Filing Flows › P3 Health Partners (PIII) › Q1 2026 › vs Q1 2025
P3 Health Partners (PIII) Q1 2026 vs Q1 2025 (year over year)
P3 Health Partners's revenue rose $13.2M (+4%) from $373M in Q1 2025 to $386M in Q1 2026. The biggest changes: Capitated revenue +$10.0M (+3%); Other patient service revenue +$3.2M (+86%); Health Care Clinical Fees Insurance Revenue −$729K (-73%).
P3 Health Partners, Q1 2026: revenue $386M (+4% year over year), operating margin 2.1%, net earnings $3.0M, operating cash flow −$27.5M. The chart draws each line against Q1 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Capitated revenue | $379M | $370M | $10.0M | +3% |
| Other patient service revenue | $6.9M | $3.7M | $3.2M | +86% |
| Health Care Clinical Fees Insurance Revenue | $263K | $992K | −$729K | -73% |
| Health Care Incentive Fees | $110K | $21K | $89K | +424% |
| Revenue | $386M | $373M | $13.2M | +4% |
| Income tax benefit | $11.0M | −$1.1M | $12.1M | — |
| Costs & expenses | $397M | $417M | −$20.1M | -5% |
| Operating costs | $378M | $411M | −$33.2M | -8% |
| Interest & other, net | $16.2M | $5.1M | $11.1M | +218% |
| Net earnings | $3.0M | −$44.2M | $47.3M | — |
| Sales & marketing | $227K | $181K | $46K | +25% |
| General & admin | $25.5M | $25.0M | $544K | +2% |
| Other operating costs | $352M | $386M | −$33.8M | -9% |
| Operating cash sources | $52.6M | $12.1M | $40.6M | +336% |
| Depreciation & amortization | $21.1M | $21.1M | $22K | +0.1% |
| Share-based compensation | $1.1M | $1.8M | −$757K | -42% |
| Cash used in operations | $27.5M | $33.5M | −$6.0M | -18% |
| Working capital & other | $52.6M | $12.1M | $40.6M | +336% |
Questions
How much did P3 Health Partners's revenue grow year over year in Q1 2026?
P3 Health Partners's revenue rose $13.2M (+4%) from $373M in Q1 2025 to $386M in Q1 2026.
What drove P3 Health Partners's revenue change in Q1 2026?
Capitated revenue +$10.0M (+3%); Other patient service revenue +$3.2M (+86%); Health Care Clinical Fees Insurance Revenue −$729K (-73%).