Why Is Oscar Health Stock Down Today?

Oscar Health is trading slightly lower today, even after reporting second-quarter 2026 earnings of $1.10 per share before the market open, against a Wall Street estimate of $0.49 and a loss in the same quarter a year earlier. Revenue came in at $4.88 billion, above the $4.75 billion analysts had modeled. The stock jumped as much as 17.2% in the minutes after the pre-market release — and has since given back that entire move, trading marginally below yesterday's close.

Oscar Health sells individual health insurance plans, mostly through the ACA marketplace — a business that has been unprofitable for most of the company's public history, since insurers there must price plans against a membership pool whose health costs are hard to predict in advance. The immediate pre-market reaction to the profit swing and the raised full-year guidance was strongly positive; the reversal by the regular session suggests the market's first read was more enthusiastic than its second one, though nothing in the release itself changed between the two. For the full breakdown of today's numbers, see our dated report on the earnings release.