---
schema_version: "secwatch.filing_event.v1"
accession: "0001832511-26-000010"
form_type: "8-K"
ticker: "PIII"
cik: "0001832511"
company_name: "P3 Health Partners Inc."
filed_at: "2026-03-26T23:59:59+00:00"
generated_at: "2026-05-15T08:53:06.370776+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# P3 Health Partners reports Q4 net loss $165.7M, provides 2026 EBITDA guidance midpoint $10M

## Summary
- Q4 2025 revenue $384.8M, net loss $165.7M, adjusted EBITDA loss $76.1M.
- Full-year 2025 revenue $1.46B, net loss $323.1M, adjusted EBITDA loss $161.3M.
- At-risk membership declined ~9% to ~115,000 in Q4 due to network realignment.
- 2026 guidance: adjusted EBITDA range -$20M to +$40M, midpoint $10M, ~$170M YoY improvement.
- Normalized full-year adjusted EBITDA loss improved to $149.1M from $193.0M in 2024.

## SEC filing metadata
- accession: 0001832511-26-000010
- form_type: 8-K
- ticker: PIII
- cik: 0001832511
- company_name: P3 Health Partners Inc.
- filed_at: 2026-03-26T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832511/000183251126000010/0001832511-26-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832511/000183251126000010/piii-20260326.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001832511-26-000010
- JSON: https://secwatch.observer/filing/0001832511-26-000010.json
- Plain text: https://secwatch.observer/filing/0001832511-26-000010.txt

## Key facts
- Earnings Releases
  P3 Health Partners Inc. reported financial results for the year ended December 31, 2025.
  - Period: the year ended December 31, 2025
  - Result: reported results
  source text: On March 26, 2026, P3 Health Partners Inc. (the “Company”) announced its financial results for the year ended December 31, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832511/000183251126000010/0001832511-26-000010-index.htm
- Earnings Releases
  P3 Health Partners Inc. reported financial results for the fourth quarter ended December 31, 2025.
  - Period: the fourth quarter ended December 31, 2025
  - Result: reported results
  source text: P3 Health Partners Inc. (“P3” or the “Company”) (NASDAQ: PIII), a patient-centered and physician-led population health management company, today announced its financial results for the fourth quarter and full year ended December 31, 2025, and provided 2026 guidance.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832511/000183251126000010/0001832511-26-000010-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.