Filing Flows › P3 Health Partners (PIII) › Q1 2026 › vs Q4 2025
P3 Health Partners (PIII) Q1 2026 vs Q4 2025 (quarter over quarter)
P3 Health Partners's revenue rose $1.6M (+0.4%) from $385M in Q4 2025 to $386M in Q1 2026. The biggest changes: Health Care Incentive Fees −$15.4M (-99%); Capitated revenue +$13.3M (+4%); Other patient service revenue −$11.7M (-63%).
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 Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Capitated revenue | $379M | $366M | $13.3M | +4% |
| Other patient service revenue | $6.9M | $18.6M | −$11.7M | -63% |
| Health Care Clinical Fees Insurance Revenue | $263K | $384K | −$121K | -32% |
| Health Care Incentive Fees | $110K | $15.5M | −$15.4M | -99% |
| Revenue | $386M | $385M | $1.6M | +0.4% |
| Income tax benefit | $11.0M | $1.0M | $10.0M | +957% |
| Costs & expenses | $397M | $552M | −$154M | -28% |
| Operating costs | $378M | $539M | −$161M | -30% |
| Interest & other, net | $16.2M | $12.9M | $3.3M | +26% |
| Net earnings | $3.0M | −$166M | $169M | — |
| Sales & marketing | $227K | $335K | −$108K | -32% |
| General & admin | $25.5M | $35.9M | −$10.3M | -29% |
| Other operating costs | $352M | $502M | −$150M | -30% |
| Operating cash sources | $52.6M | −$118M | $171M | — |
| Depreciation & amortization | $21.1M | $21.0M | $79K | +0.4% |
| Share-based compensation | $1.1M | $1.1M | −$48K | -4% |
| Cash used in operations | $27.5M | $25.7M | $1.7M | +7% |
| Working capital & other | $52.6M | −$118M | $171M | — |
Questions
How much did P3 Health Partners's revenue grow quarter over quarter in Q1 2026?
P3 Health Partners's revenue rose $1.6M (+0.4%) from $385M in Q4 2025 to $386M in Q1 2026.
What drove P3 Health Partners's revenue change in Q1 2026?
Health Care Incentive Fees −$15.4M (-99%); Capitated revenue +$13.3M (+4%); Other patient service revenue −$11.7M (-63%).