Oscar Health, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
OSCR$33.47+4.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Cash Flows from Operating Activities: | ||
| Net income (loss) | $(90,469) | $179,406 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Deferred taxes | (175) | (68) |
| Net realized gain on sale of financial instruments | (1,302) | 2 |
| Depreciation and amortization expense | 21,012 | 22,912 |
| Amortization of debt issuance costs | 774 | 583 |
| Stock-based compensation expense | 69,569 | 83,969 |
| Net accretion of investments | (23,066) | (18,956) |
| Change in provision for credit losses | (24,020) | (1,500) |
| Changes in assets and liabilities: | ||
| (Increase) / decrease in: | ||
| Premiums and accounts receivable | (104,840) | (97,867) |
| Risk adjustment transfer receivable | (27,802) | (11,587) |
| Reinsurance recoverable | 132,146 | (32,123) |
| Other assets | (29,759) | (15,127) |
| Increase / (decrease) in: | ||
| Benefits payable | 207,665 | 390,740 |
| Unearned premiums | 2,727 | 211 |
| Premium deficiency reserve | — | (4,332) |
| Accounts payable and other liabilities | 111,598 | 118,079 |
| Reinsurance payable | (34,071) | (9,907) |
| Risk adjustment transfer payable | 212,964 | 26,938 |
| Net cash provided by operating activities | 422,951 | 631,373 |
| Cash Flows from Investing Activities: | ||
| Purchase of investments | (780,673) | (2,023,049) |
| Sale of investments | 134,231 | 21,188 |
| Maturity and paydowns of investments | 478,173 | 663,011 |
| Purchase of property, equipment and capitalized software | (27,310) | (21,078) |
| Change in restricted deposits | 3,225 | 3,942 |
| Net cash used in investing activities | (192,354) | (1,355,986) |
| Cash Flows from Financing Activities: | ||
| Proceeds from long-term debt | 410,000 | — |
| Payments of debt issuance costs | (22,677) | — |
| Purchase of capped calls related to convertible senior subordinated notes | (34,440) | — |
| Tax payments related to net settlement of share-based awards | (4,035) | — |
| Proceeds from exercise of stock options | 42,192 | 64,571 |
| Net cash provided by financing activities | 391,040 | 64,571 |
| Increase (decrease) in cash, cash equivalents and restricted cash equivalents | 621,637 | (660,042) |
| Cash, cash equivalents, restricted cash and cash equivalents—beginning of period | 1,551,118 | 1,891,971 |
| Cash, cash equivalents, restricted cash and cash equivalents—end of period | 2,172,755 | 1,231,929 |
| Cash and cash equivalents | 2,148,865 | 1,206,145 |
| Restricted cash and cash equivalents included in restricted deposits | 23,890 | 25,784 |
| Total cash, cash equivalents and restricted cash and cash equivalents | $2,172,755 | $1,231,929 |
| Supplemental Disclosures: | ||
| Interest payments | $11,515 | $22,480 |
| Income tax payments | $17,497 | $636 |
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