💸 What’s Going On With Oscar Health? Revenue Going Wild
These days, when you look at the U.S. stock market, you might wonder, “How the heck is a health insurance company growing this fast?” The one in question? Oscar Health (NASDAQ: OSCR).
In 2024, its revenue hit $9.2 billion, up a massive +56.5% year over year.
That’s not an insurance company growth rate — that’s tech company level.
In short — “Even insurance can be a growth stock now.”
🚀 How Did Revenue Blow Up Like This?
1️⃣ Explosion in Membership
During the 2024 Open Enrollment season, sign-ups poured in.
Features like “digital-first onboarding” and “app-based doctor access” really hit home.
While legacy insurers are clunky and slow, Oscar broke that wall with its UX.
2️⃣ Market Expansion Mode: ON
What started in a few states is now sprawling across many.
By aggressively targeting the ACA individual and family market,
the number of members — and thus premium revenue — skyrocketed.
3️⃣ Perfect Timing
From 2023 to 2024, the U.S. government expanded health insurance subsidies.
Consumers flocked to modern, digital-friendly plans like Oscar.
The timing was basically perfect.
📈 “The Chart Looks Absolutely Insane”
The revenue chart? Practically a rocket launch.
2023 was steady. 2024 — vertical.
By Q2 2025, revenue was up another 29% year over year.
For an insurance company, that kind of acceleration is crypto-level volatility.
⚠️ But It’s Not All Sunshine
Oscar is making money — and spending almost all of it.
Its Medical Loss Ratio (MLR) hit 91.1% in Q2 2025.
Translation: for every $100 in revenue, $91 went to medical costs.
Profit? Still far away.
The company even said, “We expect full-year revenue of $12–12.2 billion,”
but also admitted it’s taking a breather on profitability.
Growth? Yes. Cash flow? Not yet.
🎯 The Bottom Line
Oscar Health is mixing insurance + technology + digital experience and turning the traditional health insurance model upside down.
2024 saw explosive membership growth and a +56% jump in revenue.
2025? Still growing strong.
But with rising medical costs and operational expenses,
it’s still more of a “runaway train” than a “profitable company.”
💬 Final Thoughts
Oscar Health is breaking records in revenue growth.
It turned health insurance into something you can use like an app —
and people actually loved it.
But no matter how fast revenue grows,
if losses pile up, the brakes eventually slam on.
So right now, Oscar is basically —
“Crazy revenue, but profits haven’t gone crazy yet.”
Q1. When Oscar finally turns profitable, how might its valuation transform?
Q2. If MLR drops below 85%, what kind of operating margin could it achieve?
Q3. How does Oscar’s growth pattern compare with other U.S. digital health players like Clover Health or Alignment Health?
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