Privia Health Reports Strong Third Quarter and Year-to-Date 2026 Results
Privia Health Group, Inc. (PRVA) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Privia Health Reports Strong Third Quarter and Year-to-Date 2026 Results – YTD’26 Net Income of $25.6M, +85.9% from YTD’25 – YTD’26 Adjusted EBITDA of $114.7M, +21.9% from YTD’25 – Full-Year 2026 Guidance Raised to Above High End for All Key Financial Metrics – Expan
How this was made
The 30-second read
Why it matters
The raised guidance and strong earnings growth are likely to attract buying pressure, especially from investors focused on value‑based care providers.
Market read
First‑report earnings and guidance lift for PRVA, providing a clear trading catalyst.
What to watch
Potential headwinds from the Montana partnership exit and integration costs of the new MSSP acquisition.
Privia Health Reports Strong Third Quarter and Year-to-Date 2026 Results – YTD’26 Net Income of $25.6M, +85.9% from YTD’25 – YTD’26 Adjusted EBITDA of $114.7M, +21.9% from YTD’25 – Full-Year 2026 Guidance Raised to Above High End for All Key Financial Metrics
Third-quarter total revenue increased 13.2%, operating income increased 42.6%, net income attributable to Privia Health Group, Inc. increased 96.6%, and adjusted EBITDA increased 6.3%. The company raised its full-year 2026 outlook across Implemented Providers, Attributed Lives, Practice Collections, GAAP Revenue, Care Margin, Platform Contribution and Adjusted EBITDA.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30, 2026GAAP | $657M | – | 13.2% |
| Gross profit, three months ended September 30, 2026GAAP | $134.7M | – | 9.9% |
| Operating income, three months ended September 30, 2026GAAP | $20.5M | – | 42.6% |
| Net income attributable to Privia Health Group, Inc., three months ended September 30, 2026GAAP | $13.5 | – | 96.6% |
| Non-GAAP adjusted net income, three months ended September 30, 2026non-GAAP | $28.0 | – | 16.3% |
| Net income per share attributable to Privia Health Group, Inc. stockholders, diluted, three months ended September 30, 2026GAAP | $0.10 | – | 100.0% |
| Net income per share attributable to Privia Health Group, Inc. stockholders, basic, three months ended September 30, 2026GAAP | $0.11 | – | – |
| Non-GAAP adjusted net income per share attributable to Privia Health Group, Inc. stockholders, diluted, three months ended September 30, 2026non-GAAP | $0.21 | – | 10.5% |
| Non-GAAP adjusted net income per share attributable to Privia Health Group, Inc. stockholders, basic, three months ended September 30, 2026non-GAAP | $0.22 | – | – |
| Implemented Providers, as of September 30, 2026other | 5,893 | – | 12.2% |
| Value-Based Care Attributed Lives, as of September 30, 2026other | 1,676,000 | – | 19.2% |
| Practice Collections, three months ended September 30, 2026other | $1.03B | – | 9.4% |
| Care Margin, three months ended September 30, 2026non-GAAP | $138.1M | – | 10.3% |
| Platform Contribution, three months ended September 30, 2026non-GAAP | $73.9M | – | 4.8% |
| Platform Contribution Margin, three months ended September 30, 2026non-GAAP | 53.5% | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $40.6M | – | 6.3% |
| Adjusted EBITDA Margin, three months ended September 30, 2026non-GAAP | 29.4% | – | – |
| Total revenue, nine months ended September 30, 2026GAAP | $1.89B | – | 19.7% |
| Gross profit, nine months ended September 30, 2026GAAP | $389.3M | – | 14.8% |
| Operating income, nine months ended September 30, 2026GAAP | $39.7M | – | 73.1% |
| Net income attributable to Privia Health Group, Inc., nine months ended September 30, 2026GAAP | $25.6 | – | 85.9% |
| Non-GAAP adjusted net income, nine months ended September 30, 2026non-GAAP | $77.6 | – | 18.9% |
| Net income per share attributable to Privia Health Group, Inc. stockholders, diluted, nine months ended September 30, 2026GAAP | $0.19 | – | 72.7% |
| Net income per share attributable to Privia Health Group, Inc. stockholders, basic, nine months ended September 30, 2026GAAP | $0.20 | – | – |
| Non-GAAP adjusted net income per share attributable to Privia Health Group, Inc. stockholders, diluted, nine months ended September 30, 2026non-GAAP | $0.59 | – | 15.7% |
| Non-GAAP adjusted net income per share attributable to Privia Health Group, Inc. stockholders, basic, nine months ended September 30, 2026non-GAAP | $0.62 | – | – |
| Practice Collections, nine months ended September 30, 2026other | $2.91B | – | 12.0% |
| Care Margin, nine months ended September 30, 2026non-GAAP | $399.0 | – | 15.4% |
| Platform Contribution, nine months ended September 30, 2026non-GAAP | $209.9 | – | 16.8% |
| Platform Contribution Margin, nine months ended September 30, 2026non-GAAP | 52.6% | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $114.7 | – | 21.9% |
| Adjusted EBITDA Margin, nine months ended September 30, 2026non-GAAP | 28.8% | – | – |
| Provider expense, three months ended September 30, 2026GAAP | $518.9M | – | – |
| Cost of platform, three months ended September 30, 2026GAAP | $69.67M | – | – |
| Sales and marketing, three months ended September 30, 2026GAAP | $9.94M | – | – |
| General and administrative, three months ended September 30, 2026GAAP | $34.45M | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | $3.50M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $636.4M | – | – |
| Net cash used in operating activities, nine months ended September 30, 2026GAAP | $(19,428) | – | – |
| Net cash used in investing activities, nine months ended September 30, 2026GAAP | −$12.56M | – | – |
| Net cash used in financing activities, nine months ended September 30, 2026GAAP | $(1,416) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| FFS-patient care revenue, three months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $433,088 | – | – |
| FFS-administrative services revenue, three months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $34,738 | – | – |
| Capitated revenue, three months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $99,520 | – | – |
| Shared savings revenue, three months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $68,838 | – | – |
| Care management fees (PMPM), three months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $19,394 | – | – |
| Other revenue, three months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $1,382 | – | – |
| FFS-patient care revenue, nine months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $1,236,861 | – | – |
| FFS-administrative services revenue, nine months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $99,363 | – | – |
| Capitated revenue, nine months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $280,818 | – | – |
| Shared savings revenue, nine months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $212,720 | – | – |
| Care management fees (PMPM), nine months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $57,994 | – | – |
| Other revenue, nine months ended September 30, 2026Revenue source disclosed in the company's revenue disaggregation table. | $5,681 | – | – |
Full-Year 2026 outlook
- Revenue$2,500 - 2,550
- NoteImplemented Providers: High End
- NoteAttributed Lives: 1,675,000 - 1,690,000
- NotePractice Collections: $3,900 - 3,950
- NoteCare Margin: $535 - 540
- NotePlatform Contribution: $280 - 285
- NoteAdjusted EBITDA: $154 - 157
- NoteExpect approximately 70% of Adjusted EBITDA to convert to free cash flow in full-year 2026, including the American Choice Healthcare transaction and assuming the 2025 MSSP cash settlement and related provider disbursements occur before year end based on current accruals
- NoteWe expect to end this year with at least $520 million in cash and cash equivalents, including the American Choice Healthcare transaction and assuming the 2025 MSSP cash settlement and related provider disbursements occur before year end based on current accruals
- NoteGuidance does not assume any new business development activity
- NoteGuidance for Implemented Providers includes 69 providers in Montana
Capital returns
- Repurchase of non-controlling interest: $(11,444) for the nine months ended September 30, 2026.
- Proceeds from exercised stock options: $7,468 for the nine months ended September 30, 2026.
- Proceeds from non-controlling interest: $2,560 for the nine months ended September 30, 2026.
What drove it
- Implemented Providers were 5,893 as of September 30, 2026, compared with 5,250 as of September 30, 2025.
- Value-Based Care Attributed Lives were 1,676,000 as of September 30, 2026, compared with 1,406,000 as of September 30, 2025.
- Privia acquired American Choice Healthcare MSSP, LLC, an Accountable Care Organization that will care for more than 36,000 attributed lives in the Medicare Shared Savings Program, increasing VBC attributed lives in ten existing Privia states and adding lives in three new states starting January 1, 2027.
- Privia paid approximately $36 million at closing for American Choice Healthcare MSSP, LLC using balance sheet cash. The transaction is expected to have minimal impact on all key metrics in 2026 and positively contribute to Attributed Lives and Adjusted EBITDA in 2027.
- The company reported $14.0 million in non-cash stock compensation expense in third-quarter 2026, compared with $19.0 million in third-quarter 2025.
- The company reported $55.3 million in non-cash stock compensation expense in the first nine months of 2026, compared with $55.6 million in the first nine months of 2025.
Concerns
- Platform Contribution Margin was 53.5% in the third quarter of 2026, compared with 56.3% in the third quarter of 2025.
- Adjusted EBITDA Margin was 29.4% in the third quarter of 2026, compared with 30.5% in the third quarter of 2025.
- Net cash used in operating activities was $(19,428) for the nine months ended September 30, 2026.
- The company has agreed to end its partnership with Surgery Partners in Montana effective January 2027. The company supports 69 providers and generated approximately $23 million in annual Practice Collections in Montana.
- Guidance assumes the 2025 MSSP cash settlement and related provider disbursements occur before year end based on current accruals.
What to watch
- Full-year 2026 GAAP Revenue guidance of $2,500 - 2,550.
- Full-year 2026 Adjusted EBITDA guidance of $154 - 157.
- Expected conversion of approximately 70% of Adjusted EBITDA to free cash flow in full-year 2026.
- Expected year-end cash and cash equivalents of at least $520 million.
- January 1, 2027 start of the American Choice Healthcare MSSP business contribution.
- January 2027 exit from the Surgery Partners partnership in Montana.
Balance sheet and cash flow
- Cash and cash equivalents: $446.3 million at September 30, 2026.
- No debt at September 30, 2026.
- Cash and cash equivalents: $446,283 at September 30, 2026, compared with $479,685 at December 31, 2025.
- Accounts receivable: $623,582 at September 30, 2026, compared with $400,902 at December 31, 2025.
- Provider liability: $572,498 at September 30, 2026, compared with $469,516 at December 31, 2025.
- Total assets: $1,563,717 at September 30, 2026, compared with $1,369,378 at December 31, 2025.
- Total liabilities: $690,803 at September 30, 2026, compared with $578,435 at December 31, 2025.
- Total stockholders’ equity: $872,914 at September 30, 2026, compared with $790,943 at December 31, 2025.
- Net cash used in operating activities: $(19,428) for the nine months ended September 30, 2026, compared with $35,904 for the nine months ended September 30, 2025.
- Business acquisitions, net of cash acquired: $(11,430) for the nine months ended September 30, 2026, compared with $(89,058) for the nine months ended September 30, 2025.
- Net decrease in cash and cash equivalents: $(33,402) for the nine months ended September 30, 2026, compared with $(49,797) for the nine months ended September 30, 2025.
- Cash and cash equivalents at end of period: $446,283 for the nine months ended September 30, 2026, compared with $441,352 for the nine months ended September 30, 2025.
Analysis
Privia reported third-quarter GAAP revenue of $657.0 million, up 13.2% from $580.4 million. Gross profit increased 9.9% to $134.7 million, while operating income increased 42.6% to $20.5 million. Net income attributable to Privia Health Group, Inc. was $13.5 million, up 96.6%, and diluted earnings per share were $0.10, compared with $0.05. Non-GAAP adjusted net income increased 16.3% to $28.0 million and adjusted diluted earnings per share increased 10.5% to $0.21.
Operating scale continued to increase. Implemented Providers reached 5,893, up 12.2% from 5,250, and Value-Based Care Attributed Lives reached 1,676,000, up 19.2% from 1,406,000. Third-quarter Practice Collections increased 9.4% to $1,028.8 million, Care Margin increased 10.3% to $138.1 million, and Platform Contribution increased 4.8% to $73.9 million. The growth in Platform Contribution was slower than Care Margin, with Platform Contribution Margin at 53.5% compared with 56.3% in the prior-year quarter. Adjusted EBITDA increased 6.3% to $40.6 million, while Adjusted EBITDA Margin was 29.4%, compared with 30.5%.
For the nine-month period, GAAP revenue increased 19.7% to $1,893.4 million, operating income increased 73.1% to $39.7 million, and net income attributable to Privia Health Group, Inc. increased 85.9% to $25.6 million. Nine-month adjusted EBITDA increased 21.9% to $114.7 million and its margin improved to 28.8% from 27.2%. The cash flow profile was weaker than the earnings measures over the period, as net cash used in operating activities was $(19,428), compared with cash provided by operating activities of $35,904 in the prior-year period. Cash and cash equivalents were $446.3 million at September 30, 2026, and the company reported no debt.
The company raised full-year 2026 guidance. It now expects GAAP Revenue of $2,500 - 2,550, Practice Collections of $3,900 - 3,950, Care Margin of $535 - 540, Platform Contribution of $280 - 285, and Adjusted EBITDA of $154 - 157. Guidance also calls for 1,675,000 - 1,690,000 Attributed Lives and High End Implemented Providers. Management expects approximately 70% of Adjusted EBITDA to convert to free cash flow and expects to end the year with at least $520 million in cash and cash equivalents, subject to the stated assumptions around the 2025 MSSP cash settlement and related provider disbursements.
The American Choice Healthcare MSSP acquisition cost approximately $36 million in balance sheet cash and is expected to have minimal impact on 2026 key metrics, but to add more than 36,000 attributed lives beginning January 1, 2027 and contribute positively to Attributed Lives and Adjusted EBITDA in 2027. The planned January 2027 Montana partnership exit removes 69 providers and approximately $23 million in annual Practice Collections, although the company stated that it expects no material impact on 2027 Adjusted EBITDA.
Not in the filing
stated, not guessed- Previous-release outlook was not provided; therefore, no comparison of actual results with prior guidance is included.
- GAAP gross margin was not reported.
- Free cash flow was not reported.
- No named executive commentary or named executive quotes were included in the filing text.
- No quarterly or nine-month debt balance line was reported; the release states only that the company had no debt at September 30, 2026.
- No dividend or common-share repurchase activity was reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Privia Health filed a Form 8‑K reporting Q3 2026 results and updating its FY guidance.
Ticker impact
Privia Health raised its full-year 2026 guidance to above the high end after reporting strong Q3 and YTD results.
likely upside as investors price in the raised guidance
Guidance lift combined with 86% YTD net income growth signals improved profitability, prompting buying interest.
Market effects
Positive signal for the healthcare services sector may lift peers.
U.S. market may see modest gains in health‑tech stocks.
Limited to U.S. investors; no broad macro effect.
Counterpoint
If the acquisition integration underperforms, the guidance lift could be premature.
Key entities
- companyPrivia Health Group, Inc.
U.S. listed healthcare services firm (Nasdaq: PRVA).
- acquisition targetAmerican Choice Healthcare MSSP, LLC
MSSP business acquired for ~$36 million.
