Oscar Health Inc-A 2025年度报告

FellowShareholders, Not hing we creat ed 80 years ago looks t he same except healt hcare. Healt h insurance is now t he largesthousehold expense. Employer cost s are rising fast er t han wages and cont inue t o out pace inflat ion. Consumers drive change in every major market . They shop and choose what t o pay for t heir homes, cars, andeducat ion. Yet , for t he single most expensive household product , t hey get t old what t o buy.It ?s t ime for amarket place t hat allows consumers t o own t heir healt hcare. Consumers t ell us t hey want : plans t hat address t heir affordabilit y concerns, plans t hat provide high qualit ycare, plans t hat include t heir preferred doct ors and prescript ions. Now imagine shopping across t housandsof product s. You pick a plan t hat f it s your needs and budget . You have a personal net work of doct ors,medicat ions, and hospit als and only pay for what you need. You own your plan from your f irst job t hroughret irement , no mat t er how oft en you change jobs. You have an AI agent t hat guides you t o t he right care wit hcost s and qualit y scores upfront . Oscar is unlocking t his change t hrough t he individual market . Oscar t ook decisive act ions t o advance our vision in 2025. We launched new lifest yle product s and expandedour foot print . We drove eff iciency across our business and reimagined t he consumer experience wit h newagent ic AI t ools t o help members t ake cont rol of t heir healt h. Our disciplined execut ion in t he dynamicmarket drove record growt h in Open Enrollment . Oscar now serves ~3.4 million members1, a 58%increaseyear- over- year, and we nearly doubled our market share t o 30%.Consumers choose value. They are choosingOscar. 2026 is our year. We are posit ioned t o signif icant ly expand margins, ret urn t o prof it abilit y, and accelerat ef inancial performance t oward our long- t erm t arget s. Our growt h reflect s 12 years of navigat ing t he individualmarket and st aying ahead of t he consumer. We have mult iple pat hs t o achieve our goals. Consumer- driven healt hcare is t he next great shift for hundreds of millions of American businesses andfamilies. When shopping for healt h insurance is as easy and t ransparent as booking a hot el, we can eliminat edecades of ineff iciency and make healt hcare work like every ot her modern market . Oscar is building t hisfut ure for everyone. Ent repreneurs. Families working mult iple jobs as wait ers, t radespeople and ret ail clerkswit hout employer coverage. Mid- sized employers. Large employers.People who need coverage t hat f it s reallife. Thank you for being part of t he company built t o lead t he next healt h economy. Mark T. Bert oliniCEO of Oscar Healt h Long-Term St rat egic Object ives Build an individual market place t hat priorit izes choice, qualit y, andaffordabilit y Drive accelerat ed market growt h t hrough expansion andlocal market excellence Deliver market - leading, sust ainable, scalable operat ions UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-K [X]ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________to__________Commission File Number: 001-40154____________________________________________________________ Oscar Health, Inc. (Exact name of registrant as specified in its charter)____________________________________________________________ (State or other jurisdictionof incorporation or organization) Registrant’s telephone number, including area code:(646) 403-3677Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of "large a