Let, oxidation number of O = x
\(\therefore\) 2(1) + 2(x) = 0
2 + 2x = 0
2x = -2
x = \(\frac{-2}{2}\) = -1
\(\therefore\) Oxidation no. of O in H2O2 = –1
However, the oxidation number of O can vary from 0 to – 2 in other species. So, the oxidation number of O can decrease or increase, due to this reason, H2O2 can act both as oxidizing as well as reducing agent.