Filing Flows › P3 Health Partners (PIII) › Q2 2026 › vs Q2 2025
P3 Health Partners (PIII) Q2 2026 vs Q2 2025 (year over year)
P3 Health Partners's revenue rose $30.6M (+9%) from $356M in Q2 2025 to $386M in Q2 2026. The biggest changes: Other patient service revenue +$15.9M (+392%); Capitated revenue +$14.7M (+4%). Operating margin 10.7% against -9.6% (+20.3 pts).
P3 Health Partners, Q2 2026: revenue $386M (+9% year over year), operating margin 10.7%, net earnings $7.4M, operating cash flow −$61.9M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 10.7% | -9.6% | +20.3 pts |
| Net margin | 1.9% | -5.7% | +7.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Health Care Incentive Fees | $10.4M | $589K | $9.8M | 18× |
| Health Care Coordination Management Fees | $8.8M | $2.7M | $6.1M | +228% |
| Health Care Clinical Fees Insurance Revenue | $856K | $808K | $48K | +6% |
| Other patient service revenue | $20.0M | $4.1M | $15.9M | +392% |
| Capitated revenue | $366M | $352M | $14.7M | +4% |
| Revenue | $386M | $356M | $30.6M | +9% |
| Operating profit | $41.2M | −$34.1M | $75.3M | — |
| Costs & expenses | $345M | $390M | −$44.8M | -11% |
| Pre-tax earnings | $16.9M | −$41.7M | $58.6M | — |
| Other expense, net | $24.3M | $7.6M | $16.8M | +222% |
| General & admin | $32.4M | $23.4M | $8.9M | +38% |
| Other operating costs | $313M | $366M | −$53.6M | -15% |
| Net earnings | $7.4M | −$20.4M | $27.8M | — |
| Minority interests | $8.2M | −$23.3M | $31.5M | — |
| Income tax | $1.3M | $2.0M | −$716K | -36% |
| Operating cash sources | $91.3M | $18.8M | $72.5M | +385% |
| Depreciation & amortization | $21.0M | $21.1M | −$39K | -0.2% |
| Share-based compensation | $866K | $1.5M | −$597K | -41% |
| Cash used in operations | $61.9M | $16.6M | $45.3M | +272% |
| Working capital & other | $91.3M | $18.8M | $72.5M | +385% |
Questions
How much did P3 Health Partners's revenue grow year over year in Q2 2026?
P3 Health Partners's revenue rose $30.6M (+9%) from $356M in Q2 2025 to $386M in Q2 2026.
What drove P3 Health Partners's revenue change in Q2 2026?
Other patient service revenue +$15.9M (+392%); Capitated revenue +$14.7M (+4%).