Privia Health Group (PRVA) Q2 2026 earnings summary

Executive summary

• Achieved strong operational execution in Q2 2026, with revenue up 21.4% to $632.6M, net income up 236.7% to $9.0M, and adjusted EBITDA up 29.1% to $37.4M.

• Implemented providers grew 10.1% to 5,644 and attributed lives increased 19.2% to 1.65M, driven by organic growth and acquisitions.

• Expanded into New Jersey, marking presence in 25 states and D.C., and integrated recent acquisitions.

• Practice collections for Q2 reached $970M, up 12.4% year-over-year; six-month collections totaled $1.88B, up 13.4%.

• Raised 2026 outlook across all key financial metrics due to robust first-half performance.

Financial highlights

• Q2 2026 revenue was $632.6M (+21.4%), net income $9.0M (+236.7%), and adjusted EBITDA $37.4M (+29.1%).

• Practice collections for Q2 were $970M (+12.4%); six-month collections $1.88B (+13.4%).

• Care margin for Q2 was $132.1M (+14.7%), platform contribution margin 52.2%, and adjusted EBITDA margin 28.3%.

• Ended Q2 with $412.2M in cash and no debt.

• Net income per share for Q2 was $0.07 (basic/diluted); adjusted net income per share (diluted) was $0.19.

Outlook and guidance

• Full-year 2026 guidance raised for revenue ($2.35B–$2.45B), care margin ($515M–$530M), and adjusted EBITDA ($145M–$155M).

• Implemented providers guidance: 5,900–6,000; attributed lives: 1.625–1.65M.

• Expect 70–80% of adjusted EBITDA to convert to free cash flow, subject to MSSP cash settlement timing.

• Guidance does not assume new business development activity.