P3 Health Partners (PIII)
NASDAQ:PIII
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Earnings Data
Report Date
Aug 11, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
-1.9Last Year’s EPS
-6.23Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a materially improved operating trajectory with a clear shift to positive adjusted EBITDA, stronger Medicare Advantage funding (~15% YoY), deeper provider alignment (Tier 1 up to 62%) and disciplined cost management producing a flat MA medical trend versus industry inflation. These operational and contractual wins supported a raised outlook and meaningful capital structure actions that improve equity compliance. Counterbalancing these positives were a roughly 10% decline in at-risk membership (by design), limited cash ($25M), reliance on $17M of favorable prior-year development (underlying adjusted EBITDA ~$8M), a relatively high adjusted medical loss ratio (~85.2%), and continued execution risk tied to achieving broader delegation and managing claims development. On balance, the quarter demonstrates improving fundamentals and credible progress, while still requiring execution on multi-year delegation and capital stability initiatives.Company Guidance
Adjusted EBITDA Turnaround
Delivered $26 million of adjusted EBITDA in Q1 2026, exceeding internal expectations and improving from a loss of $22 million in Q1 2025, demonstrating a substantial swing to positive operating performance.
Raised Full-Year 2026 Outlook
Revised full-year 2026 adjusted EBITDA guidance to a range of $20 million to $60 million (midpoint $40 million), reflecting confidence in underlying operating trajectory and structural improvements.
Material Improvement in Medicare Advantage Funding
Per-member funding for the Medicare Advantage population improved approximately 15% year-over-year, driven by rate progression and contractual restructuring.
Delegation and Network Alignment Expansion
Delegated functions expanded to cover approximately 63% of membership in 2026; Tier 1 provider concentration increased from 56% in Q1 2025 to 62% in Q1 2026, strengthening clinical integration and cost performance.
Strong Medical Margin and Controlled Expenses
Q1 medical margin was $74 million with adjusted operating expense controlled at $25 million; the company continues selective investment in frontline clinical capabilities while maintaining cost efficiency.
Favorable Claims Development and Settlements
Q1 included approximately $17 million of favorable prior-year development and payer settlements (split ~65% PYD / ~35% payer settlements), which contributed to the quarter's results.
Flat MA Medical Cost Trend vs Industry
Q1 Medicare Advantage medical expense trend was roughly flat to full-year 2025 (FY2025 MA trend was under 2%), contrasted with industry guidance of ~7%+, indicating durable cost-management differentiation.
Balance Sheet and Capital Structure Actions
Completed conversion of roughly $250 million of debt to preferred equity (4/28) and has issued $30 million of a planned up-to-$70 million preferred raise to improve stockholders' equity and NASDAQ compliance; cash and equivalents were $25 million at quarter-end.
Platform Scale and New Partnerships
Total lives under management approximately 135,000 (106,000 at-risk plus ~29,000 under management service arrangements); Nebraska partnership added ~28,600 lives, demonstrating disciplined, delegation-focused growth.
PIII Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PIII Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 14, 2026 | $4.03 | $11.29 | +180.15% |
Mar 26, 2026 | $2.79 | $2.94 | +5.38% |
Nov 13, 2025 | $7.00 | $6.84 | -2.29% |
Aug 14, 2025 | $6.94 | $6.78 | -2.31% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does P3 Health Partners (PIII) report earnings?
P3 Health Partners (PIII) is schdueled to report earning on Aug 11, 2026, After Close (Confirmed).
What is P3 Health Partners (PIII) earnings time?
P3 Health Partners (PIII) earnings time is at Aug 11, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PIII EPS forecast?
PIII EPS forecast for the fiscal quarter 2026 (Q2) is -1.9.