The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how health insurance providers stocks fared in Q4, starting with Oscar Health (NYSE: OSCR).

Upfront premiums collected by health insurers lead to reliable revenue, but profitability ultimately depends on accurate risk assessments and the ability to control medical costs. Health insurers are also highly sensitive to regulatory changes and economic conditions such as unemployment. Going forward, the industry faces tailwinds from an aging population, increasing demand for personalized healthcare services, and advancements in data analytics to improve cost management. However, continued regulatory scrutiny on pricing practices, the potential for government-led reforms such as expanded public healthcare options, and inflation in medical costs could add volatility to margins. One big debate among investors is the long-term impact of AI and whether it will help underwriting, fraud detection, and claims processing or whether it may wade into ethical grey areas like reinforcing biases and widening disparities in medical care.

The 12 health insurance providers stocks we track reported a slower Q4. As a group, revenues beat analysts’ consensus estimates by 0.8% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 9.1% since the latest earnings results.

Oscar Health (NYSE: OSCR)

Founded in 2012 to simplify the notoriously complex American healthcare system, Oscar Health (NYSE: OSCR) is a technology-focused health insurance company that offers individual and small group health plans through its cloud-native platform.

Oscar Health reported revenues of $2.81 billion, up 17.3% year on year. This print fell short of analysts’ expectations by 10.2%. Overall, it was a mixed quarter for the company with full-year operating income guidance exceeding analysts’ expectations but a significant miss of analysts’ revenue estimates.

“2025 was a reset year for the individual market, and we took decisive actions to return to profitability in 2026,” said Mark Bertolini, CEO of Oscar Health.

Oscar Health achieved the highest full-year guidance raise but had the weakest performance against analyst estimates of the whole group. Unsurprisingly, the stock is up 5% since reporting and currently trades at $13.29.

Is now the time to buy Oscar Health? Access our full analysis of the earnings results here, it’s free.

Best Q4: Clover Health (NASDAQ: CLOV)

Founded in 2014 to improve healthcare for America's seniors through technology, Clover Health (NASDAQ: CLOV) provides Medicare Advantage plans for seniors with a focus on affordable care and uses its proprietary Clover Assistant software to help physicians manage patient care.

Clover Health reported revenues of $487.7 million, up 44.7% year on year, outperforming analysts’ expectations by 4.4%. The business had a strong quarter with an impressive beat of analysts’ revenue estimates and EPS in line with analysts’ estimates.

Clover Health delivered the biggest analyst estimates beat and fastest revenue growth among its peers. The company added 4,577 customers to reach a total of 113,803. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 8.6% since reporting. It currently trades at $1.97.

Is now the time to buy Clover Health? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Molina Healthcare (NYSE: MOH)

Founded in 1980 as a provider for underserved communities in Southern California, Molina Healthcare (NYSE: MOH) provides managed healthcare services primarily to low-income individuals through Medicaid, Medicare, and Marketplace insurance programs across 21 states.

Molina Healthcare reported revenues of $11.38 billion, up 8.3% year on year, exceeding analysts’ expectations by 3.7%. Still, it was a softer quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ full-year EPS guidance estimates.

As expected, the stock is down 16.8% since the results and currently trades at $147.13.

Read our full analysis of Molina Healthcare’s results here.

Alignment Healthcare (NASDAQ: ALHC)

Founded in 2013 with a mission to transform healthcare for seniors, Alignment Healthcare (NASDAQ: ALHC) provides Medicare Advantage health plans for seniors with features like concierge services, transportation benefits, and technology-driven care coordination.

Alignment Healthcare reported revenues of $1.01 billion, up 44.4% year on year. This print beat analysts’ expectations by 1%. More broadly, it was a mixed quarter as it also logged a beat of analysts’ EPS estimates but revenue guidance for next quarter missing analysts’ expectations significantly.

The company added 6,700 customers to reach a total of 236,300. The stock is down 14.2% since reporting and currently trades at $17.53.

Read our full, actionable report on Alignment Healthcare here, it’s free.

UnitedHealth (NYSE: UNH)

With over 100 million people served across its various businesses and a workforce of more than 400,000, UnitedHealth Group (NYSE: UNH) operates a health insurance business and Optum, a healthcare services division that provides everything from pharmacy benefits to primary care.

UnitedHealth reported revenues of $113.2 billion, up 12.3% year on year. This number met analysts’ expectations. Zooming out, it was a slower quarter as it produced full-year revenue guidance missing analysts’ expectations significantly and revenue in line with analysts’ estimates.

The stock is down 18.7% since reporting and currently trades at $285.80.

Read our full, actionable report on UnitedHealth here, it’s free.

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