Oscar Health reported better-than-expected third quarter earnings, despite revenue coming in slightly below analyst estimates.

The health insurance company’s shares jumped 12.3% in pre-market trading after the results.

The company posted a loss of $0.53 per share for the third quarter, beating analyst expectations of a $0.56 per share loss. Revenue reached $2.99 billion, up 23% YoY from $2.42 billion, but fell short of the $3.08 billion consensus estimate.

Oscar Health reaffirmed its full-year 2025 guidance, projecting revenue between $12 billion and $12.2 billion, in line with analyst expectations of $12.04 billion. The company’s medical loss ratio increased to 88.5% from 84.6% in the same quarter last year, primarily due to higher market morbidity.

"The individual market is the only source of affordable health coverage for 22 million people who power our economy," said Mark Bertolini, CEO of Oscar Health. "Oscar is shaping the future of individual healthcare with affordable, innovative plans and a superior member experience."

Total membership grew to 2.12 million as of September 30, 2025, up from 1.65 million a year earlier. The company’s SG&A expense ratio improved to 17.5% from 19.0% in the prior-year quarter, reflecting greater fixed cost leverage and disciplined cost management.

Oscar Health also announced a partial settlement of its 2031 Convertible Senior Notes, with approximately $187.5 million exchanged for about 23.3 million shares of Class A common stock. The company expects to return to profitability in 2026.