What is P3 Health Partners' operating income?

P3 Health Partners' total operating income in 2025 was -$270.30 million, based on the following breakdown: Total Gross Profit: $1.46 billion Total Operating Expenses: $1.73 billion

P3 Health Partners (PIII) Financials

$8.98 -0.37 (-3.96%)

Closing price 09/8/2026 04:00 PM Eastern

Extended Trading

$9.04 +0.06 (+0.67%)

As of 09/8/2026 07:30 PM Eastern

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Annual Income Statements for P3 Health Partners

This table shows P3 Health Partners' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-42	-31	-270	-58	-136	-148
Consolidated Net Income / (Loss)	-42	-31	-1,562	-186	-310	-323
Net Income / (Loss) Continuing Operations	-42	-31	-1,562	-186	-310	-323
Total Pre-Tax Income	-42	-31	-1,560	-184	-306	-321
Total Operating Income	-40	-29	-1,561	-168	-321	-270
Total Gross Profit	145	491	1,049	1,266	1,500	1,459
Total Revenue	145	491	1,049	1,266	1,500	1,459
Operating Revenue	145	491	1,049	1,266	1,500	1,459
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	185	520	2,610	1,434	1,821	1,729
Selling, General & Admin Expense	36	53	157	122	113	106
Marketing Expense	0.80	1.50	5.10	3.23	1.33	0.92
Depreciation Expense	0.40	0.80	87	87	86	84
Other Operating Expenses / (Income)	147	464	1,046	1,222	1,613	1,538
Total Other Income / (Expense), net	-2.44	-2.82	1.22	-16	15	-51
Interest Expense	2.53	2.53	11	16	22	55
Other Income / (Expense), net	0.10	-0.29	13	0.18	37	4.44
Income Tax Expense	0.00	0.00	1.86	2.70	4.39	2.03
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-1,291	-129	-175	-175
Basic Earnings per Share	$0.00	$0.00	($6.50)	($0.61)	($46.78)	($45.26)
Weighted Average Basic Shares Outstanding	-	-	41.58M	94.89M	2.90M	3.27M
Diluted Earnings per Share	$0.00	$0.00	($6.50)	($0.63)	($54.06)	($45.26)
Weighted Average Diluted Shares Outstanding	-	-	41.58M	294.59M	2.94M	3.27M
Weighted Average Basic & Diluted Shares Outstanding	-	-	41.58K	315.90M	359.12M	7.21M

This table shows P3 Health Partners' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-25	-19	-12	-47	-59	-20	-20	-32	-76	1.22	7.44
Consolidated Net Income / (Loss)	-69	-50	-29	-103	-129	-44	-44	-69	-166	3.04	16
Net Income / (Loss) Continuing Operations	-69	-50	-29	-103	-129	-44	-44	-69	-166	3.04	16
Total Pre-Tax Income	-67	-48	-28	-106	-124	-43	-42	-69	-167	-7.96	17
Total Operating Income	-64	-44	-31	-107	-139	-38	-34	-44	-154	8.24	41
Total Gross Profit	347	388	379	362	371	373	356	345	385	386	386
Total Revenue	347	388	379	362	371	373	356	345	385	386	386
Operating Revenue	347	388	379	362	371	373	356	345	385	386	386
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	411	432	410	469	509	411	390	389	539	378	345
Selling, General & Admin Expense	24	27	27	27	31	25	23	22	36	26	32
Depreciation Expense	22	22	22	22	21	21	21	21	21	21	21
Other Operating Expenses / (Income)	364	383	362	420	448	365	345	346	481	331	292
Total Other Income / (Expense), net	-3.08	-3.70	3.53	0.54	14	-5.09	-7.56	-25	-13	-16	-24
Interest Expense	4.05	4.26	5.44	5.65	6.83	8.73	10	21	16	17	7.86
Other Income / (Expense), net	0.97	0.55	8.96	6.18	21	3.64	2.59	-4.70	2.91	0.57	-16
Income Tax Expense	1.77	2.07	0.97	-3.61	4.95	1.07	1.98	0.01	-1.04	-11	1.27
Net Income / (Loss) Attributable to Noncontrolling Interest	-44	-31	-17	-56	-71	-24	-23	-38	-90	1.82	8.21
Basic Earnings per Share	($0.18)	($7.86)	($4.40)	($14.36)	($0.40)	($6.28)	($6.23)	($9.67)	($23.10)	$0.37	($0.63)
Weighted Average Basic Shares Outstanding	94.89M	2.38M	2.73M	3.24M	145.18M	3.26M	3.27M	3.27M	3.27M	3.29M	3.36M
Diluted Earnings per Share	($0.20)	($7.86)	($7.37)	($15.70)	($0.46)	($6.28)	($6.23)	($9.67)	($23.10)	$0.32	($0.63)
Weighted Average Diluted Shares Outstanding	294.59M	2.38M	2.82M	3.29M	147.00M	3.26M	3.27M	3.27M	3.27M	8.42M	3.36M
Weighted Average Basic & Diluted Shares Outstanding	315.90M	316.11M	357.72M	358.82M	359.12M	7.19M	7.19M	7.21M	7.21M	7.24M	7.26M

This table details how cash moves in and out of P3 Health Partners' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	31	7.00	-122	22	-11	-18
Net Cash From Operating Activities	-28	-25	-126	-76	-110	-91
Net Cash From Continuing Operating Activities	-28	-25	-126	-76	-110	-91
Net Income / (Loss) Continuing Operations	-42	-31	-1,562	-186	-310	-323
Consolidated Net Income / (Loss)	-42	-31	-1,562	-186	-310	-323
Depreciation Expense	0.40	0.80	87	87	86	84
Amortization Expense	0.00	0.23	0.00	0.47	0.09	14
Non-Cash Adjustments To Reconcile Net Income	11	-1.72	1,330	-28	129	123
Changes in Operating Assets and Liabilities, net	2.19	7.52	18	51	-15	11
Net Cash From Investing Activities	-3.86	-3.17	-7.73	-1.83	15	0.13
Net Cash From Continuing Investing Activities	-3.86	-3.17	-7.73	-1.83	0.00	0.13
Purchase of Property, Plant & Equipment	-1.45	-2.93	-2.23	-1.83	0.00	0.08
Sale of Property, Plant & Equipment	-	-	-	0.00	0.00	0.05
Net Cash From Financing Activities	64	35	11	100	99	73
Net Cash From Continuing Financing Activities	64	35	11	100	99	73
Repayment of Debt	-15	-1.49	-3.63	-0.17	-31	-1.32
Issuance of Debt	78	36	15	14	90	74
Issuance of Common Equity	-	-	0.00	87	40	0.00
Other Financing Activities, net	0.00	0.00	0.00	-0.19	-0.58	0.00
Cash Interest Paid	0.56	0.69	5.71	5.81	14	14
Cash Income Taxes Paid	-	-	0.00	0.57	5.48	1.44

This table details how cash moves in and out of P3 Health Partners' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-17	-8.63	46	-10	-24	-2.81	-1.97	-0.87	-13	0.30	-3.91
Net Cash From Operating Activities	-16	-20	-10	-23	-57	-33	-17	-15	-26	-27	-62
Net Cash From Continuing Operating Activities	-16	-20	-10	-23	-57	-33	-17	-15	-26	-27	-62
Net Income / (Loss) Continuing Operations	-69	-50	-29	-103	-129	-44	-44	-69	-166	3.04	16
Consolidated Net Income / (Loss)	-69	-50	-29	-103	-129	-44	-44	-69	-166	3.04	16
Depreciation Expense	22	22	22	22	21	21	21	21	21	21	21
Amortization Expense	0.07	-0.14	0.05	0.10	0.07	0.33	0.07	11	2.17	2.80	0.60
Non-Cash Adjustments To Reconcile Net Income	-8.77	-33	34	14	65	2.21	12	27	101	-53	-61
Changes in Operating Assets and Liabilities, net	40	41	-37	44	-15	-13	-6.50	-5.02	16	-1.49	-38
Net Cash From Investing Activities	0.21	0.00	-	15	-0.48	0.00	0.05	-0.12	0.20	-0.04	-0.21
Net Cash From Continuing Investing Activities	0.21	0.00	-	15	-0.48	0.00	0.05	-0.12	0.20	-0.04	-0.21
Other Investing Activities, net	-	-	-	-	-	0.00	-	-	-	-0.04	-0.21
Net Cash From Financing Activities	-0.84	11	56	-2.49	34	31	15	15	13	28	58
Net Cash From Continuing Financing Activities	-0.84	11	56	-2.49	34	31	15	15	13	28	58
Repayment of Debt	-	-0.43	-0.61	-0.72	-29	-0.48	-0.38	-0.33	-0.13	-0.24	-0.42

This table presents P3 Health Partners' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	106	2,364	877	861	783	657
Total Current Assets	91	200	101	166	184	133
Cash & Equivalents	36	140	18	36	39	25
Restricted Cash	3.64	0.36	0.92	4.61	5.29	0.80
Note & Lease Receivable	-	-	72	118	121	92
Prepaid Expenses	5.19	6.96	2.64	3.61	14	11
Other Current Assets	46	51	7.50	2.97	3.95	3.38
Plant, Property, & Equipment, net	6.15	8.05	8.84	8.69	5.73	3.37
Total Noncurrent Assets	9.40	2,156	767	686	594	520
Intangible Assets	0.00	836	751	667	574	492
Other Noncurrent Operating Assets	4.73	11	16	20	19	28
Total Liabilities & Shareholders' Equity	106	2,364	877	861	783	657
Total Liabilities	146	300	354	427	634	797
Total Current Liabilities	91	199	242	299	496	545
Short-Term Debt	0.09	3.63	-	0.00	75	45
Accounts Payable	12	5.47	12	8.66	8.44	12
Accrued Expenses	4.00	19	17	37	29	43
Current Employee Benefit Liabilities	-	-	8.22	3.51	2.72	1.95
Other Current Liabilities	71	162	191	227	378	444
Total Noncurrent Liabilities	55	101	112	128	137	252
Long-Term Debt	45	80	94	108	109	228
Other Noncurrent Operating Liabilities	9.95	21	18	20	29	23
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	181	1,791	517	292	74	15
Total Equity & Noncontrolling Interests	-130	274	5.85	142	76	-155
Total Preferred & Common Equity	-130	274	5.85	142	76	-155
Preferred Stock	-	-	-	-	-	0.00
Total Common Equity	-130	274	5.85	142	76	-155
Common Stock	0.00	313	315	509	579	496
Retained Earnings	-130	-39	-310	-367	-503	-651
Noncontrolling Interest	-	-	-	-	-	0.00

This table presents P3 Health Partners' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	897	856	893	833	784	732	684	674	654
Total Current Assets	180	183	242	215	191	157	136	172	179
Cash & Equivalents	53	27	73	63	40	39	38	25	21
Restricted Cash	4.88	5.01	5.12	5.14	1.21	0.75	0.75	0.61	0.92
Note & Lease Receivable	117	144	153	123	129	93	82	125	135
Prepaid Expenses	2.80	6.91	8.48	11	15	16	11	12	13
Other Current Assets	2.23	0.05	2.17	2.50	5.41	7.57	3.74	9.06	9.35
Plant, Property, & Equipment, net	9.36	8.12	7.54	6.32	5.31	4.69	3.90	2.96	2.53
Total Noncurrent Assets	708	665	643	612	587	570	544	499	473
Intangible Assets	688	646	625	595	554	533	513	473	452
Other Noncurrent Operating Assets	20	19	18	17	33	37	31	26	20
Total Liabilities & Shareholders' Equity	897	856	893	833	784	732	684	674	654
Total Liabilities	396	470	528	569	663	644	665	807	517
Total Current Liabilities	267	334	352	405	507	505	424	525	389
Short-Term Debt	-	1.44	0.83	0.21	66	80	39	52	22
Accounts Payable	12	12	7.99	13	12	14	9.93	12	7.57
Accrued Expenses	21	29	40	49	28	30	36	43	43
Current Employee Benefit Liabilities	5.63	5.05	3.74	4.41	3.22	1.16	1.35	2.77	2.42
Other Current Liabilities	208	259	268	301	386	352	338	416	313
Total Noncurrent Liabilities	129	137	176	164	156	139	241	282	128
Long-Term Debt	108	118	133	133	106	102	214	260	98
Other Noncurrent Operating Liabilities	20	19	43	31	50	37	26	22	30
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	313	239	198	143	58	43	38	10	64
Total Equity & Noncontrolling Interests	188	147	167	121	63	44	-19	-144	73
Total Preferred & Common Equity	188	147	167	121	63	44	-19	-145	72
Preferred Stock	-	-	-	-	-	-	-	-	164
Total Common Equity	188	147	167	121	63	44	-19	-145	-92
Common Stock	530	533	565	565	587	588	557	505	550
Retained Earnings	-342	-386	-398	-445	-524	-544	-576	-650	-642
Noncontrolling Interest	-	-	-	-	-	-	-	1.36	1.00

This table displays calculated financial ratios and metrics derived from P3 Health Partners' official financial filings.

Metric	2019	2020	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	0.00	243,603,813.00	313,088,799.00	-	7,205,589.00
DEI Adjusted Shares Outstanding	0.00	0.00	4,872,076.00	6,261,776.00	-	7,205,589.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	-55.44	-9.23	-	-20.53
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	237.54%	0.00%	20.67%	18.48%	-2.76%
EBITDA Growth	0.00%	28.64%	0.00%	94.48%	-145.25%	14.94%
EBIT Growth	0.00%	26.77%	0.00%	89.17%	-69.20%	6.33%
NOPAT Growth	0.00%	27.69%	0.00%	89.24%	-90.95%	15.70%
Net Income Growth	0.00%	25.16%	0.00%	88.06%	-66.49%	-4.09%
EPS Growth	0.00%	0.00%	0.00%	90.31%	-71.43%	16.28%
Operating Cash Flow Growth	0.00%	13.05%	0.00%	39.67%	-44.85%	17.15%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	193.27%	-156.94%
Invested Capital Growth	0.00%	0.00%	0.00%	-14.36%	-48.03%	-63.20%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	7.53%	1.61%	0.98%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	85.20%	-38.11%	-23.19%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	73.46%	-23.53%	-14.46%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	73.77%	-30.13%	-6.03%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	71.30%	-23.98%	-12.76%
EPS Q/Q Growth	0.00%	0.00%	0.00%	76.49%	-31.71%	-12.87%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	17.45%	-60.14%	25.67%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-133.48%	-38.31%	91.41%
Invested Capital Q/Q Growth	0.00%	0.00%	-44.78%	-8.43%	-23.37%	-54.05%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-26.83%	-5.67%	-139.21%	-6.36%	-13.17%	-11.52%
Operating Margin	-27.18%	-5.82%	-148.73%	-13.26%	-21.37%	-18.53%
EBIT Margin	-27.11%	-5.88%	-147.53%	-13.25%	-18.92%	-18.22%
Profit (Net Income) Margin	-28.85%	-6.40%	-148.79%	-14.72%	-20.69%	-22.14%
Tax Burden Percent	100.00%	100.00%	100.12%	101.47%	101.43%	100.63%
Interest Burden Percent	106.42%	108.77%	100.74%	109.53%	107.81%	120.76%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-178.34%	-20.67%	-56.30%	-94.82%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-699.21%	-96.75%	-136.54%	-163.50%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-120.44%	-18.32%	-50.14%	-6,857.76%
Return on Equity (ROE)	0.00%	-61.38%	-298.77%	-38.99%	-106.44%	-6,952.57%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-5.20%	6.92%	-2.42%
Operating Return on Assets (OROA)	0.00%	-27.13%	-95.55%	-19.31%	-34.52%	-36.92%
Return on Assets (ROA)	0.00%	-29.51%	-96.37%	-21.46%	-37.75%	-44.87%
Return on Common Equity (ROCE)	0.00%	155.95%	-32.27%	-6.03%	-39.80%	59,319.04%
Return on Equity Simple (ROE_SIMPLE)	0.00%	24.16%	0.00%	-131.17%	-408.74%	0.00%
Net Operating Profit after Tax (NOPAT)	-28	-20	-1,093	-118	-224	-189
NOPAT Margin	-19.02%	-4.08%	-104.11%	-9.28%	-14.96%	-12.97%
Net Nonoperating Expense Percent (NNEP)	0.00%	-28.12%	520.88%	76.08%	80.23%	68.69%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-46.94%	-97.27%	-160.11%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	25.04%	10.87%	14.99%	9.66%	7.50%	7.29%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	127.18%	105.82%	248.73%	113.26%	121.37%	118.53%
Earnings before Interest and Taxes (EBIT)	-39	-29	-1,548	-168	-284	-266
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-39	-28	-1,461	-81	-198	-168
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	76.57	3.11	1.06	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.89	0.56	0.43	0.35	0.05	0.02
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.70	1.53	0.97	2.68
Enterprise Value to Revenue (EV/Rev)	0.00	0.94	0.99	0.63	0.18	0.20
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	46.75	0.00	0.00	9.61	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.89	0.18	0.25	1.04	-1.95
Long-Term Debt to Equity	0.00	0.89	0.18	0.25	0.60	-1.63
Financial Leverage	0.00	-1.58	0.17	0.19	0.37	41.94
Leverage Ratio	0.00	2.08	1.25	1.82	2.82	154.95
Compound Leverage Factor	0.00	2.26	1.26	1.99	3.04	187.11
Debt to Total Capital	0.00%	47.05%	15.30%	19.99%	50.87%	205.30%
Short-Term Debt to Total Capital	0.00%	0.09%	0.00%	0.00%	21.36%	33.82%
Long-Term Debt to Total Capital	0.00%	46.96%	15.30%	19.99%	29.51%	171.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	187.67%	83.75%	53.79%	24.18%	11.26%
Common Equity to Total Capital	0.00%	-134.54%	0.95%	26.22%	24.95%	-116.56%
Debt to EBITDA	0.00	-1.63	-0.06	-1.34	-0.78	-1.63
Net Debt to EBITDA	0.00	-0.20	-0.05	-0.84	-0.56	-1.47
Long-Term Debt to EBITDA	0.00	-1.63	-0.06	-1.34	-0.45	-1.36
Debt to NOPAT	0.00	-2.27	-0.09	-0.92	-0.69	-1.45
Net Debt to NOPAT	0.00	-0.28	-0.07	-0.57	-0.49	-1.31
Long-Term Debt to NOPAT	0.00	-2.27	-0.09	-0.92	-0.40	-1.21
Altman Z-Score	0.00	3.14	-4.56	0.66	-0.58	-1.24
Noncontrolling Interest Sharing Ratio	0.00%	354.09%	89.20%	84.53%	62.61%	953.20%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	1.00	0.42	0.55	0.37	0.24
Quick Ratio	0.00	0.40	0.37	0.52	0.32	0.22
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	9.88	0.00	-30	28	-4.83
Operating Cash Flow to CapEx	-1,948.29%	-840.42%	-5,643.48%	-4,161.36%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	3.90	0.00	-1.85	1.24	-0.09
Operating Cash Flow to Interest Expense	-11.16	-9.71	-11.05	-4.76	-4.97	-1.66
Operating Cash Flow Less CapEx to Interest Expense	-11.74	-10.86	-11.25	-4.87	-4.31	-1.66
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	4.61	0.65	1.46	1.82	2.03
Accounts Receivable Turnover	0.00	3,360.76	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	79.84	124.29	144.52	208.11	320.40
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.11	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.11	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	-30	613	525	273	107
Invested Capital Turnover	0.00	-32.86	1.71	2.23	3.76	7.31
Increase / (Decrease) in Invested Capital	0.00	-30	0.00	-88	-252	-184
Enterprise Value (EV)	0.00	462	1,041	800	265	288
Market Capitalization	275	275	448	441	81	25
Book Value per Share	$0.00	($4.73)	$0.02	$0.45	$0.21	($21.54)
Tangible Book Value per Share	$0.00	($4.76)	($3.06)	($1.68)	($1.39)	($89.88)
Total Capital	0.00	97	617	542	304	133
Total Debt	0.00	45	94	108	155	273
Total Long-Term Debt	0.00	45	94	108	90	228
Net Debt	0.00	5.58	76	67	111	248
Capital Expenditures (CapEx)	1.45	2.93	2.23	1.83	-15	-0.13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-40	-159	-174	-291	-393
Debt-free Net Working Capital (DFNWC)	0.00	0.35	-141	-133	-247	-367
Net Working Capital (NWC)	0.00	0.26	-141	-133	-312	-412
Net Nonoperating Expense (NNE)	14	11	469	69	86	134
Net Nonoperating Obligations (NNO)	0.00	-81	90	91	123	248
Total Depreciation and Amortization (D&A)	0.40	1.02	87	87	86	98
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-8.05%	-15.19%	-13.76%	-19.42%	-26.93%
Debt-free Net Working Capital to Revenue	0.00%	0.07%	-13.43%	-10.53%	-16.48%	-25.16%
Net Working Capital to Revenue	0.00%	0.05%	-13.43%	-10.53%	-20.81%	-28.25%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($6.50)	($0.61)	($0.94)	($45.26)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	41.58K	94.89M	145.18M	3.27M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($6.50)	($0.63)	($1.08)	($45.26)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	41.58K	294.59M	147.00M	3.27M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	41.58K	315.90M	359.12M	7.21M
Normalized Net Operating Profit after Tax (NOPAT)	-28	-20	-172	-118	-219	-189
Normalized NOPAT Margin	-19.02%	-4.08%	-16.41%	-9.28%	-14.58%	-12.97%
Pre Tax Income Margin	-28.85%	-6.40%	-148.62%	-14.51%	-20.39%	-22.00%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-15.56	-11.40	-135.77	-10.49	-12.80	-4.83
NOPAT to Interest Expense	-10.92	-7.90	-95.81	-7.35	-10.12	-3.44
EBIT Less CapEx to Interest Expense	-16.14	-12.56	-135.96	-10.61	-12.15	-4.83
NOPAT Less CapEx to Interest Expense	-11.50	-9.06	-96.01	-7.47	-9.47	-3.44
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from P3 Health Partners' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	313,088,799.00	315,903,414.00	316,114,705.00	357,719,042.00	-	359,116,532.00	7,188,017.00	7,187,342.00	7,205,589.00	7,213,414.00	7,244,982.00
DEI Adjusted Shares Outstanding	6,261,776.00	6,318,068.00	6,322,294.00	7,154,381.00	-	7,182,331.00	7,188,017.00	7,187,342.00	7,205,589.00	7,213,414.00	7,244,982.00
DEI Earnings Per Adjusted Shares Outstanding	-4.07	-2.96	-1.90	-6.50	-	-2.85	-2.83	-4.39	-10.48	0.17	1.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	34.33%	28.61%	15.22%	25.58%	6.87%	-3.93%	-6.16%	-4.66%	3.81%	3.53%	8.60%
EBITDA Growth	91.77%	16.66%	62.26%	-612.70%	-131.13%	40.29%	-1,553.66%	78.60%	-32.92%	350.18%	547.01%
EBIT Growth	88.00%	9.97%	4.83%	-206.64%	-85.42%	20.40%	-40.99%	51.47%	-28.62%	125.57%	178.56%
NOPAT Growth	88.02%	10.21%	-48.98%	-216.35%	-115.54%	13.10%	-8.90%	58.67%	-11.09%	121.63%	259.68%
Net Income Growth	87.02%	5.42%	-4.32%	-175.82%	-86.88%	10.81%	-51.75%	32.46%	-28.31%	106.87%	135.84%
EPS Growth	91.11%	5.42%	-4.32%	-175.82%	-130.00%	10.81%	15.47%	38.41%	-14.47%	105.10%	89.89%
Operating Cash Flow Growth	50.31%	15.56%	64.49%	-198.15%	-260.49%	-67.08%	-62.40%	31.86%	55.05%	17.93%	-272.24%
Free Cash Flow Firm Growth	0.00%	108.97%	-78.03%	-72.25%	260.60%	276.89%	45.23%	-35.90%	-43.62%	-44.16%	-65.23%
Invested Capital Growth	-14.36%	-14.72%	-23.62%	-37.90%	-48.03%	-47.26%	-43.16%	-34.33%	-63.20%	-42.22%	-8.35%
Revenue Q/Q Growth	20.29%	12.00%	-2.40%	-4.49%	2.36%	13.34%	-4.67%	-2.96%	11.46%	0.00%	0.00%
EBITDA Q/Q Growth	-275.08%	47.40%	97.13%	-12,484.55%	-21.64%	80.39%	20.51%	-62.82%	-655.73%	0.00%	42.02%
EBIT Q/Q Growth	-92.53%	31.62%	48.31%	-350.64%	-16.42%	65.35%	8.44%	-55.12%	-208.56%	0.00%	181.28%
NOPAT Q/Q Growth	-90.01%	31.79%	28.51%	-241.45%	-29.45%	56.79%	10.41%	-29.60%	-247.93%	0.00%	561.53%
Net Income Q/Q Growth	-85.33%	28.22%	41.99%	-257.44%	-25.57%	68.81%	1.31%	-59.08%	-138.57%	0.00%	414.84%
EPS Q/Q Growth	-66.67%	28.22%	41.99%	-257.44%	-48.39%	68.81%	0.80%	-55.22%	-138.88%	0.00%	-296.88%
Operating Cash Flow Q/Q Growth	-109.31%	-26.15%	48.87%	-120.84%	-153.06%	12.73%	50.30%	7.34%	-66.93%	0.00%	-125.41%
Free Cash Flow Firm Q/Q Growth	-91.61%	29.56%	111.82%	20.56%	8.99%	-40.88%	-18.38%	-46.79%	-15.94%	0.00%	-49.17%
Invested Capital Q/Q Growth	-8.43%	-4.57%	-9.63%	-21.37%	-23.37%	144.96%	-2.60%	-9.15%	-54.05%	0.00%	54.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-11.99%	-5.63%	-0.17%	-21.82%	-25.93%	-3.50%	-2.92%	-4.90%	-33.21%	8.46%	12.01%
Operating Margin	-18.53%	-11.28%	-8.26%	-29.55%	-37.36%	-10.21%	-9.59%	-12.81%	-39.98%	2.13%	10.67%
EBIT Margin	-18.25%	-11.14%	-5.90%	-27.84%	-31.66%	-9.23%	-8.86%	-14.17%	-39.23%	2.28%	6.41%
Profit (Net Income) Margin	-19.92%	-12.77%	-7.59%	-28.40%	-34.84%	-11.86%	-12.27%	-20.12%	-43.06%	0.79%	4.05%
Tax Burden Percent	102.62%	104.36%	103.48%	96.61%	103.99%	102.49%	104.75%	100.02%	99.38%	-38.21%	92.52%
Interest Burden Percent	106.39%	109.83%	124.30%	105.60%	105.82%	125.33%	132.17%	141.96%	110.47%	-90.33%	68.27%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.48%
Return on Invested Capital (ROIC)	-28.88%	-19.64%	-15.53%	-65.76%	-98.44%	-26.97%	-27.66%	-43.96%	-204.65%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-55.53%	-36.00%	-24.71%	-99.88%	-128.50%	-40.59%	-43.01%	-69.07%	-234.41%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-10.51%	-9.73%	-4.11%	-21.40%	-47.19%	-20.70%	-24.52%	-74.88%	-9,831.76%	0.00%	0.00%
Return on Equity (ROE)	-39.39%	-29.37%	-19.64%	-87.16%	-145.63%	-47.67%	-52.18%	-118.84%	-10,036.41%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	-5.20%	-5.09%	3.58%	9.62%	6.92%	13.46%	-7.64%	-19.10%	-2.42%	53.52%	8.71%
Operating Return on Assets (OROA)	-26.60%	-17.49%	-9.19%	-47.52%	-57.78%	-16.25%	-15.96%	-27.00%	-79.49%	0.00%	0.00%
Return on Assets (ROA)	-29.04%	-20.05%	-11.82%	-48.48%	-63.58%	-20.88%	-22.09%	-38.33%	-87.26%	0.00%	0.00%
Return on Common Equity (ROCE)	-6.10%	-4.93%	-0.67%	-35.15%	-54.45%	-19.75%	-24.39%	-42.78%	85,630.22%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-125.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-45	-31	-22	-75	-97	-27	-24	-31	-108	5.77	38
NOPAT Margin	-12.97%	-7.90%	-5.78%	-20.68%	-26.15%	-7.14%	-6.71%	-8.97%	-27.99%	1.49%	9.87%
Net Nonoperating Expense Percent (NNEP)	26.65%	16.36%	9.18%	34.12%	30.07%	13.62%	15.35%	25.12%	29.76%	1.27%	16.78%
Return On Investment Capital (ROIC_SIMPLE)	-17.96%	-11.53%	-7.29%	-29.49%	-42.01%	-11.34%	-10.53%	-13.22%	-91.14%	3.43%	19.72%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	7.04%	7.05%	7.02%	7.52%	8.46%	6.70%	6.55%	6.41%	9.28%	6.61%	8.38%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	118.53%	111.28%	108.26%	129.55%	137.36%	110.21%	109.59%	112.81%	139.98%	97.87%	89.33%
Earnings before Interest and Taxes (EBIT)	-63	-43	-22	-101	-117	-34	-32	-49	-151	8.81	25
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-42	-22	-0.63	-79	-96	-13	-10	-17	-128	33	46
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.11	2.22	0.85	1.15	1.06	0.93	1.02	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.35	0.24	0.10	0.09	0.05	0.04	0.03	0.04	0.02	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.53	1.30	0.88	0.98	0.97	0.94	0.90	1.35	2.68	2.10	1.72
Enterprise Value to Revenue (EV/Rev)	0.63	0.48	0.28	0.23	0.18	0.17	0.16	0.22	0.20	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	21.20	7.76	9.61	4.81	0.00	0.00	0.00	2.87	18.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.25	0.31	0.37	0.51	1.04	1.42	2.09	13.36	-1.95	-2.34	0.87
Long-Term Debt to Equity	0.25	0.31	0.36	0.50	0.60	0.88	1.17	11.32	-1.63	-1.95	0.71
Financial Leverage	0.19	0.27	0.17	0.21	0.37	0.51	0.57	1.08	41.94	-35.47	1.19
Leverage Ratio	1.82	2.01	2.01	2.26	2.82	3.24	3.59	5.36	154.95	-120.62	6.16
Compound Leverage Factor	1.93	2.21	2.50	2.39	2.98	4.06	4.75	7.61	171.16	108.95	4.21
Debt to Total Capital	19.99%	23.68%	26.86%	33.58%	50.87%	58.68%	67.66%	93.04%	205.30%	174.53%	46.63%
Short-Term Debt to Total Capital	0.00%	0.29%	0.17%	0.05%	21.36%	22.46%	29.84%	14.25%	33.82%	29.26%	8.61%
Long-Term Debt to Total Capital	19.99%	23.39%	26.69%	33.53%	29.51%	36.22%	37.82%	78.79%	171.48%	145.28%	38.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	63.76%
Noncontrolling Interests to Total Capital	53.79%	47.29%	39.69%	36.09%	24.18%	19.74%	15.85%	13.84%	11.26%	6.57%	25.38%
Common Equity to Total Capital	26.22%	29.03%	33.45%	30.33%	24.95%	21.59%	16.49%	-6.87%	-116.56%	-81.10%	-35.77%
Debt to EBITDA	-1.34	-1.57	-1.78	-0.93	-0.78	-1.08	-0.92	-1.85	-1.63	0.00	0.00
Net Debt to EBITDA	-0.84	-1.14	-0.74	-0.46	-0.56	-0.82	-0.72	-1.57	-1.47	0.00	0.00
Long-Term Debt to EBITDA	-1.34	-1.55	-1.77	-0.93	-0.45	-0.67	-0.51	-1.57	-1.36	0.00	0.00
Debt to NOPAT	-0.92	-1.05	-1.10	-0.77	-0.69	-0.93	-0.82	-1.42	-1.45	0.00	0.00
Net Debt to NOPAT	-0.57	-0.77	-0.46	-0.38	-0.49	-0.71	-0.64	-1.20	-1.31	0.00	0.00
Long-Term Debt to NOPAT	-0.92	-1.04	-1.10	-0.77	-0.40	-0.57	-0.46	-1.20	-1.21	0.00	0.00
Altman Z-Score	1.06	0.99	0.88	0.50	0.12	0.33	0.29	0.25	-0.66	-1.92	-1.54
Noncontrolling Interest Sharing Ratio	84.53%	83.20%	96.58%	59.68%	62.61%	58.57%	53.25%	64.00%	953.20%	-575.53%	121.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.55	0.55	0.69	0.53	0.37	0.38	0.31	0.32	0.24	0.33	0.46
Quick Ratio	0.52	0.51	0.64	0.46	0.32	0.33	0.26	0.28	0.22	0.29	0.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	43	56	118	142	155	210	171	91	77	117	60
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	-12,050.11%	0.00%	0.00%	-12,951.26%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	10.63	13.09	21.71	25.20	22.69	24.07	16.90	4.44	4.90	6.99	7.58
Operating Cash Flow to Interest Expense	-3.92	-4.71	-1.88	-4.01	-8.38	-3.84	-1.64	-0.75	-1.65	-1.64	-7.88
Operating Cash Flow Less CapEx to Interest Expense	-3.87	-4.71	-1.88	-1.35	-8.45	-3.84	-1.63	-0.76	-1.63	-1.64	-7.88
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.46	1.57	1.56	1.71	1.82	1.76	1.80	1.91	2.03	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	144.52	158.52	164.48	188.41	208.11	215.03	239.17	282.85	320.40	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	525	501	452	356	273	264	257	234	107	153	236
Invested Capital Turnover	2.23	2.49	2.69	3.18	3.76	3.78	4.12	4.90	7.31	0.00	0.00
Increase / (Decrease) in Invested Capital	-88	-86	-140	-217	-252	-237	-195	-122	-184	-111	-21
Enterprise Value (EV)	800	651	396	347	265	247	231	316	288	320	406
Market Capitalization	441	325	142	138	81	59	45	64	25	22	78
Book Value per Share	$0.45	$0.46	$0.53	$0.34	$0.21	$0.18	$6.19	($2.60)	($21.54)	($20.09)	($12.73)
Tangible Book Value per Share	($1.68)	($1.58)	($1.45)	($1.33)	($1.39)	($1.37)	($68.02)	($73.96)	($89.88)	($85.66)	($75.18)
Total Capital	542	505	499	397	304	293	270	272	133	179	258
Total Debt	108	120	134	133	155	172	182	253	273	312	120
Total Long-Term Debt	108	118	133	133	90	106	102	214	228	260	98
Net Debt	67	87	56	65	111	131	143	214	248	286	98
Capital Expenditures (CapEx)	-0.21	0.00	0.00	-15	0.48	0.00	-0.05	0.12	-0.20	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-174	-182	-188	-258	-291	-291	-307	-288	-393	-327	-209
Debt-free Net Working Capital (DFNWC)	-133	-149	-109	-190	-247	-250	-268	-250	-367	-301	-187
Net Working Capital (NWC)	-133	-151	-110	-190	-312	-316	-348	-288	-412	-353	-209
Net Nonoperating Expense (NNE)	24	19	6.84	28	32	18	20	39	58	2.73	22
Net Nonoperating Obligations (NNO)	91	115	88	92	123	143	170	215	248	286	98
Total Depreciation and Amortization (D&A)	22	21	22	22	21	21	21	32	23	24	22
Debt-free, Cash-free Net Working Capital to Revenue	-13.76%	-13.42%	-13.37%	-17.48%	-19.42%	-20.16%	-21.02%	-19.94%	-26.93%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	-10.53%	-11.03%	-7.79%	-12.87%	-16.48%	-17.30%	-18.33%	-17.27%	-25.16%	0.00%	0.00%
Net Working Capital to Revenue	-10.53%	-11.14%	-7.85%	-12.88%	-20.81%	-21.86%	-23.84%	-19.95%	-28.25%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.18)	($8.00)	($4.50)	($14.50)	($0.40)	($6.28)	($6.23)	($9.67)	($23.10)	$0.37	($0.63)
Adjusted Weighted Average Basic Shares Outstanding	94.89M	2.38M	2.73M	3.24M	145.18M	3.26M	3.27M	3.27M	3.27M	3.29M	3.36M
Adjusted Diluted Earnings per Share	($0.20)	($8.00)	($7.50)	($15.50)	($0.46)	($6.28)	($6.23)	($9.67)	($23.10)	$0.32	($0.63)
Adjusted Weighted Average Diluted Shares Outstanding	294.59M	2.38M	2.82M	3.29M	147.00M	3.26M	3.27M	3.27M	3.27M	8.42M	3.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($23.10)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	315.90M	6.32M	7.15M	7.18M	359.12M	7.19M	7.19M	7.21M	7.21M	7.24M	7.26M
Normalized Net Operating Profit after Tax (NOPAT)	-45	-31	-22	-75	-97	-27	-24	-31	-108	5.77	38
Normalized NOPAT Margin	-12.97%	-7.90%	-5.78%	-20.68%	-26.15%	-7.14%	-6.71%	-8.97%	-27.99%	1.49%	9.87%
Pre Tax Income Margin	-19.41%	-12.24%	-7.33%	-29.40%	-33.50%	-11.57%	-11.72%	-20.12%	-43.33%	-2.06%	4.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-15.64	-10.17	-4.12	-17.85	-17.17	-3.95	-3.11	-2.38	-9.65	0.53	3.15
NOPAT to Interest Expense	-11.12	-7.21	-4.03	-13.26	-14.19	-3.06	-2.35	-1.51	-6.89	0.34	4.85
EBIT Less CapEx to Interest Expense	-15.59	-10.17	-4.12	-15.20	-17.24	-3.95	-3.10	-2.39	-9.64	0.53	3.15
NOPAT Less CapEx to Interest Expense	-11.07	-7.21	-4.03	-10.61	-14.26	-3.06	-2.35	-1.51	-6.88	0.34	4.85
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

P3 Health Partners’ second-quarter 2026 results show meaningful improvement in reported profitability, but cash generation and balance-sheet liquidity remain significant concerns. Revenue was essentially flat sequentially at $386.4 million, compared with $386.4 million in the first quarter and $355.8 million in the year-ago quarter. This represents approximately 8.6% year-over-year growth, although the company’s reported cost of revenue was zero, so the gross-profit presentation should be interpreted cautiously.

Operating performance improved sharply. Operating income increased to $41.2 million in Q2 2026 from $8.2 million in Q1 2026 and a $34.1 million loss in Q2 2025. The improvement primarily reflected lower other operating expenses, which declined to $291.7 million from $331.3 million sequentially.
Revenue remains above year-ago levels. Q2 2026 revenue of $386.4 million was up from $355.8 million in Q2 2025 and $288.4 million in Q3 2023, indicating expansion from the company’s earlier revenue base.
Reported consolidated net income turned positive. P3 reported $15.7 million of consolidated net income in Q2 2026, following $3.0 million in Q1 2026 and losses in each comparable quarter of 2025 and 2024.
Interest expense declined sequentially. Interest expense fell to $7.9 million in Q2 2026 from $16.8 million in Q1, which helped lift pretax income to $16.9 million from a $8.0 million pretax loss.
Debt balances improved from the prior quarter. Short-term debt declined to $22.2 million from $52.3 million, while long-term debt fell to $98.1 million from $259.6 million. Total liabilities also decreased to $516.7 million from $807.3 million, although the change may reflect financing, restructuring or classification activity that requires further review.
Cash-flow performance improved compared with the year-ago quarter. Operating cash outflow was $61.9 million in Q2 2026 versus $16.6 million in Q2 2025, so cash consumption worsened sequentially, but financing inflows of $58.2 million limited the quarterly decline in cash to $3.9 million.
Common-shareholder earnings data requires caution. The company reported $7.4 million attributable to common shareholders in Q2 2026, but basic and diluted EPS were both shown as negative $0.63. The discrepancy suggests that preferred-stock, noncontrolling-interest, share-count or data-standardization adjustments materially affect per-share results.
Asset values are concentrated in intangibles. Intangible assets totaled $452.4 million, or roughly 69% of total assets, in Q2 2026. That balance has declined from $687.9 million in Q3 2023, which may indicate impairment, amortization or other adjustments and leaves reported equity sensitive to further write-downs.
Operating cash flow remains persistently negative. P3 generated negative operating cash flow in every listed quarter from Q3 2023 through Q2 2026. The Q2 2026 outflow of $61.9 million was more than twice the Q1 outflow of $27.5 million, despite the reported return to net income.
Liquidity is weak relative to current obligations. Q2 2026 cash and equivalents, including restricted cash, totaled only $23.6 million against $388.6 million of current liabilities. Total current assets of $179.3 million imply a current ratio of approximately 0.46, while the company also depends heavily on a $135.3 million note and lease receivable.
Common equity remains negative. Total common equity was negative $92.2 million in Q2 2026, compared with negative $144.9 million in Q1 and positive $44.5 million in Q2 2025. Retained earnings remained deeply negative at $642.5 million, underscoring the company’s cumulative losses.
External financing remains important to liquidity. Financing activities supplied $58.2 million in Q2 2026 and $27.8 million in Q1, following financing inflows in most prior quarters. Continued reliance on debt or equity financing could increase interest costs, dilution risk or claims senior to common shareholders.

Overall, the income statement is moving in a more favorable direction, with stronger revenue and a reported return to operating and consolidated profitability. However, the improvement has not yet translated into positive operating cash flow, and P3’s low cash balance, negative common equity, large current-liability position and dependence on financing leave the stock highly sensitive to future capital needs and the quality of reported earnings.

09/09/26 02:00 AM ETAI Generated. May Contain Errors.

P3 Health Partners Financials - Frequently Asked Questions

According to the most recent income statement we have on file, P3 Health Partners' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

P3 Health Partners' net income appears to be on an upward trend, with a most recent value of -$323.09 million in 2025, rising from -$41.97 million in 2019. The previous period was -$310.38 million in 2024. View P3 Health Partners' forecast to see where analysts expect P3 Health Partners to go next.

P3 Health Partners' total operating income in 2025 was -$270.30 million, based on the following breakdown:

Total Gross Profit: $1.46 billion
Total Operating Expenses: $1.73 billion

Over the last 5 years, P3 Health Partners' total revenue changed from $145.48 million in 2019 to $1.46 billion in 2025, a change of 902.9%.

P3 Health Partners' total liabilities were at $796.88 million at the end of 2025, a 25.7% increase from 2024, and a 446.0% increase since 2020.

In the past 5 years, P3 Health Partners' cash and equivalents has ranged from $17.54 million in 2022 to $140.48 million in 2021, and is currently $25.01 million as of their latest financial filing in 2025.

Over the last 5 years, P3 Health Partners' book value per share changed from 0.00 in 2019 to -21.54 in 2025, a change of -2,154.3%.

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Financial statements for NASDAQ:PIII last updated on 9/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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P3 Health Partners (PIII) Financials

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P3 Health Partners (PIII) Financials

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