-- All 2025 Operating and Financial Metrics At or Above High End of Guidance
Ranges
-- Full-year 2025 Net Income +59.3% from 2024
-- Full-year 2025 Adjusted EBITDA of $125.5 Million, +38.8% from 2024
-- Full-year 2025 Net Cash Provided by Operating Activities of $163.4
Million, +49.5% from 2024; Year-end 2025 Cash Balance of $479.7 Million
and No Debt
-- 2026 Guidance Reflects 20% Adjusted EBITDA Growth at Midpoint
ARLINGTON, Va., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial and operating results for the fourth quarter and full year ended December 31, 2025. Each of the Company's operating and financial performance metrics were at or above the high end of its guidance ranges for 2025, as highlighted below.
Full-Year Performance
For the Years Ended December 31,
------------------------------------
($ in millions,
except per share
amounts) 2025 2024 Change (%)(*)
------------- ------------- ---------------
Total revenue $ 2,122.8 $ 1,736.4 22.3%
Gross profit $ 453.0 $ 397.7 13.9%
Operating income $ 34.2 $ 17.0 101.6%
Net income(a) $ 22.9 $ 14.4 59.3%
Non-GAAP adjusted
net income(b) $ 127.7 $ 97.6 30.8%
Net income per
diluted share $ 0.18 $ 0.11 63.6%
Non-GAAP adjusted
net income per
diluted
share(b) $ 0.99 $ 0.78 26.9%
* Any slight variations in totals are due to rounding.
a. Net income for full-year 2025 included $71.1 million
in non-cash stock compensation expense and $10.3 million
in non-recurring, and other expenses. Net income for
full-year 2024 included $56.7 million in non-cash
stock compensation expense and $9.5 million in non-recurring,
and other expenses.
b. Reconciliations of non-GAAP adjusted net income and
other non-GAAP financial measures are presented in
tables near the end of this press release.
Key Operating and Non-GAAP Financial Metrics (c)
For the Years Ended December 31,
------------------------------------
($ in millions) 2025 2024 Change (%)*
--------------- -------------- -------------
Implemented
Providers 5,380 4,789 12.3%
Attributed Lives 1,541,000 1,256,000 22.7%
Practice
Collections $ 3,470.5 $ 2,968.0 16.9%
Care Margin $ 462.2 $ 403.9 14.4%
Platform
Contribution $ 234.8 $ 195.6 20.0%
Adjusted EBITDA $ 125.5 $ 90.5 38.8%
* Any slight variations in totals are due to rounding.
Full-Year 2025 Actual Performance versus Guidance (c)
Initial FY 2025 Updated FY 2025
Guidance(d) Guidance(d) FY 2025
------------------------ --------------------- ----------
($ in millions) Low High at November 6, 2025 Actual
---------- ------------ --------------------- ----------
Implemented
Providers 5,200 5,300 5,300 - 5,350 5,380
Attributed Lives 1,300,000 1,400,000 1,400,000 - 1,425,000 1,541,000
Practice
Collections $ 3,150 $ 3,250 $3,450 - $3,500 $ 3,470.5
GAAP Revenue $ 1,800 $ 1,900 $2,050 - $2,100 $ 2,122.8
Care Margin $ 435 $ 445 $455 - $460 $ 462.2
Platform
Contribution $ 208 $ 218 $230 - $235 $ 234.8
Adjusted EBITDA $ 105 $ 110 $118 - $121 $ 125.5
c. Reconciliations of Care Margin, Platform Contribution,
Adjusted EBITDA and other non-GAAP financial measures
are presented in tables near the end of this press
release.
d. Management had not reconciled forward-looking non-GAAP
measures to their most directly comparable GAAP measures
of Gross Profit and Net Income. This is because the
Company could not have predicted with reasonable certainty
and without unreasonable efforts the ultimate outcome
of certain GAAP components of such reconciliations
due to market-related assumptions not within our control
as well as certain legal or advisory costs, tax costs
or other costs that have arisen. For these reasons,
management is unable to assess the probable significance
of the unavailable information, which could materially
impact the amount of the directly comparable GAAP
measures.
Fourth Quarter Performance
For the Three Months Ended December
31,
------------------------------------
($ in millions,
except per share
amounts) 2025 2024 Change (%)(*)
---- ----------- --- ------------ ---------------
Total revenue $ 541.2 $ 460.9 17.4%
Gross profit $ 114.0 $ 106.1 7.4%
Operating income $ 11.3 $ 5.2 114.9%
Net income(e) $ 9.2 $ 4.4 108.0%
Non-GAAP adjusted
net income(f) $ 32.0 $ 26.5 20.8%
Net income per
diluted share $ 0.07 $ 0.03 133.3%
Non-GAAP adjusted
net income per
diluted
share(f) $ 0.25 $ 0.21 19.0%
* Any slight variations in totals are due to rounding.
e. Net income for the fourth quarter of 2025 included
$15.5 million in non-cash stock compensation expense
and $2.1 million in non-recurring and other expenses.
Net income for the fourth quarter of 2024 included
$15.3 million in non-cash stock compensation expense
and $2.5 million in legal and other expenses.
f. Reconciliations of non-GAAP adjusted net income and
other non-GAAP financial measures are presented in
tables near the end of this press release.
Key Operating and Non-GAAP Financial Metrics (g)
For the Three Months Ended December 31,
---------------------------------------
($ in millions) 2025 2024 Change (%)
---- ------------- --- ------------- ------------
Practice
Collections $ 868.6 $ 792.5 9.6%
Care Margin $ 116.5 $ 107.7 8.1%
Platform
Contribution $ 55.1 $ 53.2 3.4%
Adjusted EBITDA $ 31.5 $ 24.9 26.4%
g. Reconciliations of Care Margin, Platform Contribution,
Adjusted EBITDA and other non-GAAP financial measures
are presented in tables near the end of this press
release.
Capital Resources and Cash Flow
The Company's balance sheet at December 31, 2025 included $479.7 million of cash and cash equivalents and no debt. Full-year 2025 Net Cash Provided by Operating Activities was $163.4 million compared to $109.3 million in 2024 (+49.5%) with de minimis capital expenditures. Free Cash flow for the year ended December 31, 2025 was $163.4 million compared to $109.3 million in the prior year (+49.6%).
2026 Financial and Business Outlook (g h i)
Privia Health's key areas of focus in 2026 include:
-- Organic provider growth in existing states;
-- Continuing to perform in value-based risk arrangements for positive
margin contribution in challenging Medicare Advantage $(MA)$ market;
-- Achieving operating leverage to drive Adjusted EBITDA growth, and
converting approximately 80% of Adjusted EBITDA to Free Cash Flow; and
-- Pursuing disciplined and strategic business development activities to
enter new states and expand in existing states to increase overall
addressable market.
The Company's 2026 operating and financial guidance is as follows (h i j) :
Y-Y % Change from FY
FY 2025 FY 2026 Guidance(h) 2025
---------- ---------------------- ---------------------
($ in millions) Actual Low High Low High
---------- ---------- ---------- --------- ----------
Implemented
Providers 5,380 5,900 6,000 9.7% 11.5%
Attributed Lives 1,541,000 1,550,000 1,600,000 0.6% 3.8%
Practice
Collections $ 3,470.5 $ 3,650 $ 3,750 5.2% 8.1%
GAAP Revenue $ 2,122.8 $ 2,350 $ 2,450 10.7% 15.4%
Care Margin $ 462.2 $ 515 $ 530 11.4% 14.7%
Platform
Contribution $ 234.8 $ 260 $ 270 10.7% 15.0%
Adjusted EBITDA $ 125.5 $ 145 $ 155 15.5% 23.5%
* Expect approximately 80% of Adjusted EBITDA to convert
to free cash flow in full-year 2026
* ExpectExpect to end full-year 2026 with approximately
$600 million in cash and cash equivalents
* ExpectGuidance does not assume any new business development
activity
h. Management has not reconciled forward-looking non-GAAP
measures to their most directly comparable GAAP measures
of Gross Profit and Net Income. This is because the
Company cannot predict with reasonable certainty and
without unreasonable efforts the ultimate outcome
of certain GAAP components of such reconciliations
due to market-related assumptions that are not within
our control as well as certain legal or advisory costs,
tax costs or other costs that may arise. For these
reasons, management is unable to assess the probable
significance of the unavailable information, which
could materially impact the amount of the future directly
comparable GAAP measures.
i. See "Key Metrics and Non-GAAP Financial Measures"
for more information as to how the Company defines
and calculates Implemented Providers, Attributed Lives,
Practice Collections, Care Margin, Platform Contribution
and Adjusted EBITDA, and for a reconciliation of the
most comparable GAAP measures to Care Margin, Platform
Contribution, Adjusted EBITDA, Adjusted Net Income
and Adjusted Net Income Per Share.
Certain non-recurring or non-cash and other expenses
will be treated as an add back in the reconciliation
of Net Income to Adjusted EBITDA, and the reconciliation
of Net Income to Adjusted Net Income and Adjusted
Net Income Per Share, the details of which can be
found in the Reconciliation schedules near the end
of this and in future quarterly financial press releases.
j. Any slight variations in totals due to rounding.
Webcast and Conference Call Information
The Company will host a conference call on February 26, 2026, at 8:00 am ET to discuss these results and management's outlook for future financial and operational performance. You can visit ir.priviahealth.com/news-and-events/events-and-presentations to listen to the call via live webcast. The webcast will be archived and available for replay for on-demand listening shortly after the completion of the call under the same link. If you wish to participate in the live conference call, then please dial 888-596-4144 (or 646-968-2525 for international callers) and provide Conference ID 5704885.
This news release and the financial statements contained herein, and the slide presentation for the webcast, are also available on the Privia Health Investor Relations website at ir.priviahealth.com.
About Privia Health
Privia Health$(TM)$ is one of the largest physician enablement companies in the United States with a presence in 24 states and the District of Columbia. Privia builds scaled provider networks with primary-care centric medical groups, risk-bearing entities, a physician-led governance structure, and the Privia Platform comprising an extensive suite of technology and service solutions. Privia collaborates with medical groups, health plans and health systems to optimize 1,300+ physician practices, improve the patient experience for 5.8+ million patients, and reward 5,300+ physicians and advanced practitioners for delivering high-value care.
Privia's mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve the health of communities and the well-being of providers. For more information, visit priviahealth.com.
Non-GAAP Financial Measures
The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States ("GAAP"). From time to time, in press releases, financial presentations, earnings conference calls or otherwise, the Company may disclose certain non-GAAP financial measures. The non-GAAP financial measures presented in this press release should not be viewed as alternatives or substitutes for the Company's reported GAAP results. A reconciliation to the most directly comparable GAAP financial measure is set forth in the tables that accompany this release.
The Company believes that the non-GAAP financial measures presented in this press release are relevant and provide useful information to the Company's management, investors, and other interested parties about the Company's operating performance because the measures allow them to understand and compare the Company's actual and expected operating results during the prior, current and future periods in a more consistent manner. The non-GAAP measures presented in this press release may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of the results of operations and trends affecting the Company's business. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to financial measures calculated in accordance with GAAP.
Safe Harbor Statement
The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company's Form 10-K is filed with the Securities and Exchange Commission ("SEC"). This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to our current expectations, projections and assumptions about our business, the economy and future events or conditions. They do not relate strictly to historical or current facts. Forward-looking statements can be identified by words such as "aims," "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "future," "intends," "likely," "may," "outlook," "plans," "potential," "projects," "seeks," "strategy," "targets," "trends," "will," "would," "could," "should," and variations of such terms and similar expressions and references to guidance, although some forward-looking statements may be expressed differently. In particular, these include statements relating to, among other things, our future actions, business plans, objectives and prospects; and our future operating or financial performance and projections, including our full year guidance for 2026. Factors or events that could cause actual results to differ may emerge from time to time and are difficult to predict. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results may differ materially from past results and those anticipated, estimated or projected. We caution you not to place undue reliance upon any of these forward-looking statements.
Factors related to these risks and uncertainties include, but are not limited to: the heavily regulated industry in which we operate, and any failure by us or our medical groups to comply with the extensive applicable healthcare laws and government regulations; the complexity of the legal framework governing our relationships with Medical Groups, some of which we do not own, and Privia providers, and the impact of legal challenges or shifting interpretations of applicable laws; the execution of our growth strategy, which may not prove viable and we may not realize expected results; difficulties timely implementing our proprietary end-to-end, cloud-based technology solution for Privia physicians and new medical groups; the high level of competition in our industry; challenges in successfully establishing a presence in new geographic markets; the impact of failures by or service disruptions at key third-party vendors, such as our primary electronic medical record vendor, athenahealth, Inc.; potential decreases in reimbursement rates by governmental and third-party payers, changes to payment terms or challenges negotiating and retaining favorable contracts with private third-party payers, and changes impacting our patient population; the financial and operational impact of our compliance with various complex and changing federal and state privacy and security laws and regulations related to our use, disclosure, and other processing of personal information and protected health information, including the Health Insurance Portability and Accountability Act of 1996; the impact of actual and potential security threats, cybersecurity incidents or privacy or other forms of data breaches involving us, our vendors or other third parties; the continued availability of qualified workforce, including staff at our medical groups, and the continued upward pressure on compensation for such workforce; and other risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2025 and the Company's subsequent Quarterly Reports on Form 10-Q. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.
Contact:
Robert Borchert
SVP, Investor & Corporate Communications
IR@priviahealth.com
817.783.4841
Privia Health Group, Inc.
Condensed Consolidated Statements of Operations(k)
(in thousands, except share and per share data)
For the Three Months Ended For the Years Ended
December 31, December 31,
-------------------------- --------------------------
2025 2024 2025 2024
----------- -----------
(unaudited) (unaudited)
Revenue $ 541,173 $ 460,900 $ 2,122,842 $ 1,736,390
Operating expenses:
Provider
expense 424,670 353,164 1,660,680 1,332,537
Cost of
platform 66,848 59,769 252,732 227,000
Sales and
marketing 6,449 6,462 27,136 26,446
General and
administrative 29,271 34,425 138,152 126,157
Depreciation
and
amortization 2,657 1,832 9,907 7,268
----------- ----------- ----------- -----------
Total operating
expenses 529,895 455,652 2,088,607 1,719,408
----------- ----------- ----------- -----------
Operating income 11,278 5,248 34,235 16,982
Interest income, net 2,093 2,774 9,703 10,888
----------- ----------- ----------- -----------
Income before
provision for income
taxes 13,371 8,022 43,938 27,870
Provision for income
taxes 2,786 2,655 14,212 10,826
----------- ----------- ----------- -----------
Net income 10,585 5,367 29,726 17,044
Less: Net income
attributable to
non-controlling
interests 1,434 968 6,807 2,659
----------- ----------- ----------- -----------
Net income income
attributable to
Privia Health Group,
Inc. $ 9,151 $ 4,399 $ 22,919 $ 14,385
=========== =========== =========== ===========
Net income income per
share attributable
to Privia Health
Group, Inc.
stockholders --
basic $ 0.07 $ 0.04 $ 0.19 $ 0.12
=========== =========== =========== ===========
Net income income per
share attributable
to Privia Health
Group, Inc.
stockholders --
diluted $ 0.07 $ 0.03 $ 0.18 $ 0.11
=========== =========== =========== ===========
Weighted average
common shares
outstanding --
basic 123,188,466 120,135,843 122,176,587 119,402,749
=========== =========== =========== ===========
Weighted average
common shares
outstanding --
diluted 130,366,291 126,422,148 128,889,836 125,614,171
=========== =========== =========== ===========
(k) Any slight variations in totals due to rounding.
Privia Health Group, Inc.
Condensed Consolidated Balance Sheets(l)
(in thousands)
December 31, 2025 December 31, 2024
------------------- ---------------------
Assets
Current assets:
Cash and cash
equivalents $ 479,685 $ 491,149
Accounts receivable, net
of allowance for credit
losses of $15.4 million
and $9.3 million 400,902 316,179
Prepaid expenses and
other current assets 30,414 27,495
-------------- --------------
Total current assets 911,001 834,823
Non-current assets:
Property and equipment,
net 504 1,242
Right-of-use assets 8,794 4,828
Intangible assets, net 215,919 109,807
Goodwill 209,842 141,615
Deferred tax asset, net 2,274 26,383
Other non-current assets 21,044 17,085
-------------- --------------
Total non-current assets 458,377 300,960
-------------- --------------
Total assets $ 1,369,378 $ 1,135,783
============== ==============
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable and
accrued expenses $ 96,804 $ 81,986
Provider liability 469,516 364,607
Operating lease
liabilities, current 2,200 2,553
-------------- --------------
Total current liabilities 568,520 449,146
-------------- --------------
Non-current liabilities:
Operating lease
liabilities,
non-current 7,331 3,037
Other non-current
liabilities 2,584 153
-------------- --------------
Total non-current liabilities 9,915 3,190
-------------- --------------
Total liabilities 578,435 452,336
-------------- --------------
Commitments and contingencies
Stockholders' equity:
Common stock 1,236 1,203
Additional paid-in
capital 892,291 813,209
Accumulated deficit (156,310) (179,229)
-------------- --------------
Total Privia Health
Group, Inc.
stockholders' equity 737,217 635,183
Non-controlling interest 53,726 48,264
-------------- --------------
Total stockholders' equity 790,943 683,447
-------------- --------------
Total liabilities and
stockholders' equity $ 1,369,378 $ 1,135,783
============== ==============
(l) Any slight variations in totals are due to rounding.
Privia Health Group, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
For the Years Ended December 31,
------------------------------------------
2025 2024
-----------
Cash flows from operating
activities
Net income $ 29,726 $ 17,044
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation 739 1,104
Amortization of
intangibles 9,168 6,164
Stock-based compensation 71,068 56,680
Deferred income taxes 10,871 8,817
Changes in asset and
liabilities:
Accounts receivable, net (36,668) (19,824)
Prepaid expenses and other
current assets (1,599) (8,970)
Other non-current assets
and right-of-use assets (326) (1,721)
Accounts payable and
accrued expenses 14,824 19,905
Provider liability 65,629 32,942
Operating lease
liabilities (2,459) (2,699)
Other long-term
liabilities 2,431 (160)
-------------- -----------
Net cash provided by operating
activities 163,404 109,282
-------------- -----------
Cash flows from investing
activities
Acquisitions, net of cash
acquired (180,370) (6,957)
Other (1,200) (5,021)
-------------- -----------
Net cash used in investing
activities (181,570) (11,978)
-------------- -----------
Cash flows from financing
activities
Proceeds from
non-controlling interest -- 1,653
Distribution to
non-controlling interest (1,345) --
Proceeds from exercised
stock options 8,047 2,681
Net cash provided by financing
activities 6,702 4,334
-------------- -----------
Net (decrease) increase in cash
and cash equivalents (11,464) 101,638
Cash and cash equivalents at
beginning of period 491,149 389,511
-------------- -----------
Cash and cash equivalents at end
of period $ 479,685 $ 491,149
============== ===========
Supplemental disclosure of cash
flow information:
Interest paid $ 251 $ 285
============== ===========
Income taxes paid, net of
refunds $ 6,639 $ 3,755
============== ===========
Additional Financial Information
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