Privia Health Group (PRVA) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong results with revenue up 32.5% to $580.4M, net income up 94.1% to $6.9M, and adjusted EBITDA up 61.6% to $38.2M, driven by robust growth in value-based care, provider signings, and practice collections.

• Implemented providers grew 13.1% to 5,250 and attributed lives rose 12.8% to 1.4M, with expansion into new markets including Indiana and Arizona.

• Announced acquisition of an ACO business from Elevance/Evolent Health for $100M plus up to $13M earnout, expected to add over 120,000 attributed lives and expand into six new states.

• National footprint now includes operations in 15 states and DC, with a diversified value-based platform and over 100 VBC contracts.

• FY 2025 guidance raised above prior high end for all key metrics, positioning for continued momentum into 2026.

Financial highlights

• Q3 2025 revenue was $580.4M (up 32.5%), gross profit $122.6M (up 22.7%), and net income $6.9M (up 94.1%).

• Practice collections reached $940.4M in Q3 (up 27.1%), with nine-month collections at $2.6B (up 19.6%).

• Adjusted EBITDA for Q3 was $38.2M (up 61.6%), and for nine months $94.1M (up 43.5%), with margin at 30.5%.

• Free cash flow year-to-date was $104.4M; cash and equivalents at quarter-end were $441.4M, pro forma $409.9M after ACO acquisition.

• Aggregate MSSP savings rate improved to 9.4% in 2024, with total shared savings of $234.1M, up 32.6% year-over-year.

Outlook and guidance

• FY 2025 guidance raised: revenue $2.05B–$2.10B, practice collections $3.45B–$3.5B, adjusted EBITDA $118M–$121M.

• Implemented providers expected to grow to 5,300–5,350 and attributed lives to 1.4M–1.425M.

• Over 80% of adjusted EBITDA expected to convert to free cash flow; year-end cash projected at least $410M.

• Targeting $120M adjusted EBITDA for 2025 and 20% growth into 2026.

• Strategic investments in technology, operations, and clinical capabilities planned to support long-term growth.