Business
P3 Health Partners Announces Fourth Quarter and Full Year 2025 Results
Providing 2026 Guidance, Indicating a $10 Million Adjusted EBITDA Midpoint Management to Host Conference Call and Webcast March 26, 2026 at 4:30 PM ET
About this update from P3 Health Partners Inc.
[{"type":"text","content":"\nProviding 2026 Guidance, Indicating a $10 Million Adjusted EBITDA Midpoint\n\n\nManagement to Host Conference Call and Webcast March 26, 2026 at 4:30 PM ET\n\n\n HENDERSON, Nev.--(BUSINESS WIRE)--\nP3 Health Partners Inc. (“P3” or the “Company”) (NASDAQ: PIII), a patient-centered and physician-led population health management company, today announced its financial results for the fourth quarter and full year ended December 31, 2025, and provided 2026 guidance.\n\n\n\"2025 was a year of meaningful progress in repositioning the business. We strengthened our contract economics, improved provider alignment, and built a more disciplined operating foundation. With that work in place, we enter 2026 with a clear path to profitability and approximately $170 million of expected year-over-year EBITDA improvement at the midpoint of our guidance range,\" said Aric Coffman, CEO of P3. \"Additionally, our new Medicare Advantage geography reflects our approach to smart growth with a deliberate glidepath toward full risk that we believe will strengthen the long-term earnings power of the platform.\"\n\n\nFourth Quarter 2025 Financial Results\n\n\n\nAt-risk membership was approximately 115,000, a decrease of approximately 9% compared to the same quarter prior year.\n\n\n\nTotal revenue was $384.8 million compared to $370.7 million in the prior year quarter; capitated revenue PMPM improved 9% year-over-year to $1,060.\n\n\n\nMedical margin(1) was negative $28.7 million or negative $83 PMPM, compared to $7.3 million, $19 PMPM in the prior year quarter.\n\n\n\nNet loss was $165.7 million compared to a net loss of $129.1 million in the fourth quarter of the prior year.\n\n\n\nAdjusted EBITDA loss(1) was $76.1 million compared to an Adjusted EBITDA loss(1) of $67.6 million in the same quarter prior year.\n\n\n\nFull-Year 2025 Financial Results\n\n\n\nAt-risk membership was approximately 116,000, a decrease of approximately 8% compared to approximately 126,000 in the prior year, driven by intentional network alignment.\n\n\n\nTotal revenue was $1.46 billion compared to $1.50 billion in the prior year; capitated revenue PMPM improved 5% year-over-year to $1,026.\n\n\n\nMedical margin(1) was $23.5 million, or $17 PMPM(1); on a normalized basis, medical margin was $53.4 million, or $38 PMPM, compared to $51.5 million or $34 PMPM, in the prior year.\n\n\...