The strong beat on 2025 guidance and robust 2026 outlook suggest accelerating growth in Privia's value-based care model. Traders should monitor the company's ability to maintain high growth rates in attributed lives and provider count while expanding margins. The 80% free cash flow conversion target in 2026 could support potential share buybacks or strategic acquisitions.
Price Chart
Executive Summary
Privia Health reported strong full-year 2025 results with revenue of $2.12 billion (up 22.3% YoY), net income of $22.9 million (up 59.3%), and Adjusted EBITDA of $125.5 million (up 38.8%). All key metrics exceeded guidance. For 2026, the company guided for revenue of $2.35-$2.45 billion and Adjusted EBITDA of $145-$155 million, reflecting continued growth and strong cash flow generation with no debt.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue was $2.12 billion, up 22.3% YoY from $1.74 billion in 2024
- Full-year 2025 net income was $22.9 million, up 59.3% YoY from $14.4 million in 2024
- Full-year 2025 Adjusted EBITDA was $125.5 million, up 38.8% YoY from $90.5 million in 2024
- All 2025 operating and financial metrics were at or above the high end of guidance
- 2026 guidance: revenue of $2.35-$2.45 billion (10.7%-15.4% growth), Adjusted EBITDA of $145-$155 million (15.5%-23.5% growth)
- Company ended 2025 with $479.7 million in cash and no debt
Financial Impact
Revenue increased by $386.4 million, net income by $8.5 million, and Adjusted EBITDA by $35 million year-over-year
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Implemented Providers | $5.4K | +12.3% |
| Attributed Lives | $1.5M | +22.7% |
Risk Factors
- Forward-looking guidance is not reconciled to GAAP measures, creating uncertainty around profitability
- Heavy reliance on value-based risk arrangements in the challenging Medicare Advantage market
- Potential for decreased reimbursement rates from government and private payers
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001759655-26-000007 |
| Document: prva-20260226.htm | 0001759655-26-000007 |
| Document: 0001759655-26-000007-index-headers.html | 0001759655-26-000007 |
| Document: 0001759655-26-000007-index.html | 0001759655-26-000007 |
| Document: 0001759655-26-000007.txt | 0001759655-26-000007 |
| CONTEXT: Previous Earnings (2026-02-26) | 0001759655-26-000007 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 13, 2026 11w ago | Insider Cluster | $28.03 $21.98 | ▼ −21.58% | ▼ −24.08% | $20.30 (−27.58%) |
Jul 9, 2026 12w ago | Insider Cluster | $27.77 $22.00 | ▼ −20.78% | ▼ −23.02% | $20.30 (−26.90%) |
Jul 7, 2026 12w ago | Press Release | $27.23 $23.79 | ▼ −12.63% | ▼ −13.97% | $20.30 (−25.45%) |
Jul 7, 2026 12w ago | Insider Cluster | $27.23 $23.79 | ▼ −12.63% | ▼ −13.97% | $20.30 (−25.45%) |
Jul 2, 2026 13w ago | Insider Cluster | $27.36 $23.86 | ▼ −12.79% | ▼ −12.38% | $20.30 (−25.80%) |
May 27, 2026 18w ago | Press Release | $21.74 $24.53 | ▲ +12.83% | ▲ +14.73% | $20.30 (−6.62%) |
May 22, 2026 19w ago | 3 | $22.79 $23.69 | ▲ +3.95% | ▲ +5.37% | $20.30 (−10.93%) |
May 7, 2026 21w ago | 8-K | $23.99 $20.66 | ▼ −13.88% | ▼ −17.02% | $20.30 (−15.38%) |
May 4, 2026 21w ago | Insider Cluster | $24.24 $21.31 | ▼ −12.09% | ▼ −17.73% | $20.30 (−16.25%) |
May 1, 2026 22w ago | Insider Cluster | $24.85 $21.31 | ▼ −14.25% | ▼ −19.53% | $20.30 (−18.31%) |
US Market Status
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