Privia Health Reports Strong Third Quarter and Year-to-Date 2026 Results

Q: What were Privia Health's third-quarter 2026 earnings?

Privia Health reported $13.5 million in net income attributable to the company and $0.10 in diluted earnings per share. Those figures increased 96.6% and 100.0%, respectively, from the third quarter of 2025. Revenue increased 13.2% to $657.0 million.

Q: What is Privia Health's updated 2026 revenue and adjusted EBITDA guidance?

Privia expects $2,500–$2,550 million in revenue and $154–$157 million in adjusted EBITDA for 2026. The initial ranges were $2,350–$2,450 million and $145–$155 million, respectively. Adjusted EBITDA is a non-GAAP earnings measure.

Q: What assumptions support Privia Health's 2026 cash outlook?

Privia's cash outlook assumes the 2025 Medicare Shared Savings Program cash settlement and related provider disbursements occur before year-end, based on current accruals. The company expects at least $520 million in year-end cash and approximately 70% conversion of adjusted EBITDA to free cash flow, including the American Choice Healthcare transaction.

Q: How does Privia Health expect the Montana exit and American Choice acquisition to affect earnings?

Privia expects no material impact on 2027 adjusted EBITDA from leaving Montana, and minimal impact on all key 2026 metrics from the American Choice acquisition. The acquired business is expected to contribute positively to attributed lives and adjusted EBITDA in 2027.

Q: Does Privia Health's updated 2026 guidance include additional acquisitions or the Montana providers?

The updated guidance assumes no new business development activity and includes the 69 Montana providers in its implemented-provider outlook. The Montana partnership is scheduled to end effective January 2027.

Nine-month attributable net income rose 85.9%, while cash declined from its December 2025 balance.

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Rhea-AI Sentiment

(Positive)How Sentiment works

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Rhea-AI Summary

Privia Health (Nasdaq: PRVA) reported third-quarter revenue of $657.0 million, with higher earnings, and raised its full-year financial outlook. Revenue rose 13.2% year over year; net income attributable to Privia reached $13.5 million, up 96.6%, and diluted earnings doubled to $0.10 per share. Nine-month attributable net income rose 85.9% to $25.6 million.

Privia now expects 2026 revenue of $2,500–$2,550 million and adjusted EBITDA, a non-GAAP earnings measure, of $154–$157 million. It acquired American Choice Healthcare MSSP from Cano Health for approximately $36 million in cash. The acquired business will serve more than 36,000 attributed lives starting January 1, 2027. Privia also agreed to exit its Montana partnership with Surgery Partners effective January 2027. September-end cash was $446.3 million, before the acquisition, with no debt.

38 points · 1 major

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0 major · 17 points

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Positive

Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance increased to $2,500–$2,550 million, versus the initial $2,350–$2,450 million range.
Moderate pointThird-quarter revenue rose 13.2% year over year to $657.0 million.
Moderate pointThird-quarter attributable net income rose 96.6% year over year to $13.5 million.
Moderate pointImplemented providers increased 12.2% year over year to 5,893.
Moderate pointValue-based care attributed lives increased 19.2% year over year to 1,676,000.
Moderate pointThird-quarter practice collections rose 9.4% year over year to $1,028.8 million.
Moderate pointThird-quarter care margin, a non-GAAP measure, rose 10.3% year over year to $138.1 million.
Moderate point. Forward-looking: it has not happened yet and may not happen.American Choice acquisition adds more than 36,000 attributed lives starting January 1, 2027.

30 minor points

Minor pointThird-quarter diluted earnings rose 100.0% year over year to $0.10 per share.
Minor pointThird-quarter operating income rose 42.6% year over year to $20.5 million.
Minor pointThird-quarter gross profit rose 9.9% year over year to $134.7 million.
Minor pointThird-quarter adjusted EBITDA rose 6.3% year over year to $40.6 million.
Minor pointThird-quarter adjusted net income rose 16.3% year over year to $28.0 million.
Minor pointThird-quarter adjusted earnings per share rose 10.5% year over year to $0.21.
Minor pointThird-quarter platform contribution, a non-GAAP measure, rose 4.8% year over year to $73.9 million.
Minor pointNine-month revenue rose 19.7% year over year to $1,893.4 million.
Minor pointNine-month attributable net income rose 85.9% year over year to $25.6 million.
Minor pointNine-month diluted earnings rose 72.7% year over year to $0.19 per share.
Minor pointNine-month operating income rose 73.1% year over year to $39.7 million.
Minor pointNine-month gross profit rose 14.8% year over year to $389.3 million.
Minor pointNine-month adjusted EBITDA rose 21.9% year over year to $114.7 million.
Minor pointNine-month adjusted net income rose 18.9% year over year to $77.6 million.
Minor pointNine-month adjusted earnings per share rose 15.7% year over year to $0.59.
Minor pointNine-month practice collections rose 12.0% year over year to $2,913.6 million.
Minor pointNine-month care margin rose 15.4% year over year to $399.0 million.
Minor pointNine-month platform contribution rose 16.8% year over year to $209.9 million.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EBITDA guidance increased to $154–$157 million, versus the initial $145–$155 million range.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 practice collections guidance increased to $3,900–$3,950 million, versus the initial $3,650–$3,750 million range.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 care margin guidance increased to $535–$540 million, versus the initial $515–$530 million range.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 platform contribution guidance increased to $280–$285 million, versus the initial $260–$270 million range.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 attributed lives guidance increased to 1,675,000–1,690,000, versus the initial 1,550,000–1,600,000 range.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 implemented providers are expected at the high end of the initial 5,900–6,000 range.
Minor point. Forward-looking: it has not happened yet and may not happen.Acquired Medicare Shared Savings Program business expands coverage across ten existing Privia states and three new states.
Minor point. Forward-looking: it has not happened yet and may not happen.American Choice acquisition is expected to contribute positively to 2027 attributed lives and adjusted EBITDA.
Minor pointSeptember 30 balance sheet held $446.3 million in cash and no debt, before the acquisition.
Minor point. Forward-looking: it has not happened yet and may not happen.Year-end cash is expected at at least $520 million, including the acquisition, subject to settlement timing.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EBITDA conversion to free cash flow is expected at approximately 70%, subject to settlement timing.
Minor pointThird-quarter general and administrative expense declined to $34.452 million from $39.641 million a year earlier.

Negative

Moderate pointAmerican Choice acquisition used approximately $36 million of balance sheet cash at closing. 1.3% of market cap
Minor point. Forward-looking: it has not happened yet and may not happen.Montana partnership exit in January 2027 covers 69 providers and approximately $23 million in annual practice collections.
Minor point. Forward-looking: it has not happened yet and may not happen.Year-end cash and cash-flow expectations assume 2025 MSSP settlement and related provider disbursements before year-end.
Minor pointCash declined to $446.283 million at September 30, 2026, from $479.685 million at December 31, 2025.
Minor pointThird-quarter provider expense increased to $518.857 million from $455.209 million a year earlier.

12 minor points

Minor pointThird-quarter platform cost increased to $69.666 million from $61.440 million a year earlier.
Minor pointThird-quarter sales and marketing expense increased to $9.941 million from $6.960 million a year earlier.
Minor pointThird-quarter depreciation and amortization increased to $3.503 million from $2.766 million a year earlier.
Minor pointNine-month provider expense increased to $1,494.458 million from $1,236.010 million a year earlier.
Minor pointNine-month platform cost increased to $207.443 million from $185.884 million a year earlier.
Minor pointNine-month sales and marketing expense increased to $26.077 million from $20.687 million a year earlier.
Minor pointNine-month general and administrative expense increased to $115.583 million from $108.881 million a year earlier.
Minor pointNine-month depreciation and amortization increased to $10.140 million from $7.250 million a year earlier.
Minor pointThird-quarter net interest income declined to $1.724 million from $2.271 million a year earlier.
Minor pointNine-month net interest income declined to $5.280 million from $7.610 million a year earlier.
Minor pointThird-quarter diluted weighted-average shares increased to 132,709,953 from 128,776,684 a year earlier.
Minor pointNine-month diluted weighted-average shares increased to 131,860,730 from 128,392,315 a year earlier.

News Explained

At least five hundred twenty million dollars of year-end 2026 cash is a conditional forecast, dependent on the specified MSSP settlement and provider disbursements.

Under Privia’s agreed exit from its Montana partnership effective January 2027, the partnership supports 69 providers and generated about $23 million in annual Practice Collections; the company expects no material 2027 Adjusted EBITDA impact, and its 2026 implemented-provider guidance includes those 69 providers.

Privia expects at least $520 million in cash and cash equivalents at year-end, including the American Choice Healthcare transaction and assuming the 2025 MSSP cash settlement and related provider disbursements occur before year-end under current accruals.

Key Figures

Third-quarter revenue: $657.0 million (+13.2%) Third-quarter net income: $13.5 million (+96.6%) YTD net income: $25.6 million (+85.9%) +5 more

Third-quarter revenue: $657.0 million (+13.2%); Three months ended September 30, 2026; year-over-year change
Third-quarter net income: $13.5 million (+96.6%); Three months ended September 30, 2026; year-over-year change
YTD net income: $25.6 million (+85.9%); Nine months ended September 30, 2026; year-over-year change
YTD Adjusted EBITDA: $114.7 million (+21.9%); Nine months ended September 30, 2026; year-over-year change
FY2026 GAAP revenue guidance: $2,500–$2,550 million; Updated full-year 2026 guidance
FY2026 Adjusted EBITDA guidance: $154–$157 million; Updated full-year 2026 guidance
Acquisition payment: Approximately $36 million; American Choice Healthcare MSSP Business; paid at closing using balance-sheet cash
Attributed lives in acquired business: More than 36,000; American Choice Healthcare MSSP Business; starting January 1, 2027

Historical Context

1 past event · Latest: Aug 06

1 event

Aug 06
Quarterly earnings

24h Move

-8.2%

Q2 revenue and Adjusted EBITDA grew, and full-year guidance rose across major metrics.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, non-gaap, accountable care organization, aco

4 terms

adjusted ebitda financial

"Adjusted EBITDA of $114.7M, +21.9% from YTD’25"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"Non-GAAP adjusted net income"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

accountable care organization medical

"This Accountable Care Organization (ACO) will care for more than 36,000 attributed lives"

A group of doctors, hospitals and other health providers who work together to manage the care and costs for a defined patient population, taking shared responsibility for quality and outcomes. Investors care because these arrangements shift revenue and risk away from per-visit payments toward shared budgets and performance incentives, affecting profitability for providers, insurers and suppliers — like a carpool sharing fuel savings and penalties if the trip goes poorly.

aco medical

"This Accountable Care Organization (ACO) will care for more than 36,000 attributed lives"

An ACO (Accountable Care Organization) is a group of doctors, hospitals and other health providers who voluntarily coordinate care for a defined population to improve quality and control costs; think of it as a neighborhood team managing a patient’s overall health instead of isolated visits. For investors, ACOs matter because they change how healthcare providers earn money—shifting incentives from volume of services to efficiency and outcomes, which can affect revenue, margins and risk exposure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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11/05/2026 - 06:00 AM EST

YTD’26 Net Income of $25.6M, +85.9% from YTD’25
YTD’26 Adjusted EBITDA of $114.7M, +21.9% from YTD’25
Full-Year 2026 Guidance Raised to Above High End for All Key Financial Metrics
Expands VBC Footprint with Acquisition of American Choice Healthcare MSSP Business
Exits Montana Partnership effective January 2027

ARLINGTON, Va., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the third quarter and nine-month periods ended September 30, 2026.

Third Quarter Performance

	Three Months Ended September 30,
(unaudited; $ in millions, except per share amounts)	2026		2025		Change (%)^*
Total revenue	$	657.0	$	580.4	13.2	%
Gross profit	$	134.7	$	122.6	9.9	%
Operating income	$	20.5	$	14.4	42.6	%
Net income ^a	$	13.5	$	6.9	96.6	%
Non-GAAP adjusted net income ^b	$	28.0	$	24.1	16.3	%
Net income per share	$	0.10	$	0.05	100.0	%
Non-GAAP adjusted net income per share ^b	$	0.21	$	0.19	10.5	%

_{* Any slight variations in totals are due to rounding.} _{a. Net income for the three months ended September 30, 2026, included $14.0 million in non-cash stock compensation expense. Net income for the three months ended September 30, 2025 included $19.0 million in non-cash stock compensation expense.} _{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

	Three Months Ended September 30,
(unaudited; $ in millions)	2026		2025		Change (%)

Implemented Providers		5,893		5,250	12.2	%
Value-Based Care Attributed Lives		1,676,000		1,406,000	19.2	%
Practice Collections	$	1,028.8	$	940.4	9.4	%
Care Margin	$	138.1	$	125.2	10.3	%
Platform Contribution	$	73.9	$	70.6	4.8	%
Adjusted EBITDA	$	40.6	$	38.2	6.3	%

_{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.}

Nine-Month Performance

	For the Nine Months Ended September 30,
($ in millions, except per share amounts)	2026		2025		Change (%)

Total revenue	$	1,893.4	$	1,581.7	19.7	%
Gross profit	$	389.3	$	339.0	14.8	%
Operating income	$	39.7	$	23.0	73.1	%
Net income ^a	$	25.6	$	13.8	85.9	%
Non-GAAP adjusted net income ^{b d e}	$	77.6	$	65.3	18.9	%
Net income per share	$	0.19	$	0.11	72.7	%
Non-GAAP adjusted net income per share ^{b d e}	$	0.59	$	0.51	15.7	%

_{a. Net income for the nine months ended September 30, 2026 included $55.3 million in non-cash stock compensation expense. Net income for the nine months ended September 30, 2025 included $55.6 million in non-cash stock compensation expense.} _{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 ^{b d e}

	For the Nine Months Ended September 30,
($ in millions)	2026		2025		Change (%)

Practice Collections	$	2,913.6	$	2,601.9	12.0	%
Care Margin ^{b d}	$	399.0	$	345.7	15.4	%
Platform Contribution ^{b d}	$	209.9	$	179.8	16.8	%
Adjusted EBITDA ^{b d e}	$	114.7	$	94.1	21.9	%

Expands VBC Footprint with Acquisition of American Choice Healthcare MSSP Business

This week, the Company announced the acquisition of American Choice Healthcare MSSP, LLC, a wholly-owned subsidiary of Cano Health. This Accountable Care Organization (ACO) will care for more than 36,000 attributed lives in the Medicare Shared Savings Program (MSSP), increasing VBC attributed lives in ten existing Privia states and adding lives in three new states, starting January 1, 2027.

Privia Health paid approximately $36 million at closing using its balance sheet cash. The transaction is expected to have minimal impact on all key metrics in 2026 and positively contribute to Attributed Lives and Adjusted EBITDA in 2027.

Exits Montana Partnership effective January 2027

Privia Health has agreed to end its partnership with Surgery Partners in Montana effective January 2027. The Company supports 69 providers and generated approximately $23 million in annual Practice Collections in Montana. This is expected to have no material impact on Adjusted EBITDA in 2027.

Capital Resources

Privia Health's balance sheet at September 30, 2026, included cash and cash equivalents of $446.3 million and no debt. The Company’s cash balance does not reflect the acquisition of American Choice Healthcare MSSP, LLC at the end of October 2026. We expect to end this year with at least $520 million in cash and cash equivalents, including the American Choice Healthcare transaction and assuming the 2025 MSSP cash settlement and related provider disbursements occur before year end based on current accruals.

Updated Full-Year 2026 Guidance ^{d e f g}

Privia Health raised its full-year 2026 outlook as follows:

	FY 2025		Initial FY 2026 Guidance at 2.27.26 ^d				Updated FY 2026 Guidance at 11.5.26
($ in millions)	Actual		Low		High
Implemented Providers		5,380		5,900		6,000	High End
Attributed Lives		1,541,000		1,550,000		1,600,000	1,675,000 - 1,690,000
Practice Collections	$	3,470.5	$	3,650	$	3,750	$ 3,900 - 3,950
GAAP Revenue	$	2,122.8	$	2,350	$	2,450	$ 2,500 - 2,550
Care Margin ^{d e f}	$	462.2	$	515	$	530	$ 535 - 540
Platform Contribution ^{d e}	$	234.8	$	260	$	270	$ 280 - 285
Adjusted EBITDA ^{d e f}	$	125.5	$	145	$	155	$ 154 - 157

Expect approximately 70% of Adjusted EBITDA to convert to free cash flow in full-year 2026, including the American Choice Healthcare transaction and assuming the 2025 MSSP cash settlement and related provider disbursements occur before year end based on current accruals
Guidance does not assume any new business development activity
Guidance for Implemented Providers includes 69 providers in Montana

_{d. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of Gross Profit, Operating Income 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.}

_{e. 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.}

_{f. 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 press releases.}

_{g. Any slight variations in totals due to rounding.}

Webcast and Conference Call Information

The Company will host a conference call on November 5, 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. Go to https://register-conf.media-server.com/register/BI3e1a918b115e49a7b2ba6510d843a3c5 in order to pre-register and obtain your dial-in number and passcode to join the live conference call.

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 25 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 ~1,400 physician practices, improve the patient experience for 6.3+ million patients, and reward 5,800+ 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-Q 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^(g) (unaudited) (in thousands, except share and per share data)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025

Revenue	$	656,960	$	580,419	$	1,893,437	$	1,581,669

Operating expenses:
Provider expense		518,857		455,209		1,494,458		1,236,010
Cost of platform		69,666		61,440		207,443		185,884
Sales and marketing		9,941		6,960		26,077		20,687
General and administrative		34,452		39,641		115,583		108,881
Depreciation and amortization		3,503		2,766		10,140		7,250
Total operating expenses		636,419		566,016		1,853,701		1,558,712
Operating income		20,541		14,403		39,736		22,957
Other income		—		—		3,310		—
Interest income, net		1,724		2,271		5,280		7,610
Income before provision for income taxes		22,265		16,674		48,326		30,567
Provision for income taxes		7,671		6,867		20,288		11,426
Net income		14,594		9,807		28,038		19,141
Less: Net income attributable to non-controlling interests		1,107		2,946		2,439		5,373
Net income attributable to Privia Health Group, Inc.	$	13,487	$	6,861	$	25,599	$	13,768
Net income per share attributable to Privia Health Group, Inc. stockholders – basic	$	0.11	$	0.06	$	0.20	$	0.11
Net income per share attributable to Privia Health Group, Inc. stockholders – diluted	$	0.10	$	0.05	$	0.19	$	0.11
Weighted average common shares outstanding – basic		127,535,114		122,768,890		125,948,746		121,840,638
Weighted average common shares outstanding – diluted		132,709,953		128,776,684		131,860,730		128,392,315

^(g)_{Any slight variations in totals due to rounding.}

Privia Health Group, Inc. Condensed Consolidated Balance Sheets^(h) (in thousands)

	September 30, 2026			December 31, 2025
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	446,283		$	479,685
Accounts receivable		623,582			400,902
Prepaid expenses and other current assets		29,693			30,414
Total current assets		1,099,558			911,001
Non-current assets:
Property and equipment, net		1,019			504
Right-of-use assets		7,531			8,794
Intangible assets, net		215,292			215,919
Goodwill		215,789			209,842
Deferred tax asset		—			2,274
Other non-current assets		24,528			21,044
Total non-current assets		464,159			458,377
Total assets	$	1,563,717		$	1,369,378

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses	$	99,753		$	96,804
Provider liability		572,498			469,516
Operating lease liabilities, current		2,107			2,200
Total current liabilities		674,358			568,520
Non-current liabilities:
Operating lease liabilities, non-current		6,149			7,331
Deferred tax liability		3,942			—
Other non-current liabilities		6,354			2,584
Total non-current liabilities		16,445			9,915
Total liabilities		690,803			578,435
Commitments and contingencies
Stockholders’ equity:
Common stock		1,277			1,236
Additional paid-in capital		945,150			892,291
Accumulated deficit		(130,711	)		(156,310	)
Total Privia Health Group, Inc. stockholders’ equity		815,716			737,217
Non-controlling interest		57,198			53,726
Total stockholders’ equity		872,914			790,943
Total liabilities and stockholders’ equity	$	1,563,717		$	1,369,378

^(h)_{Any slight variations in totals are due to rounding.}

Privia Health Group, Inc. Condensed Consolidated Statements of Cash Flows⁽ⁱ⁾ (unaudited) (in thousands)

	For the Nine Months Ended September 30,
		2026			2025
Cash flows from operating activities
Net income	$	28,038		$	19,141
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation		432			580
Amortization of intangibles		9,708			6,670
Stock-based compensation		55,349			55,616
Deferred income taxes, net		3,888			9,337
Changes in asset and liabilities:
Accounts receivable, net		(221,800	)		(176,544	)
Prepaid expenses and other current assets		721			(3,038	)
Other non-current assets and right-of-use assets		(1,806	)		2,345
Accounts payable and accrued expenses		2,949			2,682
Provider liability		102,102			118,815
Operating lease liabilities		(1,509	)		(1,187	)
Other long-term liabilities		2,500			1,487
Net cash (used in) provided by operating activities		(19,428	)		35,904
Cash from investing activities
Business acquisitions, net of cash acquired		(11,430	)		(89,058	)
Other		(1,128	)		(1,200	)
Net cash used in investing activities		(12,558	)		(90,258	)
Cash flows from financing activities
Proceeds from exercised stock options		7,468			4,557
Repurchase of non-controlling interest		(11,444	)		—
Proceeds from non-controlling interest		2,560			—
Net cash (used in) provided by financing activities		(1,416	)		4,557
Net decrease in cash and cash equivalents		(33,402	)		(49,797	)
Cash and cash equivalents at beginning of period		479,685			491,149
Cash and cash equivalents at end of period	$	446,283		$	441,352

Supplemental disclosure of cash flow information:
Interest paid	$	288		$	188
Income taxes paid	$	14,136		$	5,771

Supplemental disclosure of non-cash operating activities:
Lease liabilities obtained in exchange for right-of-use assets	$	234		$	1,832
Contingent consideration payable	$	1,270		$	—

⁽ⁱ⁾_{Any slight variations in totals are due to rounding.}

Additional Financial Information

Revenues disaggregated by source:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Dollars in thousands)	2026		2025		2026		2025
FFS-patient care	$	433,088	$	352,604	$	1,236,861	$	995,829
FFS-administrative services		34,738		33,616		99,363		100,986
Capitated revenue		99,520		90,906		280,818		237,108
Shared savings		68,838		79,994		212,720		187,927
Care management fees (PMPM)		19,394		20,992		57,994		53,113
Other revenue		1,382		2,307		5,681		6,706
Total Revenue	$	656,960	$	580,419	$	1,893,437	$	1,581,669

The Company’s liabilities for unpaid medical claims under at-risk capitation arrangements:

	September 30,
(Dollars in thousands)		2026			2025
Balance, beginning of period	$	78,989		$	66,355
Incurred health care costs:
Current year		271,675			228,352
Prior years^(j)		(12,387	)		(9,349	)
Total claims incurred	$	259,288		$	219,003
Claims paid:
Current year		(174,640	)		(159,911	)
Prior year		(58,217	)		(49,013	)
Total claims paid	$	(232,857	)	$	(208,924	)
Balance, end of period	$	105,420		$	76,434

^(j)_{During the nine months ended September 30, 2026 and 2025, the prior years’ incurred healthcare costs for unpaid medical claims reflect standard reconciliations that resulted in the reduction of liabilities and corresponding reduction in receivables. The net impact of these standard reconciliations were not material to the Company’s results of operations, including Net Income, non-GAAP Adjusted EBITDA or cash flows.}

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^(k)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(unaudited; $ in millions)	2026		2025		2026		2025

Implemented Providers (as of end of period) ⁽¹⁾		5,893		5,250		5,893		5,250
Attributed Lives (as of end of period) ⁽²⁾		1,676,000		1,406,000		1,676,000		1,406,000
Practice Collections ⁽³⁾	$	1,028.8	$	940.4	$	2,913.6	$	2,601.9

⁽¹⁾_{Implemented Providers is defined as the total of all service professionals at the end of a given period who are credentialed and bill for medical services in both Owned and Non-Owned Medical Groups during that period.}
⁽²⁾_{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 or specialty services as of the end of a particular period.}
⁽³⁾_{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.}
^(k)_{Any slight variations in totals are due to rounding.}

Non-GAAP Financial Measures^(5)(l)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(unaudited; $ in thousands)		2026			2025			2026			2025

Care Margin	$	138,103		$	125,210		$	398,979		$	345,659
Platform Contribution	$	73,926		$	70,555		$	209,947		$	179,754
Platform Contribution Margin		53.5	%		56.3	%		52.6	%		52.0	%
Adjusted EBITDA	$	40,594		$	38,187		$	114,711		$	94,093
Adjusted EBITDA Margin		29.4	%		30.5	%		28.8	%		27.2	%

⁽⁵⁾_{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:} _{Care Margin is Gross Profit excluding amortization of intangible assets.} _{Platform Contribution is Gross Profit, excluding amortization of intangible assets, less Cost of platform and excluding stock-based compensation expense included in Cost of platform.} _{Platform Contribution margin is Platform Contribution divided by Care Margin.} _{Adjusted EBITDA is net income before interest income, net, provision for income taxes, net income attributable to non-controlling interests, depreciation and amortization, stock-based compensation, employer taxes on equity vesting/exercises, severance charges, contingent and deferred consideration, and other non-recurring expenses.} _{Adjusted EBITDA Margin is Adjusted EBITDA divided by Care Margin.}
^(l)_{Any slight variations in totals are due to rounding.}

Reconciliation of Gross Profit to Care Margin^(m)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(unaudited; $ in thousands)		2026			2025			2026			2025
Revenue	$	656,960		$	580,419		$	1,893,437		$	1,581,669
Provider expense		(518,857	)		(455,209	)		(1,494,458	)		(1,236,010	)
Amortization of intangible assets		(3,362	)		(2,601	)		(9,708	)		(6,670	)
Gross Profit	$	134,741		$	122,609		$	389,271		$	338,989
Amortization of intangibles assets		3,362			2,601			9,708			6,670
Care Margin	$	138,103		$	125,210		$	398,979		$	345,659
^(m)_{Any slight variations in totals are due to rounding.}

Reconciliation of Gross Profit to Platform Contribution⁽ⁿ⁾

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(unaudited; $ in thousands)		2026			2025			2026			2025
Revenue	$	656,960		$	580,419		$	1,893,437		$	1,581,669
Provider expense		(518,857	)		(455,209	)		(1,494,458	)		(1,236,010	)
Amortization of intangibles assets		(3,362	)		(2,601	)		(9,708	)		(6,670	)
Gross Profit	$	134,741		$	122,609		$	389,271		$	338,989
Amortization of intangibles assets		3,362			2,601			9,708			6,670
Cost of platform		(69,666	)		(61,440	)		(207,443	)		(185,884	)
Stock-based compensation⁽⁶⁾		5,489			6,785			18,411			19,979
Platform Contribution	$	73,926		$	70,555		$	209,947		$	179,754
⁽ⁿ⁾_{Any slight variations in totals are due to rounding.}
⁽⁶⁾_{Amount represents stock-based compensation expense included in Cost of platform.}

Reconciliation of Net Income to Adjusted EBITDA^(o)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(unaudited; $ in thousands)		2026			2025			2026			2025
Net income	$	13,487		$	6,861		$	25,599		$	13,768
Net income attributable to non-controlling interests		1,107			2,946			2,439			5,373
Provision for income taxes		7,671			6,867			20,288			11,426
Interest income, net		(1,724	)		(2,271	)		(5,280	)		(7,610	)
Depreciation and amortization		3,503			2,766			10,140			7,250
Stock-based compensation		14,032			18,977			55,349			55,616
Other income		—			—			(3,310	)		—
Other expenses⁽⁷⁾		2,518			2,041			9,486			8,270
Adjusted EBITDA	$	40,594		$	38,187		$	114,711		$	94,093
^(o)_{Any slight variations in totals are due to rounding.}
⁽⁷⁾_{Other expenses include employer taxes on equity vesting/exercises, severance, contingent and deferred consideration, and other non-recurring expenses.}

Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share^(p)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(unaudited; $ in thousands)	2026			2025 ⁽¹⁰⁾			2026			2025 ⁽¹⁰⁾
Net income	$	13,487		$	6,861		$	25,599		$	13,768
Stock-based compensation		14,032			18,977			55,349			55,616
Intangible amortization expense		3,362			2,601			9,708			6,670
Other expenses⁽⁸⁾		2,518			2,041			9,486			8,270
Other income		—			—			(3,310	)		—
Tax effect of adjustments⁽⁹⁾		(5,376	)		(6,377	)		(19,233	)		(19,050	)
Adjusted net income	$	28,023		$	24,103		$	77,599		$	65,274
Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – basic	$	0.22		$	0.20		$	0.62		$	0.54
Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – diluted	$	0.21		$	0.19		$	0.59		$	0.51
Weighted average common shares outstanding – basic		127,535,114			122,768,890			125,948,746			121,840,638
Weighted average common shares outstanding – diluted		132,709,953			128,776,684			131,860,730			128,392,315
^(p)_{Any slight variations in totals due to rounding.}
⁽⁸⁾_{Other expenses include employer taxes on equity vesting/exercises, severance, contingent and deferred consideration, and other non-recurring expenses.}
⁽⁹⁾_{The Company uses a statutory blended tax rate of 27% on the adjustments between Net Income and Adjusted Net Income.}
⁽¹⁰⁾_{Updated to conform with current year presentation.}

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Privia Health's third-quarter 2026 earnings?

Privia Health reported $13.5 million in net income attributable to the company and $0.10 in diluted earnings per share. Those figures increased 96.6% and 100.0%, respectively, from the third quarter of 2025. Revenue increased 13.2% to $657.0 million.

What is Privia Health's updated 2026 revenue and adjusted EBITDA guidance?

Privia expects $2,500–$2,550 million in revenue and $154–$157 million in adjusted EBITDA for 2026. The initial ranges were $2,350–$2,450 million and $145–$155 million, respectively. Adjusted EBITDA is a non-GAAP earnings measure.

What assumptions support Privia Health's 2026 cash outlook?

Privia's cash outlook assumes the 2025 Medicare Shared Savings Program cash settlement and related provider disbursements occur before year-end, based on current accruals. The company expects at least $520 million in year-end cash and approximately 70% conversion of adjusted EBITDA to free cash flow, including the American Choice Healthcare transaction.

How does Privia Health expect the Montana exit and American Choice acquisition to affect earnings?

Privia expects no material impact on 2027 adjusted EBITDA from leaving Montana, and minimal impact on all key 2026 metrics from the American Choice acquisition. The acquired business is expected to contribute positively to attributed lives and adjusted EBITDA in 2027.

Does Privia Health's updated 2026 guidance include additional acquisitions or the Montana providers?

The updated guidance assumes no new business development activity and includes the 69 Montana providers in its implemented-provider outlook. The Montana partnership is scheduled to end effective January 2027.

Privia Health Reports Strong Third Quarter and Year-to-Date 2026 Results