Filing Flows › P3 Health Partners (PIII) › Q2 2025
P3 Health Partners (PIII) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 14, 2025
P3 Health Partners (PIII) reported revenue of $356M for the second quarter 2025 (Q2 2025), -6% from a year earlier and -5% from the quarter before. Operating margin was -9.6%, net loss $43.7M (12.3% of revenue).
P3 Health Partners, Q2 2025: revenue $356M (-6% year over year), operating margin -9.6%, net loss $43.7M, operating cash flow −$16.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $356M | -5% | -6% |
| Operating profit | −$34.1M | — | — |
| Net earnings | −$43.7M | — | — |
| Operating cash flow | −$16.6M | — | — |
What changed
Revenue was $355.8M in Q2 2025, down 6% year over year and down 5% from the previous quarter. Capitated Revenue was the largest line at 99% of revenue. Capitated Revenue lost $22.6M year over year (down 6%), 97% of the total change.
Operating costs exceeded revenue by $34.1M, an operating margin of -9.6%. Total costs fell 5% while revenue fell 6%. The quarter ended with a net loss of $43.7M, narrower than the previous quarter's $44.2M loss. Minority interests bore $23.3M of it: to shareholders the quarter was a loss of $20.4M.
Operating cash flow was −$16.6M. Non-cash charges added back $21.1M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items added $4.5M.
Questions
What was P3 Health Partners' revenue in the second quarter 2025?
P3 Health Partners (PIII) reported revenue of $356M for the second quarter 2025 (Q2 2025), -6% from a year earlier and -5% from the quarter before.
Was P3 Health Partners profitable in the second quarter 2025?
Operating loss was $34.1M (-9.6% of revenue) and net loss $43.7M.
Source: P3 Health Partners 10-Q on SEC EDGAR.