Privia Health raises 2026 revenue outlook to $2.50–2.55B
Updated 2026 ranges include GAAP revenue of $2,500–2,550 million, while the acquired ACO will serve more than 36,000 attributed lives beginning January 1, 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Privia Health Group, Inc. reported third-quarter 2026 revenue of $657.0 million, up 13.2% year over year, and net income attributable to Privia of $13.5 million, up 96.6%. Operating income was $20.5 million, up 42.6%, while Adjusted EBITDA was $40.6 million, up 6.3%. For the nine months ended September 30, 2026, revenue was $1,893.4 million and Adjusted EBITDA was $114.7 million, up 19.7% and 21.9%, respectively.
Privia paid approximately $36 million at closing for American Choice Healthcare MSSP, LLC, a Cano Health subsidiary. The acquired ACO will care for more than 36,000 attributed lives beginning January 1, 2027; the company expects the acquisition to contribute positively to attributed lives and Adjusted EBITDA in 2027. Privia agreed to end its partnership with Surgery Partners in Montana effective January 2027; it supports 69 providers and generated approximately $23 million in annual Practice Collections, with no material 2027 Adjusted EBITDA impact expected. Updated FY 2026 guidance includes GAAP revenue of $2,500–2,550 million and Adjusted EBITDA of $154–157 million. Operating cash flow was $19.4 million used in the first nine months, versus $35.9 million provided a year earlier. Cash and cash equivalents were $446.3 million, with no debt, as of September 30, 2026; that balance predates the late-October acquisition.
5 points · 1 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.FY 2026 GAAP revenue guidance rose to $2,500–2,550 million from $2,350–2,450 million.
- Moderate pointThird-quarter revenue rose 13.2% to $657.0 million.
- Moderate pointNine-month net income attributable to Privia rose 85.9% to $25.6 million.
- Moderate pointNine-month Adjusted EBITDA increased 21.9% to $114.7 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.American Choice ACO will care for more than 36,000 attributed lives beginning January 1, 2027.
Negative
- Moderate pointNine-month operating cash flow was $19.4 million used, versus $35.9 million provided a year earlier.
Filing Explained
Privia expects at least five hundred twenty million dollars in year-end cash if the 2025 MSSP settlement and provider payments occur before year-end.
The company says its third-quarter results are preliminary and unaudited, and will not be final until it files its Form 10-Q.
The year-end outlook assumes the 2025 MSSP cash settlement and related provider disbursements occur before year-end, and expects about
8-K Event Classification
2 items: 2.02, 9.01
2 items
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, or exhibit attachments filed with this report.
Key Figures
Third-quarter revenue: $657.0 million
Net income attributable to Privia: $13.5 million
Adjusted EBITDA: $114.7 million
+5 more
8 metrics
Third-quarter revenue
$657.0 million
Three months ended September 30, 2026
Net income attributable to Privia
$13.5 million
Three months ended September 30, 2026
Adjusted EBITDA
$114.7 million
Nine months ended September 30, 2026
Net cash used in operating activities
$19.4 million
Nine months ended September 30, 2026
Cash and cash equivalents
$446.3 million
As of September 30, 2026
Acquisition payment
Approximately $36 million
Paid at closing for American Choice Healthcare MSSP, LLC
Attributed lives
More than 36,000 lives
American Choice Healthcare MSSP ACO; beginning January 1, 2027
FY 2026 GAAP revenue guidance
$2,500–2,550 million
Updated guidance
Key Terms
Adjusted EBITDA, Practice Collections, Attributed Lives, Medicare Shared Savings Program (MSSP), +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA is net income before interest income"
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.
Practice Collections financial
"Practice Collections are defined as the total collections from all practices"
Attributed Lives technical
"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.
Accountable Care Organization (ACO) technical
"This Accountable Care Organization (ACO) will care for more than 36,000 attributed lives"
Care Margin financial
"Care Margin is Gross Profit excluding amortization of intangible assets"
Earnings Snapshot
Total revenue: $657.0 million · Guidance included
Third quarter ended September 30, 2026
Total revenue
$657.0 million
+13.2% year over year
Net income attributable to Privia Health Group, Inc.
$13.5 million
+96.6% year over year
Operating income
$20.5 million
+42.6% year over year
Adjusted EBITDA
$40.6 million
+6.3% year over year
Guidance
FY 2026 updated guidance includes GAAP revenue of $2,500–2,550 million and Adjusted EBITDA of $154–157 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue and net income did PRVA report in Q3 2026?
For the three months ended September 30, 2026, Privia reported $657.0 million in revenue and $13.5 million in net income attributable to Privia Health Group, Inc. Revenue rose 13.2% and attributable net income rose 96.6% compared with the same quarter in 2025.
What did PRVA pay for American Choice Healthcare MSSP?
Privia paid approximately $36 million at closing for American Choice Healthcare MSSP, LLC, a wholly-owned subsidiary of Cano Health. The acquired ACO will care for more than 36,000 attributed lives in the Medicare Shared Savings Program beginning January 1, 2027.
What are PRVA's updated 2026 guidance ranges?
Updated FY 2026 guidance includes GAAP revenue of $2,500–2,550 million, Practice Collections of $3,900–3,950 million, Care Margin of $535–540 million, Platform Contribution of $280–285 million, and Adjusted EBITDA of $154–157 million.
When does PRVA's Montana partnership end, and what impact is expected?
Privia 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 there; Privia expects no material impact on Adjusted EBITDA in 2027.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 5, 2026
_________________________
(Exact Name of Registrant as Specified in Its Charter)
_________________________
(State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. Employer Identification No.) | |||||||||
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 November 5, 2026, Privia Health Group, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 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 November 5, 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: November 5, 2026 | By: | /s/ David Mountcastle | |||||||||
| Name: David Mountcastle | |||||||||||
| Title: Executive Vice President, Chief Financial Officer and Authorized Officer | |||||||||||
 | Exhibit 99.1 | |||||||||||||
Privia Health Reports Strong Third Quarter and Year-to-Date 2026 Results
–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 – November 5, 2026 – 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. | ||||||||||||||||||||
1
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 $520 million in cash and cash equivalents, including the American Choice Healthcare transaction and assuming the 2025 MSSP cash settlement and related provider disbursements occur before year end based on current accruals.
2
Updated Full-Year 2026 Guidance d e f g
Privia Health raised its full-year 2026 outlook as follows:
| FY 2025 | Initial FY 2026 Guidance at 2.27.26 d | Updated FY 2026 Guidance at 11.5.26 | |||||||||||||||||||||
| ($ 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
3
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
4
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 | ||
5
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.
6
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.
7
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.
8
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. | ||||||||||||||
9
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. | ||||||||||||||||||||||||||
10
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. | ||||||||||||||||||||||||||
11
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. | |||||||||||||||||||||||
12