STOCK TITAN
  1. Home
  2. Sec-filings
  3. PRVA
  4. [8-K] Privia Health Group, Inc. Reports Material Event

Privia Health (Nasdaq: PRVA) lifts 2026 outlook after strong Q2 results

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Privia Health Group, Inc. reported strong second-quarter and year-to-date 2026 results, with total revenue of $632.6 million, up 21.4% from Q2 2025, and net income of $9.0 million, up 236.7%. Adjusted EBITDA, a non‑GAAP measure, increased 29.1% to $37.4 million.

Key operating metrics also expanded: Implemented Providers reached 5,644, Attributed Lives grew to 1,647,000, and Q2 Practice Collections rose to $970.0 million, supporting Care Margin of $132.1 million and Platform Contribution of $69.0 million. For the first six months of 2026, revenue was $1,236.5 million and Adjusted EBITDA was $74.1 million.

The company raised full‑year 2026 guidance for all key financial metrics, including Practice Collections of $3,650–$3,750 million, GAAP revenue of $2,350–$2,450 million, Care Margin of $515–$530 million, Platform Contribution of $260–$270 million and Adjusted EBITDA of $145–$155 million, and now expects Attributed Lives of 1,625,000–1,650,000. It expects approximately 70–80% of Adjusted EBITDA to convert to free cash flow in 2026, subject to timing of MSSP cash settlement, while maintaining cash and cash equivalents of $412.2 million at June 30, 2026.

Positive

  • Q2 2026 performance was strong, with total revenue up 21.4% to $632.6 million, net income up 236.7% to $9.0 million, and Adjusted EBITDA up 29.1% to $37.4 million versus Q2 2025.
  • Management raised full‑year 2026 guidance across key metrics, targeting Adjusted EBITDA of $145–$155 million and Attributed Lives of 1,625,000–1,650,000, and expects 70–80% of Adjusted EBITDA to convert to free cash flow.

Negative

  • Despite higher earnings, operating activities used $48.4 million of cash in the first six months of 2026, compared with $16.1 million used a year earlier, contributing to a cash balance decline to $412.2 million.

Filing Explained

The release is preliminary and furnished; six-month operating cash use was 48,365 thousand dollars, leaving 412,200 thousand dollars at June 30.

Privia Health’s August 6 Form 8-K furnishes preliminary, unaudited second-quarter and six-month results; the disclosure is not final until the company files its Form 10-Q.

Form 8-K reports specified material events, and this filing’s Item 2.02 covers results of operations and financial condition. The company states that the information is furnished rather than filed, is not subject to Exchange Act Section 18 liability, and is not incorporated into another filing unless expressly referenced.

The six-month cash-flow statement reports $48,365 thousand of net cash used in operating activities, $11,489 thousand used in investing activities, and $7,631 thousand used in financing activities. Cash and equivalents declined from $479,685 thousand at December 31, 2025 to $412,200 thousand at June 30, 2026.

The company’s Form 10-Q is the stated filing point for resolving the release’s preliminary status.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $632.6 million Three months ended June 30, 2026; 21.4% growth vs Q2 2025
Q2 2026 Net income $9.0 million Quarterly net income; up 236.7% from Q2 2025
Q2 2026 Adjusted EBITDA $37.4 million Non-GAAP Adjusted EBITDA; up 29.1% vs Q2 2025
Six-month 2026 Revenue $1,236.5 million For the six months ended June 30, 2026; 23.5% higher than 2025 period
FY 2025 GAAP Revenue $2,122.8 million Actual 2025 revenue baseline used in 2026 guidance table
Updated 2026 Adjusted EBITDA guidance $145–$155 million Full-year 2026 outlook; management targets mid to high end of range
Implemented Providers 5,644 As of June 30, 2026; up 10.1% from 5,125 a year earlier
Attributed Lives 1,647,000 As of June 30, 2026; up 19.2% from 1,382,000 a year earlier
Adjusted EBITDA financial
"Adjusted EBITDA is net income before interest income, net, provision"
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.
Care Margin financial
"Care Margin is Gross Profit excluding amortization of intangible assets."
Platform Contribution financial
"Platform Contribution is Gross Profit, excluding amortization of intangible"
Attributed Lives medical
"Attributed Lives are defined as any patient that a payer deems attributed"
Attributed lives are the number of patients or plan members officially assigned to a health-care provider, insurer, or program for the purpose of measuring care, costs, or payments. Think of it as a roster of customers a company is responsible for; the size and health of that roster determine revenue potential, per-person costs, and financial risk, so changes in attributed lives can materially affect a health-related business’s earnings and valuation.
value-based care arrangement medical
"attributed to Privia to deliver care as part of a value-based care arrangement"
capitated revenue financial
"Capitated revenue | 95,150 | | | 75,511 |"
Capitated revenue is the fixed amount a healthcare provider or insurer receives for each enrolled patient over a set period, like a monthly subscription fee paid regardless of how much care the patient uses. It matters to investors because it creates predictable cash flow and rewards efficient care, but also transfers financial risk to the provider if patient costs exceed the fixed payments, affecting profitability and future valuation.
Q2 2026 Revenue $632.6 million up 21.4% from Q2 2025
Q2 2026 Net income $9.0 million up 236.7% from Q2 2025
Q2 2026 Adjusted EBITDA $37.4 million up 29.1% from Q2 2025
Six-month 2026 Revenue $1,236.5 million up 23.5% from the six months ended June 30, 2025
Guidance

Raised full-year 2026 guidance for Practice Collections, GAAP revenue, Care Margin, Platform Contribution and Adjusted EBITDA, now targeting Attributed Lives of 1,625,000–1,650,000 and expecting results at the high end or mid to high end of prior ranges.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Understanding 8-K Material Events →

FAQ

How did Privia Health (PRVA) perform financially in Q2 2026?
Privia Health reported Q2 2026 revenue of $632.6 million, up 21.4% year over year, and net income of $9.0 million, up 236.7%. Adjusted EBITDA rose 29.1% to $37.4 million, reflecting improved profitability alongside strong top-line growth.

What were Privia Health (PRVA)’s key operating metrics in Q2 2026?
Implemented Providers reached 5,644, up 10.1% year over year, and Attributed Lives grew to 1,647,000, up 19.2%. Practice Collections were $970.0 million, supporting Care Margin of $132.1 million and Platform Contribution of $69.0 million in the quarter.

What full-year 2026 guidance did Privia Health (PRVA) provide?
For 2026, the company guides to Practice Collections of $3,650–$3,750 million, GAAP revenue of $2,350–$2,450 million, Care Margin of $515–$530 million, Platform Contribution of $260–$270 million, and Adjusted EBITDA of $145–$155 million.

How is Privia Health (PRVA) guiding for Attributed Lives and providers in 2026?
Privia Health now expects 1,625,000–1,650,000 Attributed Lives in 2026, above the initial range of 1,550,000–1,600,000. Implemented Providers guidance remains unchanged at 5,900–6,000, reflecting continued network scale and value-based care growth.

What is Privia Health (PRVA)’s cash position and cash flow trend?
Cash and cash equivalents were $412.2 million at June 30, 2026, down from $479.7 million at year-end 2025. Operating activities used $48.4 million of cash in the first six months of 2026, though management expects 2026 free cash flow to be 70–80% of Adjusted EBITDA.

How did Privia Health (PRVA) perform over the first six months of 2026?
For the six months ended June 30, 2026, revenue was $1,236.5 million, up 23.5% year over year, and net income was $12.1 million, up 75.4%. Adjusted EBITDA rose to $74.1 million, an increase of 32.6% from the prior-year period.

What free cash flow conversion does Privia Health (PRVA) expect for 2026?
The company expects approximately 70–80% of 2026 Adjusted EBITDA to convert to free cash flow, subject to the timing of Medicare Shared Savings Program (MSSP) cash settlements. This expectation underpins its confidence in cash generation despite recent operating cash outflows.
0001759655FALSE00017596552026-08-062026-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 8-K
_______________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026
_________________________
Privia Health Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
_________________________
Delaware
001-4036581-3599420
(State or other jurisdiction of incorporation or organization)
(Commission
File No.)
(I.R.S. Employer Identification No.)
950 N. Glebe Rd.,
Suite 700
Arlington,Virginia22203
(Address of Principal Executive Offices)
(Zip Code)
(571) 366-8850
Registrant's telephone number, including area code

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per sharePRVAThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, Privia Health Group, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.
The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, are “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit:
Exhibit No.Description
99.1
Privia Health Group, Inc. Press Release Dated August 6, 2026
104
The Cover Page from this Current Report on Form 8-K, Interactive Data File (formatted as Inline XBRL)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PRIVIA HEALTH GROUP, INC.
Date: August 6, 2026
By:/s/ David Mountcastle
Name: David Mountcastle
Title: Executive Vice President, Chief Financial Officer and Authorized Officer

privialogo.jpg
Exhibit 99.1

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

–2Q’26 Net Income of $9.0M, +236.7% from 2Q’25
–2Q’26 Adjusted EBITDA of $37.4M, +29.1% from 2Q’25
–Full-Year 2026 Guidance Raised for All Key Financial Metrics

ARLINGTON, VA – August 6, 2026 – Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the second quarter and six-month periods ended June 30, 2026.
Second Quarter Performance
Three Months Ended June 30,
(unaudited; $ in millions, except per share amounts)
20262025
Change (%)*
Total revenue$632.6 $521.2 21.4 %
Gross profit $128.9 $112.8 14.3 %
Operating income$11.8 $3.3 252.9 %
Net income a
$9.0 $2.7 236.7 %
Non-GAAP adjusted net income b
$25.3 $21.3 18.7 %
Net income per share$0.07 $0.02 250.0 %
Non-GAAP adjusted net income per share b
$0.19 $0.17 11.8 %
*Any slight variations in totals are due to rounding.
a.Net income for the three months ended June 30, 2026, included $19.4 million in non-cash stock compensation expense. Net income for the three months ended June 30, 2025 included $18.8 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 June 30,
(unaudited; $ in millions)
20262025Change (%)
Implemented Providers5,644 5,125 10.1 %
Value-Based Care Attributed Lives1,647,000 1,382,000 19.2 %
Practice Collections$970.0 $862.9 12.4 %
Care Margin
$132.1 $115.2 14.7 %
Platform Contribution
$69.0 $57.5 20.1 %
Adjusted EBITDA
$37.4 $29.0 29.1 %
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.


1

Six-Month Performance
For the Six Months Ended June 30,
($ in millions, except per share amounts)
20262025Change (%)
Total revenue$1,236.5 $1,001.3 23.5 %
Gross profit $254.5 $216.4 17.6 %
Operating income$19.2 $8.6 124.4 %
Net income a
$12.1 $6.9 75.4 %
Non-GAAP adjusted net income b d e
$49.6 $41.2 20.4 %
Net income per share$0.09 $0.05 80.0 %
Non-GAAP adjusted net income per share b d e
$0.38 $0.32 18.8 %
a.Net income for the six months ended June 30, 2026 included $41.3 million in non-cash stock compensation expense. Net income for the six months ended June 30, 2025 included $36.6 million in non-cash stock compensation expense.
b.Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release.
Key Operating and Non-GAAP Financial Metrics b d e
For the Six Months Ended June 30,
($ in millions)20262025Change (%)
Practice Collections$1,884.8 $1,661.5 13.4 %
Care Margin b d
$260.9 $220.4 18.3 %
Platform Contribution b d
$136.0 $109.2 24.6 %
Adjusted EBITDA b d e
$74.1 $55.9 32.6 %
Updated Full-Year 2026 Guidance d e f g
FY 2025
Initial FY 2026 Guidance at 2.27.26 d
Updated FY 2026 Guidance at 8.6.26
($ in millions)ActualLowHigh
Implemented Providers5,380 5,9006,000No Change
Attributed Lives1,541,000 1,550,0001,600,0001,625,000 - 1,650,000
Practice Collections$3,470.5 $3,650 $3,750 High End
GAAP Revenue$2,122.8 $2,350 $2,450 High End
Care Margin d e f
$462.2 $515 $530 Mid to High End
Platform Contribution d e
$234.8 $260 $270 Mid to High End
Adjusted EBITDA d e f
$125.5 $145 $155 Mid to High End
•Expect approximately 70-80% of Adjusted EBITDA to convert to free cash flow in full-year 2026 subject to timing of MSSP cash settlement
•Guidance does not assume any new business development activity

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,
2

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 August 6, 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/BI4c0355cb60f4473db6a27e261c9996e2 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 1,300+ physician practices, improve the patient experience for 6.1+ million patients, and reward 5,600+ 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
3

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
4

Privia Health Group, Inc.
Condensed Consolidated Statements of Operations(g)
(unaudited)
(in thousands, except share and per share data)

For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Revenue$632,630 $521,153 $1,236,477 $1,001,250 
Operating expenses:
Provider expense500,484 405,992 975,601 780,801 
Cost of platform69,357 64,918 137,777 124,444 
Sales and marketing8,002 6,805 16,136 13,727 
General and administrative39,658 37,519 81,131 69,240 
Depreciation and amortization3,356 2,583 6,637 4,484 
Total operating expenses620,857 517,817 1,217,282 992,696 
Operating income
11,773 3,336 19,195 8,554 
Other income3,310 — 3,310 — 
Interest income, net
1,668 2,408 3,556 5,339 
Income before provision for income taxes16,751 5,744 26,061 13,893 
Provision for income taxes7,017 2,456 12,617 4,559 
Net income9,734 3,288 13,444 9,334 
Less: Net income attributable to non-controlling interests686 601 1,332 2,427 
Net income attributable to Privia Health Group, Inc. $9,048 $2,687 $12,112 $6,907 
Net income per share attributable to Privia Health Group, Inc. stockholders – basic$0.07 $0.02 $0.10 $0.06 
Net income per share attributable to Privia Health Group, Inc. stockholders – diluted$0.07 $0.02 $0.09 $0.05 
Weighted average common shares outstanding – basic126,121,426 122,132,245 125,142,415 121,370,949 
Weighted average common shares outstanding – diluted131,827,233 128,447,069 131,355,421 128,149,252 

(g) Any slight variations in totals due to rounding.
5

Privia Health Group, Inc.
Condensed Consolidated Balance Sheets(h)
(in thousands)
June 30, 2026December 31, 2025
Assets(unaudited)
Current assets:
Cash and cash equivalents$412,200 $479,685 
Accounts receivable
574,160 400,902 
Prepaid expenses and other current assets38,906 30,414 
Total current assets1,025,266 911,001 
Non-current assets:
Property and equipment, net272 504 
Right-of-use assets
8,038 8,794 
Intangible assets, net218,654 215,919 
Goodwill215,789 209,842 
Deferred tax asset
— 2,274 
Other non-current assets20,562 21,044 
Total non-current assets463,315 458,377 
Total assets$1,488,581 $1,369,378 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses$91,010 $96,804 
Provider liability541,368 469,516 
Operating lease liabilities, current2,066 2,200 
Total current liabilities634,444 568,520 
Non-current liabilities:
Operating lease liabilities, non-current6,667 7,331 
Deferred tax liability3,737 — 
Other non-current liabilities5,660 2,584 
Total non-current liabilities16,064 9,915 
Total liabilities650,508 578,435 
Commitments and contingencies
Stockholders’ equity:
Common stock 1,263 1,236 
Additional paid-in capital925,264 892,291 
Accumulated deficit(144,198)(156,310)
Total Privia Health Group, Inc. stockholders’ equity782,329 737,217 
Non-controlling interest55,744 53,726 
Total stockholders’ equity838,073 790,943 
Total liabilities and stockholders’ equity$1,488,581 $1,369,378 

(h) Any slight variations in totals are due to rounding.
6

Privia Health Group, Inc.
Condensed Consolidated Statements of Cash Flows(i)
(unaudited)
(in thousands)
For the Six Months Ended June 30,
20262025
Cash flows from operating activities
Net income
$13,444 $9,334 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation 291 415 
Amortization of intangibles6,346 4,069 
Stock-based compensation41,317 36,639 
Deferred income taxes, net
3,683 2,671 
Changes in asset and liabilities:
Accounts receivable, net
(172,378)(121,497)
Prepaid expenses and other current assets(8,492)(21,344)
Other non-current assets and right-of-use assets
1,472 1,056 
Accounts payable and accrued expenses(5,794)(7,687)
Provider liability70,972 81,185 
Operating lease liabilities(1,032)(778)
Other long-term liabilities1,806 (153)
Net cash used in operating activities(48,365)(16,090)
Cash from investing activities
Business acquisitions, net of cash acquired(11,430)(89,058)
Other
(59)— 
Net cash used in investing activities(11,489)(89,058)
Cash flows from financing activities
Proceeds from exercised stock options
1,600 4,126 
Proceeds from non-controlling interest2,213 — 
Repurchase of non-controlling interest(11,444)— 
Net cash (used in) provided by financing activities(7,631)4,126 
Net decrease in cash and cash equivalents(67,485)(101,022)
Cash and cash equivalents at beginning of period479,685 491,149 
Cash and cash equivalents at end of period$412,200 $390,127 
Supplemental disclosure of cash flow information:
Interest paid$162 $124 
Income taxes paid$10,656 $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.
7

Additional Financial Information
Revenues disaggregated by source:
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in thousands)
2026202520262025
FFS-patient care $412,640 $331,464 $803,773 $643,225 
FFS-administrative services 33,222 35,116 64,625 67,371 
Capitated revenue95,150 75,511 181,298 146,201 
Shared savings 68,920 60,021 143,883 107,933 
Care management fees (PMPM) 20,733 16,919 38,600 32,121 
Other revenue 1,965 2,122 4,298 4,399 
Total Revenue $632,630 $521,153 $1,236,477 $1,001,250 

The Company’s liabilities for unpaid medical claims under at-risk capitation arrangements:
June 30,
(Dollars in thousands)
20262025
Balance, beginning of period $78,989 $66,355 
Incurred health care costs:
Current year175,800 144,840 
Prior years(13,225)(555)
Total claims incurred$162,575 $144,285 
Claims paid:
Current year(83,892)(63,025)
Prior year(58,695)(47,959)
Total claims paid$(142,587)$(110,984)
Balance, end of period $98,977 $99,656 
8

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(j)
For the Three Months Ended June 30,For the Six Months Ended June 30,
(unaudited; $ in millions)2026202520262025
Implemented Providers (as of end of period) (1)
5,644 5,125 5,644 5,125 
Attributed Lives (as of end of period) (2)
1,647,000 1,382,000 1,647,000 1,382,000 
Practice Collections (3)
$970.0 $862.9 $1,884.8 $1,661.5 
(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.
(j) Any slight variations in totals are due to rounding.

Non-GAAP Financial Measures (5)(k)
For the Three Months Ended June 30,For the Six Months Ended June 30,
(unaudited; $ in thousands)2026202520262025
Care Margin$132,146$115,161$260,876$220,449
Platform Contribution$68,989$57,466$136,022$109,199
Platform Contribution Margin52.2%49.9%52.1%49.5%
Adjusted EBITDA$37,429$28,992$74,120$55,907
Adjusted EBITDA Margin28.3%25.2%28.4%25.4%
(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.
(k) Any slight variations in totals are due to rounding.

9

Reconciliation of Gross Profit to Care Margin(l)
For the Three Months Ended June 30,For the Six Months Ended June 30,
(unaudited; $ in thousands)2026202520262025
Revenue$632,630$521,153$1,236,477$1,001,250
Provider expense(500,484)(405,992)(975,601)(780,801)
Amortization of intangible assets(3,211)(2,396)(6,346)(4,069)
Gross Profit$128,935$112,765$254,530$216,380
 Amortization of intangibles assets3,2112,3966,3464,069
Care Margin $132,146$115,161$260,876$220,449
(l) Any slight variations in totals are due to rounding.
Reconciliation of Gross Profit to Platform Contribution(m)
For the Three Months Ended June 30,For the Six Months Ended June 30,
(unaudited; $ in thousands)2026202520262025
Revenue$632,630$521,153$1,236,477$1,001,250
Provider expense(500,484)(405,992)(975,601)(780,801)
Amortization of intangibles assets(3,211)(2,396)(6,346)(4,069)
Gross Profit$128,935$112,765$254,530$216,380
Amortization of intangibles assets3,2112,3966,3464,069
Cost of platform(69,357)(64,918)(137,777)(124,444)
Stock-based compensation(6)
6,2007,22312,92313,194
Platform Contribution $68,989$57,466$136,022$109,199
(m) 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(n)
For the Three Months Ended June 30,For the Six Months Ended June 30,
(unaudited; $ in thousands)2026202520262025
Net income
$9,048$2,687$12,112$6,907
Net income attributable to non-controlling interests
6866011,3322,427
Provision for income taxes7,0172,45612,6174,559
Interest income, net
(1,668)(2,408)(3,556)(5,339)
Depreciation and amortization3,3562,5836,6374,484
Stock-based compensation19,39618,84941,31736,639
Other income(3,310)—(3,310)—
Other expenses(7)
2,9044,2246,9716,230
Adjusted EBITDA$37,429$28,992$74,120$55,907
(n) 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.


10

Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share(o)

For the Three Months Ended June 30,For the Six Months Ended June 30,
(unaudited; $ in thousands)2026
2025 (10)
2026
2025 (10)
Net income $9,048$2,687$12,112$6,907
Stock-based compensation19,39618,84941,31736,639
Intangible amortization expense3,2112,3966,3464,069
Other expenses(8)
2,9044,2246,9716,230
Other income(3,310)—(3,310)—
Tax effect of adjustments(9)
(5,994)(6,877)(13,857)(12,673)
Adjusted net income
$25,255$21,279$49,579$41,172
Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – basic $0.20$0.17$0.40$0.34
Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – diluted$0.19$0.17$0.38$0.32
Weighted average common shares outstanding – basic 126,121,426122,132,245125,142,415121,370,949
Weighted average common shares outstanding – diluted131,827,233128,447,069131,355,421128,149,252
(o) 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.


11

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents