (300)
Less, writeoffs (23,950) 0
Less, recoveries collected (124) 0
Premiums and other receivables, provision for credit losses, end of period $ 7,226 $ 31,300
v3.25.4
EARNINGS (LOSS) PER SHARE - Schedule of basic and diluted earnings per share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income (loss) available to Oscar Health, Inc. common shareholders, Basic $ (443,151) $ 25,432 $ (270,728)
Net income (loss) available to Oscar Health, Inc. common shareholders, Diluted $ (443,151) $ 25,432 $ (270,728)
Denominator:      
Weighted average shares of common stock outstanding, basic (in shares) 262,388,000 240,386,000 221,655,000
Common stock equivalents (in shares) 0 25,467,000 0
Weighted average shares of common stock outstanding - diluted (in shares) 262,388,000 265,853,000 221,655,000
Earnings (Loss) per Share      
Basic (in dollars per share) $ (1.69) $ 0.11 $ (1.22)
Diluted (in dollars per share) $ (1.69) $ 0.10 $ (1.22)
v3.25.4
EARNINGS (LOSS) PER SHARE - Schedule of antidilutive securities excluded from computation (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 47,652,000 38,247,000 94,058,000
Stock options to purchase common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 12,427,000 1,249,000 26,378,000
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 7,045,000 346,000 21,723,000
Performance-based restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 7,453,000 0 9,305,000
Shares underlying convertible notes (Note 9)      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 20,727,000 36,652,000 36,652,000
v3.25.4
REVENUE RECOGNITION -Schedule of Premiums Earned (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Insurance [Abstract]      
Direct policy premiums $ 14,031,308 $ 10,292,125 $ 6,418,872
Assumed premiums 46,568 219,572 228,786
Risk adjustment transfers (2,596,833) (1,526,448) (950,680)
Reinsurance premiums ceded (11,150) (13,990) (10,909)
Premium $ 11,469,893 $ 8,971,259 $ 5,686,069
v3.25.4
REVENUE RECOGNITION - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effects of Reinsurance [Line Items]      
Direct policy premiums $ 14,031,308 $ 10,292,125 $ 6,418,872
CMS      
Effects of Reinsurance [Line Items]      
Direct policy premiums $ 13,079,600 $ 9,512,300 $ 5,521,900
v3.25.4
INVESTMENTS - Summary of investment income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]      
Investment income $ 204,020 $ 186,526 $ 156,265
Investment expense (1,079) (797) (818)
Net investment income 202,941 185,729 155,447
Fixed maturity securities      
Debt Securities, Available-for-sale [Line Items]      
Investment income 115,654 82,085 59,965
Cash equivalents      
Debt Securities, Available-for-sale [Line Items]      
Investment income 87,035 98,618 90,152
Other      
Debt Securities, Available-for-sale [Line Items]      
Investment income $ 1,331 $ 5,823 $ 6,148
v3.25.4
INVESTMENTS - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Accrued investment income $ 20.2 $ 19.8
v3.25.4
INVESTMENTS - Summary of investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 2,667,022 $ 2,439,156
Unrealized Gains 18,632 7,977
Unrealized Losses (615) (9,827)
Fair Value 2,685,039 2,437,306
Other 2,409 2,409
Total investments, amortized cost 2,669,431 2,441,565
Total investments, fair value 2,687,448 2,439,715
U.S. treasury and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,076,112 1,946,759
Unrealized Gains 15,433 6,631
Unrealized Losses (565) (9,028)
Fair Value 2,090,980 1,944,362
Corporate notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 557,413 463,261
Unrealized Gains 3,051 1,346
Unrealized Losses (50) (799)
Fair Value 560,414 463,808
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 33,497  
Unrealized Gains 148  
Unrealized Losses  
Fair Value $ 33,645  
Certificates of deposit    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost   29,136
Unrealized Gains   0
Unrealized Losses   0
Fair Value   $ 29,136
v3.25.4
INVESTMENTS - Summary of investments in a gross unrealized loss position (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
security
Less than 12 Months    
Number of Securities | security 107 301
Fair Value $ 347,677 $ 877,287
Gross Unrealized Losses $ (495) $ (9,802)
12 Months or Longer    
Number of Securities | security 5 6
Fair Value $ 40,784 $ 47,748
Gross Unrealized Losses $ (120) $ (25)
U.S. treasury and agency securities    
Less than 12 Months    
Number of Securities | security 48 191
Fair Value $ 265,431 $ 730,938
Gross Unrealized Losses $ (445) $ (9,003)
12 Months or Longer    
Number of Securities | security 5 6
Fair Value $ 40,784 $ 47,748
Gross Unrealized Losses $ (120) $ (25)
Corporate notes    
Less than 12 Months    
Number of Securities | security 59 110
Fair Value $ 82,246 $ 146,349
Gross Unrealized Losses $ (50) $ (799)
12 Months or Longer    
Number of Securities | security 0 0
Fair Value $ 0 $ 0
Gross Unrealized Losses $ 0 $ 0
v3.25.4
INVESTMENTS - Summary of contractual maturities of available-for-sale securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Amortized Cost    
Due in one year or less $ 1,213,011 $ 623,465
Due after one year through five years 1,372,038 1,815,691
Due after five years through ten years 81,973 0
Amortized Cost 2,667,022 2,439,156
Fair Value    
Due in one year or less 1,216,461 624,461
Due after one year through five years 1,385,735 1,812,845
Due after five years through ten years 82,843 0
Fair Value $ 2,685,039 $ 2,437,306
v3.25.4
FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 49,552 $ 95,331
Investments 2,685,039 2,437,306
Total assets 2,737,570 2,539,583
U.S. treasury and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 2,090,980 1,944,362
Corporate notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 560,414 463,808
Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 33,645  
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   29,136
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted investments 2,979 6,946
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 49,552 95,331
Total assets 49,552 95,331
Level 1 | U.S. treasury and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Level 1 | Corporate notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Level 1 | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments  
Level 1 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   0
Level 1 | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted investments 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Total assets 2,688,018 2,444,252
Level 2 | U.S. treasury and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 2,090,980 1,944,362
Level 2 | Corporate notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 560,414 463,808
Level 2 | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 33,645  
Level 2 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   29,136
Level 2 | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted investments 2,979 6,946
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Total assets 0 0
Level 3 | U.S. treasury and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Level 3 | Corporate notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Level 3 | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments  
Level 3 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   0
Level 3 | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted investments $ 0 $ 0
v3.25.4
RESTRICTED CASH AND RESTRICTED DEPOSITS (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]    
Restricted cash and cash equivalents $ 29,972 $ 23,932
Restricted investments 2,979 6,946
Restricted deposits $ 32,951 $ 30,878
v3.25.4
BENEFITS PAYABLE - Summary of Benefits Payable And Claims Adjustment Expenses ("CAE") Payable Balances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]        
Benefits payable, beginning of period $ 1,356,730 $ 965,986 $ 937,727  
CAE payable, beginning of the period 18,241 13,192 12,712  
Benefits and CAE payable, beginning of period 1,474,695 1,374,971 979,178 $ 950,439
Less: Reinsurance recoverable 58,635 57,111 277,944  
Benefits payable, net reinsurance recoverable, beginning of period 1,298,095 908,875 659,783  
Benefits and CAE payable, net, beginning of period 1,316,336 922,067 672,495  
Benefits Payable        
Current year 10,258,550 7,497,259 4,622,263  
Prior years (239,525) (164,670) 19,761  
Claims incurred 10,019,025 7,332,589 4,642,024  
Unallocated Claims Adjustment Expense        
Current year 87,043 108,492 105,565  
Prior years 0 0 0  
Claims adjustment expense 87,043 108,492 105,565  
Total        
Current year 10,345,593 7,605,751 4,727,828  
Prior years (239,525) (164,670) 19,761  
Total claims incurred and CAE, net 10,106,068 7,441,081 4,747,589  
Benefits Payable        
Current year 9,034,440 6,349,624 3,840,009  
Prior years 853,836 593,745 552,923  
Claims paid 9,888,276 6,943,369 4,392,932  
Unallocated Claims Adjustment Expense        
Current year 67,733 92,758 94,807  
Prior years 18,241 10,685 10,278  
CAE paid 85,974 103,443 105,085  
Total        
Current year 9,102,173 6,442,382 3,934,816  
Prior years 872,077 604,430 563,201  
Total claims and CAE paid, net 9,974,250 7,046,812 4,498,017  
Benefits payable, net reinsurance recoverable, end of period 1,428,844 1,298,095 908,875  
CAE payable, end of the period 19,310 18,241 13,192  
Benefits and CAE payable, net, end of period 1,448,154 1,316,336 922,067  
Add: Reinsurance recoverable 26,541 58,635 57,111  
Benefits payable, end of period 1,455,385 1,356,730 965,986  
Benefits and CAE payable, end of period $ 1,474,695 $ 1,374,971 $ 979,178  
v3.25.4
BENEFITS PAYABLE - Summary of Insurance Claims Development (Details)
claim in Thousands, $ in Thousands
Dec. 31, 2025
USD ($)
claim
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Claims Development [Line Items]      
Claims incurred $ 22,054,100    
Claims paid 20,654,074    
All outstanding liabilities prior to 2023, net of reinsurance 28,818    
Total benefits payable, net of reinsurance 1,428,844    
2023      
Claims Development [Line Items]      
Claims incurred 4,442,490 $ 4,469,672 $ 4,622,263
Incurred but not reported (IBNR) $ 25,696    
Cumulative number of reported claims | claim 15,529    
Claims paid $ 4,416,794 4,373,984 3,840,009
2024      
Claims Development [Line Items]      
Claims incurred 7,353,060 7,497,259
Incurred but not reported (IBNR) $ 150,220    
Cumulative number of reported claims | claim 22,379    
Claims paid $ 7,202,840 $ 6,349,624  
2025      
Claims Development [Line Items]      
Claims incurred 10,258,550    
Incurred but not reported (IBNR) $ 1,224,110    
Cumulative number of reported claims | claim 25,326    
Claims paid $ 9,034,440    
v3.25.4
DEBT - Narrative (Details)
$ / shares in Units, shares in Millions
 1 Months Ended 3 Months Ended
Feb. 06, 2026
USD ($)
Nov. 18, 2025
USD ($)
shares
Sep. 18, 2025
USD ($)
trading_day
$ / shares
Nov. 30, 2025
USD ($)
shares
Oct. 31, 2025
USD ($)
shares
Feb. 28, 2022
USD ($)
trading_day
$ / shares
Dec. 31, 2025
USD ($)
trading_day
$ / shares
shares
Nov. 05, 2025
USD ($)
shares
Nov. 03, 2025
USD ($)
Sep. 15, 2025
USD ($)
$ / shares
Sep. 11, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 28, 2023
USD ($)
Class A                          
Debt Instrument [Line Items]                          
Consideration shares for debt exchange (in shares) | shares   7.5           22.5          
7.25% convertible senior notes due 2031                          
Debt Instrument [Line Items]                          
Debt instrument, exchange, authorized amount                 $ 250,000,000        
Debt instrument, exchange, consideration authorized                 $ 17,800,000        
Debt exchanged, amount   $ 62,500,000   $ 250,000,000       $ 187,500,000          
Principal amount       12,900,000                  
Debt conversion, inducement payment, total consideration   17,800,000   $ 17,800,000                  
Debt conversion, inducement payment, cash consideration   4,400,000                      
Debt conversion, inducement payment, equity consideration   $ 13,300,000                      
7.25% convertible senior notes due 2031 | Class A                          
Debt Instrument [Line Items]                          
Consideration shares for debt exchange (in shares) | shares       30.1                  
Debt conversion, inducement payment, cash consideration       $ 4,400,000                  
Debt conversion, inducement payment, equity consideration       $ 13,300,000                  
Debt conversion, inducement payment, equity consideration (in shares) | shares   0.7   0.7                  
7.25% convertible senior notes due 2031 | Convertible debt                          
Debt Instrument [Line Items]                          
Aggregate principal amount           $ 305,000,000.0              
Long-term debt             $ 33,451,000       $ 75,000,000 $ 299,555,000  
Stated interest rate           7.25%              
Debt instrument, convertible, threshold percentage of stock price trigger           200.00% 130.00%            
Debt instrument, convertible, threshold trading days | trading_day           20 20            
Debt instrument, convertible, threshold consecutive trading days | trading_day           30 30            
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares           $ 8.32 $ 8.32            
Conversion ratio           0.1201721              
Debt conversion, converted instrument, amount         $ 20,000,000   $ 270,000,000            
Debt conversion, converted instrument, shares issued (in shares) | shares         2.4   32.4            
Unamortized debt issuance expense         $ 900,000                
Principal amount             $ 35,000,000         $ 305,000,000  
Debt conversion, inducement payment, equity consideration (in shares) | shares             0.7            
2.25% Convertible Senior Notes Due 2030 | Call Option                          
Debt Instrument [Line Items]                          
Initial cap price (in dollars per share) | $ / shares                   $ 37.46      
Premium percentage                   100.00%      
Cost of capped call transactions                   $ 34,400,000      
2.25% Convertible Senior Notes Due 2030 | Convertible debt                          
Debt Instrument [Line Items]                          
Aggregate principal amount     $ 410,000,000                    
Long-term debt             $ 396,644,000            
Stated interest rate     2.25%                    
Debt instrument, convertible, threshold percentage of stock price trigger     130.00%                    
Debt instrument, convertible, threshold trading days | trading_day     20                    
Debt instrument, convertible, threshold consecutive trading days | trading_day     30                    
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares     $ 24.82                    
Conversion ratio     0.0402946                    
Principal amount             $ 410,000,000            
Aggregate principal amount outstanding     $ 100,000,000                    
Revolving Credit Agreement | Line of credit | Revolving credit facility                          
Debt Instrument [Line Items]                          
Maximum borrowing capacity                         $ 115,000,000.0
Line of credit outstanding     $ 0                    
2026 Revolving Credit Facility | Line of credit | Revolving credit facility | Subsequent Event                          
Debt Instrument [Line Items]                          
Maximum borrowing capacity $ 475,000,000                        
Debt instrument, term 3 years                        
Line of credit facility, accordion feature, increase limit $ 100,000,000.0                        
Commitment fee, percent 0.50%                        
2026 Revolving Credit Facility | Line of credit | Revolving credit facility | Subsequent Event | Secured Overnight Financing Rate (SOFR)                          
Debt Instrument [Line Items]                          
Basis spread on variable rate 4.50%                        
2026 Revolving Credit Facility | Line of credit | Revolving credit facility | Subsequent Event | Base Rate                          
Debt Instrument [Line Items]                          
Basis spread on variable rate 3.50%                        
v3.25.4
Debt - Schedule of Debt, Carrying Amounts and Estimated Fair Values (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Nov. 30, 2025
Sep. 11, 2025
Dec. 31, 2024
2.25% Convertible Senior Notes Due 2030 | Convertible debt        
Debt Instrument [Line Items]        
Principal amount $ 410,000      
Unamortized debt discount and issuance costs 13,356      
Net carrying amount 396,644      
2.25% Convertible Senior Notes Due 2030 | Convertible debt | Level 2        
Debt Instrument [Line Items]        
Fair value amount 401,431      
7.25% convertible senior notes due 2031        
Debt Instrument [Line Items]        
Principal amount   $ 12,900    
7.25% convertible senior notes due 2031 | Convertible debt        
Debt Instrument [Line Items]        
Principal amount 35,000     $ 305,000
Unamortized debt discount and issuance costs 1,549     5,445
Net carrying amount 33,451   $ 75,000 299,555
7.25% convertible senior notes due 2031 | Convertible debt | Level 3        
Debt Instrument [Line Items]        
Fair value amount $ 63,997     $ 539,843
v3.25.4
DEBT - Schedule of Debt, Interest Expense (Details) - Convertible debt - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
7.25% convertible senior notes due 2031      
Debt Instrument [Line Items]      
Coupon interest expense $ 12,325 $ 21,928 $ 22,112
Amortization of debt discount and issuance costs 811 778 778
Total interest expense 13,136 $ 22,706 $ 22,890
2.25% Convertible Senior Notes Due 2030      
Debt Instrument [Line Items]      
Coupon interest expense 2,639    
Amortization of debt discount and issuance costs 819    
Total interest expense $ 3,458    
v3.25.4
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Mar. 28, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense   $ 100,400 $ 119,000 $ 166,800
Share-based payment arrangement, amount capitalized   $ 12,800 $ 9,100 $ 7,100
Options granted, weighted average grant date fair value (in dollars per share)   $ 10.22 $ 10.65 $ 3.74
Options exercised, aggregate intrinsic value   $ 44,778 $ 71,700 $ 8,500
Unrecognized compensation expense, options   3,700    
Accelerated stock-based compensation expense $ 46,300      
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense   $ 4,500 8,700 12,000
Maximum contractual term   10 years    
Award vesting period   4 years    
Unrecognized compensation expense, period for recognition   2 years 8 months 12 days    
RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense   $ 80,700 95,000 90,000
Unrecognized compensation expense, period for recognition   1 year 10 months 24 days    
Fair value of restricted stock units vested in the period   $ 80,800 93,600  
Unrecognized compensation expense   $ 76,100    
Canceled (in shares)   2,809,000    
RSUs | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   1 year    
RSUs | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   4 years    
PSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense   $ 15,200 $ 15,300 $ 64,900
Award vesting period   3 years    
Unrecognized compensation expense, period for recognition   1 year 8 months 12 days    
Unrecognized compensation expense   $ 18,100    
Canceled (in shares)   338,000    
PSUs | Founder, Mario Schlosser        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Canceled (in shares) 4,229,853      
PSUs | Founder, Joshua Kushner        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Canceled (in shares) 2,114,926      
PSUs | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage of target amount   0.00%    
PSUs | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage of target amount   200.00%    
2021 Incentive Award Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized   56,100,000    
Number of shares available for issuance   8,100,000    
2022 Inducement Incentive Award Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized   18,300,000    
Number of shares available for issuance   5,800,000    
Additional shares authorized (in shares) 13,300,000      
v3.25.4
STOCK-BASED COMPENSATION - Summary of Stock Option Award Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Options (in thousands)      
Beginning balance (in shares) 17,944    
Options granted (in shares) 333    
Options exercised (in shares) 5,548    
Options canceled (in shares) 301    
Ending balance (in shares) 12,428 17,944  
Options exercisable (in shares) 11,773    
Weighted Average Exercise Price      
Beginning balance (in dollars per share) $ 10.69    
Options granted (in dollars per share) 15.27    
Options exercised (in dollars per share) 9.92    
Options canceled (in dollars per share) 16.83    
Ending balance (in dollars per share) 11.01 $ 10.69  
Options exercisable (in dollars per share) $ 11.06    
Weighted Average Remaining Contractual Life (in years)      
Options outstanding, weighted average contractual life 4 years 3 months 18 days 4 years 10 months 13 days  
Options exercisable, weighted average contractual life 4 years 29 days    
Aggregate Intrinsic Value (in thousands)      
Beginning balance, aggregate intrinsic value $ 63,110    
Options exercised, aggregate intrinsic value 44,778 $ 71,700 $ 8,500
Ending balance, aggregate intrinsic value 49,322 $ 63,110  
Options exercisable, aggregate intrinsic value $ 46,300    
v3.25.4
STOCK-BASED COMPENSATION - Summary of Valuation Stock Option Assumptions (Details) - Stock options
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Term in years   5 years  
Risk free rate of return 4.30% 3.80%  
Risk free rate of return, minimum     3.50%
Risk free rate of return, maximum     4.70%
Expected volatility, minimum 71.60%   58.20%
Expected volatility, maximum 71.70%   59.40%
Expected volatility   65.00%  
Dividend yield 0.00% 0.00% 0.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Term in years 5 years 11 months 12 days   6 years 7 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Term in years 6 years 1 month 13 days   6 years 1 month 20 days
v3.25.4
STOCK-BASED COMPENSATION - Summary of RSU Activity (Details) - RSUs
shares in Thousands
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Number of Shares (in thousands)  
Outstanding, beginning balance (in shares) | shares 13,132
Granted (in shares) | shares 5,455
Vested (in shares) | shares 8,733
Canceled (in shares) | shares 2,809
Outstanding, ending balance (in shares) | shares 7,045
Weighted Average Grant Date Fair Value  
Outstanding, beginning of period (in dollars per share) | $ / shares $ 8.83
Granted (in dollars per share) | $ / shares 16.07
Vested (in dollars per share) | $ / shares 9.25
Canceled (in dollars per share) | $ / shares 11.46
Outstanding, end of period (in dollars per share) | $ / shares $ 12.88
v3.25.4
STOCK-BASED COMPENSATION - Summary of PSU Activity (Details) - PSUs
shares in Thousands
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Number of Shares (in thousands)  
Outstanding, beginning balance (in shares) | shares 8,212
Granted (in shares) | shares 890
Canceled (in shares) | shares (338)
Outstanding, ending balance (in shares) | shares 8,764
Weighted Average Grant Date Fair Value  
Outstanding, beginning of period (in dollars per share) | $ / shares $ 5.21
Granted (in dollars per share) | $ / shares 19.39
Canceled (in dollars per share) | $ / shares 23.26
Outstanding, end of period (in dollars per share) | $ / shares $ 5.96
v3.25.4
STOCK-BASED COMPENSATION - Summary of PSU Valuation Assumptions (Details) - PSUs - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Grant date stock price (in dollars per share) $ 16.25 $ 18.09 $ 6.74
Term in years 3 years 3 years 3 years
Expected volatility 71.10% 66.20% 59.90%
Risk-free rate 3.90% 4.60% 3.60%
Dividend yield 0.00% 0.00% 0.00%
v3.25.4
REINSURANCE - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Insurance [Abstract]      
Reinsurance, deposit liability $ 140.5 $ 13.6  
Reinsurance premiums ceded, percentage 47.00% 53.00% 45.00%
v3.25.4
REINSURANCE - Reinsurance Arrangements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Policyholder Benefits and Claims Incurred, Net [Abstract]      
Direct claims incurred $ 10,118,434 $ 7,278,267 $ 4,459,702
Ceded reinsurance claims (144,151) (159,132) (44,736)
Assumed reinsurance claims 44,742 213,454 227,058
Medical expenses 10,019,025 7,332,589 4,642,024
Other Insurance Cost, Net [Abstract]      
Selling, general and administrative expenses, gross 2,049,867 1,755,942 1,424,763
Reinsurance ceding commissions 0 (377) 1,003
Selling, general, and administrative expenses 2,049,867 1,755,565 $ 1,425,766
Reinsurance Recoverables, Including Reinsurance Premium Paid [Abstract]      
Reinsurance premium and claim recoverables 98,014 288,878  
Reinsurance ceding commissions 7,002 6,996  
Experience refunds on reinsurance agreements (5,266) (4,337)  
Reinsurance recoverable $ 99,750 $ 291,537  
v3.25.4
INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current income tax expense:      
U.S. Federal $ 3,060 $ 2,219 $ 3,222
U.S. State and Local 97 7,424 14
Total current income tax expense 3,157 9,643 3,236
Deferred income tax expense (benefit):      
U.S. Federal 38 73 58
U.S. State and Local 2,411 (2,411) 0
Total deferred income tax expense (benefit) 2,449 (2,338) 58
Total income tax expense $ 5,606 $ 7,305 $ 3,294
v3.25.4
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Income (loss) before income taxes $ (437,297) $ 33,426 $ (267,300)
Amount      
U.S. Federal Statutory Tax Rate (91,832) 7,019 (56,133)
State income taxes, net of federal effect 1,981 3,960 11
Change in valuation allowance 84,573 (1,861) 32,898
Share-based payment awards (14,176) (33,404) 4,399
Non-deductible compensation 22,649 31,941 22,355
Other 2,280 268 262
Interest in Partnership (52) (668) 373
Other 183 50 (871)
Total income tax expense $ 5,606 $ 7,305 $ 3,294
Percent      
U.S. Federal Statutory Tax Rate 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent (0.45%) 11.85% 0.00%
Change in valuation allowance (19.34%) (5.57%) (12.31%)
Share-based payment awards 3.24% (99.93%) (1.65%)
Non-deductible compensation (0.0518) 0.9556 (0.0836)
Other (0.52%) 0.80% (0.10%)
Interest in Partnership 0.01% (2.00%) (0.14%)
Other (0.04%) 0.15% 0.33%
Total income tax (1.28%) 21.86% (1.23%)
v3.25.4
INCOME TAXES - Income Tax Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. Federal $ 3,500 $ 800 $ 2,400
U.S. State and Local      
Total 17,516 674 2,414
Florida      
U.S. State and Local      
State 13,930    
Texas      
U.S. State and Local      
State   60 0
Pennsylvania      
U.S. State and Local      
State   (216) 0
Other      
U.S. State and Local      
State $ 86 $ 30 $ 14
v3.25.4
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred Tax Assets:    
Net operating loss ("NOL") carryforwards $ 624,221 $ 525,056
Deposit accounting 37,794 15,330
Claims reserves 30,373 27,282
Unearned premium reserve 7,587 3,370
Accrued bonus 6,414 7,652
Stock option 2,402 2,824
Allowance for credit loss 1,831 6,573
Start-up costs 1,739 2,364
Fixed assets and capitalized software 0 7,968
Unrealized losses 0 383
Other 14,149 5,932
Total deferred tax assets before valuation allowance 726,510 604,734
Valuation allowance 696,298 590,629
Total deferred tax assets, net of valuation allowance 30,212 14,105
Deferred Tax Liabilities:    
Fixed assets and capitalized software 9,953 0
Investments 9,067 5,131
Unrealized gains 4,342 54
Prepaid expenses 3,419 3,204
Other 2,841 2,676
Total deferred tax liabilities 29,622 11,065
Net deferred tax assets $ 590 $ 3,040
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Valuation allowance $ 696,298,000 $ 590,629,000  
Unrecognized tax benefits 0 0 $ 0
Unrecognized tax benefits, penalties and interest expense 0 $ 0 $ 0
Domestic Tax Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards 2,600,000,000    
Net operating loss carryforwards, subject to expiration 1,500,000,000    
Net operating loss carryforwards, not subject to expiration 1,100,000,000    
State      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards, group filings 1,100,000,000    
Operating loss carryforwards, standalone filings $ 326,600,000    
v3.25.4
LEASES - Summary of Lease-related Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Right-of-use assets $ 51,544 $ 57,153
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable and other liabilities Accounts payable and other liabilities
Lease liabilities, current $ 16,716 $ 13,548
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Lease liabilities, noncurrent $ 51,991 $ 60,651
v3.25.4
LEASES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Lease costs $ 15.1 $ 14.5 $ 14.7
Operating lease payments $ 15.0 $ 14.2  
v3.25.4
LEASES - Schedule of Operating Lease Liability Maturity (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 16,716
2027 17,280
2028 17,267
2029 17,274
2030 16,127
Thereafter 4,754
Total lease payments 89,418
Less: Imputed interest 20,711
Present value of lease liabilities $ 68,707
v3.25.4
LEASES - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Leases [Abstract]  
Weighted-average remaining lease term 5 years 2 months 12 days
Weighted-average discount rate 10.60%
Right-of-use assets obtained in exchange of new operating lease liabilities (in thousands) $ 974
v3.25.4
PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, equipment, and capitalized software $ 229,992 $ 180,894
Less: Accumulated depreciation and amortization (141,642) (114,101)
Property, equipment, and capitalized software, net 88,350 66,793
Software and hardware    
Property, Plant and Equipment [Line Items]    
Property, equipment, and capitalized software 202,277 148,260
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, equipment, and capitalized software 25,529 26,386
Property and fixtures    
Property, Plant and Equipment [Line Items]    
Property, equipment, and capitalized software $ 2,186 $ 6,248
v3.25.4
PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE- Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 28,892 $ 32,145 $ 30,694
v3.25.4
STOCKHOLDERS' EQUITY (Details)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Nov. 18, 2025
shares
Nov. 30, 2025
shares
Oct. 31, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
vote
shares
7.25% convertible senior notes due 2031 | Convertible debt        
Subsidiary, Sale of Stock [Line Items]        
Debt conversion, converted instrument, amount | $     $ 20.0 $ 270.0
Debt conversion, converted instrument, shares issued (in shares)     2.4 32.4
Debt conversion, inducement payment, equity consideration (in shares)       0.7
Class A        
Subsidiary, Sale of Stock [Line Items]        
Voting rights, number of votes | vote       1
Common stock, conversion ratio       1
Class A | 7.25% convertible senior notes due 2031        
Subsidiary, Sale of Stock [Line Items]        
Debt conversion, inducement payment, equity consideration (in shares) 0.7 0.7    
Class B        
Subsidiary, Sale of Stock [Line Items]        
Voting rights, number of votes | vote       20
v3.25.4
STATUTORY REGULATIONS (Details) - USD ($)
$ in Billions
Dec. 31, 2025
Dec. 31, 2024
Insurance [Abstract]    
Combined statutory capital and surplus $ 1.0 $ 1.2
v3.25.4
RELATED PARTY TRANSACTIONS (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended
Nov. 18, 2025
Nov. 30, 2025
Feb. 28, 2022
Nov. 05, 2025
Nov. 03, 2025
Class A          
Related Party Transaction [Line Items]          
Consideration shares for debt exchange (in shares) 7.5     22.5  
7.25% convertible senior notes due 2031          
Related Party Transaction [Line Items]          
Debt instrument, exchange, threshold amount, principal held for subordination     $ 75.0    
Debt instrument, exchange, authorized amount         $ 250.0
Debt instrument, exchange, consideration authorized         $ 17.8
Debt exchanged, amount $ 62.5 $ 250.0   $ 187.5  
Debt conversion, inducement payment, total consideration 17.8 $ 17.8      
Debt conversion, inducement payment, cash consideration 4.4        
Debt conversion, inducement payment, equity consideration $ 13.3        
7.25% convertible senior notes due 2031 | Class A          
Related Party Transaction [Line Items]          
Consideration shares for debt exchange (in shares)   30.1      
Debt conversion, inducement payment, cash consideration   $ 4.4      
Debt conversion, inducement payment, equity consideration   $ 13.3      
Debt conversion, inducement payment, equity consideration (in shares) 0.7 0.7      
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Nov. 06, 2025
Commitments and Contingencies Disclosure [Abstract]    
Loss contingency, damages awarded, settlement funds distributed, percent   95.00%
Loss contingency, damages awarded, settlement funds withheld, percent   5.00%
Loss Contingency, Receivable $ 48  
v3.25.4
SEGMENT INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Total revenue $ 11,701,427 $ 9,177,564 $ 5,862,869
Medical expenses 10,019,025 7,332,589 4,642,024
Member acquisition and servicing costs 975,328 747,627 540,135
Premium taxes, exchange fees, and other taxes and fees 446,079 432,290 289,388
All other SG&A 628,460 575,648 596,243
Selling, general, and administrative expenses 2,049,867 1,755,565 1,425,766
Depreciation and amortization 28,892 32,145 30,694
Earnings (loss) from operations (396,357) 57,265 (235,615)
Interest expense 17,601 23,734 24,603
Other expenses 23,339 105 7,082
Earnings (loss) before income taxes (437,297) 33,426 (267,300)
Income tax expense 5,606 7,305 3,294
Less: Net income attributable to noncontrolling interests 248 689 134
Net income (loss) attributable to Oscar Health, Inc. $ (443,151) $ 25,432 $ (270,728)
v3.25.4
RISK ADJUSTMENT - Schedule of Risk Adjustment Receivables and Payables (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Changes In Risk Adjustment [Roll Forward]    
Risk adjustment receivable, beginning balance $ 64,779 $ 51,925
Risk adjustment payable, beginning balance 1,558,341 1,056,941
Net risk adjustment, beginning balance 1,493,562 1,005,016
Risk adjustment receivable, accrual, period increase (decrease) 45,220 61,056
Risk adjustment payable, accrual, period increase (decrease) 2,641,086 1,576,230
Risk adjustment, accrual, net, period increase (decrease) 2,595,866 1,515,174
Risk adjustment receivable, payments, period increase (decrease) 53,933 48,202
Risk adjustment payable, payments, period increase (decrease) 1,611,727 1,074,830
Risk adjustment, payments, net, period increase (decrease) 1,557,794 1,026,628
Risk adjustment receivable, ending balance 56,066 64,779
Risk adjustment payable, ending balance 2,587,700 1,558,341
Net risk adjustment, ending balance 2,531,634 1,493,562
Current Year    
Changes In Risk Adjustment [Roll Forward]    
Risk adjustment receivable, beginning balance 64,567  
Risk adjustment payable, beginning balance 1,557,216  
Net risk adjustment, beginning balance 1,492,649  
Risk adjustment receivable, accrual, period increase (decrease) 56,044 64,567
Risk adjustment payable, accrual, period increase (decrease) 2,583,506 1,557,216
Risk adjustment, accrual, net, period increase (decrease) 2,527,462 1,492,649
Risk adjustment receivable, ending balance 56,044 64,567
Risk adjustment payable, ending balance 2,583,506 1,557,216
Net risk adjustment, ending balance 2,527,462 1,492,649
Prior Years    
Changes In Risk Adjustment [Roll Forward]    
Risk adjustment receivable, beginning balance 212  
Risk adjustment payable, beginning balance 1,125  
Net risk adjustment, beginning balance 913  
Risk adjustment receivable, accrual, period increase (decrease) (10,824) (3,511)
Risk adjustment payable, accrual, period increase (decrease) 57,580 19,014
Risk adjustment, accrual, net, period increase (decrease) 68,404 22,525
Risk adjustment receivable, payments, period increase (decrease) 53,933 48,202
Risk adjustment payable, payments, period increase (decrease) 1,611,727 1,074,830
Risk adjustment, payments, net, period increase (decrease) 1,557,794 1,026,628
Risk adjustment receivable, ending balance 22 212
Risk adjustment payable, ending balance 4,194 1,125
Net risk adjustment, ending balance $ 4,172 $ 913
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION - Condensed Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Cash and cash equivalents $ 2,774,151 $ 1,527,186 $ 1,870,315
Premium and Other Receivables 442,645 315,891  
Other assets 24,331 21,320  
Total assets 6,325,411 4,840,496  
Liabilities and Stockholders' Equity      
Long-term debt 430,095 299,555  
Other liabilities 51,994 61,282  
Total liabilities 5,344,676 3,824,071  
Commitments and contingencies (Note 18)  
Stockholders' Equity      
Treasury stock (315 thousand shares as of December 31, 2025 and 2024) (2,923) (2,923)  
Additional paid-in capital 4,256,972 3,869,617  
Accumulated deficit (3,294,434) (2,851,283)  
Accumulated other comprehensive income (loss) 18,030 (1,827)  
Total Oscar Health, Inc. stockholders’ equity 977,648 1,013,586  
Total liabilities and stockholders' equity 6,325,411 4,840,496  
Class A      
Stockholders' Equity      
Common stock 3 2  
Class B      
Stockholders' Equity      
Common stock 0 0  
Parent      
Assets      
Cash and cash equivalents 335,923 97,384  
Premium and Other Receivables 4,486 0  
Restricted deposits and investments 2,409 9,086  
Investments in and advances to subsidiaries 1,073,134 1,207,848  
Other assets 18,744 11,801  
Total assets 1,434,696 1,326,119  
Liabilities and Stockholders' Equity      
Long-term debt 430,095 299,555  
Other liabilities 26,953 12,978  
Total liabilities 457,048 312,533  
Commitments and contingencies (Note 18)  
Stockholders' Equity      
Treasury stock (315 thousand shares as of December 31, 2025 and 2024) (2,923) (2,923)  
Additional paid-in capital 4,256,972 3,869,617  
Accumulated deficit (3,294,434) (2,851,283)  
Accumulated other comprehensive income (loss) 18,030 (1,827)  
Total Oscar Health, Inc. stockholders’ equity 977,648 1,013,586  
Total liabilities and stockholders' equity 1,434,696 1,326,119  
Parent | Class A      
Stockholders' Equity      
Common stock 3 2  
Parent | Class B      
Stockholders' Equity      
Common stock $ 0 $ 0  
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION - Condensed Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue      
Investment income and other revenue $ 202,941 $ 185,729 $ 155,447
Total revenue 11,701,427 9,177,564 5,862,869
Operating Expenses      
Depreciation and amortization 28,892 32,145 30,694
Interest expense 17,601 23,734 24,603
Earnings (loss) before income taxes (437,297) 33,426 (267,300)
Income tax benefit 5,606 7,305 3,294
Net income (loss) attributable to Oscar Health, Inc. (443,151) 25,432 (270,728)
Parent      
Revenue      
Investment income and other revenue 16,060 16,714 20,253
Total revenue 16,060 16,714 20,253
Operating Expenses      
Depreciation and amortization 92,365 118,566 106,387
Interest expense 17,599 23,697 24,577
Other expenses 23,330 110 7,081
Earnings (loss) before income taxes (117,234) (125,659) (117,792)
Income tax benefit (2,340) (34,777) (7,870)
Loss before equity in net income (loss) of subsidiaries (114,894) (90,882) (109,922)
Equity in net income (loss) of subsidiaries (328,257) 116,314 (160,806)
Net income (loss) attributable to Oscar Health, Inc. $ (443,151) $ 25,432 $ (270,728)
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION - Condensed Statements of Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Statement of Income Captions [Line Items]      
Net income (loss) attributable to Oscar Health, Inc. - basic $ (443,151) $ 25,432 $ (270,728)
Other comprehensive income (loss), net of tax:      
Comprehensive income (loss) attributable to Oscar Health, Inc. (423,294) 22,296 (259,704)
Parent      
Condensed Statement of Income Captions [Line Items]      
Net income (loss) attributable to Oscar Health, Inc. - basic (443,151) 25,432 (270,728)
Other comprehensive income (loss), net of tax:      
Net unrealized gains (losses) on securities available for sale 19,857 (3,136) 11,024
Comprehensive income (loss) attributable to Oscar Health, Inc. $ (423,294) $ 22,296 $ (259,704)
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Cash Flow Statements, Captions [Line Items]      
Net cash (used in) provided by operating activities $ 1,094,854 $ 978,193 $ (272,159)
Cash Flows from Investing Activities:      
Purchase of fixed maturity securities (1,013,918) (2,133,510) (836,982)
Sale of investments 134,231 25,250 31,857
Maturity and paydowns of investments 670,724 744,794 1,410,166
Net cash (used in) provided by investing activities (241,060) (1,387,434) 577,187
Cash Flows from Financing Activities:      
Proceeds from long-term debt 410,000 0 0
Payments of debt issuance costs (22,902) 0 0
Proceeds from joint venture contribution 0 0 2,490
Inducement payment for convertible note conversion (4,445) 0 0
Purchase of capped calls related to convertible notes (34,440) 0 0
Tax payments related to net settlement of share-based awards (4,035) 0 0
Proceeds from exercise of stock options 55,033 68,388 3,956
Net cash provided by financing activities 399,211 68,388 6,446
Increase (decrease) in cash, cash equivalents and restricted cash equivalents 1,253,005 (340,853) 311,474
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period 1,551,118 1,891,971 1,580,497
Cash, cash equivalents, restricted cash and cash equivalents—end of period 2,804,123 1,551,118 1,891,971
Non-Cash Investing and Financing Activities:      
Conversion of convertible notes into common stock (Note 9) 283,336 0 0
Parent      
Condensed Cash Flow Statements, Captions [Line Items]      
Net cash (used in) provided by operating activities 264 2,103 9,055
Cash Flows from Investing Activities:      
Investments in subsidiaries (160,936) (159,628) (149,025)
Purchase of investments 0 (2,409) 0
Sale of investments 0 0 (15,775)
Maturity and paydowns of investments 0 16,990 306,511
Net cash (used in) provided by investing activities (160,936) (145,047) 141,711
Cash Flows from Financing Activities:      
Proceeds from long-term debt 410,000 0 0
Payments of debt issuance costs (22,902) 0 0
Proceeds from joint venture contribution 0 0 2,490
Inducement payment for convertible note conversion (4,445) 0 0
Purchase of capped calls related to convertible notes (34,440) 0 0
Proceeds from exercise of stock options 55,033 68,388 3,956
Net cash provided by financing activities 399,211 68,388 6,446
Increase (decrease) in cash, cash equivalents and restricted cash equivalents 238,539 (74,556) 157,212
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period 97,384 171,940 14,728
Cash, cash equivalents, restricted cash and cash equivalents—end of period 335,923 97,384 171,940
Health Insurance Subsidiaries      
Cash Flows from Financing Activities:      
Proceeds from joint venture contribution $ 25,000 $ 133,000 $ 52,000
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]      
Proceeds from contributions to affiliates $ 0 $ 0 $ 2,490
Health Insurance Subsidiaries      
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]      
Proceeds from contributions to affiliates $ 25,000 $ 133,000 $ 52,000