Privia Health Group (PRVA) Q4 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in 2025, exceeding or meeting the high end of guidance for all key metrics, including significant growth in providers, attributed lives, and collections despite a challenging healthcare environment.

• Added 591 providers (12.3% growth) and increased value-based attributed lives by 22.7% year-over-year, reaching 5,380 providers and 1.54 million attributed lives.

• Completed the acquisition of Evolent Health's ACO business and expanded into Arizona, enhancing national presence to 24 states and DC.

• Maintained high provider retention (98%) and strong patient NPS (87).

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

Financial highlights

• Practice Collections rose 16.9% year-over-year to $3.47 billion in 2025; care margin up 14.4% to $462.2 million.

• Adjusted EBITDA grew 38.8% to $125.5 million for the year (27.2% margin, +480 bps); free cash flow conversion ~130%.

• Full-year 2025 revenue: $2,122.8 million, up 22.3% from 2024; gross profit: $453.0 million, up 13.9%.

• Adjusted net income per diluted share was $0.99 for FY'25, up from $0.78 in FY'24.

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

Outlook and guidance

• 2026 guidance: Implemented providers expected to grow to 5,900–6,000; attributed lives to reach 1.6 million.

• Practice Collections projected at $3.65–$3.75 billion; Adjusted EBITDA forecasted at $145–$155 million, with 15.5–23.5% year-over-year growth.

• Expect 80% of 2026 Adjusted EBITDA to convert to free cash flow as company becomes a full cash taxpayer.

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

• Guidance does not assume new business development activity.