P3 Health Partners Inc. (PIII) Revenue History
Annual and quarterly revenue from 2019 to present
PIII Revenue Over Time (2019–2025)
PIII Revenue Growth History
5 of 6 years with positive growth- FY2019 revenue growth
- N/A
- FY2020 revenue growth
- +237.5%
- FY2021 revenue growth
- +29.8%
- FY2022 revenue growth
- +64.7%
- FY2023 revenue growth
- +20.7%
- FY2024 revenue growth
- +18.5%
- FY2025 revenue growth
- -2.8%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $386.4M | +3.5% |
| Q4 2025 | $384.8M | +3.8% |
| Q3 2025 | $345.3M | -4.7% |
| Q2 2025 | $355.8M | -6.2% |
| Q1 2025 | $373.2M | -3.9% |
| Q4 2024 | $370.7M | +6.9% |
| Q3 2024 | $362.1M | +25.6% |
| Q2 2024 | $379.2M | +15.2% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
PIII's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
PIII Revenue Analysis (2019–2025)
Current Revenue & Growth
As of June 23, 2026, P3 Health Partners Inc. (PIII) generated trailing twelve-month (TTM) revenue of $1.47 billion, reflecting modest growth of +3.5% year-over-year. The most recent quarter (Q1 2026) recorded $386.4 million in revenue, up 0.4% sequentially.
Historical Growth Trajectory
PIII's 5-year compound annual growth rate (CAGR) stands at +24.3%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +11.6% is below the 5-year average, signalling a growth deceleration in recent years. P3 Health Partners Inc.'s highest annual revenue of $1.50 billion was recorded in 2024.
Revenue by Segment
PIII's revenue is primarily driven by Capitated Revenue (98%), and Health Care, Patient Service (2%). With over half of revenue concentrated in Capitated Revenue, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Healthcare sector peers — including AGIO (+78.3% YoY), ALHC (+41.8% YoY), and OSCR (+31.9% YoY) — PIII has underperformed the peer group in revenue growth. Compare PIII vs AGIO →
PIII Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| PIIICurrent | $1.5B | +3.5% | +24.3% | -18.5% | |
 AGIO | $54M | +78.3% | - | -873.9% | |
 ALHC | $3.9B | +41.8% | +32.7% | 0.4% | |
 OSCR | $11.7B | +31.9% | +81.8% | -3.4% | |
 CNC | $194.8B | +17.0% | +11.9% | -3.9% | |
 MOH | $45.4B | +7.7% | +18.5% | 1.7% |
PIII Historical Revenue Data (2019–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.46B | -2.8% | $-144,323,000 | -9.9% | $-270,301,000 | -18.5% |
| 2024 | $1.50B | +18.5% | $1.50B | 100.0% | $-320,658,000 | -21.4% |
| 2023 | $1.27B | +20.7% | $1.27B | 100.0% | $-167,930,000 | -13.3% |
| 2022 | $1.05B | +64.7% | $1.05B | 100.0% | $-1,560,913,000 | -148.7% |
| 2021 | $637.4M | +29.8% | $-30,701,193 | -4.8% | $-187,945,258 | -29.5% |
| 2020 | $491.1M | +237.5% | $491.1M | 100.0% | $-28,587,678 | -5.8% |
| 2019 | $145.5M | - | $145.5M | 100.0% | $-39,535,671 | -27.2% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
PIII — Frequently Asked Questions
Quick answers to the most common questions about buying PIII stock.
Is PIII's revenue growth accelerating or slowing?
PIII revenue growth is slowing. TTM revenue is $1.5B, up +3.5% year-over-year — below the 5-year CAGR of +24.3%. The deceleration suggests maturing end-markets or increased competition.
What is PIII's revenue history from 2019 to 2026?
P3 Health Partners Inc. (PIII) revenue history spans 2019 to 2026. TTM revenue as of 2026 is $1.5B, growing at +3.5% YoY. The 5-year CAGR is +24.3%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is PIII's long-term revenue growth rate (CAGR)?
P3 Health Partners Inc.'s 5-year revenue CAGR of +24.3% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of +3.5% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for PIII.
Why does PIII's quarterly revenue fluctuate?
PIII quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. P3 Health Partners Inc.'s revenue data from 2019 to 2026 shows full historical quarterly detail on this page.
How is PIII's revenue distributed by segment?
PIII reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does PIII's revenue compare to industry peers?
P3 Health Partners Inc. (PIII) with TTM revenue of $1.5B and +3.5% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.