Privia Health Reports Fourth Quarter and Full-Year 2025 Financial Results
Rhea-AI Summary
Privia Health (Nasdaq: PRVA) reported full-year 2025 results with all operating and financial metrics at or above the high end of guidance. Total revenue was $2,122.8M (+22.3%), Adjusted EBITDA $125.5M (+38.8%), and net income $22.9M (+59.3%).
Year-end cash was $479.7M with no debt; 2025 operating cash flow was $163.4M (+49.5%). 2026 guidance targets ~20% Adjusted EBITDA growth at midpoint and expects ~80% conversion of Adjusted EBITDA to free cash flow.
Positive
- Revenue +22.3% to $2,122.8M in 2025
- Adjusted EBITDA +38.8% to $125.5M
- Net income +59.3% to $22.9M
- Year-end cash $479.7M and no debt
Negative
- Non-cash stock compensation of $71.1M reduced 2025 net income
- Management did not reconcile forward-looking non-GAAP to GAAP
Market Reaction – PRVA
Following this news, PRVA has gained 9.65%, reflecting a notable positive market reaction. Our momentum scanner has triggered 10 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $24.84. This price movement has added approximately $269M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
PRVA is up 5.2% on strong FY25 results, while peers like PHR (+0.68%) and others show only modest mixed moves, pointing to a company-specific reaction rather than a broad Health Information Services move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | -4.2% | Strong Q3 2025 growth and ACO acquisition deal with raised FY25 guidance. |
| Aug 07 | Q2 2025 earnings | Positive | -1.4% | Robust Q2 2025 revenue and EBITDA growth with raised full-year guidance. |
| May 08 | Q1 2025 earnings | Positive | +7.5% | Strong Q1 2025 results and Arizona expansion via acquisition, guidance raised. |
| Feb 27 | FY 2024 earnings | Positive | +5.8% | FY 2024 results above guidance with strong cash generation and no debt. |
| Nov 07 | Q3 2024 earnings | Positive | +6.5% | Q3 2024 revenue and EBITDA growth with rising providers and attributed lives. |
Earnings releases have generally been well-received, with 3 positive and 2 negative next-day moves, showing occasional sell-the-news reactions despite consistently strong results.
Over the past few earnings cycles, Privia Health has repeatedly delivered strong growth in revenue, Adjusted EBITDA and implemented providers. Prior reports highlighted rising attributed lives, expansion into new markets like Arizona, and balance sheet strength with substantial cash and no debt. Several earnings events led to raised full-year guidance. Today’s FY25 and Q4 2025 results continue that pattern of outperformance versus guidance and reinforce the multi-year trend of scaling value-based care while maintaining solid profitability metrics.
Historical Comparison
Past earnings headlines moved PRVA about 2.85% on average. Today’s +5.2% reaction to FY25/Q4 results is stronger than typical but still within a plausible range.
Earnings releases show steady revenue and Adjusted EBITDA growth, expanding implemented providers and attributed lives, repeated guidance raises, and sustained balance sheet strength with significant cash and no debt.
Market Pulse Summary
The stock is up +9.7% following this news. A strong positive reaction aligns with Privia Health’s pattern of delivering above-guidance earnings and robust cash generation. FY25 revenue of $2,122.8M, Adjusted EBITDA of $125.5M, and free cash flow of $163.4M all grew sharply year over year. The stock’s +5.2% move exceeds the historical average earnings reaction of 2.85%, reflecting confidence in 2026 guidance calling for further Adjusted EBITDA growth.
Key Terms
adjusted ebitda financial
non-gaap financial
free cash flow financial
medicare advantage medical
value-based risk arrangements medical
webcast technical
AI-generated analysis. Not financial advice.
- 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 incomea | $ | 22.9 | $ | 14.4 | 59.3 | % | |||
| Non-GAAP adjusted net incomeb | $ | 127.7 | $ | 97.6 | 30.8 | % | |||
| Net income per diluted share | $ | 0.18 | $ | 0.11 | 63.6 | % | |||
| Non-GAAP adjusted net income per diluted shareb | $ | 0.99 | $ | 0.78 | 26.9 | % | |||
| * | Any slight variations in totals are due to rounding. |
| a. | Net income for full-year 2025 included |
| 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 Guidanced | Updated FY 2025 Guidanced | 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 | $ | 3,470.5 | ||||
| GAAP Revenue | $ | 1,800 | $ | 1,900 | $ | 2,122.8 | ||||
| Care Margin | $ | 435 | $ | 445 | $ | 462.2 | ||||
| Platform Contribution | $ | 208 | $ | 218 | $ | 234.8 | ||||
| Adjusted EBITDA | $ | 105 | $ | 110 | $ | 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 incomee | $ | 9.2 | $ | 4.4 | 108.0 | % | |||
| Non-GAAP adjusted net incomef | $ | 32.0 | $ | 26.5 | 20.8 | % | |||
| Net income per diluted share | $ | 0.07 | $ | 0.03 | 133.3 | % | |||
| Non-GAAP adjusted net income per diluted sharef | $ | 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 |
| 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
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:
| FY 2025 | FY 2026 Guidanceh | Y-Y % Change from FY 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 |
| * | ExpectExpect to end full-year 2026 with approximately |
| * | 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™ 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 December 31, | For the Years Ended 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 | 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
Revenues disaggregated by source:
| For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||
| (Dollars in Thousands) | 2025 | 2024 | 2025 | 2024 | |||||||
| FFS-patient care | $ | 364,406 | $ | 312,295 | $ | 1,360,235 | $ | 1,146,156 | |||
| FFS-administrative services | 36,031 | 33,525 | 137,017 | 125,431 | |||||||
| Capitated revenue | 71,350 | 51,852 | 308,458 | 212,987 | |||||||
| Shared savings | 46,888 | 44,482 | 234,815 | 179,202 | |||||||
| Care management fees (PMPM) | 20,025 | 16,240 | 73,138 | 64,066 | |||||||
| Other revenue | 2,472 | 2,506 | 9,179 | 8,548 | |||||||
| Total Revenue | $ | 541,172 | $ | 460,900 | $ | 2,122,842 | $ | 1,736,390 | |||
Liabilities for unpaid medical claims under at-risk capitation arrangements:
| December 31, | ||||||||
| (Dollars in Thousands) | 2025 | 2024 | ||||||
| Balance, beginning of period | $ | 66,355 | $ | 67,138 | ||||
| Incurred health care costs | ||||||||
| Current year | 303,075 | 208,341 | ||||||
| Prior years | (12,617 | ) | 964 | |||||
| Total claims incurred | 290,458 | 209,305 | ||||||
| Claims paid | ||||||||
| Current year | (232,079 | ) | (157,375 | ) | ||||
| Prior years | (45,745 | ) | (52,713 | ) | ||||
| Total claims paid | (277,824 | ) | (210,088 | ) | ||||
| Balance, end of period | $ | 78,989 | $ | 66,355 | ||||
Key Metrics and Non-GAAP Financial Measures
Privia Health reviews a number of operating and financial metrics, including the following key metrics and non-GAAP financial measures, to evaluate the Company’s business, measure performance, identify trends affecting the Company’s business, formulate business plans, and make strategic decisions.
Key Metrics(m)
| For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||
| (unaudited; $ in millions) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Implemented Providers(n) | 5,380 | 4,789 | 5,380 | 4,789 | ||||||||
| Attributed Lives(o) | 1,541,000 | 1,256,000 | 1,541,000 | 1,256,000 | ||||||||
| Practice Collections(p) | $ | 868.6 | $ | 792.5 | $ | 3,470.5 | $ | 2,968.0 | ||||
| (m) Any slight variations in totals are due to rounding. | ||||||||||||
| (n) Implemented Providers is defined as the total of all service professionals at the end of a given period who billed for medical services, in both Owned and Non-Owned Medical Groups during that period. | ||||||||||||
| (o) Attributed Lives are defined as any patient that a payer deems attributed to Privia to deliver care as part of a value-based care arrangement through a provider of primary care services as of the end of a particular period. | ||||||||||||
| (p) Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health’s platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups. | ||||||||||||
Non-GAAP Financial Measures (q)(r)
| For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||||||
| (unaudited; $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Care Margin | $ | 116,503 | $ | 107,736 | $ | 462,162 | $ | 403,853 | ||||||||
| Platform Contribution | $ | 55,067 | $ | 53,246 | $ | 234,821 | $ | 195,634 | ||||||||
| Platform Contribution Margin | ||||||||||||||||
| Adjusted EBITDA | $ | 31,456 | $ | 24,886 | $ | 125,549 | $ | 90,455 | ||||||||
| Adjusted EBITDA Margin | ||||||||||||||||
(q) In addition to results reported in accordance with GAAP, Privia Health discloses Care Margin, Platform Contribution, Platform Contribution margin, Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP financial measures. Each are defined as follows:
| ||||||||||||||||
| (r) Any slight variations in totals are due to rounding. | ||||||||||||||||
Reconciliation of Gross Profit to Care Margin
| For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||||||
| (unaudited; $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 541,173 | $ | 460,900 | $ | 2,122,842 | $ | 1,736,390 | ||||||||
| Provider expense | (424,670 | ) | (353,164 | ) | (1,660,680 | ) | (1,332,537 | ) | ||||||||
| Amortization of intangible assets | (2,498 | ) | (1,603 | ) | (9,168 | ) | (6,164 | ) | ||||||||
| Gross Profit | $ | 114,005 | $ | 106,133 | $ | 452,994 | $ | 397,689 | ||||||||
| Amortization of intangible assets | 2,498 | 1,603 | 9,168 | 6,164 | ||||||||||||
| Care margin | $ | 116,503 | $ | 107,736 | $ | 462,162 | $ | 403,853 | ||||||||
Reconciliation of Gross Profit to Platform Contribution(s)
| For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||||||
| (unaudited; $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 541,173 | $ | 460,900 | $ | 2,122,842 | $ | 1,736,390 | ||||||||
| Provider expense | (424,670 | ) | (353,164 | ) | (1,660,680 | ) | (1,332,537 | ) | ||||||||
| Amortization of intangible assets | (2,498 | ) | (1,603 | ) | (9,168 | ) | (6,164 | ) | ||||||||
| Gross Profit | 114,005 | 106,133 | 452,994 | 397,689 | ||||||||||||
| Amortization of intangible assets | 2,498 | 1,603 | 9,168 | 6,164 | ||||||||||||
| Cost of platform | (66,848 | ) | (59,769 | ) | (252,732 | ) | (227,000 | ) | ||||||||
| Stock-based compensation(t) | 5,412 | 5,279 | 25,391 | 18,781 | ||||||||||||
| Platform Contribution | $ | 55,067 | $ | 53,246 | $ | 234,821 | $ | 195,634 | ||||||||
| (s) Any slight variations in totals are due to rounding. | ||||||||||||||||
| (t) Amount represents stock-based compensation expense included under Cost of Platform. | ||||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA(u)
| For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||||||
| (unaudited; $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income | $ | 9,151 | $ | 4,399 | $ | 22,919 | $ | 14,385 | ||||||||
| Net income attributable to non-controlling interests | 1,434 | 968 | 6,807 | 2,659 | ||||||||||||
| Provision for income taxes | 2,786 | 2,655 | 14,212 | 10,826 | ||||||||||||
| Interest income, net | (2,093 | ) | (2,774 | ) | (9,703 | ) | (10,888 | ) | ||||||||
| Depreciation and amortization | 2,657 | 1,832 | 9,907 | 7,268 | ||||||||||||
| Stock-based compensation | 15,452 | 15,279 | 71,068 | 56,680 | ||||||||||||
| Other expenses(v) | 2,069 | 2,527 | 10,339 | 9,525 | ||||||||||||
| Adjusted EBITDA | $ | 31,456 | $ | 24,886 | $ | 125,549 | $ | 90,455 | ||||||||
| (u) Any slight variations in totals are due to rounding. | ||||||||||||||||
| (v) Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | ||||||||||||||||
Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share(w)
| For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||
| (unaudited; $ in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||
| Net income | $ | 9,151 | $ | 4,399 | $ | 22,919 | $ | 14,385 | |||
| Stock-based compensation | 15,452 | 15,279 | 71,068 | 56,680 | |||||||
| Intangible amortization expense | 2,498 | 1,603 | 9,168 | 6,164 | |||||||
| Provision for income tax | 2,786 | 2,655 | 14,212 | 10,826 | |||||||
| Other expenses(x) | 2,069 | 2,527 | 10,339 | 9,525 | |||||||
| Adjusted net income attributable to Privia Health Group, Inc. | $ | 31,956 | $ | 26,463 | $ | 127,706 | $ | 97,580 | |||
| Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – basic | $ | 0.26 | $ | 0.22 | $ | 1.05 | $ | 0.82 | |||
| Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – diluted | $ | 0.25 | $ | 0.21 | $ | 0.99 | $ | 0.78 | |||
| Weighted average common shares outstanding – basic | 123,188,466 | 120,135,843 | 122,176,587 | 119,402,749 | |||||||
| Weighted average common shares outstanding – diluted | 129,946,715 | 126,422,148 | 128,889,836 | 125,614,171 | |||||||
| (w) Any slight variations in totals due to rounding. | |||||||||||
| (x) Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | |||||||||||
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (y)
| For the Years Ended December 31, | |||||||
| (unaudited; $ in thousands) | 2025 | 2024 | |||||
| Net cash provided by operating activities | $ | 163,404 | $ | 109,282 | |||
| Capital expenditures | — | (21 | ) | ||||
| Free cash flow | $ | 163,404 | $ | 109,261 | |||
| (y)Any slight variations in totals due to rounding. | |||||||
FAQ
What were Privia Health (PRVA) full-year 2025 revenue and adjusted EBITDA results?
How much cash did Privia Health (PRVA) have at year-end 2025 and was there debt?
What is Privia Health's (PRVA) 2026 Adjusted EBITDA guidance and expected growth?
Did Privia Health (PRVA) report any large non-cash expenses in 2025 that affected net income?
How did Privia Health (PRVA) perform versus its 2025 guidance for key metrics like attributed lives and platform contribution?
