Capital position remains strong with $5.4 billion in cash and investments and $579 million in excess capital at insurance subsidiaries.
Loss from operations was $230 million in Q2, a $298 million decrease year-over-year; adjusted EBITDA loss was $199 million, a $304 million decrease year-over-year.
Membership grew 28% year-over-year to over 2 million members, supported by strong retention and SEP additions.
Oscar Health reported Q2 2025 total revenue of $2.9 billion, a 29% year-over-year increase driven by higher membership.
SG&A expense ratio improved by 90 basis points year-over-year to 18.7%, driven by lower exchange fee rates and fixed cost leverage.
The medical loss ratio (MLR) increased 12 points year-over-year to 91.1%, impacted by a $316 million increase in risk adjustment payable due to higher market morbidity.
Adjusted EBITDA of $69.3 million was also at the upper end of the guidance range, representing a margin of 11%.
BetterHelp adjusted EBITDA was $11.9 million with a margin of 4.9%, in the upper half of guidance but down year-over-year due to lower revenue and investments in insurance initiative.
BetterHelp average paying users declined by roughly 9,000 sequentially to 388,000, 5% lower year-over-year.
BetterHelp segment revenue was $240.4 million, up slightly sequentially and just above midpoint of guidance.
Chronic care program enrollment at quarter end was 1.12 million, down versus the first quarter due to a contract loss, but underlying enrollment would have increased by a low single-digit percentage excluding that impact.
Ended quarter with $680 million in cash and cash equivalents after retiring $551 million in convertible senior notes.
Free cash flow was $61 million in the second quarter, slightly ahead of the prior year period, with year-to-date free cash flow up by $11 million compared to last year.
Integrated Care adjusted EBITDA was $57.5 million, margin of 14.7%, at the high end of guidance but down from 17% prior year due to prior year tailwinds.
Integrated Care segment revenue of $391.5 million increased 3.7% over the prior year period and exceeded the high end of guidance.
Net loss per share was $0.19, compared to a net loss per share of $4.92 in the second quarter of 2024, which included a $4.64 related to a pretax noncash goodwill impairment charge.
Second quarter consolidated revenue was $631.9 million, near the high end of the guidance range and down 1.6% year-over-year, driven by a decline at BetterHelp, offset to some extent by growth in Integrated Care revenues.
U.S. Integrated Care segment membership was 102.4 million members, up 11% year-over-year.
U.S. Integrated Care virtual visit volume increased by 6% versus the prior year period.
Dafinchi