NASDAQ$PIII
P3 Health Partners Inc · Q1 2026 earnings
Q1 2026 earnings · · Investor relations
Briefing
P3 Health Partners Inc reported total operating revenue of $386.4 million and net income of $3.0 million for the first quarter ended March 31, 2026.
P3 Health Partners Inc turned to positive net income in Q1 2026 after prior period losses, driven by higher per-member rates and significantly lower medical expenses despite reduced membership. The company achieved strong medical margin expansion and positive Adjusted EBITDA. Operations remain focused on one reportable segment with capitated revenue comprising the vast majority of total revenue.
- Total operating revenue grew 4% year-over-year to $386.4 million, primarily from improved capitated rates offsetting lower at-risk membership.
- Net income reached $3.0 million compared to a $44.2 million loss in the prior-year quarter, aided by a $36.0 million reduction in medical expense.
- Medical margin expanded sharply to $73.7 million from $17.2 million, reflecting favorable claims development and cost management.
- Adjusted EBITDA turned positive at $25.8 million versus a $22.2 million loss, while the company maintained compliance with debt covenants.
Headline financials
Revenue & EPS history
P3 Health · Revenue · Quarterly
$386M
Revenue by segment
P3 Health · $386M total across 2 segments · Q1 2026
- Capitated Revenue$379M—98.2%
- Other Revenue$6.89M—1.8%
Forward guidance
Management continues to prioritize membership quality, cost discipline, and capital structure optimization amid ongoing liquidity considerations.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q1 2026
-3.8%
Avg return
Earnings day
+2.0%
Avg return
5 days after
-15.6%
Avg return
30 days after
37%
7 / 19 earnings
Positive
+11.2%
Q1 2026
Best reaction
-36.8%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +11.2% | +194.4% | — | |
| Q4 2026 | +0.7% | -1.8% | -5.4% | |
| Q3 2025 | +0.4% | -12.6% | -25.9% | |
| Q2 2025 | -2.5% | +5.4% | +23.9% | |
| Q1 2025 | -0.6% | -5.9% | -19.5% | |
| Q4 2024 | -4.5% | +1.1% | -1.2% | |
| Q3 2024 | -36.8% | -42.2% | -46.0% | |
| Q2 2024 | -2.5% | -8.7% | -24.1% | |
| Q1 2024 | +2.6% | -11.8% | -21.6% | |
| Q4 2023 | -13.3% | -22.4% | -56.3% | |
| Q4 2021 | +3.1% | -7.6% | -12.2% | |
| Q3 2023 | -2.1% | -8.8% | -19.0% | |
| Q2 2023 | +0.9% | -10.8% | -5.0% | |
| Q4 2022 | -5.9% | -12.7% | +15.5% | |
| Q3 2022 | -11.8% | -19.7% | -33.5% | |
| Q1 2022 | -5.9% | +2.1% | -16.8% | |
| Q2 2022 | -4.1% | +0.6% | -14.0% | |
| Q3 2021 | +0.1% | +0.3% | -19.9% | |
| Q2 2021 | -0.7% | -0.2% | +0.3% |
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