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Privia Health Group (PRVA) investor relations material
Privia Health Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Delivered strong operational and financial performance in Q3 2025, with net income up 94.1% year-over-year and adjusted EBITDA up 61.6%.
Achieved robust growth in value-based care, including Medicare Shared Savings Program (MSSP) results for 2024 and attributed lives up 12.8% to 1.406M.
Practice collections rose 27.1% year-over-year in Q3 to $940.4M, with implemented providers up 13.1%.
Announced acquisition of an ACO business from Elevance/Evolent Health for $100M plus up to $13M earnout, expected to close by year-end 2025, adding over 120,000 attributed lives and expanding into new states.
Raised FY 2025 guidance above previous ranges for all key metrics, with momentum expected to continue into 2026.
Financial highlights
Q3 2025 revenue was $580.4M, up 32.5% year-over-year; nine-month revenue reached $1.58B, up 24%.
Adjusted EBITDA for Q3 2025 was $38.2M (up 61.6%), and $94.1M for the nine months (up 43.5%).
Practice collections for the nine months were $2.6B, up 19.6% year-over-year.
Free cash flow year-to-date was $104.4M, with pro forma cash at $409.9M and no debt.
Adjusted net income per diluted share for Q3 2025 was $0.29, up 45% year-over-year.
Outlook and guidance
FY 2025 guidance raised: revenue expected at $2.05B–$2.10B, adjusted EBITDA at $118M–$121M, practice collections at $3.45B–$3.5B.
Implemented providers projected at 5,300–5,350 and attributed lives at 1.4M–1.425M.
Over 80% of adjusted EBITDA expected to convert to free cash flow in 2025.
Projected to end FY 2025 with at least $410M in cash and equivalents, pro forma for the ACO transaction.
Targeting 20% adjusted EBITDA growth into 2026, with strong positioning for the year.
Evolent ACO deal: Why no 2025 guidance impact?
Capital allocation strategy post-Evolent deal?
What drives VBC margin expansion?
Evolent ACO: Pathway to full Privia model?
What changes MA risk appetite?
Prioritized ancillary services for growth?
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Next Privia Health Group earnings date
Q4 202527 Feb, 2026
Next Privia Health Group earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Privia Health Group Inc. develops and operates a national physician platform that partners with medical groups, health systems, and payers. The platform offers technology-enabled solutions to enhance clinical and financial performance across care delivery. Privia supports physicians with tools for population health, care coordination, and value-based care models. The company is headquartered in Arlington, Virginia, and its shares are listed on the NASDAQ.
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