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P3 Health Partners cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$61.9M in Q2 2026 · −$131M over twelve months

Operating cash flow−$61.9M
Free cash flow−$61.9M
Cash / net income-4.0×

Analysis

In Q2 2026, P3 Health Partners generated −$61.9M of operating cash flow. That is $45.3M less than in Q2 2025 (−$16.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$131M; the largest uses were operating cash flow ($131M), other investing ($172K), taxes on employees’ shares ($4K); besides operations, cash came from other financing ($58.6M), net borrowing (+) / repaid (−) ($55.0M); the cash balance fell by $17.1M.

Operating cash flow was −$61.9M against net income of $15.7M — -4.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$21.0M, prepaid and other assets −$8.5M, payables −$4.0M.

Free cash flow

P3 Health Partners: free cash flow by quarterP3 Health Partners: free cash flow by quarter−$22.6MQ3 2024−$57.2MQ4 2024−$33.5MQ1 2025−$16.6MQ2 2025−$15.4MQ3 2025−$25.7MQ4 2025−$27.5MQ1 2026−$61.9MQ2 2026
Operating cash flow less capital spending.
P3 Health Partners: operating cash flow against capital spendingP3 Health Partners: operating cash flow against capital spendingOperating cash flowCapital spending−$22.6M$0Q3 2024−$57.2M$0Q4 2024−$33.5M$0Q1 2025−$16.6M$0Q2 2025−$15.4M$0Q3 2025−$25.7M$0Q4 2025−$27.5M$0Q1 2026−$61.9M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$61.9M, Capital spending $0.

Capital allocation, year by year

P3 Health Partners: where the cash came from (up) and went (down), by fiscal yearP3 Health Partners: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2020: Operating cash flow −$24.6MFY2020: Net borrowing $34.9MFY2020: Capital spending −$2.9MFY2020: Acquisitions −$130K$34.9MFY2020FY2022: Operating cash flow −$126MFY2022: Net borrowing $11.4MFY2022: Capital spending −$2.2MFY2022: Acquisitions −$5.5M$11.4MFY2022FY2023: Operating cash flow −$76.0MFY2023: Net borrowing $14.1MFY2023: Capital spending −$1.8M$14.1MFY2023FY2024: Operating cash flow −$110MFY2024: Net borrowing $59.0MFY2024: Asset sales $14.5M$73.5MFY2024FY2025: Operating cash flow −$91.2MFY2025: Net borrowing $73.0MFY2025: Asset sales $50K$73.0MFY2025
Over these 5 years operating cash flow totalled −$428M; the largest uses were operating cash flow ($428M) and capital spending ($7.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$21.3M
Debt$120M
Net debt$99.0M
Due within a year$45.1M
Cash runway2 months

P3 Health Partners is burning cash: its operations consume cash, a free cash flow of −$131M a year at the current rate against $21.3M of cash and investments: a runway of about 2 months; $45.1M of debt also comes due within a year, which would need refinancing or new money before any new financing.

P3 Health Partners: debt maturities by year (FY2025)P3 Health Partners: debt maturities by year (FY2025)$45.1MYear 1$111MYear 2$181MYear 3
Principal due in each year as disclosed in the annual report, against $21.3M of cash and investments now.

Where the cash came from and went

P3 Health Partners: sources (+) and uses (−) of cash, Q2 2026P3 Health Partners: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$61.9MOther financing$58.6MCash drawn (+) / kept (−)$3.9MNet borrowing (+) / repaid (−)−$417KOther investing−$208K
P3 Health Partners: sources (+) and uses (−) of cash, TTM to Q2 2026P3 Health Partners: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$131MOther financing$58.6MNet borrowing (+) / repaid (−)$55.0MCash drawn (+) / kept (−)$17.1MOther investing−$172KTaxes on employees’ shares−$4K

From profit to cash

P3 Health Partners: net income to operating cash flow, Q2 2026P3 Health Partners: net income to operating cash flow, Q2 2026Net income$15.7MDepreciation & amortization$21.0MStock-based pay$866KPayables−$4.0MEmployee-related liabilities−$352KPrepaid and other assets−$8.5MIncome taxes payable−$2.4MOperating cash flow−$61.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$61.9M−$417K$3.9M−$61.9M
Q1 2026−$27.5M$27.8M−$295K−$27.5M
Q4 2025−$25.7M$12.9M$12.7M−$25.7M
Q3 2025−$15.4M$14.7M$865K−$15.4M
Q2 2025−$16.6M$14.7M$2.0M−$16.6M
Q1 2025−$33.5M$30.8M$2.8M−$33.5M
Q4 2024−$57.2M$33.7M$24.0M−$57.2M
Q3 2024−$22.6M−$623K$10.1M−$22.6M

P3 Health Partners: income statement and cash flow

P3 Health Partners, Q2 2026: revenue $386M (+9% year over year), operating margin 10.7%. The chart follows the revenue to costs, profit and cash.

P3 Health Partners: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.