P3 Health Partners falls over 6% on weak guidance despite Q4 beat

HENDERSON, Nev. – On Thursday,
P3 Health Partners Inc. (NASDAQ:PIII)
presented Q4 results that showed an uncertain profitability outlook despite in-line revenue guidance.
The company’s shares fell 6.45% in after-hours trading following the results.
The physician-led population health management company reported fourth quarter revenue of $384.8 million, up 4% YoY from $370.7 million.
However, the company posted a net loss per share of -$23.02, compared to -$18.02 in the prior year quarter. Medical margin turned negative at -$28.7 million, or -$83 per member per month, compared to a positive $7.3 million, or $19 per member per month, in the fourth quarter of 2024.
Adjusted EBITDA loss widened to $76.1 million from $67.6 million in the year-ago period.
For fiscal 2026, P3 provided revenue guidance of $1.50 billion to $1.70 billion, with the midpoint of $1.60 billion slightly below the analyst consensus of $1.65 billion.
The company expects adjusted EBITDA between negative $20 million and positive $40 million, with a midpoint of $10 million, representing approximately $170 million in YoY improvement. Medical margin is projected at $160 million to $200 million.
“2025 was a year of meaningful progress in repositioning the business. We strengthened our contract economics, improved provider alignment, and built a more disciplined operating foundation,” said Aric Coffman, CEO of P3.
For the full year 2025, revenue was $1.46 billion compared to $1.50 billion in 2024. At-risk membership declined approximately 8% YoY to 116,000 members, driven by intentional network alignment. The company reported a net loss of $323.1 million compared to $310.4 million in the prior year.
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