P3 Health Partners Inc.

Listed Company

PIIICIK 0001832511NasdaqNon-AcceleratedSmaller ReportingServices-Health ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.46B

Net Income

$-147.95M

Total Assets

$656.64M

Equity

$-155.20M

Shares Out

—

Op. Cash Flow

$-91.24M

PIII$10.86+60.18% · past yearDBEQ Basic

Daily closing prices

Business

P3 Health Partners Inc. is a physician-led population health management company providing capitated care services to Medicare Advantage health plans through a network of affiliated and employed primary care physicians. The company delivers value-based care via its proprietary P3 Care Model, combining physician partnerships, risk-stratified patient management, and integrated technology platforms for care coordination. P3 operates in Arizona, California, Nevada, and Oregon.

Summary from 10-K filed 2026-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-11-30
TOTAL OPERATING REVENUE	1,459	1,500	1,266	1,049	579
Medical expense	1,519	1,559	1,235	1,057	592
Premium deficiency reserve	19	54	−13	−11	12
Corporate, general and administrative expense	106	113	122	157	100
Sales and marketing expense	918,000	1	3	5	2
Depreciation and amortization	84	86	87	87	2
Impairment of assets held for sale	0	8	0	—	—
TOTAL OPERATING EXPENSE	1,729	1,821	1,434	2,610	708
OPERATING LOSS	−270	−321	−168	−1,561	−129
Interest expense, net	−55	−22	−16	−11	−10
Mark-to-market of stock warrants	8	22	433,000	10	−8
Other	−3	1	−249,000	3	147,000
TOTAL OTHER INCOME (EXPENSE)	−51	15	−16	1	−17
Gain (Loss) on Disposition of Assets	−162,000	13	0	—	—
LOSS BEFORE INCOME TAXES	−321	−306	−184	−1,560	−146
INCOME TAX PROVISION	−2	−4	−3	−2	0
NET LOSS	−323	−310	−186	−1,562	−146
LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NON-CONTROLLING INTEREST	−175	−175	−129	−1,291	—
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST	−148	−136	−58	−270	−146
Basic (in dollars per share)	−45.26	−46.78	−0.61	−6.5	—
Diluted (in dollars per share)	−45.26	−54.06	−0.63	−6.5	—
Basic (in shares)	3	3	95	42	—
Diluted (in shares)	3	3	295	42	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	25	39	36	18	141
Restricted cash	800,000	5	5	900,000	400,000
Health plan receivable, net of allowance for credit losses of $281 and $150 as of December 31, 2025 and 2024, respectively	93	121	118	72	50
Clinic fees, insurance and other receivables	3	4	3	8	1
Prepaid expenses and other current assets	11	14	4	3	7
Assets held for sale	0	403,000	0	—	—
TOTAL CURRENT ASSETS	133	184	166	101	200
Property and equipment, net	3	6	9	9	8
Intangible assets, net	492	574	667	751	836
Other long-term assets	28	19	20	16	11
TOTAL ASSETS	657	783	861	877	2,364
Accounts payable	12	8	9	12	5
Accrued expenses and other current liabilities	42	29	37	17	—
Accrued payroll	2	3	4	8	—
Health plan settlements payable	70	56	35	14	23
Claims payable	288	255	178	151	102
Premium deficiency reserve	86	67	14	26	38
Accrued interest	429,000	2	24	14	9
Current portion of long-term debt	45	75	0	—	46,000
Liabilities held for sale	0	353,000	0	—	—
TOTAL CURRENT LIABILITIES	545	496	299	242	199
Other long-term liabilities	9	7	0	—	—
Operating lease liability	11	11	14	12	6
Warrant liabilities	2	10	1	2	—
Long-term debt, net	228	109	108	94	80
TOTAL LIABILITIES	797	634	427	354	300
COMMITMENTS AND CONTINGENCIES (Note 14)	—	—	—	—	—
Redeemable non-controlling interest	15	74	292	517	1,791
Additional paid in capital	496	579	509	315	313
Accumulated deficit	−651	−503	−367	−310	−39
TOTAL STOCKHOLDERS (DEFICIT) EQUITY	−155	76	142	6	274
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS (DEFICIT) EQUITY	657	783	861	877	2,364

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-11-30
Equity-based compensation	6	6	6	19	4
Provision for bad debts	3	0	—	—	—
Paid in-kind interest expense	30	8	—	—	—
Amortization of original issue discount and debt issuance costs	14	87,000	472,000	0	2
Gain on write off of contingent consideration	0	−5	0	—	—
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	162,000	−13	0	—	—
Health plan receivable	29	−3	−47	−22	−3
Clinic fees, insurance, and other receivable	−2	−990,000	5	−5	−1
Prepaid expenses and other current assets	3	−11	−1	4	4
Other long-term assets	−4	−43,000	−58,000	100,000	—
Accounts payable, accrued expenses, and other current liabilities	11	−8	16	6	34
Accrued payroll	−772,000	−784,000	282,000	2	—
Health plan settlements payable	14	21	21	−9	11
Claims payable	33	77	27	49	—
Accrued interest	−2	0	10	5	5
Operating lease liability	641,000	53,000	−450,000	4	306,000
Other long-term liabilities	0	6	0	—	—
Deferred income taxes	3	−1	0	—	—
Net cash used in operating activities	−91	−110	−76	−126	−51
Purchases of property and equipment	79,000	0	—	—	—
Proceeds from asset sale	50,000	15	—	—	—
Net cash provided by investing activities	129,000	15	−2	−8	−8
Proceeds from long-term debt, net of original issue discount	73	88	14	15	25
Payment of debt issuance costs	−186,000	−103,000	−173,000	0	−375,000
Proceeds from liability-classified warrants and private placement offering, net of offering costs paid	0	40	87	0	—
Proceeds from at-the-market sales, net of offering costs paid	0	33,000	0	—	—
Deferred offering costs paid	0	−507,000	−175,000	0	—
Payment of tax withholdings upon settlement of restricted stock unit awards	0	−103,000	−16,000	0	—
Repayment of short-term and long-term debt	−1	−31	0	−4	−186,000
Proceeds from short-term debt	1	2	0	—	351,000
Net cash provided by financing activities	73	99	100	11	25
Net change in cash and restricted cash	−18	3	22	−122	−35
Interest Paid, Excluding Capitalized Interest, Operating Activity	14	14	6	6	3
Income Taxes Paid	1	5	567,000	0	—
Operating lease liabilities arising from obtaining new right-of-use assets	361,000	617,000	7	7	4
Operating Lease Right Of Use Assets Reduced Due To Lease Modification And Termination	0	−92,000	0	—	—
Increase in accrued expenses related to debt issuance costs and original issue discount	0	307,000	212,000	525,000	—
Increase in accounts payable related to private placement offering costs	0	686,000	12,000	0	—
Remeasurement adjustment to redeemable noncontrolling interest resulting from ownership changes	−4	−23	−118	0	—
Fair value adjustment to redeemable noncontrolling interest	119	−21	21	0	—
Warrants issued in connection with new debt	27	12	0	643,000	—

Filings

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Frequently asked questions

What is P3 Health Partners Inc.'s CIK number?

P3 Health Partners Inc.'s SEC CIK number is 0001832511 (1832511). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find P3 Health Partners Inc.'s SEC filings?

All of P3 Health Partners Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did P3 Health Partners Inc. last report earnings?

P3 Health Partners Inc. (PIII) most recently filed an earnings 8-K with the SEC on May 14, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001832511-26-000021). This is P3 Health Partners Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is P3 Health Partners Inc.'s most recent earnings 8-K?

P3 Health Partners Inc.'s latest earnings 8-K (Item 2.02) was filed May 14, 2026 under accession 0001832511-26-000021. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View P3 Health Partners Inc.'s latest earnings 8-K →
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