NASDAQ$PIII
P3 Health Partners Inc · Q2 2025 earnings
Q2 2025 earnings · · After market close · Investor relations
Briefing
P3 Health reported a $43.7M net loss in Q2 2025 despite maintaining flat medical cost trends and delivering $355.8M in revenue.
P3 Health generated $355.8 million in revenue for Q2 2025, with medical margin reaching $30.6 million. The company continues executing its EBITDA improvement plan but reported a net loss of $43.7 million. Average at-risk membership decreased 9% YoY, though per-member funding improved.
- Revenue for Q2 2025 was $355.8 million, down 6% YoY due to lower membership.
- Medical margin was $30.6 million, or $89 PMPM.
- Net loss was $43.7 million, with EPS of -$6.23.
- Cash balance stood at $38.6 million at quarter end.
Headline financials
Revenue & EPS history
P3 Health · Revenue · Quarterly
$356M
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
P3 expects to sustain flat medical cost trends while identifying $120–$170 million in EBITDA opportunities through 2026, with most markets already breakeven or EBITDA positive.
Tailwinds
- Flat medical cost trends despite industry inflation.
- Three of four markets EBITDA positive or breakeven.
- Identified $120–$170 million in future EBITDA uplift.
- 10% YoY increase in per-member funding (adjusted).
- Execution progressing on $130 million EBITDA improvement plan.
Headwinds
- Net loss widened to $43.7 million.
- 9% YoY drop in at-risk membership.
- Adjusted EBITDA loss of $17.1 million.
- Decline in total revenue due to lower membership.
- No non-GAAP EPS guidance or reconciliations provided.
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 Q2 2025
-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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