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Dec 31, 2025
Privia Health Q4 2025 Earnings Report
Privia Health Q4 2025 Earnings Report
Key Takeaways
Privia Health delivered a strong fourth quarter, with all 2025 operating and financial metrics meeting or exceeding the high end of guidance. The company achieved significant growth in net income and Adjusted EBITDA, ending the year with a robust cash position of $479.7 million and no debt.
Total revenue for Q4 2025 increased 17.4% year-over-year to $541.2 million.
Net income for the fourth quarter rose 108% to $9.2 million compared to the prior year period.
Adjusted EBITDA for Q4 grew 26.4% to $31.5 million, reflecting improved operating leverage.
The company ended 2025 with $479.7 million in cash and zero debt, providing significant capital for strategic expansion.
Revenue by Segment
Forward Guidance
Privia Health expects continued growth in 2026, targeting approximately 20% Adjusted EBITDA growth at the midpoint and strong free cash flow conversion.
Positive Outlook
- Projected 2026 GAAP Revenue between $2.35 billion and $2.45 billion.
- Expected Adjusted EBITDA growth of 15.5% to 23.5% year-over-year.
- Anticipated conversion of approximately 80% of Adjusted EBITDA to free cash flow.
- Forecasted year-end 2026 cash balance of approximately $600 million.
- Focus on organic provider growth and expansion in existing states.
Challenges Ahead
- Challenging Medicare Advantage (MA) market conditions expected to persist.
- Guidance does not assume any new business development activity or state entries.
- Potential for continued upward pressure on workforce compensation.
- Risks associated with implementing technology for new medical groups.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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