$OSCR

Mulberry Health Inc.

CIK:0001568651|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Premium	$ 4,789,331	$ 2,803,444	$ 9,370,193	$ 5,799,265
Investment income	84,794	54,004	145,408	100,116
Other revenues	6,095	6,497	11,813	10,827
Total revenue	4,880,220	2,863,945	9,527,414	5,910,208
Operating Expenses
Medical	3,794,445	2,552,973	7,024,302	4,812,624
Selling, general, and administrative	691,080	534,485	1,397,314	1,017,244
Depreciation and amortization	6,060	6,970	13,078	13,700
Total operating expenses	4,491,585	3,094,428	8,434,694	5,843,568
Earnings (loss) from operations	388,635	(230,483)	1,092,720	66,640
Interest expense	4,709	5,847	10,092	11,841
Other expenses (income)	915	(2,794)	844	124
Earnings (loss) before income taxes	383,011	(233,536)	1,081,784	54,675
Income tax expense (benefit)	21,183	(5,045)	40,933	7,660
Net income (loss)	361,828	(228,491)	1,040,851	47,015
Less: Net income (loss) attributable to noncontrolling interests	20	(130)	47	105
Net income (loss) attributable to Oscar Health, Inc.	$ 361,808	$ (228,361)	$ 1,040,804	$ 46,910
Earnings (loss) per Share
Basic (in dollars per share)	$ 1.20	$ (0.89)	$ 3.47	$ 0.19
Diluted (in dollars per share)	$ 1.10	$ (0.89)	$ 3.16	$ 0.17
Weighted Average Common Shares Outstanding
Basic (in shares)	302,220,000	255,531,000	300,197,000	253,417,000
Diluted (in shares)	333,432,000	255,531,000	331,292,000	270,244,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 1,040,851	$ 47,015
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Change in provision for credit losses	48,072	(23,950)
Stock-based compensation expense	36,623	49,084
Depreciation and amortization expense	13,049	13,700
Amortization of debt issuance costs	2,163	389
Net accretion of investments	(15,285)	(15,667)
Deferred taxes	(7,731)	0
Net realized gain on sale of financial instruments	(1,732)	(131)
(Increase) / decrease in:
Reinsurance recoverable	(96,794)	98,839
Accounts receivable	(65,448)	(51,666)
Receivables from CMS	(44,721)	(95,982)
Other assets	(26,660)	(26,512)
Increase / (decrease) in:
Payables to CMS	3,365,194	1,127,430
Benefits payable	443,050	194,902
Accounts payable and other liabilities	20,408	103,024
Unearned premiums	1,302	(4,900)
Reinsurance payable	(1,016)	(27,966)
Net cash provided by operating activities	4,711,325	1,387,609
Cash Flows from Investing Activities:
Sale of investments	983,943	15,761
Maturity and paydowns of investments	553,943	267,419
Change in restricted deposits	606	526
Purchase of investments	(4,942,801)	(607,838)
Purchase of property, equipment, and capitalized software	(20,556)	(18,303)
Net cash used in investing activities	(3,424,865)	(342,435)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options and stock purchase agreement	29,904	29,295
Tax payments related to net settlement of share-based awards	(11,920)	(2,289)
Payments of debt issuance costs	(4,919)	0
Earn-out Liability Payout	(3,370)	0
Net cash provided by financing activities	9,695	27,006
Increase in cash, cash equivalents and restricted cash equivalents	1,296,155	1,072,180
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period	2,804,123	1,551,118
Cash, cash equivalents, restricted cash and cash equivalents—end of period	4,100,278	2,623,298
Cash and cash equivalents	4,075,612	2,598,942
Restricted cash and cash equivalents included in restricted deposits	24,666	24,356
Total cash, cash equivalents and restricted cash and cash equivalents	4,100,278	2,623,298
Supplemental Disclosures:
Interest payments	6,000	11,360
Income tax payments	$ 1,107	$ 15,478

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 4,075,612	$ 2,774,151
Short-term investments	4,479,906	1,216,461
Accounts receivable (net of allowance for credit losses of $55,298 and $7,226)	380,057	362,682
Reinsurance recoverable	196,544	99,750
Receivables from CMS	180,750	136,029
Other current assets	60,317	24,331
Total current assets	9,373,186	4,613,404
Long-term investments	1,600,770	1,470,987
Property, equipment, and capitalized software, net	101,494	88,350
Restricted deposits	29,178	32,951
Other assets	122,134	119,719
Total assets	11,226,762	6,325,411
Current Liabilities:
Payables to CMS	6,095,289	2,730,095
Benefits payable	1,898,435	1,455,385
Accounts payable and other liabilities	525,709	507,325
Unearned premiums	167,505	166,203
Reinsurance payable	2,564	3,579
Total current liabilities	8,689,502	4,862,587
Long-term debt	431,629	430,095
Other liabilities	50,466	51,994
Total liabilities	9,171,597	5,344,676
Commitments and contingencies (Note 12)
Stockholders' Equity
Treasury stock (315 thousand shares as of June 30, 2026 and December 31, 2025)	(2,923)	(2,923)
Additional paid-in capital	4,316,831	4,256,972
Accumulated deficit	(2,253,630)	(3,294,434)
Accumulated other comprehensive income (loss)	(8,250)	18,030
Total Oscar Health, Inc. stockholders' equity	2,052,031	977,648
Noncontrolling interests	3,134	3,087
Total stockholders' equity	2,055,165	980,735
Total liabilities and stockholders' equity	11,226,762	6,325,411
Common Class A
Stockholders' Equity
Common stock	3	3
Common Class B
Stockholders' Equity
Common stock	$ 0	$ 0