P3 Health Partners Inc. (PIII) Income Statement
PIII 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPIII revenue and net income
Where PIII's revenue goes
2025Each bar shows an amount and its share of revenue. PIII kept −10.1% of revenue as net income.
PIII profit margins
PIII growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −2.8% | +11.6% | +58.6% | — |
| Gross profit | −109.6% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PIII quarterly EPS vs estimates
P3 Health Partners beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 12, 2026 (estimate $-7.40).
PIII income statement
| 2025 | 2024 | 2023 | 2022 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.46B | $1.50B | $1.27B | $1.05B | $491.1M | $145.5M | $87.7M |
| Cost of revenue | $1.60B | $1.56B | $1.23B | $668.1M | $485.3M | $141.0M | $0 |
| Gross profit | −$144.3M | $1.50B | $1.27B | $1.05B | $491.1M | $145.5M | $87.7M |
| Sales, general & admin | $107.2M | $113.9M | $125.6M | $162.4M | $54.9M | $37.2M | $30.4M |
| Total operating expenses | $126.0M | $1.81B | $1.43B | $2.61B | $519.7M | $185.0M | $137.4M |
| Operating income | −$270.3M | −$312.6M | −$167.9M | −$1.56B | −$28.6M | −$39.5M | −$49.7M |
| Interest expense | $55.0M | $22.2M | $16.0M | $11.4M | $2.5M | $2.5M | $44,235 |
| Income before taxes | −$321.1M | −$306.0M | −$183.7M | −$1.56B | −$31.4M | −$42.0M | −$49.8M |
| Income taxes | $2.0M | $4.4M | $2.7M | $1.9M | −$4.0M | $2.6M | −$6.0M |
| Net income | −$147.9M | −$135.8M | −$57.8M | −$270.1M | −$31.4M | −$42.0M | −$43.8M |
| EBITDA | −$181.9M | −$197.8M | −$81.1M | −$1.46B | −$28.1M | −$39.0M | −$49.4M |
| EPS (diluted) | −$45.20 | −$27.36 | −$10.94 | $430.04 | −$39.73 | — | — |
| Gross margin | −9.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | −18.5% | −20.8% | −13.3% | −148.7% | −5.8% | −27.2% | −56.7% |
| Net margin | −10.1% | −9.1% | −4.6% | −25.7% | −6.4% | −28.8% | −49.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $386.4M | $386.4M | $384.8M | $345.3M | $355.8M | $373.2M | $370.7M | $362.1M | $379.2M | $388.5M | $346.9M | $288.4M |
| Cost of revenue | $300.4M | $357.1M | $426.1M | $369.8M | $0 | $379.0M | $768.8M | $21.8M | $365.2M | $403.6M | $389.3M | $300.9M |
| Gross profit | $86.0M | $29.3M | $384.8M | −$24.5M | $355.8M | −$5.8M | $370.7M | $362.1M | $14.0M | −$15.1M | −$42.5M | $288.4M |
| Sales, general & admin | $32.6M | $25.5M | $36.2M | $22.1M | $23.4M | $25.2M | $31.8M | $27.4M | $27.0M | $27.7M | $24.4M | $33.7M |
| Total operating expenses | $44.8M | $21.1M | $538.7M | $19.7M | $389.9M | $32.3M | $501.1M | $469.1M | $45.3M | $28.7M | $21.8M | $322.2M |
| Operating income | $41.2M | $8.2M | −$153.9M | −$44.2M | −$34.1M | −$38.1M | −$130.4M | −$107.0M | −$31.3M | −$43.8M | −$64.3M | −$33.8M |
| Interest expense | $7.9M | $16.8M | $15.6M | $20.5M | $10.1M | $8.7M | $6.8M | $5.6M | $5.4M | $4.3M | $4.0M | $4.0M |
| Income before taxes | $16.9M | −$8.0M | −$166.8M | −$69.5M | −$41.7M | −$43.2M | −$124.2M | −$106.5M | −$27.8M | −$47.5M | −$67.3M | −$36.9M |
| Income taxes | $19.9M | −$11.0M | −$1.0M | $11,000 | $2.0M | $1.1M | $5.0M | −$3.6M | $968,000 | $2.1M | $1.8M | $412,000 |
| Net income | $7.4M | $1.2M | −$75.5M | −$31.6M | −$20.4M | −$20.5M | −$58.6M | −$46.5M | −$12.0M | −$18.7M | −$25.5M | −$13.3M |
| EBITDA | $45.8M | $29.9M | −$130.1M | −$27.9M | −$10.5M | −$13.4M | −$96.2M | −$79.1M | −$677,000 | −$21.7M | −$41.7M | −$11.2M |
| EPS (diluted) | −$0.63 | $0.32 | −$23.02 | −$9.67 | −$6.23 | −$6.28 | −$0.36 | −$14.50 | −$4.50 | −$8.00 | −$0.22 | −$6.00 |
| Gross margin | 22.3% | 7.6% | 100.0% | −7.1% | 100.0% | −1.5% | 100.0% | 100.0% | 3.7% | −3.9% | −12.2% | 100.0% |
| Operating margin | 10.7% | 2.1% | −40.0% | −12.8% | −9.6% | −10.2% | −35.2% | −29.5% | −8.3% | −11.3% | −18.5% | −11.7% |
| Net margin | 1.9% | 0.3% | −19.6% | −9.1% | −5.7% | −5.5% | −15.8% | −12.8% | −3.2% | −4.8% | −7.3% | −4.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PIII's financial statements (latest annual report filed March 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PIII financial results
In fiscal year 2025 (ended December 31, 2025), P3 Health Partners reported revenue of $1.5 billion, down 2.8% from the year before. It had a net loss of $147.9 million, a net profit margin of −10.1%. Diluted earnings per share came to −$45.20. Over five years revenue grew at an average rate of 58.6% a year.
See the PIII stock overview for the latest quote and news, or the PIII chart for price history and technical indicators.
PIII income statement FAQ
What is P3 Health Partners's annual revenue?
P3 Health Partners reported total revenue of $1.5 billion for fiscal year 2025, which ended on December 31, 2025. That was down 2.8% from $1.5 billion the previous year.
Is P3 Health Partners profitable?
No. P3 Health Partners reported a net loss of $147.9 million in fiscal 2025, a net profit margin of −10.1%; its operating margin was −18.5%.
What is P3 Health Partners's gross margin?
P3 Health Partners's gross margin was −9.9% in fiscal 2025: for every $100 of revenue, P3 Health Partners kept $-10 after the direct cost of its products and services.
How fast is P3 Health Partners growing?
Revenue grew 58.6% a year on average over the last five fiscal years, from $145.5 million to $1.5 billion.
What are P3 Health Partners's earnings per share?
P3 Health Partners earned $-45.20 per diluted share in fiscal 2025, compared with $-27.36 a year earlier.
When will P3 Health Partners report its next earnings?
P3 Health Partners is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 after the market closes.
When does P3 Health Partners's fiscal year end?
P3 Health Partners's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 26, 2026.