What is Oscar Health's gross profit margin?

What were the key takeaways from Oscar Health's earnings call?

What guidance did Oscar Health's management provide for the next earnings period?

What were the key takeaways from Oscar Health’s earnings call?

What factors drove the changes in Oscar Health's revenue and profit?

What does Oscar Health do and what are its main business segments?

What is the market's earnings forecast for Oscar Health next quarter?

What is the revenue and EPS growth rate for Oscar Health year over year?

- **Revenue & Growth**: Q3 2025 revenue up 23% YoY to $3B, with 2.1M members (+28% YoY). 
- **MLR Challenge**: Medical loss ratio rose to 88.5% due to higher market morbidity. 
- **2026 Pricing**: 28% rate increase to navigate 20-30% market contraction, targeting 2026 profitability. 
- **AI Innovation**: Launched Oswell AI agent and new health plans for underserved populations. 
- **Financial Strength**: $4.8B cash reserves, with $60M in 2026 cost cuts planned. 
- **Market Share**: Competitive in 30% of markets with lowest silver plan pricing.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $3 billion, a 23% year-over-year increase, driven by 2.1 million members (28% YoY growth). 
- **Market Dynamics**: MLR rose to 88.5% (380 bps YoY) due to higher market morbidity from Medicaid redeterminations and program integrity efforts. 
- **2026 Strategy**: Weighted average rate increase of 28% for 2026 plans, balancing share capture and profitability amid expected 20-30% market contraction. 
- **Innovation**: Launched Oswell AI agent for personalized health guidance, and new product lines (e.g., menopause-focused plans) to address underserved demographics. 
- **Profitability Outlook**: Targeting return to profitability in 2026 with disciplined pricing and AI-driven cost efficiencies.

**【CFO Financial Commentary】**
- **Financial Health**: $4.8 billion in cash and investments, including $541 million at parent level. Completed $410M convertible notes offering to strengthen capital position. 
- **Cost Management**: SG&A expense ratio improved to 17.5% (150 bps YoY), driven by fixed cost leverage and AI automation. 
- **Utilization Trends**: Inpatient utilization moderated, but outpatient and professional services remained elevated. 
- **2025 Guidance**: Full-year MLR expected 86.0-87.0%, with adjusted EBITDA loss of $120M. 
- **2026 Cost Actions**: $60M in administrative cost reductions planned to support margin expansion.

**【Q&A Highlights】**
- **Market Morbidity**: 2025 Wakely report showed 1.5-2% market morbidity increase, driven by FTR rechecks and Medicaid redeterminations. Company expects stable morbidity through Q4. 
- **Enrollment Early Signs**: Strong early OEP activity, with focus on $0 premium plans and broker education. 
- **Competitive Positioning**: In 30% of markets, Oscar is lowest or second-lowest silver plan, up from 15% in 2024. 
- **AI Impact**: 24 AI models in development, with first agnostic agent launched to reduce claims processing costs. 
- **Subsidy Extension**: If enhanced tax credits extended, Oscar would rebate excess profits per ACA minimum MLR rules.

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