P3 Health Partners Stock Earnings Reports

Q1 2026 was a turning point for P3 Health Partners. The company reported $26 million of adjusted EBITDA (compared with a $22 million loss in Q1 2025) and raised its full-year 2026 adjusted EBITDA outlook to a range of $20 million to $60 million (midpoint $40 million). Improvements reflect deliberate contract restructuring (Medicare Advantage funding up ~15% year-over-year), tighter payer alignment and increased delegation (63% of membership delegated in 2026), and operational/clinical execution (MA medical cost trend roughly flat versus 2025; Stars and Tier 1 provider concentration improving, now ~62%). Total at-risk membership declined to ~106,000 (from 118,000) due to portfolio pruning; total lives under management are ~135,000 including ~29,000 managed-service lives. Q1 included about $17 million of favorable prior-year development and payer settlements (roughly 65% PYD / 35% settlements). Adjusted operating expense was controlled at $25 million, cash was $25 million at quarter end, and the company completed capital actions (conversion of ~ $250 million debt to preferred equity; $30 million of a planned $70 million additional preferred issuance) intended to remedy Nasdaq minimum equity issues and improve balance sheet flexibility. Management emphasizes delegation, medical-cost management, and selective market expansion as the path to durable margin expansion while noting normal claims-development variability remains a key risk driving the width of the outlook.