Oscar Health's fourth-quarter loss widened as the health insurer continued to struggle with the high utilization of medical services by plan enrollees, but revenue rose and the company continues to target profitability this year.

The health insurer, which focuses on individuals and small businesses, posted a loss of $352.6 million, or $1.24 a share, wider than the $153.5 million, or 62 cents a share, reported a year earlier.

On average, analysts had anticipated a loss of 89 cents a share, as per FactSet.

Fourth-quarter revenue rose 17% to $2.81 billion, short of the mean analyst estimate of $3.11 billion.

Oscar's medical loss ratio, a measure of the proportion of premiums that the insurer pays out on medical bills, rose sharply to 95.4%, well in excess of the average analyst target of 91.1%. The company's medical loss ratio in the year-earlier period came in at 88.1%.

The company had around 2 million members as of June 30, up from 1.68 million in the prior year.

Shares recently climbed 12% in morning trading Tuesday.

For 2026, Oscar targeted earnings from operations in a range between $250 million and $450 million on revenue between $18.7 billion and $19 billion.

For the year, Oscar anticipates a medical loss ratio between 82.4% and 83.4%.

"2025 was a reset year for the individual market, and we took decisive actions to return to profitability in 2026," said Oscar Health Chief Executive Officer Mark Bertolini.

Many large health insurers, including UnitedHeath Group, have struggled with rising medical loss ratios in recent quarters as the U.S. population ages and visits to medical facilities increase.

Separately, Oscar Health said it has entered into a $475 million secured, three-year revolving credit facility. The company said it plans to use the proceeds for general corporate purposes.