Filing Flows › P3 Health Partners (PIII) › How it makes money
How P3 Health Partners (PIII) makes money
P3 Health Partners (PIII) made $386M of revenue in the second quarter 2026 (Q2 2026), +9% from a year earlier. Capitated revenue brought in $366M (95%); Other patient service revenue brought in $20.0M (5%). Of every dollar of revenue, 11¢ was left as operating profit, 2¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Capitated revenue | $366M | 94.8% | — | +4% |
| Other patient service revenue | $20.0M | 5.2% | — | +392% |
| ↳ Health Care Incentive Fees | $10.4M | 2.7% | — | 18× |
| ↳ Health Care Coordination Management Fees | $8.8M | 2.3% | — | +228% |
| ↳ Health Care Clinical Fees Insurance Revenue | $856K | 0.2% | — | +6% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $386M | 100.0% |
| Operating profit | $41.2M | 10.7% |
| Income tax | $1.3M | 0.3% |
| Net earnings | $7.4M | 1.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $386M | +9% |
| Q1 2026 | $386M | +4% |
| Q4 2025 | $385M | +4% |
| Q3 2025 | $345M | -5% |
| Q2 2025 | $356M | -6% |
| Q1 2025 | $373M | -4% |
| Q4 2024 | $371M | +7% |
From P3 Health Partners' 10-Q filed Aug 10, 2026 (on EDGAR).
Questions
How does P3 Health Partners make money?
P3 Health Partners (PIII) made $386M of revenue in the second quarter 2026 (Q2 2026), +9% from a year earlier. Capitated revenue brought in $366M (95%); Other patient service revenue brought in $20.0M (5%). Of every dollar of revenue, 11¢ was left as operating profit, 2¢ was left as net earnings.
What is P3 Health Partners' biggest business?
Capitated revenue: $366M in the second quarter 2026, 95% of revenue, +4% from a year earlier.
What is P3 Health Partners' profit margin?
Net earnings were $7.4M, 1.9% of revenue, in the second quarter 2026; the operating margin was 10.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.