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Privia Health Group (PRVA) investor relations material
Privia Health Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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