P3 Health Q2 FY26 net income swings to $15.7 million; revenue rises 9% to $386 million

• P3 Health Partners posted Q2 net income of $15.7 million, swinging from a $43.7 million loss a year earlier.
• Revenue rose 9% from the prior-year quarter to $386 million; at-risk membership fell 10% to about 105,000.
• Non-GAAP adjusted EBITDA was $54.4 million, reversing from a $17.1 million loss a year earlier.
• Medical margin was $97.8 million, including payer settlements and prior-year development; excluding those items, it was $52.9 million.
• Raised full-year 2026 non-GAAP adjusted EBITDA guidance to $80 million-$110 million; CEO Aric Coffman cited improved profitability and embedded contract and operating-model changes.

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