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Sep 30
Privia Health Q3 2025 Earnings Report
Privia Health delivered strong Q3 2025 results with double-digit revenue growth, a sharp rise in net income, and continued expansion in value-based care.
Key Takeaways
Privia Health's Q3 2025 performance was marked by significant growth across revenue, net income, and key operating metrics. The company raised FY 2025 guidance and announced a strategic acquisition that will expand its value-based care reach.
Total revenue rose to $580.4 million, a 32.5% increase YoY
Net income grew to $6.9 million, up 94.1% YoY
Adjusted EBITDA reached $38.2 million, a 61.6% YoY increase
Practice Collections totaled $940.4 million, reflecting strong same-store growth and provider additions
Privia Health
Privia Health
Privia Health Revenue by Segment
Revenue by Segment
FFS Patient Care Revenue
CapyFin.comFFS Admin Services Revenue
CapyFin.comCapitated Revenue
CapyFin.comShared Savings Revenue
CapyFin.comCare Mgmt Fees (PMPM) Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Privia Health raised FY 2025 guidance across all key metrics, reflecting confidence in its growth trajectory, with strong conversion to free cash flow and a robust cash position expected.
Positive Outlook
- FY’25 revenue guidance raised to $2.05–$2.1 billion
- Practice collections now expected to reach $3.45–$3.5 billion
- Implemented Providers expected to reach 5,300–5,350
- Over 1.4 million attributed lives expected by year-end
- More than 80% of Adjusted EBITDA forecasted to convert to free cash flow
Challenges Ahead
- Guidance does not factor in financial impact from the pending Evolent ACO acquisition
- Continued non-cash stock-based compensation impacting GAAP net income
- Operational costs remain elevated due to scaling investments
- Healthcare sector remains sensitive to regulatory and reimbursement changes
- Expansion into new geographies may bring integration complexities
Revenue & Expenses
Visualization of income flow from segment revenue to net income