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P3 Health Partners (PIII) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · P3 Health Partners (PIII) Q2 2026 earnings results →
Q2 2026 Revenue up 9% year over year to $386M · 2¢ of every $1 of revenue kept as net profit · operating margin 10.7%
P3 Health Partners made $386M in Q2 2026 (+9% Y/Y): Capitated revenue $366M, Other patient service revenue $20.0M. Operating margin 10.7%, net earnings $7.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $386.4M in Q2 2026, up 9% year over year and roughly flat from the previous quarter. Capitated revenue was the largest line at 95% of revenue. Capitated revenue added $14.7M year over year (up 4%), 48% of the total change.
Operating profit was $41.2M, a 10.7% margin (up 20.3 points year over year). Total costs fell 11% while revenue rose 9%. The fastest-growing cost line was General & admin (+38%). Net earnings were $7.4M. The effective tax rate was 7.5%.
Operating cash flow was −$61.9M. Non-cash charges added back $21.0M of depreciation and amortization and $866K of share-based compensation. Working capital and other items used $99.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $386M | +9% | 10.7% | $7.4M | −$61.9M |
| Q1 2026 | 10-Q | May 14, 2026 | $386M | +4% | 2.1% | $3.0M | −$27.5M |
| Q4 2025 | 10-K | Mar 26, 2026 | $385M | +4% | -40.0% | −$166M | −$25.7M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $345M | -5% | -12.8% | −$69.5M | −$15.4M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $356M | -6% | -9.6% | −$43.7M | −$16.6M |
| Q1 2025 | 10-Q | May 15, 2025 | $373M | -4% | -10.2% | −$44.2M | −$33.5M |
| Q4 2024 | 10-K | Mar 28, 2025 | $371M | +7% | -37.4% | −$129M | −$57.2M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About P3 Health Partners
We were incorporated in Delaware as Foresight Acquisition Corp. (“Foresight”) on August 20, 2020. On December 3, 2021 (the “Closing Date”), we completed the Business Combinations (defined and discussed more fully below) with P3 Health Group Holdings, LLC, a Delaware limited liability company (“P3 Health Group Holdings”) and we changed our name to P3 Health Partners Inc. Following the Business Combinations, we are organized in an “Up-C” structure, in which P3 Health Partners Inc. is the sole manager of P3 Health Group, LLC and directly owns approximately 46% of P3 Health Group, LLC as of December 31, 2025. Substantially all of the Company’s assets are held and operations are conducted by P3 LLC and its subsidiaries, and the Company’s only assets are equity interests in P3 LLC.
In its own words, from its 10-K, filed Mar 26, 2026.
P3 Health Partners against its Services-Health Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +13%. Operating margin: 10.7% against the peers' median 5.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PIII P3 Health Partners | Q2 2026 | $386M | +9% | 10.7% |
| PRVA Privia Health Group | Q3 2026 | $657M | +13% | 3.1% |
| LFST LifeStance Health Group | Q3 2026 | $456M | +25% | 7.3% |
| PNTG Pennant Group | Q3 2026 | $302M | +32% | 5.5% |
| INNV InnovAge Holding | Q1 FY27 | $265M | +12% | 7.6% |
| USPH U S Physical Therapy | Q3 2026 | $223M | +13% | 11.3% |
| WGS GeneDx Holdings | Q2 2026 | $114M | +11% | -15.3% |
| OMDA Omada Health | Q3 2026 | $91.3M | +34% | 5.3% |
| DCGO DocGo | Q2 2026 | $73.4M | -9% | -24.4% |
Source: P3 Health Partners 10-Q on SEC EDGAR · CIK 1832511 · Services-Health Services
13F: who owns PIII and who is buying
More on PIII
- How P3 Health Partners makes money: revenue by segment
- P3 Health Partners next earnings date and what analysts expect
- P3 Health Partners stock forecast, price target and fair value
- Who owns P3 Health Partners stock: holders, funds and Congress trades
- Is P3 Health Partners a takeover target? LBO and rumors
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results