Oscar Health, Inc.

Oscar is a leading consumer healthcare company whose mission is to give people power over their healthcare. We offer health insurance through the federal and state-based healthcare exchanges established under the Patient Protection and Affordable Care Act (“ACA”). We serve consumers, employers, brokers, and partners through Oscar’s insurance business (“Oscar Insurance”), Lucie, Inc. Trove Group Inc., and HealthInsurance.org, LLC (Lucie, Inc., Trove Group Inc., and HealthInsurance.org, LLC collectively, the “Marketplace Subsidiaries”). Together, these businesses deliver exceptional lifestyle products and technology platforms that make healthcare easy to choose, use, and experience.

Our technology drives better choice, deeper engagement, and connection to high-value clinical care for our members. We serve approximately 2.7 million effectuated members (“members”) as of September 30, 2026, which represents an approximately 27% increase compared to September 30, 2025. Effectuated members are those who are actively enrolled in one of the Company’s plans and whose required premium payments have either been made or are within the payment grace period. Refer to“Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations-Recent Developments, Trends and Other Key Factors Impacting Performance-Members”and “Note 3 - Revenue Recognition” for further discussion.

We regularly review our total revenue, medical loss ratio (“MLR”), selling, general, and administrative expense ratio (“SG&A expense ratio”), earnings from operations, and net income attributable to Oscar Health, Inc. to evaluate our business, measure our performance, identify trends in our business, prepare financial projections, and make strategic decisions.

Total Revenue

Total revenue includes premium revenue (net of risk adjustment transfers), investment income, and other revenues. We believe total revenue is an important metric to assess the growth of our business, as well as the earnings potential of our investment portfolio.

MLR

MLR is a metric used to calculate medical expenses as a percentage of net premiums before ceded quota share reinsurance. The impact of the federal risk adjustment program is included in the denominator of our MLR. We believe MLR is an important metric to demonstrate the ratio of our costs to pay for the healthcare of our members to the net premium before ceded quota share reinsurance.

SG&A Expense Ratio

The SG&A expense ratio reflects the Company’s selling, general, and administrative expenses, as a percentage of total revenue (net of risk adjustment transfers). We believe the SG&A expense ratio is useful to evaluate our ability to manage our overall selling, general, and administrative cost base.

Earnings (Loss) from Operations

Earnings (loss) from operations is the Company's total revenue less total operating expenses. We believe earnings (loss) from operations is an important metric for assessing operating performance.

Net Income (Loss) Attributable to Oscar Health, Inc.

Net income (loss) attributable to Oscar Health, Inc. is net earnings (loss) allocated to the Company after net income (loss) attributable to noncontrolling interests. It is a key indicator of the Company’s profitability and operational efficiency, allowing management to evaluate performance and make informed decisions on strategic planning, cost management, and resource allocation.