P3 Health Partners Inc. (PIII) Earnings Call Transcripts

P3 Health Partners Inc.'s Latest Earnings Call - Q4 FY2025

In the fourth quarter of 2025, P3 Health Partners Inc. reported total revenue of $384.8 million, a year-over-year increase from $370.7 million, while full-year revenue declined slightly to $1.46 billion from $1.50 billion in 2024. The company guided for a significant improvement in adjusted EBITDA for 2026, projecting a midpoint of $10 million, a turnaround from a loss of $161 million in 2025. This guidance reflects a strong operational focus and strategic partnerships that are expected to drive revenue growth and enhance profitability.

Reported metrics

Guidance from management

For 2026, P3 Health Partners is guiding to an adjusted EBITDA range of negative $20 million to positive $40 million, with a midpoint of $10 million, representing a potential $170 million improvement from 2025. Total revenue is expected to be between $1.5 billion and $1.7 billion.

What management said

So the economics of that deal allow us to get funded in order to cover those standup costs. And we have obviously some of that infrastructure already built within P3 that we'll be utilizing.

Yes. So we have a 2-year -- Josh, this is Aric. Thanks for the question. In our new arrangement, we have a 2-year life path to risk the contract itself contemplates the 2 years of fee-for-service as we do that glide path. And then we will move into risk in 2028.

What analysts pressed on

Analysts expressed concerns regarding the sustainability of the medical margin, which was negative in Q4 2025. There were also questions about the execution risks associated with the new partnership and the glide path to full risk, particularly regarding the metrics that need to be met for successful transition.

Main topics on the call

• Adjusted EBITDA Improvement — P3 Health Partners is guiding for a substantial adjusted EBITDA improvement to a midpoint of $10 million in 2026, compared to a loss of $161 million in 2025. CEO Aric Coffman stated, "We have clear visibility into that i...
• New Medicare Advantage Partnership — The company announced a new partnership that adds 29,000 members under management, contributing approximately $27 million in revenue for 2026. This partnership reflects a phased approach to risk, with a glide path to ful...
• Operational Improvements — Management identified $170 million in structural and operational improvements, with $125 million expected from contracting and revenue-related actions. CFO Leif Pedersen noted, "The $44 million year-over-year improvement...
• Quality Performance Enhancements — The company achieved 4-star status across 70% of its priority Medicare Advantage plans, which is expected to reinforce its value proposition with payer partners. This improvement is crucial for future growth and revenue ...

Read the full P3 Health Partners Inc. transcript (Q4 FY2025) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 20 P3 Health Partners Inc. earnings call transcripts on record, spanning January 12, 2023 to August 10, 2026. Based on this history, P3 Health Partners Inc. reports quarterly. The most recent call on file is dated August 10, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

PIII

Exchange

NasdaqCM

Country

US

Sector

Health Care

Industry

Health Care Providers and Services

Calls on record

20

First call

January 12, 2023

Most recent

August 10, 2026

Reporting cadence

quarterly