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P3 Health Partners (PIII) investor relations material
P3 Health Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Transitional year marked by operational discipline, network and payer rationalization, and expansion of the Care Enablement Model, with a focus on stability and maturing clinical foundation.
Operates a physician-led population health management platform focused on Medicare Advantage, serving approximately 116,000 at-risk members across 24 markets in four states as of September 30, 2025.
Revenue is highly predictable due to recurring capitation contracts, but profitability is challenged by high medical costs and ongoing net losses.
Strategic initiatives include provider network rationalization, joint ventures to add ACO members, and a $120–$170 million EBITDA expansion opportunity targeting profitability in 2026.
Management is focused on growing MA membership, expanding into new markets, and improving medical cost management and operating efficiencies.
Financial highlights
Q3 2025 operating revenue was $345.3 million, down 5% year-over-year, primarily due to a 10% decrease in average at-risk members from strategic contract terminations.
Q3 adjusted EBITDA loss was $45.9 million; year-to-date normalized adjusted EBITDA loss was $70.1 million.
Net loss for Q3 2025 was $69.5 million, an improvement from $102.9 million in Q3 2024.
Medical margin for Q3 2025 was $4.4 million ($13 PMPM), up from $0.5 million ($1 PMPM) in the prior year.
Operating expense for Q3 2025 was $21.1 million, down 33% from $31.6 million in the prior year period.
Cash and restricted cash at September 30, 2025, totaled $38.5 million.
Outlook and guidance
Full-year 2025 revenue guidance is $1.4 to $1.45 billion, with medical margin expected between $67 and $82 million.
Adjusted EBITDA loss for 2025 is forecasted between $95 and $110 million.
Management expects continued net losses and negative cash flows in the near term, with substantial doubt about the ability to continue as a going concern without additional capital.
$120 million–$170 million in EBITDA expansion opportunities identified for the next five quarters, with line of sight to profitability in 2026.
Expecting 5% base rate improvement in premium for 2026, with further upside from coding improvements.
Prevent future settlement adjustments
Impact of provider network rationalization
How will 500bps margin expansion be achieved?
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Next P3 Health Partners earnings date
Q4 202527 Mar, 2026
Next P3 Health Partners earnings date
Q4 202527 Mar, 2026
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Frequently asked questions
P3 Health Partners Inc. is a patient-centered healthcare company that operates physician-led medical groups. It provides population health management services, including primary care, care coordination, and preventive care, primarily to Medicare Advantage members. The company is headquartered in Henderson, Nevada, and its shares are listed on the NASDAQ.
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