Oscar Health (OSCR) Q3 2025: ~$3.0B Revenue, EPS Beats, 2025 Guidance Reaffirmed; Balance Sheet Simplified via Note Exchange

6 November 2025

Top line: Total Q3 revenue was $2.99B, up ~23% YoY as membership expanded. MLR rose to 88.5% on higher market morbidity and risk‑adjustment accruals. SG&A ratio improved to 17.5% from 19.0%. ^[1]
Earnings vs. estimates:EPS of –$0.53 beat consensus (e.g., Refinitiv/Zacks ranges), while revenue missed expectations; management reaffirmed 2025 guidance. ^[2]
Outlook unchanged: FY25 revenue $12.0–$12.2B, MLR 86–87%, SG&A 17.1–17.6%, and loss from operations –$200M to –$300M. ^[3]
Capital move: On Nov. 5, the company exchanged $187.5M of 7.25% 2031 notes for ~23.27M shares, after entering an exchange agreement that allows up to $250M of notes to be exchanged by Dec. 14, 2025. ^[4]

What happened in Q3

Oscar Health reported third‑quarter revenue of $2,985,984,000 (in thousands), up from $2,423,482,000 a year ago—about 23% YoY growth, driven largely by higher membership. The medical loss ratio (MLR) increased to 88.5% (from 84.6%), which the company tied to a $130M net risk‑adjustment transfer accrual reflecting higher average market morbidity; this was partly offset by $84M of favorable prior‑period development and $22M favorable intra‑year development. The SG&A expense ratio improved to 17.5% (from 19.0%), reflecting cost discipline and fixed‑cost leverage. ^[5]

On the bottom line, Oscar posted a net loss of $137.5M (–$0.53/share) versus a $54.6M (–$0.22/share) loss a year ago. Loss from operations was $129.3M (vs. $48.4M), and Adjusted EBITDA was a loss of $101.5M. Total membership reached ~2.117M (vs. ~1.654M in Q3 2024), up roughly 28% year‑over‑year. ^[6]

From a market‑reaction standpoint, third‑party coverage emphasized the EPS beat (e.g., –$0.53 vs. expectations around –$0.55) alongside a revenue miss (consensus ~$3.08–$3.14B). ^[7]

Guidance: unchanged across key metrics

Management reaffirmed its full‑year 2025 outlook:

Total revenue:$12.0B–$12.2B
MLR:86.0%–87.0%
SG&A ratio:17.1%–17.6%
Loss from operations:–$200M to –$300M

This maintained guidance aligns broadly with external expectations (e.g., FactSet revenue near $12.0B). ^[8]

On today’s call and in the release, leadership reiterated confidence in expanding margins and a return to profitability in 2026, with pricing and geographic expansion cited as contributors. ^[9]

Balance sheet: convertible notes exchange simplifies capital structure

Beyond operating results, Oscar entered an exchange agreement (Nov. 3) with Oasis FD Holdings, L.P. (“Dragoneer”) permitting up to $250M of its 7.25% Convertible Senior Notes due 2031 to be exchanged by Dec. 14, 2025. On Nov. 5, $187.5M principal was exchanged for 23,273,179 shares of Class A common stock. The company notes this reduces future interest expense and removes certain covenants tied to the 2031 notes; however, it is dilutive to existing equity holders. ^[10]

(Background: the company also issued $355M of 2.25% convertible senior subordinated notes due 2030 in mid‑September, alongside capped calls; that financing context is relevant to its ongoing capital optimization.) ^[11]

The market’s read—so far

Early coverage framed the quarter as a mixed print—EPS ahead, revenue behind—with the steady guidance and capital moves easing some concerns about funding costs heading into 2026. ^[12]

Numbers at a glance (Q3 2025)

Revenue:$2.99B (+~23% YoY)
MLR:88.5% (+3.9 ppts YoY)
SG&A ratio:17.5% (–1.5 ppts YoY)
Net loss:$137.5M (–$0.53/share)
Adj. EBITDA:–$101.5M
Members:~2.117M (≈+28% YoY)
FY25 guidance:Revenue $12.0–$12.2B; MLR 86–87%; SG&A 17.1–17.6%; Op. loss –$200M to –$300M. ^[13]

What to watch next

Open Enrollment dynamics: Marketplace enrollment trends and morbidity mix could influence MLR into Q4. ^[14]
Execution on cost discipline: The improved SG&A ratio will be a key proof point as scale builds. ^[15]
Further note exchanges: Whether Dragoneer exchanges the remaining authorization (~$62.5M) under the agreement before Dec. 14, 2025. ^[16]
Path to 2026 profitability: Watch margin cadence and any commentary on risk‑adjustment trends.

Sources

Press release and investor materials; SEC filings; and major wire services reporting on estimates and market reaction.

Disclosure: This article is for informational purposes only and is not investment advice.

Is Oscar Health OSCR a good stock to buy?

Watch this video on YouTube.

References

1. www.businesswire.com, 2. www.tradingview.com, 3. www.businesswire.com, 4. www.sec.gov, 5. www.businesswire.com, 6. www.businesswire.com, 7. www.tradingview.com, 8. www.businesswire.com, 9. www.businesswire.com, 10. www.sec.gov, 11. seekingalpha.com, 12. www.tradingview.com, 13. www.businesswire.com, 14. www.tradingview.com, 15. www.businesswire.com, 16. www.sec.gov

Tags:

Mateusz Kaczmarek Latest posts

A technology and finance expert writing for TS2.tech. He analyzes developments in satellites, telecommunications, and artificial intelligence, with a focus on their impact on global markets. Author of industry reports and market commentary, often cited in tech and business media. Passionate about innovation and the digital economy.

View all

Papa John's Q3 Earnings Misses Estimates; Zacks Rates PZZA as Strong Sell
November 6, 2025, 12:05 PM EST. Papa John's (PZZA) reported Q3 earnings of $0.32 per share, below the Zacks Consensus of $0.40. The result marks a -20.0% earnings surprise versus the prior quarter's beat and compares with $0.43 a year ago. Excluding non-recurring items, the miss underscores ongoing earnings pressure even as revenue reached $508.15 million, shy of the 3.37% consensus miss. Year-over-year revenue rose slightly from $506.81 million. Management commentary on the earnings call will be key for the stock's trajectory, though the near-term signal remains cautious given the Zacks Rank #5 (Strong Sell). Ahead, estimates imply $0.57 for the next quarter on $544.81 million in revenue and $1.77 for the full year on $2.12 billion in revenue. Year-to-date, PZZA has edged up ~0.5%, lagging the S&P 500's ~15.6% gain.
DraftKings Stock Surges on Disney-ESPN Multiyear Deal
November 6, 2025, 12:00 PM EST. DraftKings (DKNG) stock jumped nearly 5% on reports that Disney (DIS) has signed a multiyear deal to make DraftKings the official betting site and odds provider for ESPN's platforms. The agreement would allow customers to access DKNG's sportsbook, daily fantasy contests, and other products via ESPN sites starting December 1, with a dedicated betting section in the ESPN app and promotional support for ESPN's online service. Terms were not disclosed. The move could expand DraftKings' reach within ESPN's audience and help monetize ESPN's digital properties. Separately, Penn Entertainment and ESPN said they will terminate their exclusive online betting agreement by December 1, 2025, ending a separate arrangement that included cash payments and warrants.
Haemonetics (NYSE: HAE) Surges on Q3 Beat as Revenue Tops, Guidance Raised
November 6, 2025, 11:56 AM EST. Haemonetics (NYSE: HAE) posted a solid Q3 with revenue of $327.3 million, beating consensus by 5.3% despite a YoY decline of 5.3%. Adjusted EPS at $1.27 topped estimates by 14.3%, while Adjusted EBITDA was $94.34 million, a miss versus $98.45 million guidance (4.2% miss). Management raised the full-year Adjusted EPS guidance to a midpoint of $4.90. Operating margin expanded to 17.9% and free cash flow margin climbed to 32.5%. Organic revenue declined 1.8% YoY, though two-year organic growth sits around 3.1%. With analysts modeling flat revenue over the next year, the growth picture remains mixed, but the stock jumped on the beat and higher guidance.
P10 (PX) Q3 Revenue Miss Despite AUM Growth; Mixed Growth Outlook
November 6, 2025, 11:54 AM EST. Private markets firm P10 (NYSE: PX) posted Q3 CY2025 revenue of $75.9 million, missing Wall Street estimates of $79.5 million despite a 2.2% year-over-year rise. Its non-GAAP EPS of $0.24 was in line with consensus ($0.23). Assets Under Management climbed to about $29.1 billion, shy of analysts' $29.66 billion target, representing 16.8% annual growth but a 1.9% miss on AUM versus estimates. The company's market capitalization is around $1.16 billion. Looking at growth, P10 delivered a five-year revenue CAGR of about 38.3%, indicating robust demand for private markets even as the two-year growth rate (~12.7%) slows. The quarter presents a mixed near-term picture: topline softness but steady profitability and expanding AUM.
Netflix's 10-for-1 Split Could Spark Fresh Run for NFLX Stock
November 6, 2025, 11:53 AM EST. Netflix's 10-for-1 stock split aims to broaden access to its shares as it reports a strong 2025 run, with subscriber growth, revenue momentum, and an ad-supported option helping margins. Analysts and traders are eyeing a potential post-split leg higher, a phenomenon seen in past splits as retail demand and liquidity rise. The company's plan to start trading split-adjusted on November 17, record date November 10, and talk of a possible Dow inclusion add to the spotlight. While splits don't change fundamentals, investor psychology and easier ownership can spark near-term price action. With a market cap surpassing $450 billion and strategic bets like a Spotify partnership for video podcasts, NFLX remains a key watch as the split unfolds.

Oscar Health (OSCR) Q3 2025: ~$3.0B Revenue, EPS Beats, 2025 Guidance Reaffirmed; Balance Sheet Simplified via Note Exchange — Nov. 6, 2025

What happened in Q3

Guidance: unchanged across key metrics

Balance sheet: convertible notes exchange simplifies capital structure

The market’s read—so far

Numbers at a glance (Q3 2025)