Filing Flows › P3 Health Partners (PIII) › Q1 2026
P3 Health Partners (PIII) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 14, 2026
P3 Health Partners (PIII) reported revenue of $386M for the first quarter 2026 (Q1 2026), +4% from a year earlier and +0.4% from the quarter before. Operating margin was 2.1%, net earnings $3.0M (0.8% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $386M | +0.4% | +4% |
| Operating profit | $8.2M | — | — |
| Net earnings | $3.0M | — | — |
| Operating cash flow | −$27.5M | — | — |
What changed
Revenue was $386.4M in Q1 2026, up 4% year over year and roughly flat from the previous quarter. Capitated revenue was the largest line at 98% of revenue. Capitated revenue added $10.0M year over year (up 3%), 76% of the total change. Health Care Clinical Fees Insurance Revenue declined 73%.
Operating profit was $8.2M, a 2.1% margin (up 12.3 points year over year). Total costs fell 8% while revenue rose 4%. The fastest-growing cost line was Sales & marketing (+25%). Net earnings were $1.2M.
Operating cash flow was −$27.5M. Non-cash charges added back $21.1M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items used $52.6M.
Questions
What was P3 Health Partners' revenue in the first quarter 2026?
P3 Health Partners (PIII) reported revenue of $386M for the first quarter 2026 (Q1 2026), +4% from a year earlier and +0.4% from the quarter before.
Was P3 Health Partners profitable in the first quarter 2026?
Operating profit was $8.2M (2.1% of revenue) and net earnings $3.0M.
Source: P3 Health Partners 10-Q on SEC EDGAR.