Filing Flows › P3 Health Partners (PIII) › Q3 2025
P3 Health Partners (PIII) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
P3 Health Partners (PIII) reported revenue of $345M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -3% from the quarter before. Operating margin was -12.8%, net loss $69.5M (20.1% of revenue).
P3 Health Partners, Q3 2025: revenue $345M (-5% year over year), operating margin -12.8%, net loss $69.5M, operating cash flow −$15.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $345M | -3% | -5% |
| Operating profit | −$44.2M | — | — |
| Net earnings | −$69.5M | — | — |
| Operating cash flow | −$15.4M | — | — |
What changed
Revenue was $345.3M in Q3 2025, down 5% year over year and down 3% from the previous quarter. Capitated Revenue was the largest line at 99% of revenue. Capitated Revenue lost $16.2M year over year (down 5%), 96% of the total change.
Operating costs exceeded revenue by $44.2M, an operating margin of -12.8%. Total costs fell 17% while revenue fell 5%. The fastest-growing cost line was Sales & marketing (+87%). The quarter ended with a net loss of $69.5M, wider than the previous quarter's $43.7M loss. Minority interests bore $37.9M of it: to shareholders the quarter was a loss of $31.6M.
Operating cash flow was −$15.4M. Non-cash charges added back $21.0M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items added $31.8M.
Questions
What was P3 Health Partners' revenue in the third quarter 2025?
P3 Health Partners (PIII) reported revenue of $345M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -3% from the quarter before.
Was P3 Health Partners profitable in the third quarter 2025?
Operating loss was $44.2M (-12.8% of revenue) and net loss $69.5M.
Source: P3 Health Partners 10-Q on SEC EDGAR.