second quarter 2026
Filed Aug 6, 2026Privia Health Reports Strong Second Quarter and Year-to-Date 2026 Results – 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
Second-quarter total revenue increased 21.4%, operating income increased 252.9%, net income increased 236.7%, and Adjusted EBITDA increased 29.1% from the prior-year period. The company also raised full-year 2026 guidance for key financial metrics.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $ 632.6 | – | 21.4 % |
| Gross profitGAAP | $ 128.9 | – | 14.3 % |
| Operating incomeGAAP | $ 11.8 | – | 252.9 % |
| Net incomeGAAP | $ 9.0 | – | 236.7 % |
| Non-GAAP adjusted net incomenon-GAAP | $ 25.3 | – | 18.7 % |
| Net income per shareGAAP | $ 0.07 | – | 250.0 % |
| Non-GAAP adjusted net income per sharenon-GAAP | $ 0.19 | – | 11.8 % |
| Non-cash stock compensation expenseGAAP | $19.4M | – | – |
| Implemented Providersother | 5,644 | – | 10.1 % |
| Value-Based Care Attributed Livesother | 1,647,000 | – | 19.2 % |
| Practice Collectionsother | $ 970.0 | – | 12.4 % |
| Care Marginnon-GAAP | $ 132.1 | – | 14.7 % |
| Platform Contributionnon-GAAP | $ 69.0 | – | 20.1 % |
| Adjusted EBITDAnon-GAAP | $ 37.4 | – | 29.1 % |
| Six-month total revenueGAAP | $ 1,236.5 | – | 23.5 % |
| Six-month gross profitGAAP | $ 254.5 | – | 17.6 % |
| Six-month operating incomeGAAP | $ 19.2 | – | 124.4 % |
| Six-month net incomeGAAP | $ 12.1 | – | 75.4 % |
| Six-month non-GAAP adjusted net incomenon-GAAP | $ 49.6 | – | 20.4 % |
| Six-month net income per shareGAAP | $ 0.09 | – | 80.0 % |
| Six-month non-GAAP adjusted net income per sharenon-GAAP | $ 0.38 | – | 18.8 % |
| Six-month non-cash stock compensation expenseGAAP | $41.3M | – | – |
| Six-month Practice Collectionsother | $ 1,884.8 | – | 13.4 % |
| Six-month Care Marginnon-GAAP | $ 260.9 | – | 18.3 % |
| Six-month Platform Contributionnon-GAAP | $ 136.0 | – | 24.6 % |
| Six-month Adjusted EBITDAnon-GAAP | $ 74.1 | – | 32.6 % |
Full-Year 2026 outlook
- Revenue$ 2,350 - $ 2,450
- NoteImplemented Providers: 5,900 - 6,000
- NoteAttributed Lives: 1,625,000 - 1,650,000
- NotePractice Collections: $ 3,650 - $ 3,750
- NoteCare Margin: $ 515 - $ 530
- NotePlatform Contribution: $ 260 - $ 270
- NoteAdjusted EBITDA: $ 145 - $ 155
- NoteExpect approximately 70-80% of Adjusted EBITDA to convert to free cash flow in full-year 2026 subject to timing of MSSP cash settlement
- NoteGuidance does not assume any new business development activity
What drove it
- Implemented Providers increased 10.1 % to 5,644.
- Value-Based Care Attributed Lives increased 19.2 % to 1,647,000.
- Practice Collections increased 12.4 % to $ 970.0.
- Care Margin increased 14.7 % to $ 132.1.
- Platform Contribution increased 20.1 % to $ 69.0.
Concerns
- Guidance does not assume any new business development activity.
- Expected free-cash-flow conversion is subject to timing of MSSP cash settlement.
- The company cited potential decreases in reimbursement rates by governmental and third-party payers, changes to payment terms, challenges negotiating and retaining favorable contracts with private third-party payers, and changes impacting its patient population as risk factors.
What to watch
- Progress toward the full-year Implemented Providers guidance of 5,900 - 6,000.
- Progress toward Attributed Lives guidance of 1,625,000 - 1,650,000.
- Delivery against the full-year Care Margin guidance of $ 515 - $ 530 and Adjusted EBITDA guidance of $ 145 - $ 155.
- Timing of MSSP cash settlement and the stated full-year free-cash-flow conversion expectation.
Balance sheet and cash flow
- Expect approximately 70-80% of Adjusted EBITDA to convert to free cash flow in full-year 2026 subject to timing of MSSP cash settlement
Analysis
Privia reported a strong second quarter, with total revenue of $ 632.6, up 21.4 % from $ 521.2. Practice Collections increased 12.4 % to $ 970.0, while Implemented Providers increased 10.1 % to 5,644 and Value-Based Care Attributed Lives increased 19.2 % to 1,647,000. These operating measures accompanied higher reported revenue and Care Margin of $ 132.1, up 14.7 %.
Profitability improved substantially from the prior-year quarter. Gross profit increased 14.3 % to $ 128.9, operating income increased 252.9 % to $ 11.8, and net income increased 236.7 % to $ 9.0. Adjusted EBITDA increased 29.1 % to $ 37.4, and Platform Contribution increased 20.1 % to $ 69.0. The release also reported $19.4 million of non-cash stock compensation expense in second-quarter net income.
Year-to-date results showed continued growth. Six-month total revenue increased 23.5 % to $ 1,236.5, Practice Collections increased 13.4 % to $ 1,884.8, and Adjusted EBITDA increased 32.6 % to $ 74.1. Six-month operating income was $ 19.2, compared with $ 8.6, while six-month net income was $ 12.1, compared with $ 6.9. Six-month net income included $41.3 million in non-cash stock compensation expense.
The company updated full-year 2026 guidance to $ 2,350 - $ 2,450 of GAAP Revenue, $ 3,650 - $ 3,750 of Practice Collections, $ 515 - $ 530 of Care Margin, $ 260 - $ 270 of Platform Contribution, and $ 145 - $ 155 of Adjusted EBITDA. Management expects approximately 70-80% of Adjusted EBITDA to convert to free cash flow, subject to timing of MSSP cash settlement. The guidance does not assume any new business development activity.
Not in the filing
stated, not guessed- Revenue by reportable segment
- Gross margin
- Operating expenses
- Income tax rate
- Prior-quarter comparisons for reported metrics
- Cash balance
- Debt balance
- Operating cash flow
- Actual free cash flow
- Share repurchases
- Dividends
- Forward gross-margin guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- Named executive quotes
AlphAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.