P3 Health Partners Inc.

Q2 revenue was $386 million, up from $356 million in the same period of 2025. Q2 adjusted EBITDA was $54.4 million versus a loss of $17 million a year ago; about $45 million of that result came from favorable payer settlements and prior-year development, and underlying Q2 adjusted EBITDA was about $9 million. Medical claims expense was $269 million, medical margin was $98 million or $311 PMPM, and adjusted medical loss ratio was 85.6%. For the first half of 2026, adjusted EBITDA was $80 million versus a loss of $39 million in first half 2025, with $62 million of favorable settlements/prior-year development included across Q1 and Q2. Management raised full-year 2026 adjusted EBITDA guidance to $80 million-$110 million, with a midpoint of $95 million, and said the back half still reflects normal seasonal pressure offset by in-year programmatic improvements.

Aric Coffman framed the quarter as evidence that the company’s structural changes over the last two years are now compounding into more durable earnings. He highlighted better medical cost control, stronger quality execution, payer-contract redesign, and disciplined geographic expansion as the main strategic pillars. His tone was confident but measured, emphasizing that the framework for 2026 is solid while acknowledging there is still work to do in the back half of the year.

Leif Pedersen focused on the financial bridge: the quarter’s $54.4 million of adjusted EBITDA included $45 million of favorable prior-period development and payer settlements, with the specific payer settlement amount disclosed as $41 million and said to affect medical claims expense only, not revenue. He noted total at-risk membership of about 105,000 versus 116,000 a year ago, with revenue at $386 million and medical claims expense at $269 million. He also pointed to $21 million of cash and equivalents at quarter-end, and said the company is raising full-year 2026 adjusted EBITDA guidance to $80 million-$110 million, while remaining mindful of second-half seasonal medical expense pressure.

Analysts pressed management on the payer settlement, asking what it related to and whether it impacted revenue or expense; Leif said the $41 million settlement did not affect revenue and only affected medical claims expense. Questions also focused on seasonality and whether the second half could sustain the first-half pace; Leif said the midpoint implies about $15 million of additional underlying EBITDA in the back half, offset by normal industry pressure and in-year programs. On Nebraska, management said 2027 remains a services-only year and the company would not move to full risk until 2028; on 2027 benefit design and county exits, Aric said it was too early to know the impact but did not expect exited counties to materially affect overall membership.