v3.26.1
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share (“EPS”) is computed by dividing Net income (loss) attributable to Oscar Health, Inc. for the period by the weighted-average shares of common stock outstanding during the period.

In periods when the Company is in a net loss position, potentially dilutive securities are excluded from the computation of diluted EPS because their inclusion would have an anti-dilutive effect; thus, basic EPS is the same as diluted EPS.

During periods of net income, diluted EPS is computed by adjusting Net income attributable to Oscar Health, Inc. for any interest charges, net of tax, related to the Company’s convertible notes, and, when applicable, for changes in the fair value of the bifurcated conversion option to the extent these instruments are dilutive. This adjusted net income is then divided by the sum of the basic weighted-average shares of common stock outstanding and any dilutive potential common stock outstanding during the period, using the treasury stock method and the if-converted method for convertible senior notes, as described in “Note 9 - Debt”. Potential common stock includes the effect of outstanding dilutive stock options, restricted stock units, and performance-based restricted stock units. The computations for basic and diluted EPS are as follows:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share data)2026202520262025
Numerator:
Net income (loss) attributable to Oscar Health, Inc. - basic$361,808 $(228,361)$1,040,804 $46,910 
Effect of convertible senior notes3,721 — 7,442 — 
Net income (loss) available to Oscar Health, Inc. common shareholders - diluted$365,529 $(228,361)$1,048,246 $46,910 
Denominator:
Weighted average shares of common stock outstanding - basic302,220255,531300,197253,417
Common stock equivalents10,485—10,36816,827
Effect of convertible senior notes 20,727—20,727—
Weighted average shares of common stock outstanding - diluted333,432 255,531 331,292 270,244 
Earnings (loss) per Share
Basic
$1.20 $(0.89)$3.47 $0.19 
Diluted
$1.10 $(0.89)$3.16 $0.17 

The following potential common shares were excluded from the computation of diluted EPS because including them would have had an anti-dilutive effect:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Stock options to purchase common stock
371 15,323 638 2,952 
Restricted stock units
277 10,770 409 4,239 
Performance-based restricted stock units— 7,453 4,984 — 
Shares underlying convertible notes (Note 9)— 36,652 — 36,652 
Total
648 70,198 6,031 43,843