Privia Health Group (PRVA) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, with all key metrics meeting or exceeding guidance and robust growth in providers, attributed lives, and collections despite a challenging healthcare environment.

• Added 591 providers (12.3% YoY) to reach 5,380 and 1.54 million attributed lives (22.7% YoY increase), expanding to 24 states plus DC.

• Completed acquisition of Evolent Health's ACO business, adding 120,000+ attributed lives and entering Arizona with strong sales momentum.

• Maintained high provider retention (98%) and patient NPS (87), with a diversified value-based platform serving over 1.5 million patients.

• Year-end 2025 cash balance reached $479.7 million with no debt after deploying $180 million for acquisitions.

Financial highlights

• Practice collections grew 16.9% YoY to $3.47 billion for 2025; care margin up 14.4% to $462.2 million.

• Adjusted EBITDA increased 38.8% YoY to $125.5 million (27.2% margin, +480 bps); Q4 Adjusted EBITDA up 26.4% YoY to $31.5 million.

• Adjusted net income per diluted share was $0.99 for 2025, up from $0.78 in 2024.

• Free cash flow for 2025 was $163.4 million, representing 130.2% of adjusted EBITDA.

• Ended 2025 with $479.7 million in cash and no debt.

Outlook and guidance

• 2026 guidance projects 5,900–6,000 implemented providers and 1.6 million attributed lives.

• Practice collections expected between $3.65 billion–$3.75 billion; adjusted EBITDA forecasted at $145 million–$155 million.

• Revenue expected to grow 10.7–15.4% in 2026; adjusted EBITDA growth of 15.5–23.5%.

• Anticipates ending 2026 with ~$600 million in cash and equivalents, assuming no new business development.

• Expects ~80% of 2026 adjusted EBITDA to convert to free cash flow as company becomes a full cash taxpayer.