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Jun 30, 2025
P3 Health Q2 2025 Earnings Report
P3 Health reported a $43.7M net loss in Q2 2025 despite maintaining flat medical cost trends and delivering $355.8M in revenue.
Key Takeaways
P3 Health generated $355.8 million in revenue for Q2 2025, with medical margin reaching $30.6 million. The company continues executing its EBITDA improvement plan but reported a net loss of $43.7 million. Average at-risk membership decreased 9% YoY, though per-member funding improved.
Revenue for Q2 2025 was $355.8 million, down 6% YoY due to lower membership.
Medical margin was $30.6 million, or $89 PMPM.
Net loss was $43.7 million, with EPS of -$6.23.
Cash balance stood at $38.6 million at quarter end.
Forward Guidance
P3 expects to sustain flat medical cost trends while identifying $120–$170 million in EBITDA opportunities through 2026, with most markets already breakeven or EBITDA positive.
Positive Outlook
- Flat medical cost trends despite industry inflation.
- Three of four markets EBITDA positive or breakeven.
- Identified $120–$170 million in future EBITDA uplift.
- 10% YoY increase in per-member funding (adjusted).
- Execution progressing on $130 million EBITDA improvement plan.
Challenges Ahead
- Net loss widened to $43.7 million.
- 9% YoY drop in at-risk membership.
- Adjusted EBITDA loss of $17.1 million.
- Decline in total revenue due to lower membership.
- No non-GAAP EPS guidance or reconciliations provided.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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