Filing Flows › P3 Health Partners (PIII) › Q3 2026 › vs Q3 2025
P3 Health Partners (PIII) Q3 2026 vs Q3 2025 (year over year)
P3 Health Partners's revenue rose $51.1M (+15%) from $345M in Q3 2025 to $396M in Q3 2026. The biggest changes: Capitated revenue +$24.7M (+7%); Health Care Incentive Fees +$19.2M (254×); Health Care Coordination Management Fees +$7.3M (+264%). Operating margin 5.8% against -12.8% (+18.6 pts).
P3 Health Partners, Q3 2026: revenue $396M (+15% year over year), operating margin 5.8%, net earnings $15.6M, operating cash flow −$685K. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 5.8% | -12.8% | +18.6 pts |
| Net margin | 3.9% | -9.1% | +13.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Capitated revenue | $366M | $342M | $24.7M | +7% |
| Health Care Incentive Fees | $19.3M | $76K | $19.2M | 254× |
| Health Care Coordination Management Fees | $10.0M | $2.8M | $7.3M | +264% |
| Revenue | $396M | $345M | $51.1M | +15% |
| Other income, net | $7.8M | −$25.2M | $33.0M | — |
| Operating profit | $23.0M | −$44.2M | $67.2M | — |
| Costs & expenses | $373M | $389M | −$16.1M | -4% |
| Pre-tax earnings | $30.8M | −$69.5M | $100M | — |
| General & admin | $34.3M | $22.4M | $11.9M | +53% |
| Other operating costs | $339M | $367M | −$27.7M | -8% |
| Net earnings | $15.6M | −$31.6M | $47.2M | — |
| Minority interests | $15.2M | −$37.9M | $53.0M | — |
| Income tax | $23K | $11K | $12K | +109% |
| Operating cash sources | $37.3M | $4.9M | $32.5M | +669% |
| Depreciation & amortization | $21.0M | $21.0M | $5K | 0% |
| Cash used in operations | $685K | $15.4M | −$14.7M | -96% |
| Working capital & other | $37.3M | $6.1M | $31.3M | +515% |
Questions
How much did P3 Health Partners's revenue grow year over year in Q3 2026?
P3 Health Partners's revenue rose $51.1M (+15%) from $345M in Q3 2025 to $396M in Q3 2026.
What drove P3 Health Partners's revenue change in Q3 2026?
Capitated revenue +$24.7M (+7%); Health Care Incentive Fees +$19.2M (254×); Health Care Coordination Management Fees +$7.3M (+264%).