P3 Health Partners Inc. (NASDAQ: PIII) announced its financial results for the three and nine months ended September 30, 2026, in a Form 8-K filed on November 9, 2026. The company reported a net income of $30.8 million for the third quarter of 2026, a significant improvement compared to a net loss of $69.5 million in the prior year quarter.
For the third quarter, total revenue reached $396 million, representing a 15% increase compared to the same period in the prior year. Total per-member capitated revenue increased by 18% year-over-year, driven by improved network economics, rate progression, and burden of illness performance. The company reported a medical margin of $43.9 million for the quarter, or $140 per member per month (PMPM). Adjusted EBITDA for the quarter was $20.9 million, or $66 PMPM.
P3 Health Partners also provided revised full-year 2026 guidance. The company raised the low end of its Adjusted EBITDA range to $90 million, raising the midpoint to $100 million. The updated guidance reflects underlying year-to-date performance, as well as prior-year development and payer settlements recognized in the quarter.
The company’s at-risk membership was approximately 105,000 members for the third quarter, a decrease of 9% compared to the prior year. Total lives under management were approximately 133,500 for the quarter, including approximately 28,000 lives under management service arrangements.
