Filing Flows › P3 Health Partners (PIII) › Q3 2026
P3 Health Partners (PIII) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 9, 2026
P3 Health Partners (PIII) reported revenue of $396M for the third quarter 2026 (Q3 2026), +15% from a year earlier and +3% from the quarter before. Operating margin was 5.8%, net earnings $15.6M (3.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $396M | +3% | +15% |
| Operating profit | $23.0M | -44% | — |
| Net earnings | $15.6M | +110% | — |
| Operating cash flow | −$685K | — | — |
What changed
Revenue was $396.3M in Q3 2026, up 15% year over year and up 3% from the previous quarter. Capitated revenue was the largest line at 92% of revenue. Capitated revenue added $24.7M year over year (up 7%), 48% of the total change.
Operating profit was $23.0M, a 5.8% margin (up 18.6 points year over year). Total costs fell 4% while revenue rose 15%. The fastest-growing cost line was General & admin (+53%). Net earnings were $15.6M. The effective tax rate was 0.1%. Non-operating items added $7.8M, 25% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$685K. Non-cash charges added back $21.0M of depreciation and amortization. Working capital and other items used $52.5M.
Questions
What was P3 Health Partners' revenue in the third quarter 2026?
P3 Health Partners (PIII) reported revenue of $396M for the third quarter 2026 (Q3 2026), +15% from a year earlier and +3% from the quarter before.
Was P3 Health Partners profitable in the third quarter 2026?
Operating profit was $23.0M (5.8% of revenue) and net earnings $15.6M.
Source: P3 Health Partners 10-Q on SEC EDGAR.