$re = '/(?:\A#match|\G(?!\A))\s*\K^(# .+)\n([\s\S]+?)(?=\n# |\Z)/m';
$str = '#match
# Heading 1
Text of Heading 1
# Heading 2
Text of Heading 2
# Heading 3
Text of Heading 3';
preg_match_all($re, $str, $matches, PREG_SET_ORDER, 0);
// Print the entire match result
var_dump($matches);
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php