P3 Health Partners (PIIIW) Q3 2026 Earnings
Includes a $27,950 thousand premium deficiency reserve benefit, a $7,612 thousand mark-to-market gain on stock warrants and purchased put option, $5,250 thousand of other income, and favorable payer settlements and prior-year development recognized in the quarter; net income attributable to Class A common stockholders was reduced by $15,170 thousand of cumulative preferred stock dividends.
How Did PIIIW Stock React to Q3 2026 Earnings?
Did PIIIW Beat Earnings? Q3 2026 Results
Yes. P3 Health Partners reported Q3 2026 earnings of $0.07 a share on Nov 9, 2026, beating the $-7.40 consensus estimate by 100.9%. Revenue was $396.3M against a $385.2M estimate.
P3 Health Partners delivered a sharp reversal in the third quarter of 2026, posting revenue of $396.34 million, up 14.8% year over year and ahead of the $385.15 million consensus by 2.91%, while swinging to GAAP net income of $30.78 million from a net loss of $69.46 million a year earlier. The turnaround was powered by an 18% rise in per-member capitated revenue reflecting improved network economics and rate progression, even as at-risk membership fell roughly 9% to about 105,000 members through intentional payer rationalization. GAAP diluted EPS of $0.07 includes a $27.95 million premium deficiency reserve benefit, a $7.61 million mark-to-market gain on warrants and a purchased put option, $5.25 million of other income, and favorable payer settlements, with $15.17 million in cumulative preferred dividends reducing the amount attributable to Class A stockholders. Looking ahead, management raised the low end of its full-year Adjusted EBITDA guidance to $90 million, bringing the range to $90 million to $110 million, and cited building momentum into 2027 on the strength of its medical cost trend.
- Per-member capitated revenue up 18% on improved network economics, rate progression and burden-of-illness performance
- Lower medical expense ($346.0M vs. $369.8M a year earlier)
- Favorable payer settlements and prior-year development lifted medical margin to $43.9M ($140 PMPM); excluding these items, $35.0M ($111 PMPM)
- Premium deficiency reserve benefit of $27.95M
- Interest expense down to $5.0M from $20.5M
- Mark-to-market gain on warrants and purchased put option of $7.6M
- Other revenue grew to $30.1M from $3.7M
“This was another strong quarter for P3. The foundation we have built over the past two years is showing up both in the care our patients receive and in the consistency of our results. We carry real momentum into 2027, as evidenced by our medical cost trend, and I am excited about what lies ahead for our patients, our providers, and our partners.”
P3 Health Partners CEO, on the earnings call
What Is P3 Health Partners's Outlook?
P3 revised its full-year 2026 guidance. It raised the low end of its Adjusted EBITDA range to $90 million, bringing the range to $90 million–$110 million and the midpoint to $100 million. The increase reflects underlying year-to-date performance plus the prior-year development and payer settlements recognized in the quarter. Other full-year guidance: at-risk members of 102,000–106,000, total revenues of $1,525 million–$1,600 million, medical margin of $260 million–$300 million, and medical margin PMPM of $210–$240. The CEO said the company carries momentum into 2027, citing its medical cost trend.
PIIIW YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $396.3M | $345.2M | +14.8% |
| Gross Profit | $50.3M | $12.4M | +305.2% |
| Operating Income | $23.0M | $9.1M | +152.0% |
| Net Income | $15.6M | $6.3M | +149.5% |
PIIIW Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.