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Privia Health Reports First Quarter 2026 Financial Results

–Strong First Quarter Performance and Operating Execution
–Reiterated Full-Year 2026 Guidance Reflects Continued Momentum

ARLINGTON, VA – May 7, 2026 – Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the first quarter ended March 31, 2026.
Three Months Ended March 31,
(unaudited; $ in millions, except per share amounts)
20262025
Change (%)*
Total revenue$603.8 $480.1 25.8 %
Gross profit $125.6 $103.6 21.2 %
Operating income$7.4 $5.2 42.2 %
Net income a
$3.1 $4.2 (27.4)%
Non-GAAP adjusted net income b
$24.3 $19.9 22.3 %
Net income per share$0.02 $0.03 (33.3)%
Non-GAAP adjusted net income per share b
$0.19 $0.16 18.8 %
*Any slight variations in totals are due to rounding.
a.Net income for the three months ended March 31, 2026, included $21.9 million in non-cash stock compensation expense. Net income for the three months ended March 31, 2025 included $17.8 million in non-cash stock compensation expense.
b.Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release.
First Quarter 2026 highlights include:
•Continued strength in same-store growth and new provider additions;
•Practice Collections of $914.8M, +14.6% versus 1Q’25; and
•Adjusted EBITDA c e f of $36.7M, +36.3% versus 1Q’25.

Key Operating and Non-GAAP Financial Metrics c
Three Months Ended March 31,
(unaudited; $ in millions)
20262025Change (%)
Implemented Providers5,535 4,871 13.6 %
Value-Based Care Attributed Lives1,606,000 1,270,000 26.5 %
Practice Collections$914.8 $798.6 14.6 %
Care Margin
$128.7 $105.3 22.3 %
Platform Contribution
$67.0 $51.7 29.6 %
Adjusted EBITDA
$36.7 $26.9 36.3 %
c.Reconciliations of Care Margin, Platform Contribution, Adjusted EBITDA and other non-GAAP financial measures are presented in tables near the end of this press release.
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Updated Full-Year 2026 Guidance d e f g
Privia Health maintained its full-year 2026 outlook for most metrics, and raised its guidance range for Attributed Lives, as follows:
FY 2025
Initial FY 2026 Guidance at 2.27.26 d
Updated FY 2026 Guidance at 5.7.26
($ in millions)ActualLowHigh

Implemented Providers5,380 5,9006,000Unchanged
Attributed Lives1,541,000 1,550,0001,600,0001,600,000 - 1,625,000
Practice Collections$3,470.5 $3,650 $3,750 Unchanged
GAAP Revenue$2,122.8 $2,350 $2,450 Unchanged
Care Margin d e f
$462.2 $515 $530 Unchanged
Platform Contribution d e
$234.8 $260 $270 Unchanged
Adjusted EBITDA d e f
$125.5 $145 $155 Unchanged
•Expect approximately 80% of Adjusted EBITDA to convert to free cash flow in full-year 2026
•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 May 7, 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. If you wish to participate in the live conference call, then please dial 888-596-4144 (or 646-968-2525 for international callers) and provide Conference ID 5704885.
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.

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About Privia Health
Privia Health™ is one of the largest physician enablement companies in the United States with a presence in 24 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 5.9+ million patients, and reward 5,500+ 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
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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
IR@priviahealth.com
817.783.4841

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Privia Health Group, Inc.
Condensed Consolidated Statements of Operations(g)
(unaudited)
(in thousands, except share and per share data)

For the Three Months Ended March 31,
20262025
Revenue$603,847 $480,097 
Operating expenses:
Provider expense475,117 374,809 
Cost of platform68,420 59,526 
Sales and marketing8,134 6,922 
General and administrative41,473 31,721 
Depreciation and amortization3,281 1,901 
Total operating expenses596,425 474,879 
Operating income
7,422 5,218 
Interest income, net
1,888 2,931 
Income before provision for income taxes
9,310 8,149 
Provision for income taxes5,600 2,103 
Net income3,710 6,046 
Less: Net income attributable to non-controlling interests646 1,826 
Net income attributable to Privia Health Group, Inc. $3,064 $4,220 
Net income per share attributable to Privia Health Group, Inc. stockholders – basic$0.02 $0.03 
Net income per share attributable to Privia Health Group, Inc. stockholders – diluted$0.02 $0.03 
Weighted average common shares outstanding – basic124,152,526 120,623,670 
Weighted average common shares outstanding – diluted130,878,939 127,752,527 

(g) Any slight variations in totals due to rounding.
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Privia Health Group, Inc.
Condensed Consolidated Balance Sheets(h)
(in thousands)
March 31, 2026December 31, 2025
Assets(unaudited)
Current assets:
Cash and cash equivalents$419,524 $479,685 
Accounts receivable
513,676 400,902 
Prepaid expenses and other current assets32,822 30,414 
Total current assets966,022 911,001 
Non-current assets:
Property and equipment, net384 504 
Right-of-use assets
8,307 8,794 
Intangible assets, net212,784 215,919 
Goodwill209,842 209,842 
Deferred tax asset
— 2,274 
Other non-current assets20,553 21,044 
Total non-current assets451,870 458,377 
Total assets$1,417,892 $1,369,378 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses$80,555 $96,804 
Provider liability518,629 469,516 
Operating lease liabilities, current2,114 2,200 
Total current liabilities601,298 568,520 
Non-current liabilities:
Operating lease liabilities, non-current6,907 7,331 
Deferred tax liability254 — 
Other non-current liabilities3,529 2,584 
Total non-current liabilities10,690 9,915 
Total liabilities611,988 578,435 
Commitments and contingencies
Stockholders’ equity:
Common stock 1,257 1,236 
Additional paid-in capital905,048 892,291 
Accumulated deficit(153,246)(156,310)
Total Privia Health Group, Inc. stockholders’ equity753,059 737,217 
Non-controlling interest52,845 53,726 
Total stockholders’ equity805,904 790,943 
Total liabilities and stockholders’ equity$1,417,892 $1,369,378 
(h) Any slight variations in totals are due to rounding.
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Privia Health Group, Inc.
Condensed Consolidated Statements of Cash Flows(i)
(unaudited)
(in thousands)
For the Three Months Ended March 31,
20262025
Cash flows from operating activities
Net income
$3,710 $6,046 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation 146 228 
Amortization of intangibles3,135 1,673 
Stock-based compensation21,921 17,790 
Deferred income taxes, net
2,528 1,713 
Changes in asset and liabilities:
Accounts receivable, net
(112,774)(72,548)
Prepaid expenses and other current assets(2,408)(914)
Other non-current assets and right-of-use assets
978 275 
Accounts payable and accrued expenses(16,249)(13,850)
Provider liability49,113 35,681 
Operating lease liabilities(510)(155)
Other long-term liabilities945 — 
Net cash used in operating activities
(49,465)(24,061)
Cash from investing activities
Other
(26)— 
Net cash used in investing activities(26)— 
Cash flows from financing activities
Proceeds from exercised stock options
774 2,243 
Repurchase of non-controlling interest(11,444)— 
Net cash (used in) provided by financing activities
(10,670)2,243 
Net decrease in cash and cash equivalents(60,161)(21,818)
Cash and cash equivalents at beginning of period479,685 491,149 
Cash and cash equivalents at end of period$419,524 $469,331 
Supplemental disclosure of cash flow information:
Interest paid$62 $— 
Income tax paid (refunds received)$63 $(313)

(i) Any slight variations in totals are due to rounding.
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Additional Financial Information
Revenues disaggregated by source:
For the Three Months Ended March 31,
(Dollars in thousands)
20262025
FFS-patient care $391,133 $311,761 
FFS-administrative services 31,403 32,255 
Capitated revenue86,148 70,690 
Shared savings 74,962 47,912 
Care management fees (PMPM) 17,865 15,201 
Other revenue 2,336 2,278 
Total Revenue $603,847 $480,097 

The Company’s liabilities for unpaid medical claims under at-risk capitation arrangements:
March 31,
(Dollars in thousands)
20262025
Balance, beginning of period $78,989 $66,355 
Incurred health care costs:
Current year81,143 70,565 
Prior years435 (954)
Total claims incurred$81,578 $69,611 
Claims paid:
Current year(2,088)(10,273)
Prior year(53,239)(39,332)
Total claims paid$(55,327)$(49,605)
Balance, end of period $105,240 $86,361 
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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 March 31,
(unaudited; $ in millions)20262025
Implemented Providers (as of end of period) (1)
5,535 4,871 
Attributed Lives (as of end of period) (2)
1,606,000 1,270,000 
Practice Collections (3)
$914.8 $798.6 
(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 (4)(k)
For the Three Months Ended March 31,
(unaudited; $ in thousands)20262025
Care Margin$128,730$105,288
Platform Contribution$67,033$51,733
Platform Contribution Margin52.1%49.1%
Adjusted EBITDA$36,691$26,915
Adjusted EBITDA Margin28.5%25.6%
(4) 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.

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Reconciliation of Gross Profit to Care Margin(l)
For the Three Months Ended March 31,
(unaudited; $ in thousands)20262025
Revenue$603,847$480,097
Provider expense(475,117)(374,809)
Amortization of intangible assets(3,135)(1,673)
Gross Profit$125,595$103,615
 Amortization of intangibles assets3,1351,673
Care Margin $128,730$105,288
(l) Any slight variations in totals are due to rounding.
Reconciliation of Gross Profit to Platform Contribution(m)
For the Three Months Ended March 31,
(unaudited; $ in thousands)20262025
Revenue$603,847$480,097
Provider expense(475,117)(374,809)
Amortization of intangibles assets(3,135)(1,673)
Gross Profit$125,595$103,615
Amortization of intangibles assets3,1351,673
Cost of platform(68,420)(59,526)
Stock-based compensation(5)
6,7235,971
Platform Contribution $67,033$51,733
(m) Any slight variations in totals are due to rounding.
(5) Amount represents stock-based compensation expense included in Cost of platform.

Reconciliation of Net Income to Adjusted EBITDA(n)
For the Three Months Ended March 31,
(unaudited; $ in thousands)20262025
Net income
$3,064$4,220
Net income attributable to non-controlling interests
6461,826
Provision for income taxes5,6002,103
Interest income, net
(1,888)(2,931)
Depreciation and amortization3,2811,901
Stock-based compensation21,92117,790
Other expenses(6)
4,0672,006
Adjusted EBITDA$36,691$26,915
(n) Any slight variations in totals are due to rounding.
(6) Other expenses include employer taxes on equity vesting/exercises, severance, contingent and deferred consideration, and other non-recurring expenses.


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Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share(o)

For the Three Months Ended March 31,
(unaudited; $ in thousands)2026
3/31/2025 (9)
Net income $3,064$4,220
Stock-based compensation21,92117,790
Intangible amortization expense3,1351,673
Other expenses(7)
4,0672,006
Tax effect of adjustments(8)
(7,863)(5,796)
Adjusted net income
$24,324$19,893
Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – basic $0.20$0.16
Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – diluted$0.19$0.16
Weighted average common shares outstanding – basic 124,152,526120,623,670
Weighted average common shares outstanding – diluted130,878,939127,752,527
(o) Any slight variations in totals due to rounding.
(7) Other expenses include employer taxes on equity vesting/exercises, severance, contingent and deferred consideration, and other non-recurring expenses.
(8) The Company uses a statutory blended tax rate of 27% on the adjustments between Net Income and Adjusted Net Income.
(9) Updated to conform with current year presentation.


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