(RTTNews) – P3 Health Partners Inc. (PIII) reported financial results for the second quarter ended June 30, 2026, showing revenue growth and a swing to profitability compared with the prior year. The Henderson, Nevada-based population health management company operates through physician-led networks focused on value-based care.
Second Quarter 2026 Results
Revenue for the second quarter rose to $386.4 million up 9% from $355.8 million in Q2 2025.
Capitated revenue contributed $366.4 million, compared with $351.7 million in the prior-year quarter, while other revenue increased to $20.0 million from $4.1 million.
Medical margin reached $97.8 million, or $311 on a per-member-per-month (PMPM), compared with $30.6 million, or $88 PMPM, in Q2 2025. Excluding favorable payer settlements and prior-year development, medical margin was $52.9 million, or $168 PMPM.
Net income was $15.7 million, reversing a net loss of $43.7 million in the prior-year quarter.
Adjusted EBITDA was $54.4 million, or $173 PMPM, compared with a loss of $17.1 million, or negative $49 PMPM, in Q2 2025.
At-risk membership stood at approximately 105,000, down 10% year-over-year due to intentional network and payer rationalization. Total lives under management were about 133,000, including 28,000 under management service arrangements.
Fiscal Year 2026 Guidance
The company raised its full-year adjusted EBITDA outlook to $80- $110 million, compared with an Adjusted EBITDA loss of $161.3 million in FY2025.
Total revenue is expected between $1.5 billion and $1.6 billion, compared to $1.46 billion in FY 2025, with medical margin projected at $260- $300 million, or $210- $240 PMPM, compared with $23.5 million, or $17 PMPM in FY2025.
Outlook
CEO Dr. Aric Coffman stated that structural improvements across contracts, networks, and operations are driving profitability, giving management confidence to raise guidance and focus on execution in the second half of 2026.
PIII has traded between $1.52 and $16.89 over the past year. The stock closed Monday’s trading at $12.83, up 10.79%. During the overnight trading session the stock is at $16.89, up 31.64%.
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