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Sep 30, 2025
P3 Health Q3 2025 Earnings Report
P3 Health Partners reported a net loss in Q3 2025 with revenue declining 5% year-over-year due to intentional network and payer rationalization.
Key Takeaways
P3 Health Partners saw a revenue decline and reported a net loss in Q3 2025, impacted by unfavorable settlement adjustments. However, the company maintained stable underlying medical cost trends and continues to focus on operational efficiency and expansion of its Care Enablement Model.
Revenue for Q3 2025 was $345.3 million, down 5% YoY.
Net loss attributable to controlling interest was $31.6 million.
Medical margin for the quarter reached $4.4 million or $13 PMPM.
Adjusted EBITDA loss was $45.9 million or $132 PMPM.
Forward Guidance
P3 expects continued progress toward profitability in 2026, with a $120 to $170 million EBITDA expansion opportunity through its Care Enablement Model and cost discipline.
Positive Outlook
- EBITDA expansion opportunity of $120M–$170M identified
- Stable underlying medical cost trends
- Increased per-member funding (adjusted for prior-year items)
- Operational discipline showing improvement
- Expansion in aligned markets continues
Challenges Ahead
- 5% YoY revenue decline due to mid-year settlement adjustments
- At-risk membership dropped 10% YoY to 116,000
- Adjusted EBITDA loss of $45.9M for the quarter
- Continued net losses impacting profitability
- Unfavorable mid-year revenue adjustments affected performance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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