Companies /Healthcare

P3 Health Partners Inc

NASDAQ: PIII Medical Care Facilities
$7.96
▲ $0.35 (+4.53%) today
Markets open · 3:54pm ET

Q4 2025 Earnings

Reported Mar 26, 2026, 4:06pm ET · SEC source
$-23.02
Miss −143.21%
EPS · est. $-9.47
$384.8M
Beat +7.60%
Revenue · est. $357.7M
−17.0%
Trailing market
PIII vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%+10%Mar 26Mar 27report 4:06pm ETearnings−1.8%+8.9%
−5%0+5%+10%Mar 26Mar 27earnings−1.8%+8.9%
PIII +8.9%S&P 500 −1.8%
−5%0+5%+10%Mar 26Mar 27report 4:06pm ETearnings−2.1%+8.9%
−5%0+5%+10%Mar 26Mar 27earnings−2.1%+8.9%
PIII +8.9%NASDAQ −2.1%
−6%0+6%+12%Mar 26Apr 2report 4:06pm ETearnings+1.5%−3.4%
−6%0+6%+12%Mar 26Apr 2earnings+1.5%−3.4%
PIII −3.4%S&P 500 +1.5%
−6%0+6%+12%Mar 26Apr 2report 4:06pm ETearnings+1.8%−3.4%
−6%0+6%+12%Mar 26Apr 2earnings+1.8%−3.4%
PIII −3.4%NASDAQ +1.8%
+5.38%
Day of report
+0.68%
Next session
−14.29%
One week
−4.76%
30 days

S&P 500 over the same 30 days: +12.22%.

Did PIII Beat Earnings? Q4 2025 Results

P3 Health Partners delivered a deeply conflicted set of Q4 2025 results, posting revenue of $384.81 million, a 7.60% beat against the $357.65 million consensus and a 3.8% gain year-over-year, while its loss per share of $23.02 missed the $9.46 consensus estimate by a staggering 143.21%. The central culprit was a severe deterioration in medical margin, which swung to negative $28.70 million from positive $7.28 million a year earlier, as claims expense of $394.88 million overwhelmed capitated revenue and premium deficiency reserves of $55.41 million compounded the damage. The quarterly net loss widened to $165.71 million, leaving total stockholders' equity deeply negative at $155.23 million and cash at just $25.01 million, raising ongoing questions about capital access and covenant compliance. Shares fell following the report as investors weighed those structural pressures against management's forward guidance, which targets 2026 Adjusted EBITDA of negative $20 million to positive $40 million, representing roughly $170 million of year-over-year improvement, alongside revenues of $1.50 billion to $1.70 billion.

Key Takeaways
  • Capitated revenue PMPM improved 9% year-over-year in Q4 to $1,060
  • Intentional network alignment reduced at-risk membership by approximately 9% year-over-year
  • Strengthened contract economics and improved provider alignment
  • Normalized Adjusted EBITDA improved $43.9 million year-over-year for full year 2025
  • Medical claims expense exceeded capitated revenue in Q4, driving negative medical margin

“2025 was a year of meaningful progress in repositioning the business. We strengthened our contract economics, improved provider alignment, and built a more disciplined operating foundation. With that work in place, we enter 2026 with a clear path to profitability and approximately $170 million of expected year-over-year EBITDA improvement at the midpoint of our guidance range.”

P3 Health Partners CEO, on the earnings call

Forward Guidance & Outlook

P3 provided 2026 full-year guidance with Adjusted EBITDA expected in the range of negative $20 million to positive $40 million, with a midpoint of $10 million, representing approximately $170 million of year-over-year improvement. Total revenues are expected between $1.5 billion and $1.7 billion. Medical margin is guided at $160 million to $200 million, with medical margin PMPM of $120 to $150. At-risk membership is expected between 107,000 and 117,000. The company also noted a new Medicare Advantage geography with a deliberate glidepath toward full risk to strengthen long-term earnings power.

PIII YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$200.0M$400.0M$370.7M$384.8MRevenue$-173,058,149$-153,866,000Operating Income
$0$200.0M$400.0MRevenueOperating Income

PIII Revenue by Segment

Capitated Revenue$366.2M
Other Revenue$18.6M

Figures from SEC filings and company reports. Not investment advice.