Oscar Health 1Q26 Recap Hix Margin Comfort Affirmed Post Oep Growth Burst

Oscar Health reported strong 1Q26 results with a significant MLR and EBITDA beat, leading Goldman Sachs to raise its price target to $22 while maintaining a Neutral rating. The report highlights upcoming 2027 volatility risks due to subsidy changes and shifts focus to the June Wakely risk adjustment report.

Key Takeaways

• 1.Oscar reported a material EBITDA and MLR beat for 1Q26, outperforming consensus by ~620-bps on MLR.
• 2.The company reiterated its full-year 2026 guidance, maintaining revenue targets of $18.7–$19.0 billion.
• 3.Focus shifts to the upcoming June Wakely risk adjustment report as a critical validator for full-year financial forecasts.

Table of Contents

• OSCR: 1Q26 Takeaways
• EPS revisions and PT update
• OSCR earnings model
• Disclosure Appendix

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