Privia Health Group (PRVA) Q1 2026 earnings summary

Executive summary

• Achieved strong first quarter performance with 25.8% year-over-year revenue growth, robust operational execution, and double-digit increases in providers and attributed lives, reinforcing a national presence in primary care across 24 states and D.C.

• Practice collections increased 14.6% year-over-year to $914.8 million, driven by provider and attribution growth.

• Adjusted EBITDA rose 36.3% to $36.7 million, reflecting organic growth, acquisitions, and margin expansion.

• Net income attributable to stockholders was $3.1 million, down from $4.2 million in Q1 2025, primarily due to higher tax rates and increased operating expenses.

• Maintained a robust balance sheet with $419.5 million in cash and no debt at quarter-end.

Financial highlights

• Total revenue reached $603.8 million, up 25.8% year-over-year; gross profit rose 21.2% to $125.6 million.

• Care Margin was $128.7 million (up 22.3%), and Platform Contribution was $67.0 million (up 29.6%), with Platform Contribution Margin improving to 52.1%.

• Adjusted EBITDA Margin increased to 28.5% from 25.6% year-over-year.

• Net income per diluted share was $0.02, compared to $0.03 in Q1 2025; adjusted net income per share was $0.19, up from $0.16.

• Practice Collections totaled $914.8 million, up 14.6% year-over-year.

Outlook and guidance

• Full-year 2026 guidance reiterated for all major metrics, with Attributed Lives guidance raised to 1.6–1.625 million due to strong Q1 growth.

• FY2026 revenue expected between $3.65 billion and $3.75 billion; adjusted EBITDA guidance $145 million–$155 million, with approximately 80% conversion to free cash flow.

• Guidance does not assume new business development activity, though a robust pipeline exists.

• Management expects continued revenue and margin growth through provider and patient base expansion, new market entries, and increased value-based care penetration.

• Investments in technology, sales, and operations are planned to support long-term growth and VBC transition.