Filing Flows › P3 Health Partners (PIII) › Q4 2025
P3 Health Partners (PIII) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 26, 2026
P3 Health Partners (PIII) reported revenue of $385M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +11% from the quarter before. Operating margin was -40.0%, net loss $166M (43.1% of revenue).
P3 Health Partners, Q4 2025: revenue $385M (+4% year over year), operating margin -40.0%, net loss $166M, operating cash flow −$25.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $385M | +11% | +4% |
| Operating profit | −$154M | — | — |
| Net earnings | −$166M | — | — |
| Operating cash flow | −$25.7M | — | — |
What changed
Revenue was $384.8M in Q4 2025, up 4% year over year and up 11% from the previous quarter. Capitated Revenue was the largest line at 95% of revenue.
Operating costs exceeded revenue by $153.9M, an operating margin of -40.0%. Total costs grew 6% against revenue growth of 4%. The fastest-growing cost line was General & admin (+14%). The quarter ended with a net loss of $165.7M, wider than the previous quarter's $69.5M loss. Minority interests bore $90.2M of it: to shareholders the quarter was a loss of $75.5M.
Operating cash flow was −$25.7M. Non-cash charges added back $21.0M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items added $117.9M.
Questions
What was P3 Health Partners' revenue in the fourth quarter 2025?
P3 Health Partners (PIII) reported revenue of $385M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +11% from the quarter before.
Was P3 Health Partners profitable in the fourth quarter 2025?
Operating loss was $154M (-40.0% of revenue) and net loss $166M.
Source: P3 Health Partners 10-K on SEC EDGAR.