Oscar Health, Inc. (OSCR): Business Model Canvas [Dec-2025 Updated]

As you map out the competitive landscape in health insurance, Oscar Health, Inc. presents a fascinating case study: massive scale achieved through tech, but still walking a tightrope toward consistent profitability. Honestly, the 2025 numbers tell the whole story: they are guiding for total revenue between $\$$12.0 billion and $\$$12.2 billion, fueled by roughly 2 million effectuated members, yet the Medical Loss Ratio (MLR) guidance sits uncomfortably high at 86.0% to 87.0%. This Business Model Canvas distills exactly how their full-stack +Oscar technology and high-touch Concierge Teams are being deployed across the ACA and ICHRA markets to manage that delicate balance between top-line growth and medical cost trends. Keep reading below to see the nine core components driving this strategy and where the $\$$5.4 billion in cash and investments is being put to work.

Oscar Health, Inc. (OSCR) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Oscar Health, Inc. relies on to execute its strategy as of late 2025. These partnerships are crucial for scaling its technology-enabled insurance model and delivering on its value proposition.

Hy-Vee for retail-integrated Individual Coverage HRA (ICHRA) plans

The collaboration with Hy-Vee, Inc. is a major push into the employer-sponsored market using the ICHRA model. This plan, "Hy-Vee Health with Oscar," targets the 400,000 employees in the greater Des Moines area for 2026 coverage, with plans to expand to other markets.

This ICHRA structure is positioned to offer significant savings:

• Businesses can save between 20% to 30% compared to traditional group plans.
• Employees may trim annual costs by $500 to $1,000 per year.
• Members receive $0 care at Hy-Vee Health Exemplar Care clinics, a service valued at $2,400 for a family of four per year.
• The benefit package includes $50 in Hy-Vee rewards for healthy actions.

Hy-Vee brings a physical footprint, including more than 270 retail pharmacies and nearly 300 grocery stores.

Reinsurance partners like Munich Re for risk capacity

Oscar Health, Inc. manages its capital requirements and catastrophic risk exposure through reinsurance arrangements, specifically using quota share reinsurance agreements. The company records Premium revenue net of reinsurance. While the prompt mentions Munich Re, specific financial data regarding ceded premiums to that particular partner in 2025 was not found in the latest reports; however, the mechanism is central to their financial stability.

Major healthcare systems (e.g., Cleveland Clinic, Mount Sinai) for provider networks

Oscar Health, Inc. serves approximately 2.0 million members as of June 30, 2025. The Hy-Vee partnership specifically includes access to top-rated specialists at MercyOne. The company is expanding its geographic footprint, with the Oscar experience expected to be available in 20 states for the 2026 enrollment period, including new states Alabama and Mississippi.

The pricing strategy reflects underlying cost trends and market dynamics:

The 2026 pricing reflects a weighted average rate increase of approximately 28%.

Technology vendors (e.g., AWS, Google Cloud) for infrastructure

Oscar Health, Inc. has integrated technology acquisitions to bolster its platform. The company acquired INSXCloud, which is one of 11 CMS-approved technology platforms creating a digital storefront for health products. The company is targeting $60 million in administrative cost savings for 2026, with half of that driven by 'AI-driven efficiencies.'

Find Help for connecting members to social care resources

Oscar Health, Inc. integrates support services directly into its member experience. The Hy-Vee plan offers 1:1 guidance from Oscar Care Guides to help members find care and understand benefits. Furthermore, members gain access to Oswell, described as a first-of-its-kind health AI agent, providing 24/7 support for symptoms, medications, and common test results.

Oscar ended the first nine months of 2025 with more than 2 million members, a 28% increase over the prior year.

Oscar Health, Inc. (OSCR) - Canvas Business Model: Key Activities

You're looking at the core engine driving Oscar Health, Inc. (OSCR) through the end of 2025. These activities are where the rubber meets the road, translating technology and market access into premium revenue and managing the inevitable claims costs.

Underwriting and managing risk for ACA Individual & Family Plans

This is the fundamental job: setting prices and reserving for future medical costs in the Affordable Care Act (ACA) markets. The pressure is clear in the latest figures. For the three months ended September 30, 2025, the Medical Loss Ratio (MLR) hit 88.5%. That's up from 84.6% in the prior year period. For the first nine months of 2025, the cumulative MLR stood at 84.8%. This higher utilization and morbidity led to a quarterly loss from operations of $(129.3) million for Q3 2025, compared to $(48.4) million in Q3 2024. The company reaffirmed its full-year 2025 outlook, targeting an MLR between 86% and 87% and an operating loss between $(300) million and $(200) million. Oscar Health was able to grow its membership base to over 2 million members as of June 30, 2025, capturing about 8% market share in the ACA space, which grew to over 24 million enrollees as of 2025.

Here are the key financial results from the third quarter of 2025:

The strategy to counter this risk involves aggressive pricing for the next cycle. Management emphasized a weighted average rate increase of approximately 28% planned for 2026. Also, condition-specific plans, like the multi-condition plan for diabetes, pulmonary, and cardiovascular disease, are designed to lower costs by 25% or more.

Continuous development of the proprietary +Oscar technology platform

The +Oscar platform, which launched in 2025, is the core activity for driving down administrative expenses. This tech stack is designed to automate processes that legacy insurers still handle manually. For instance, the platform automates 96% of claims under $30,000 with 98.5% accuracy. The AI agent, 'Oswell,' is now infused across the product portfolio, and the Care Router tool has been adopted by 75% of members. This efficiency shows up in the expense ratios; the SG&A expense ratio for Q3 2025 was 17.5%, an improvement from 19.0% in Q3 2024. Management is targeting approximately $60 million in admin cost reductions for 2026. To be fair, the SG&A ratio hit a record-low 15.8% in Q1 2025, showing the platform's potential leverage.

• Platform feature: AI agent Oswell infusion across portfolio.
• Platform feature: Care Router adoption by 75% of members.
• Platform benefit: Helps partners slash administrative costs by 20%.
• Platform benefit: Automates 96% of claims under $30K.

Managing provider network contracts and medical cost trends

Managing the cost of care delivery is inseparable from underwriting. The increase in the Q3 2025 MLR of 88.5% was directly linked to higher market morbidity, which resulted in a $130 million increase in the net risk adjustment transfer accrual for that quarter alone. To manage future trends, Oscar plans to resubmit rate filings for 2026 in states covering approximately 98% of current membership to reflect these higher market risk scores. One specific filing guidance mentioned an expected annual medical cost increase of 6.8%. Contractual adjustments are also baked in; for example, a factor of 1.025 was included in the 'Change in Network' entry for one rate filing projection.

Sales and marketing for ACA Open Enrollment and ICHRA expansion

The growth activity focuses on expanding footprint and targeting specific demographics. For 2025, Oscar Health expanded its ACA marketplace presence to 504 counties across 18 states. Sales efforts during the 2025 Open Enrollment period drove membership growth of 0.4 million, or 28%, as of Q2 2025. A key marketing focus is the Spanish-first product, Buena Salud, which now accounts for nearly one-third of Oscar's membership. The company is also pushing the Individual Coverage Health Reimbursement Arrangement (ICHRA) channel, noting momentum via a partnership with Hy-Vee in Des Moines. The success of culturally tailored efforts is evident: HolaOscar in Georgia drove 247% growth and 93% member retention in 2024.

Regulatory compliance and risk adjustment optimization

Compliance and optimizing the government's risk adjustment mechanism are critical non-premium revenue/cost activities. The company received a favorable adjustment from the Centers for Medicare and Medicaid Services (CMS) for the 2024 risk adjustment, amounting to approximately $23 million favorable to accruals as of Q1 2025. Furthermore, Q3 2025 results included $84 million of favorable prior period development, with about half of that tied to risk adjustment rebates. Successfully navigating these regulatory flows directly impacts the bottom line, as seen in the $130 million negative swing from the Q3 2025 risk adjustment transfer accrual. Finance: draft 13-week cash view by Friday.

Oscar Health, Inc. (OSCR) - Canvas Business Model: Key Resources

You're looking at the core assets Oscar Health, Inc. (OSCR) is leaning on to execute its strategy right now, heading into late 2025. These aren't just line items; they are the engine and the moat.

The full-stack, proprietary +Oscar technology platform

This platform is the digital backbone, integrating member engagement, provider interaction, and operational workflows. It's the key differentiator that Oscar Health, Inc. uses to drive superior experiences and deep member engagement. The platform is also being leveraged for new AI tools, such as the personal AI agent, Oswell, which pulls from medical records and care guide interactions to assist members.

Approximately 2 million effectuated members as of Q2 2025

Membership growth is a critical resource, fueling revenue scale. As of June 30, 2025, Oscar Health, Inc. reported total membership of exactly 2,027,148 members. The majority of this base, specifically 2,017,058 members, were in the Individual and Small Group plans. This represents a year-over-year increase of 28% in total membership for the quarter.

Here's a snapshot of the operational scale as of Q2 2025:

Insurance licenses and regulatory capital across 18 states

Market access is secured through regulatory approvals. Oscar Health, Inc. maintains insurance licenses and an operational footprint across 18 states for its 2025 plan year. The company is actively planning expansions, targeting availability in 20 states for 2026. The financial strength to support these licenses is concentrated within the insurance subsidiaries, which hold the majority of the capital.

Dedicated Concierge Care Teams and virtual care providers

The human element of care coordination remains a core asset. This includes:

• Dedicated Concierge Care Teams for personalized member support.
• Integration with virtual care providers, including $0 virtual care options.
• Specialized community solutions like Buena Salud, connecting members with culturally aligned providers.

Cash and investments totaling about $5.4 billion (Q2 2025)

Liquidity provides operational runway. At the end of the second quarter of 2025, Oscar Health, Inc. reported cash and investments totaling approximately $5.4 billion. The company noted that the majority of this excess capital resides within the insurance subsidiaries, which is expected to absorb the projected 2025 losses. The parent company held approximately $205 million of that total.

Oscar Health, Inc. (OSCR) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Oscar Health, Inc. (OSCR) is pushing to win members in the individual market as of late 2025. The numbers show a company scaling rapidly, ending Q3 2025 with over 2.1 million members, a 28% year-over-year growth in that quarter alone.

Technology-driven simplicity and transparent pricing for consumers

Oscar Health's value proposition centers on its proprietary +Oscar platform, which aims to make the complex world of health insurance straightforward. The technology is designed to drive operational efficiency, evidenced by the company's Selling, General & Administrative (SG&A) expense ratio guidance for the full year 2025 being in the range of 17.1% to 17.6%. Furthermore, the AI tools within the platform, like Care Guides, reportedly reduce member response times by 90% via its Virtual Urgent Care service. The success of the consumer-facing experience is reflected in the Hola Oscar offering, which boasts an industry-leading Net Promoter Score (NPS) of 87.

$0 virtual primary and urgent care on most plans

For many members, access to immediate care is simplified with zero out-of-pocket cost. The Guided Care HMO plans specifically include $0 virtual urgent care visits and $0 for medications.

Specialized plans like Buena Salud for Hispanic/Latino members

Oscar Health targets specific demographic needs with culturally relevant products. The Buena Salud plan is a Spanish-first solution for Hispanic and Latino members, a group that accounts for close to one-third of Oscar Health's total enrollment. This specialized experience builds upon the Hola Oscar offering, which carries an NPS of 87.

Multi-condition plans to lower costs by 25% or more for chronic illness

For the significant portion of the ACA population managing complex health issues, Oscar Health offers plans designed to consolidate care and reduce spending. The multi-condition plan, targeting members with diabetes, pulmonary, and cardiovascular disease, is projected to lower related costs by 25% or more.

Here are the specific cost-reducing features baked into these specialized plans:

• $0 cardiologist, pulmonologist, and endocrinologist visits.
• $0 screenings and labs.
• $0 primary and behavioral care.
• $0 medications.
• A $100 out-of-pocket monthly maximum on insulin.

Dedicated Concierge Teams for personalized navigation and support

Personalized navigation is delivered through dedicated teams. While a specific team size isn't available, the high satisfaction scores suggest effective navigation. The Hola Oscar experience, which connects members to a care team, achieved an NPS of 87.

The quantitative value delivered across these propositions can be summarized as follows:

Finance: draft 13-week cash view by Friday.

Oscar Health, Inc. (OSCR) - Canvas Business Model: Customer Relationships

High-touch, proactive engagement via dedicated Concierge Teams

Every member is assigned a dedicated Concierge team, which includes care guides and a licensed nurse, to provide expert clinical advice and plan guidance.

• Concierge teams help members find providers based on experience, member feedback, language, location, gender, and specialty.
• Support includes dealing with confusing bills, facilitating prior authorizations, and coordinating durable medical equipment and mental health services.
• Oscar has a dedicated concierge team for employees available 24/7 to help maximize new benefits.
• One client using health engagement campaigns saw a 118% year-over-year increase in annual wellness visits.

Digital-first self-service through the mobile app and online platform

Oscar Health, Inc. serves approximately 2.1 million members as of September 30, 2025.

The technology platform drives deep engagement, with members having access to features like viewing claims in real time and scheduling appointments.

The mobile app and website enable digital doctor visits and 24/7 telemedicine.

Virtual-first care models to drive engagement and lower cost of care

The company's technology stack and virtual care offerings aim to enhance member experience and reduce the cost of care delivery.

• Condition-focused plans for members with diabetes, COPD, asthma, and cardiovascular-kidney-metabolic syndrome can save approximately $800 a year.
• Managing these specific chronic conditions together can lower costs by 25% or more.
• Guided Care HMO plans offer $0 virtual urgent care.
• The SG&A expense ratio improved to 17.5% in the third quarter of 2025, compared to 19.0% in the third quarter of 2024.
• The SG&A expense ratio was 15.8% in the first quarter of 2025, the lowest quarterly ratio in the company's history.

Culturally-competent care via Spanish-first Hola Oscar experience

The Hola Oscar program connects Hispanic and Latino members to a care team and healthcare community that share their cultural background.

Oscar introduced Buena Salud, a Spanish-first solution building upon the Hola Oscar experience.

• The Hola Oscar experience has an industry-leading Net Promoter Score (NPS) of 87.
• These culturally-aligned communities make up nearly one-third of Oscar's membership.
• The Buena Salud solution prioritizes preferences of Hispanics and Latinos, who are more inclined to seek care when providers speak Spanish.

Oscar Health, Inc. (OSCR) - Canvas Business Model: Channels

You're looking at how Oscar Health, Inc. gets its product-health insurance-into the hands of members as of late 2025. Their channel strategy is heavily weighted toward government-facilitated marketplaces but is actively pivoting toward employer-sponsored options via technology.

Affordable Care Act (ACA) Federal and State Marketplaces (Healthcare.gov)

The ACA marketplace remains the core distribution engine for Oscar Health, Inc. As of the 2025 plan year, Oscar Health, Inc. expanded its footprint to be available in 504 markets across 18 states. This focus on the individual market is significant, as the overall ACA marketplace grew from 11 million enrollees in 2020 to over 24 million as of 2025. Oscar Health, Inc. holds approximately 8% market share within this ACA segment as of late 2025. The company is actively building solutions for specific demographics within this channel, such as the Buena Salud offering designed for Spanish-speaking members, a group that accounts for close to one-third of Oscar Health, Inc.'s total enrollment.

Here's a look at the membership scale driving this channel:

Direct-to-consumer sales via HiOscar.com and acquired direct enrollment platforms

The digital front door, HiOscar.com, is where members interact directly with Oscar Health, Inc.'s technology and plan options. This channel is crucial for driving enrollment in the ACA plans mentioned above, as individuals use Healthcare.gov or related state portals during the Open Enrollment Period to select Oscar Health, Inc.'s Bronze, Silver, and Gold HMO plans. The company's tech-first approach is designed to make shopping easy, which is key for direct acquisition. For instance, in Ohio, individuals can go to healthcare.gov during the 2025 Open Enrollment Period to select plans.

Independent insurance brokers and agents

While the search results emphasize the ACA marketplace and the emerging ICHRA channel, brokers and agents are the traditional backbone for many individual and small group sales. Oscar Health, Inc. is also expanding its reach to employees via employer contributions, which often involves brokers in the small business space. The company is working with StretchDollar to help businesses with fewer than 50 employees offer pre-tax contributions for individual health insurance, a move that leverages the growing ICHRA adoption. ICHRA adoption among small employers (less than 50 employees) was up 52% from 2024-2025.

The shift away from legacy partnerships is also notable in the distribution mix. The Cigna+Oscar co-branded partnership channel saw a sharp contraction:

• Cigna+Oscar Members (June 30, 2024): 58,293
• Cigna+Oscar Members (June 30, 2025): 10,090

+Oscar platform licensing to external payors and providers

The +Oscar platform represents a B2B channel where Oscar Health, Inc. monetizes its proprietary technology stack beyond its own insurance operations. This platform is a key component of the company's strategy, automating functions like claims processing. The platform automates 96% of claims under $30K at 98.5% accuracy. Revenue from this channel is grouped under Other revenues in financial filings, which also includes revenue from three companies acquired in May 2025. While a specific licensing revenue figure isn't isolated, the overall company revenue for the first half of 2025 reached $5.91 billion, with full-year 2025 revenue guidance set between $11.2 billion and $11.3 billion. This platform is central to the company's operational efficiency, contributing to an SG&A expense ratio that hit a record-low of 15.8% in Q1 2025.

Oscar Health, Inc. (OSCR) - Canvas Business Model: Customer Segments

You're looking at the core groups Oscar Health, Inc. (OSCR) is targeting with its tech-enabled insurance products as of late 2025. This is where the rubber meets the road for their growth strategy.

Individuals and Families in the ACA Marketplace (primary focus)

This segment is the bedrock of Oscar Health, Inc. (OSCR). The overall Affordable Care Act (ACA) marketplace reached over 24 million enrollees as of 2025. Oscar Health, Inc. (OSCR) has captured a significant piece of this, growing its membership base to over 2 million total members as of the second quarter of 2025, and specifically to approximately 2.1 million members as of September 30, 2025. This represents an 8% market share within the ACA segment. The individual exchange membership saw a 45% year-over-year growth as of the first quarter of 2025. For context on the financial performance tied to this segment in Q1 2025, the company posted a net income of $275.2 million. However, the segment is facing pressure; for the second quarter of 2025, the Medical Loss Ratio (MLR) was 91.1%, and the full-year 2025 MLR projection was 86-87, reflecting higher morbidity levels among enrollees.

The table below summarizes key metrics for the primary customer base:

Also, a significant portion of this membership is from specific demographic groups:

• Hispanic and Latinx members account for close to one-third of total enrollment.
• This population is noted as the fastest-growing in the ACA market overall.

Small Group employers transitioning to ICHRA models

Oscar Health, Inc. (OSCR) is heavily invested in the Individual Coverage Health Reimbursement Arrangement (ICHRA) channel for growth. Estimates put the total lives covered under ICHRA in 2025 between 500,000-1 million. This segment is showing adoption momentum:

• Small employer (less than 50 employees) ICHRA adoption increased 52% from 2024-2025.
• Adoption among larger employers (50+ employees) increased 34% in 2025.
• Retention is strong, with 88% of employers remaining on the program in 2025.

The CEO indicated that by 2025, they expected 'very, very positive results coming in' from this channel. The ICHRA structure allows small and mid-sized businesses to offer tax-free contributions for employees to buy their own individual coverage.

Consumers in 504 counties across the US

The geographic footprint for Oscar Health, Inc. (OSCR) in 2025 covers 504 counties across 18 states. This is a slight reduction from 512 counties in 2024. The company is actively introducing new market coverage, such as in Texas, Oklahoma, Missouri, Illinois, Michigan, Ohio, North Carolina, Georgia, and New Jersey for the 2025 plan year.

Members with high-acuity, multiple chronic conditions

Oscar Health, Inc. (OSCR) is specifically targeting members with complex health needs through specialized products. The company launched a multi-condition plan in 2025 designed for members managing diabetes, pulmonary conditions, and cardiovascular disease concurrently.

The value proposition for this high-acuity segment is significant cost reduction and specialized access:

• Internal analysis suggests savings of 25% or more are possible with this combined-condition plan.
• Benefits include $0 visits to a cardiologist, pulmonologist, or endocrinologist.
• The plan also includes $0 for screenings, labs, primary care, behavioral health care, and medications.

This focus addresses the observed trend where marketplace policyholders are presenting with more severe health needs than initially estimated as of Q2 2025.

Oscar Health, Inc. (OSCR) - Canvas Business Model: Cost Structure

The Cost Structure for Oscar Health, Inc. is heavily weighted toward medical claims, which is typical for an insurance carrier, but also includes significant investment in its proprietary technology stack.

Medical expenses are the largest component, directly reflected in the Medical Loss Ratio (MLR). For the full year 2025, Oscar Health reaffirmed guidance projecting the MLR to be in the range of 86.0% to 87.0%. This elevated ratio is driven by higher average market morbidity. To give you a concrete look at recent performance, the MLR for the third quarter ended September 30, 2025, was reported at 88.5%, up from 84.6% in the prior year period. Medical expenses for that third quarter alone rose 29% year-over-year to $2.6 billion.

The Selling, General, and Administrative (SG&A) expenses show a trend of improving efficiency, even as the MLR pressures the bottom line. The 2025 full-year guidance for the SG&A expense ratio is projected to be between 17.1% to 17.6% of total revenue. For the nine months ended September 30, 2025, the SG&A expense ratio was 17.3%, an improvement from 19.0% for the same period in 2024. In Q3 2025 specifically, the SG&A ratio was 17.5%, down from 19.0% in Q3 2024, which management attributed to fixed cost leverage and disciplined cost management.

Here's a quick look at how the key expense ratios are tracking against the full-year guidance:

Technology development and maintenance costs are embedded within operating expenses, but the return on this investment is quantified by the platform's capabilities. Oscar Health's proprietary +Oscar platform, launched in 2025, is a key cost-management tool. This technology infrastructure is designed to help partners automate processes, which in turn lowers the administrative cost base for Oscar Health over time. Specifically, the platform can automate 96% of claims under $30,000 with an accuracy rate of 98.5%.

Provider compensation and network management costs are the primary driver of the MLR. These costs are managed through network contracting and care routing initiatives. The company employs a proprietary routing engine technology aimed at claims deflation by directing members to lower-cost settings, such as urgent care centers instead of emergency rooms. The overall cost structure is sensitive to utilization patterns, as seen by the elevated utilization in Q2 2025, which contributed to the revised MLR guidance. The company is taking pricing actions for 2026 to reflect the higher acuity observed in the market.

The cost structure is also influenced by specific operational results:

• Q3 2025 Net Loss attributable to Oscar Health, Inc. was $137.5 million.
• Q3 2025 Loss from Operations was $129.3 million.
• The company issued $410 million in convertible senior subordinated notes due 2030 during Q3 2025.
• For the nine months ended September 30, 2025, the Loss from Operations was $62,610 thousand (or $62.61 million).

Finance: draft 13-week cash view by Friday.

Oscar Health, Inc. (OSCR) - Canvas Business Model: Revenue Streams

You're looking at Oscar Health, Inc. (OSCR) and seeing a massive top-line number, but you need to know exactly where that money is coming from to judge the underlying health of the business. Honestly, the revenue streams are dominated by one core activity, but there are other important, albeit smaller, contributors.

Health insurance premiums from Individual & Family Plans make up the vast majority of Oscar Health, Inc.'s revenue. This is the money members pay for their coverage, primarily through the Affordable Care Act (ACA) marketplaces. This focus on the individual market is the engine driving the company's scale, which, as of September 30, 2025, included approximately 2.1 million members. The premium revenue is reported net of risk adjustment transfers, which is a key mechanism in the ACA exchanges to balance risk across insurers.

To give you a sense of the scale, look at the recent top-line performance. For the third quarter of 2025 alone, total revenue hit approximately $2.986 billion. For the first nine months of 2025, total revenue reached $8.90 billion.

Here's a breakdown of the components that make up that total revenue, based on the third quarter 2025 filing:

The second stream involves services and other revenue from licensing the +Oscar platform. This is where Oscar Health, Inc. monetizes its technology stack by offering it to other payers and partners. While it's a strategic area for future growth and margin improvement, it remains a small fraction of the total revenue compared to premiums, as shown by the Q3 2025 data where 'Other revenues' were only about $24.8 million.

The company's near-term financial outlook is anchored by its full-year projection. Oscar Health, Inc. reaffirmed its full-year 2025 Total Revenue guidance to be between $12.0 billion and $12.2 billion. This guidance reflects strong membership growth but is set against a backdrop of higher expected medical costs, with a projected Medical Loss Ratio (MLR) between 86.0% and 87.0% for the full year.

Finally, you must account for investment income from the company's cash and investment portfolio. With approximately $5.4 billion in cash and investments at the end of the second quarter of 2025, this stream provides a non-underwriting boost to the top line. For the third quarter of 2025, this income was reported at $59.3 million.

You should keep an eye on these key drivers:

• Premium revenue growth, which is tied directly to membership enrollment.
• The MLR, which dictates the gross profitability of that premium revenue.
• The growth rate of Other revenues, signaling +Oscar platform adoption.

Finance: draft 13-week cash view by Friday.