P3 Health Partners Inc. reported full-year 2025 revenue of $1.46 billion [3] in its fourth-quarter financial results.
These figures reflect a critical transition period for the physician-led population health management company as it attempts to stabilize its cost structure. The company is currently undergoing a broad restructuring process, which includes negotiating improved contracts and expanding into new geographic territories to normalize its earnings.
For the full year of 2025, P3 Health reported a normalized Adjusted EBITDA loss of $149.1 million [1]. Despite the loss, the company noted a year-over-year improvement in Adjusted EBITDA of $44 million [2]. This improvement comes as the company seeks to align its operational costs with its revenue streams.
Market analysts had previously set a consensus estimate for Q4 2025 revenue at $357.65 million [4]. The company's financial trajectory has led to significant volatility in its stock price. Following the release of recent financial data, shares of P3 Health (NASDAQ: PIII) surged 42.68% to $5.75 in after-hours trading [5].
Some reports indicated that the stock surge followed the announcement of first-quarter 2026 results, which showed earnings per share of negative $1.00 [6]. However, the primary financial focus remains on the 2025 year-end results and the company's ability to reduce its EBITDA losses through its current restructuring plan.
Based in Nevada, the company continues to focus on a patient-centered model to manage population health. The management team said the goal is to normalize the EBITDA and cost structure to ensure long-term sustainability as they scale their operations.
“Full-year 2025 revenue reached $1.46 billion”
P3 Health Partners is attempting to pivot from a period of heavy losses toward operational stability. While the $1.46 billion revenue figure demonstrates significant scale, the $149.1 million EBITDA loss highlights a gap between volume and profitability. The stock's volatile reaction suggests investor sensitivity to the company's restructuring success and its ability to secure more favorable contracts in the competitive population health market.
