P3 Health Partners drops over 6% due to weak guidance, despite Q4 earnings exceeding expectations

LootboxPhobia · 2026-03-27T13:28:31+00:00

P3 Health Partners Inc. announced its Q4 earnings, with revenue up 4% year-over-year, but net loss per share widened to -$23.02. The FY2026 revenue guidance is below expectations, while adjusted EBITDA has improved. The CEO stated that 2025 will be a year of business transformation.

LootboxPhobia

2026-03-27 13:28:31

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Henderson, Nevada - On Thursday, P3 Health Partners Inc. (NASDAQ:PIII) reported its fourth-quarter results, showing that while revenue guidance met expectations, the profit outlook remains uncertain.

Following the earnings announcement, the company’s stock price fell 6.45% in after-hours trading.

The physician-led population health management company reported fourth-quarter revenue of $384.8 million, a 4% increase from $370.7 million in the same period last year.

However, the company reported a net loss per share of -$23.02, compared to -$18.02 in the same period last year. Medical margins turned negative, reporting a loss of $28.7 million, or -$83 per member per month, compared to a positive $7.3 million in the fourth quarter of 2024, or $19 per member per month.

Adjusted EBITDA losses widened from $67.6 million in the same period last year to $76.1 million.

For the fiscal year 2026, P3 provided a revenue guidance of $1.5 billion to $1.7 billion, with a midpoint of $1.6 billion slightly below analysts’ consensus expectations of $1.65 billion.

The company expects adjusted EBITDA to range between -$20 million and +$40 million, with a midpoint of $10 million, representing an improvement of approximately $170 million year-over-year. Medical margins are expected to be between $160 million and $200 million.

“2025 will be a year of significant progress in repositioning the business. We have strengthened contractual economics, improved coordination with healthcare providers, and established a more rigorous operational foundation,” said P3 CEO Aric Coffman.

Total revenue for 2025 is projected to be $1.46 billion, down from $1.5 billion in 2024. The number of at-risk members decreased by about 8% year-over-year to 116,000 members, due to intentional network adjustments. The company reported a net loss of $323.1 million, compared to $310.4 million the previous year.

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