---
schema_version: "secwatch.filing_event.v1"
accession: "0001832511-26-000021"
form_type: "8-K"
ticker: "PIII"
cik: "0001832511"
company_name: "P3 Health Partners Inc."
filed_at: "2026-05-14T20:10:41+00:00"
generated_at: "2026-05-14T20:55:48.530562+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# P3 Health Partners reports Q1 net income $3M, raises FY 2026 adjusted EBITDA guidance to $20-60M

## Summary
- Q1 revenue $386M (+4% YoY); net income $3M vs net loss $44.2M prior year.
- Adjusted EBITDA $25.8M ($81 PMPM); cites contract restructuring and operational redesign.
- At-risk membership ~106,000, down 10% YoY due to intentional network rationalization.
- Full-year 2026 adjusted EBITDA guidance raised to $20-$60M (midpoint $40M).
- Medical margin $73.7M; excluding prior-year development and settlements $56.1M.

## SEC filing metadata
- accession: 0001832511-26-000021
- form_type: 8-K
- ticker: PIII
- cik: 0001832511
- company_name: P3 Health Partners Inc.
- filed_at: 2026-05-14T20:10:41+00:00
- event_type: earnings
- sentiment: positive
- 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/1832511/000183251126000021/0001832511-26-000021-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832511/000183251126000021/piii-20260514.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001832511-26-000021
- JSON: https://secwatch.observer/filing/0001832511-26-000021.json
- Plain text: https://secwatch.observer/filing/0001832511-26-000021.txt

## Key facts
- Earnings Releases
  P3 Health Partners Inc. reported financial results for the first quarter ended March 31, 2026.
  - Period: the first quarter ended March 31, 2026
  - Result: reported results
  source text: On May 14, 2026, P3 Health Partners Inc. (the "Company") announced its financial results for the three months ended March 31, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K (the "Report").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832511/000183251126000021/0001832511-26-000021-index.htm

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