Privia Health Reports Strong Second Quarter and Year-to-Date 2026 Results

About this update from Privia Health Group, Inc.

2Q’26 Net Income of $9.0M , +236.7% from 2Q’25 2Q’26 Adjusted EBITDA of $37.4M , +29.1% from 2Q’25 Full-Year 2026 Guidance Raised for All Key Financial Metrics ARLINGTON, Va. , Aug. 06, 2026 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the second quarter and six-month periods ended June 30, 2026 . Second Quarter Performance     Three Months Ended June 30 ,     (unaudited; $ in millions, except per share amounts)     2026     2025   Change (%) * Total revenue   $ 632.6   $ 521.2   21.4 % Gross profit   $ 128.9   $ 112.8   14.3 % Operating income   $ 11.8   $ 3.3   252.9 % Net income a   $ 9.0   $ 2.7   236.7 % Non-GAAP adjusted net income b   $ 25.3   $ 21.3   18.7 % Net income per share   $ 0.07   $ 0.02   250.0 % Non-GAAP adjusted net income per share b   $ 0.19   $ 0.17   11.8 %                    *Any slight variations in totals are due to rounding. Net income for the three months ended June 30, 2026 , included $19.4 million in non-cash stock compensation expense. Net income for the three months ended June 30, 2025 included $18.8 million in non-cash stock compensation expense. Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. Key Operating and Non-GAAP Financial Metrics c     Three Months Ended June 30 ,     (unaudited; $ in millions)     2026     2025   Change (%)               Implemented Providers     5,644     5,125   10.1 % Value-Based Care Attributed Lives     1,647,000     1,382,000   19.2 % Practice Collections   $ 970.0   $ 862.9   12.4 % Care Margin   $ 132.1   $ 115.2   14.7 % Platform Contribution   $ 69.0   $ 57.5   20.1 % Adjusted EBITDA   $ 37.4   $ 29.0   29.1 %               c. Reconciliations of Care Margin, Platform Contribution, Adjusted EBITDA and other non-GAAP financial measures are presented in tables near the end of this press release. Six-Month Performance     For the Six Months Ended June 30 ,     ($ in millions, except per share amounts)     2026     2025   Change (%)               Total revenue   $ 1,236.5   $ 1,001.3   23.5 % Gross profit   $ 254.5   $ 216.4   17.6 % Operating income   $ 19.2   $ 8.6   124.4 % Net income a   $ 12.1   $ 6.9   75.4 % Non-GAAP adjusted net income b d e   $ 49.6   $ 41.2   20.4 % Net income per share   $ 0.09   $ 0.05   80.0 % Non-GAAP adjusted net income per share b d e   $ 0.38   $ 0.32   18.8 %               Net income for the six months ended June 30, 2026 included $41.3 million in non-cash stock compensation expense. Net income for the six months ended June 30, 2025 included $36.6 million in non-cash stock compensation expense. Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. Key Operating and Non-GAAP Financial Metrics b d e     For the Six Months Ended June 30 ,     ($ in millions)     2026     2025   Change (%)               Practice Collections   $ 1,884.8   $ 1,661.5   13.4 % Care Margin b d   $ 260.9   $ 220.4   18.3 % Platform Contribution b d   $ 136.0   $ 109.2   24.6 % Adjusted EBITDA b d e   $ 74.1   $ 55.9   32.6 %               Updated Full-Year 2026 Guidanc e d e f g   FY 2025   Initial FY 2026 Guidance at 2.27.26 d   Updated FY 2026 Guidance at 8.6.26 ($ in millions) Actual   Low   High     Implemented Providers   5,380     5,900     6,000   No Change Attributed Lives   1,541,000     1,550,000     1,600,000   1,625,000 - 1,650,000 Practice Collections $ 3,470.5   $ 3,650   $ 3,750   High End GAAP Revenue $ 2,122.8   $ 2,350   $ 2,450   High End Care Margin d e f $ 462.2   $ 515   $ 530   Mid to High End Platform Contribution d e $ 234.8   $ 260   $ 270   Mid to High End Adjusted EBITDA d e f $ 125.5   $ 145   $ 155   Mid to High End Expect approximately 70-80% of Adjusted EBITDA to convert to free cash flow in full-year 2026 subject to timing of MSSP cash settlement Guidance does not assume any new business development activity d. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of Gross Profit, Operating Income and Net Income. This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures. e. See “Key Metrics and Non-GAAP Financial Measures” for more information as to how the Company defines and calculates Implemented Providers, Attributed Lives, Practice Collections, Care Margin, Platform Contribution, and Adjusted EBITDA, and for a reconciliation of the most comparable GAAP measures to Care Margin, Platform Contribution, Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income Per Share. f. Certain non-recurring or non-cash and other expenses will be treated as an add back in the reconciliation of Net Income to Adjusted EBITDA, and the reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share, the details of which can be found in the Reconciliation schedules near the end of this and in future quarterly press releases. g. Any slight variations in totals due to rounding. Webcast and Conference Call Information The Company will host a conference call on August 6, 2026 , at 8:00 am ET to discuss these results and management’s outlook for future financial and operational performance. You can visit ir.priviahealth.com/news-and-events/events-and-presentations to listen to the call via live webcast. The webcast will be archived and available for replay for on-demand listening shortly after the completion of the call under the same link. Go to https://register-conf.media-server.com/register/BI4c0355cb60f4473db6a27e261c9996e2 in order to pre-register and obtain your dial-in number and passcode to join the live conference call. This news release and the financial statements contained herein, and the slide presentation for the webcast, are also available on the Privia Health Investor Relations website at ir.priviahealth.com. About Privia Health Privia Health™ is one of the largest physician enablement companies in the United States with a presence in 25 states and the District of Columbia. Privia builds scaled provider networks with primary-care centric medical groups, risk-bearing entities, a physician-led governance structure, and the Privia Platform comprising an extensive suite of technology and service solutions. Privia collaborates with medical groups, health plans and health systems to optimize 1,300+ physician practices, improve the patient experience for 6.1+ million patients, and reward 5,600+ physicians and advanced practitioners for delivering high-value care. Privia’s mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve the health of communities and the well-being of providers. For more information, visit priviahealth.com. Non-GAAP Financial Measures The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States ("GAAP"). From time to time, in press releases, financial presentations, earnings conference calls or otherwise, the Company may disclose certain non-GAAP financial measures. The non-GAAP financial measures presented in this press release should not be viewed as alternatives or substitutes for the Company's reported GAAP results. A reconciliation to the most directly comparable GAAP financial measure is set forth in the tables that accompany this release. The Company believes that the non-GAAP financial measures presented in this press release are relevant and provide useful information to the Company's management, investors, and other interested parties about the Company's operating performance because the measures allow them to understand and compare the Company's actual and expected operating results during the prior, current and future periods in a more consistent manner. The non-GAAP measures presented in this press release may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of the results of operations and trends affecting the Company's business. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to financial measures calculated in accordance with GAAP. Safe Harbor Statement The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Form 10-Q is filed with the Securities and Exchange Commission (“SEC”). This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to our current expectations, projections and assumptions about our business, the economy and future events or conditions. They do not relate strictly to historical or current facts. Forward-looking statements can be identified by words such as “aims,” “anticipates,” "assumes," “believes,” “estimates,” “expects,” “forecasts,” “future,” “intends,” “likely,” “may,” “outlook,” “plans,” “potential,” “projects,” “seeks,” “strategy,” “targets,” “trends,” “will,” “would,” “could,” “should,” and variations of such terms and similar expressions and references to guidance, although some forward-looking statements may be expressed differently. In particular, these include statements relating to, among other things, our future actions, business plans, objectives and prospects; and our future operating or financial performance and projections, including our full year guidance for 2026. Factors or events that could cause actual results to differ may emerge from time to time and are difficult to predict. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results may differ materially from past results and those anticipated, estimated or projected. We caution you not to place undue reliance upon any of these forward-looking statements. Factors related to these risks and uncertainties include, but are not limited to: the heavily regulated industry in which we operate, and any failure by us or our medical groups to comply with the extensive applicable healthcare laws and government regulations; the complexity of the legal framework governing our relationships with Medical Groups, some of which we do not own, and Privia providers, and the impact of legal challenges or shifting interpretations of applicable laws; the execution of our growth strategy, which may not prove viable and we may not realize expected results; difficulties timely implementing our proprietary end-to-end, cloud-based technology solution for Privia physicians and new medical groups; the high level of competition in our industry; challenges in successfully establishing a presence in new geographic markets; the impact of failures by or service disruptions at key third-party vendors, such as our primary electronic medical record vendor, athenahealth, Inc.; potential decreases in reimbursement rates by governmental and third-party payers, changes to payment terms or challenges negotiating and retaining favorable contracts with private third-party payers, and changes impacting our patient population; the financial and operational impact of our compliance with various complex and changing federal and state privacy and security laws and regulations related to our use, disclosure, and other processing of personal information and protected health information, including the Health Insurance Portability and Accountability Act of 1996; the impact of actual and potential security threats, cybersecurity incidents or privacy or other forms of data breaches involving us, our vendors or other third parties; the continued availability of qualified workforce, including staff at our medical groups, and the continued upward pressure on compensation for such workforce; and other risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s subsequent Quarterly Reports on Form 10-Q. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law. Contact: Robert Borchert SVP, Investor & Corporate Communications [email protected] 817.783.4841   Privia Health Group, Inc. Condensed Consolidated Statements of Operations (g) (unaudited) (in thousands, except share and per share data)           For the Three Months Ended June 30 ,   For the Six Months Ended June 30 ,     2026     2025     2026     2025                 Revenue $ 632,630   $ 521,153   $ 1,236,477   $ 1,001,250                 Operating expenses:               Provider expense   500,484     405,992     975,601     780,801 Cost of platform   69,357     64,918     137,777     124,444 Sales and marketing   8,002     6,805     16,136     13,727 General and administrative   39,658     37,519     81,131     69,240 Depreciation and amortization   3,356     2,583     6,637     4,484 Total operating expenses   620,857     517,817     1,217,282     992,696 Operating income   11,773     3,336     19,195     8,554 Other income   3,310     —     3,310     — Interest income, net   1,668     2,408     3,556     5,339 Income before provision for income taxes   16,751     5,744     26,061     13,893 Provision for income taxes   7,017     2,456     12,617     4,559 Net income   9,734     3,288     13,444     9,334 Less: Net income attributable to non-controlling interests   686     601     1,332     2,427 Net income attributable to Privia Health Group, Inc. $ 9,048   $ 2,687   $ 12,112   $ 6,907 Net income per share attributable to Privia Health Group, Inc. stockholders – basic $ 0.07   $ 0.02   $ 0.10   $ 0.06 Net income per share attributable to Privia Health Group, Inc. stockholders – diluted $ 0.07   $ 0.02   $ 0.09   $ 0.05 Weighted average common shares outstanding – basic   126,121,426     122,132,245     125,142,415     121,370,949 Weighted average common shares outstanding – diluted   131,827,233     128,447,069     131,355,421     128,149,252 (g) Any slight variations in totals due to rounding.   Privia Health Group, Inc. Condensed Consolidated Balance Sheets (h) (in thousands)           June 30, 2026   December 31, 2025 Assets (unaudited)     Current assets:       Cash and cash equivalents $ 412,200     $ 479,685   Accounts receivable   574,160       400,902   Prepaid expenses and other current assets   38,906       30,414   Total current assets   1,025,266       911,001   Non-current assets:       Property and equipment, net   272       504   Right-of-use assets   8,038       8,794   Intangible assets, net   218,654       215,919   Goodwill   215,789       209,842   Deferred tax asset   —       2,274   Other non-current assets   20,562       21,044   Total non-current assets   463,315       458,377   Total assets $ 1,488,581     $ 1,369,378           Liabilities and stockholders’ equity       Current liabilities:       Accounts payable and accrued expenses $ 91,010     $ 96,804   Provider liability   541,368       469,516   Operating lease liabilities, current   2,066       2,200   Total current liabilities   634,444       568,520   Non-current liabilities:       Operating lease liabilities, non-current   6,667       7,331   Deferred tax liability   3,737       —   Other non-current liabilities   5,660       2,584   Total non-current liabilities   16,064       9,915   Total liabilities   650,508       578,435   Commitments and contingencies       Stockholders’ equity:       Common stock   1,263       1,236   Additional paid-in capital   925,264       892,291   Accumulated deficit   (144,198 )     (156,310 ) Total Privia Health Group, Inc. stockholders’ equity   782,329       737,217   Non-controlling interest   55,744       53,726   Total stockholders’ equity   838,073       790,943   Total liabilities and stockholders’ equity $ 1,488,581     $ 1,369,378   (h) Any slight variations in totals are due to rounding.   Privia Health Group, Inc. Condensed Consolidated Statements of Cash Flows (i) (unaudited) (in thousands)       For the Six Months Ended June 30 ,     2026       2025   Cash flows from operating activities       Net income $ 13,444     $ 9,334   Adjustments to reconcile net income to net cash used in operating activities:       Depreciation   291       415   Amortization of intangibles   6,346       4,069   Stock-based compensation   41,317       36,639   Deferred income taxes, net   3,683       2,671   Changes in asset and liabilities:       Accounts receivable, net   (172,378 )     (121,497 ) Prepaid expenses and other current assets   (8,492 )     (21,344 ) Other non-current assets and right-of-use assets   1,472       1,056   Accounts payable and accrued expenses   (5,794 )     (7,687 ) Provider liability   70,972       81,185   Operating lease liabilities   (1,032 )     (778 ) Other long-term liabilities   1,806       (153 ) Net cash used in operating activities   (48,365 )     (16,090 ) Cash from investing activities       Business acquisitions, net of cash acquired   (11,430 )     (89,058 ) Other   (59 )     —   Net cash used in investing activities   (11,489 )     (89,058 ) Cash flows from financing activities       Proceeds from exercised stock options   1,600       4,126   Proceeds from non-controlling interest   2,213       —   Repurchase of non-controlling interest   (11,444 )     —   Net cash (used in) provided by financing activities   (7,631 )     4,126   Net decrease in cash and cash equivalents   (67,485 )     (101,022 ) Cash and cash equivalents at beginning of period   479,685       491,149   Cash and cash equivalents at end of period $ 412,200     $ 390,127           Supplemental disclosure of cash flow information:       Interest paid $ 162     $ 124   Income taxes paid $ 10,656     $ 5,771           Supplemental disclosure of non-cash operating activities:       Lease liabilities obtained in exchange for right-of-use assets $ 234     $ 1,832   Contingent consideration payable $ 1,270     $ —   (i) Any slight variations in totals are due to rounding. Additional Financial Information Revenues disaggregated by source:   For the Three Months Ended June 30 ,   For the Six Months Ended June 30 , (Dollars in thousands)   2026     2025     2026     2025 FFS-patient care $ 412,640   $ 331,464   $ 803,773   $ 643,225 FFS-administrative services   33,222     35,116     64,625     67,371 Capitated revenue   95,150     75,511     181,298     146,201 Shared savings   68,920     60,021     143,883     107,933 Care management fees (PMPM)   20,733     16,919     38,600     32,121 Other revenue   1,965     2,122     4,298     4,399 Total Revenue $ 632,630   $ 521,153   $ 1,236,477   $ 1,001,250 The Company’s liabilities for unpaid medical claims under at-risk capitation arrangements:     June 30 , (Dollars in thousands)     2026       2025   Balance, beginning of period   $ 78,989     $ 66,355   Incurred health care costs:         Current year     175,800       144,840   Prior years     (13,225 )     (555 ) Total claims incurred   $ 162,575     $ 144,285   Claims paid:         Current year     (83,892 )     (63,025 ) Prior year     (58,695 )     (47,959 ) Total claims paid   $ (142,587 )   $ (110,984 ) Balance, end of period   $ 98,977     $ 99,656   Key Metrics and Non-GAAP Financial Measures Privia Health reviews a number of operating and financial metrics, including the following key metrics and non-GAAP financial measures, to evaluate the Company’s business, measure performance, identify trends affecting the Company’s business, formulate business plans, and make strategic decisions. Key Metrics (j)     For the Three Months Ended June 30 ,   For the Six Months Ended June 30 , (unaudited; $ in millions)     2026     2025     2026     2025                   Implemented Providers (as of end of period) (1)     5,644     5,125     5,644     5,125 Attributed Lives (as of end of period) (2)     1,647,000     1,382,000     1,647,000     1,382,000 Practice Collections (3)   $ 970.0   $ 862.9   $ 1,884.8   $ 1,661.5                   (1) Implemented Providers is defined as the total of all service professionals at the end of a given period who are credentialed and bill for medical services in both Owned and Non-Owned Medical Groups during that period. (2) Attributed Lives are defined as any patient that a payer deems attributed to Privia to deliver care as part of a value-based care arrangement through a provider of primary care or specialty services as of the end of a particular period. (3) Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health’s platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups. (j) Any slight variations in totals are due to rounding. Non-GAAP Financial Measures (5)(k)     For the Three Months Ended June 30 ,   For the Six Months Ended June 30 , (unaudited; $ in thousands)     2026       2025       2026       2025                     Care Margin   $ 132,146     $ 115,161     $ 260,876     $ 220,449   Platform Contribution   $ 68,989     $ 57,466     $ 136,022     $ 109,199   Platform Contribution Margin     52.2 %     49.9 %     52.1 %     49.5 % Adjusted EBITDA   $ 37,429     $ 28,992     $ 74,120     $ 55,907   Adjusted EBITDA Margin     28.3 %     25.2 %     28.4 %     25.4 %                   (5) In addition to results reported in accordance with GAAP, Privia Health discloses Care Margin, Platform Contribution, Platform Contribution margin, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. Each are defined as follows: Care Margin is Gross Profit excluding amortization of intangible assets. Platform Contribution is Gross Profit, excluding amortization of intangible assets, less Cost of platform and excluding stock-based compensation expense included in Cost of platform. Platform Contribution margin is Platform Contribution divided by Care Margin. Adjusted EBITDA is net income before interest income, net, provision for income taxes, net income attributable to non-controlling interests, depreciation and amortization, stock-based compensation, employer taxes on equity vesting/exercises, severance charges, contingent and deferred consideration, and other non-recurring expenses. Adjusted EBITDA Margin is Adjusted EBITDA divided by Care Margin. (k) Any slight variations in totals are due to rounding. Reconciliation of Gross Profit to Care Margin (l)     For the Three Months Ended June 30 ,   For the Six Months Ended June 30 , (unaudited; $ in thousands)     2026       2025       2026       2025   Revenue   $         632,630     $         521,153     $         1,236,477     $         1,001,250   Provider expense             (500,484 )             (405,992 )             (975,601 )             (780,801 ) Amortization of intangible assets             (3,211 )             (2,396 )             (6,346 )             (4,069 ) Gross Profit   $         128,935     $         112,765     $         254,530     $         216,380   Amortization of intangibles assets             3,211               2,396               6,346               4,069   Care Margin   $         132,146     $         115,161     $         260,876     $         220,449   (l) Any slight variations in totals are due to rounding. Reconciliation of Gross Profit to Platform Contribution (m)     For the Three Months Ended June 30 ,   For the Six Months Ended June 30 , (unaudited; $ in thousands)     2026       2025       2026       2025   Revenue   $         632,630     $         521,153     $         1,236,477     $         1,001,250   Provider expense             (500,484 )             (405,992 )             (975,601 )             (780,801 ) Amortization of intangibles assets             (3,211 )             (2,396 )             (6,346 )             (4,069 ) Gross Profit   $         128,935     $         112,765     $         254,530     $         216,380   Amortization of intangibles assets             3,211               2,396               6,346               4,069   Cost of platform             (69,357 )             (64,918 )             (137,777 )             (124,444 ) Stock-based compensation (6)             6,200               7,223               12,923               13,194   Platform Contribution   $         68,989     $         57,466     $         136,022     $         109,199   (m) Any slight variations in totals are due to rounding. (6) Amount represents stock-based compensation expense included in Cost of platform. Reconciliation of Net Income to Adjusted EBITDA (n)     For the Three Months Ended June 30 ,   For the Six Months Ended June 30 , (unaudited; $ in thousands)     2026       2025       2026       2025   Net income   $         9,048     $         2,687     $         12,112     $         6,907   Net income attributable to non-controlling interests             686               601               1,332               2,427   Provision for income taxes             7,017               2,456               12,617               4,559   Interest income, net             (1,668 )             (2,408 )             (3,556 )             (5,339 ) Depreciation and amortization             3,356               2,583               6,637               4,484   Stock-based compensation             19,396               18,849               41,317               36,639   Other income             (3,310 )             —               (3,310 )             —   Other expenses (7)             2,904               4,224               6,971               6,230   Adjusted EBITDA   $         37,429     $         28,992     $         74,120     $         55,907                     (n) Any slight variations in totals are due to rounding. (7) Other expenses include employer taxes on equity vesting/exercises, severance, contingent and deferred consideration, and other non-recurring expenses. Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share (o)   For the Three Months Ended June 30 ,   For the Six Months Ended June 30 , (unaudited; $ in thousands)   2026     2025 (10)     2026     2025 (10) Net income $         9,048     $         2,687     $         12,112     $         6,907   Stock-based compensation           19,396               18,849               41,317               36,639   Intangible amortization expense           3,211               2,396               6,346               4,069   Other expenses (8)           2,904               4,224               6,971               6,230   Other income           (3,310 )             —               (3,310 )             —   Tax effect of adjustments (9)           (5,994 )             (6,877 )             (13,857 )             (12,673 ) Adjusted net income $         25,255     $         21,279     $         49,579     $         41,172   Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – basic $         0.20     $         0.17     $         0.40     $         0.34   Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – diluted $         0.19     $         0.17     $         0.38     $         0.32   Weighted average common shares outstanding – basic           126,121,426               122,132,245               125,142,415               121,370,949   Weighted average common shares outstanding – diluted           131,827,233               128,447,069               131,355,421               128,149,252   (o) Any slight variations in totals due to rounding. (8) Other expenses include employer taxes on equity vesting/exercises, severance, contingent and deferred consideration, and other non-recurring expenses. (9) The Company uses a statutory blended tax rate of 27% on the adjustments between Net Income and Adjusted Net Income. (10) Updated to conform with current year presentation. Source: Privia Health Group, Inc. 2026 GlobeNewswire, Inc., source Press Releases

View stock analysis, news, and events for Privia Health Group, Inc.