New York, Feb 10, 2026, 07:03 EST — Premarket
- Oscar Health jumped roughly 3% premarket on the back of its latest quarterly numbers and a fresh 2026 forecast.
- The company is projecting revenue between $18.7 billion and $19.0 billion for 2026, with operating earnings expected to land anywhere from $250 million up to $450 million.
- Oscar and several other insurers have been hit with subpoenas by a U.S. House panel over Affordable Care Act subsidies, according to Reuters.
Oscar Health shares climbed roughly 3.3% to $12.66 ahead of Tuesday’s open, after the health insurer reported a larger quarterly loss but also projected a path back to operating profitability by 2026.
Oscar’s shares have hinged on a single issue: whether the company can expand in the Affordable Care Act exchanges without losing control over medical spending. Its medical loss ratio—a key metric tracking medical costs against premiums—shot up last year, putting investors on alert.
Oscar posted fourth-quarter revenue of $2.81 billion, but net loss attributed to the company deepened to roughly $353 million, with a medical loss ratio coming in at 95.4%. For 2025, the company reported revenue of $11.70 billion alongside a net loss of around $443 million. Its 2026 outlook calls for revenue between $18.7 billion and $19.0 billion, and earnings from operations in the $250 million to $450 million range. CEO Mark Bertolini called 2025 “a reset year for the individual market,” saying Oscar has taken steps to steer back to profitability in 2026. 1
The company fell short of Wall Street forecasts for both earnings and revenue this quarter, posting a loss of $1.24 per share against the consensus call for a $0.89 loss. Revenue landed at $2.81 billion, shy of the roughly $3.11 billion analysts had penciled in, one market summary showed. 2
Oscar lined up a fresh $475 million secured revolving credit facility with a three-year term, inked on Feb. 6, the company said in its SEC filing. Companies typically tap revolvers like this to shore up cash when required—they serve as a liquidity backstop. 3
While Oscar was reporting, a fresh headline broke: the Republican-led U.S. House Judiciary Committee subpoenaed Oscar plus seven other insurers, according to Axios and Reuters. Investigators want records spanning 2020 to 2025 on ACA premium subsidy recipients and the subsidy amounts—part of a fraud probe. The deadline to respond: Feb. 23. 4
Subpoenas landed at Elevance, CVS, Centene, GuideWell, Kaiser Permanente, Health Care Service Corp, and Blue Shield of California, plus Oscar—throwing a broader glare on insurers’ approaches to subsidy-backed enrollment in the individual market.
Oscar faces a simpler kind of risk here. Hitting those 2026 targets means betting on lower medical costs and not getting sideswiped by risk adjustment swings. That’s the ACA’s system for reallocating funds between insurers, depending on how healthy their membership is—one unexpected swing, and margins can whipsaw.
Earnings season often jolts the stock, as even slight moves in utilization patterns can swing an insurer’s bottom line—particularly in the exchange market, where pricing gets reset annually.
On Tuesday at 8:00 a.m. ET, investors want details: pricing, the outlook for medical cost trends, and how the company plans to reach its 2026 operating earnings target. The House subpoena deadline on Feb. 23 is also looming as a key date for the sector. 5
