P3 Health Partners (NASDAQ:PIII) Issues Quarterly Earnings Results

P3 Health Partners (NASDAQ:PIII) issued its quarterly earnings results on Monday. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.89) by $1.26, FiscalAI reports. The firm had revenue of $386.38 million during the quarter, compared to analyst estimates of $377.80 million.

Here are the key takeaways from P3 Health Partners’ conference call:

• Adjusted EBITDA reached $54 million in Q2, versus a $17 million loss a year earlier, bringing first-half EBITDA to $80 million. However, approximately $45 million of Q2 EBITDA came from favorable payer settlements and prior-year development, with underlying Q2 EBITDA of about $9 million.
• The company raised its 2026 adjusted EBITDA outlook to $80 million–$110 million, with a $95 million midpoint, citing improved payer economics, medical-cost performance, and greater earnings predictability.
• First-half Medicare Advantage medical-cost trend was 1.8% below the 2025 baseline, supported by utilization management, payment integrity, care management, quality execution, and expanded AI-enabled point-of-care tools reaching more than 65,000 members.
• At-risk membership declined to approximately 105,000 from 116,000 a year earlier following portfolio exits, while cash and equivalents stood at only $21 million at quarter-end. Management also expects normal seasonal medical-expense pressure in the second half.
• The Nebraska market is progressing as planned, with P3 providing services in 2027 before assuming full risk in 2028, reflecting management’s deliberate approach to geographic expansion and risk exposure.

P3 Health Partners Price Performance

Shares of PIII traded down $0.56 during trading hours on Wednesday, hitting $11.80. The stock had a trading volume of 9,074 shares, compared to its average volume of 566,969. P3 Health Partners has a 1-year low of $1.52 and a 1-year high of $16.89. The firm has a market capitalization of $85.47 million, a P/E ratio of -0.36 and a beta of 1.63. The firm has a 50 day simple moving average of $10.97 and a 200-day simple moving average of $6.47.

Analyst Upgrades and Downgrades

PIII has been the topic of several recent analyst reports. TD Cowen restated a “hold” rating and issued a $14.00 target price (up from $3.00) on shares of P3 Health Partners in a report on Friday, May 22nd. Weiss Ratings raised P3 Health Partners from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 28th. Wall Street Zen raised P3 Health Partners to a “hold” rating in a research note on Saturday, July 4th. Lake Street Capital restated a “buy” rating and set a $23.00 target price on shares of P3 Health Partners in a research report on Tuesday. Finally, UBS Group set a $14.00 target price on P3 Health Partners in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, P3 Health Partners presently has an average rating of “Hold” and a consensus target price of $17.00.

About P3 Health Partners

P3 Health Partners is a healthcare technology and services company that delivers data-driven solutions to support health plans in improving quality measures, risk adjustment accuracy and operational efficiency. The company’s platform integrates advanced analytics, reporting capabilities and workflow automation to help clients optimize performance across value-based care programs and regulatory requirements.

The company’s core offerings include quality measurement and reporting for HEDIS, STAR and other performance frameworks, risk adjustment coding and audit services, and population health analytics.