0001759655-26-000010
SEC filingRevenue grew 22% to $2.12B driven by provider additions and value-based care, with operating margin expanding 63 bps to 1.6%.
Privia Health Group, Inc. describes itself as a technology-driven, national physician-enablement company that collaborates with physician practices, health plans, and health systems to achieve the quadruple aim of better outcomes, lower costs, improved patient experience, and happier providers. The company organizes physicians into cost-efficient, value-based, primary-care centric networks bolstered by strong physician governance. Its technology and service solutions, collectively the Privia Platform, integrate both internally developed and third-party applications into a seamless interface to manage all aspects of healthcare service provision. As of December 31, 2025, Privia had 5,380 implemented providers operating in over 1,300 practice locations, caring for over 5.8 million patients, including approximately 910,000 commercial, 212,000 Medicare Advantage, 298,000 Medicare Shared Savings/Maryland PCP+, and 120,000 Medicaid attributed lives.
The Business section does not explicitly define reporting segments. Revenue is derived from four sources: (i) FFS-patient care revenue and FFS-administrative services, (ii) per member per month (PMPM) care management fees, (iii) VBC revenue including capitated revenue and shared savings, and (iv) other revenue from additional services such as concierge services, virtual visits, clinical trials, and behavioral health management. However, these are not presented as reportable segments.
The core offering is the Privia Platform, powered by the Privia Technology Solution. Key components include the Privia Medical Group model (Owned and Non-Owned Medical Groups), the Privia Care Partners affiliate model, Management Services Organizations (MSOs) that provide local management services, and Accountable Care Organizations (ACOs) that capture value-based care opportunities. Specialty platforms include Privia Women’s Health and Privia Pediatrics. The technology solution integrates EMR and patient portal, offering capabilities for patient access, pre-visit analytics, during-visit workflows, and between-visit care coordination.
Privia’s go-to-market strategy centers on establishing anchor partnerships with leading medical groups and health systems in new markets, driven by a business development team. In existing markets, in-market and national sales teams add new providers. Consumer marketing focuses on brand awareness through targeted advertisements, thought leadership content, and public relations. The company also works with employers to deliver customized medical benefits packages. No customer concentration is disclosed; the company serves a broad base of patients, payers, and employers.
Privia operates in a highly fragmented and competitive U.S. healthcare industry. Competitors include large physician practices, independent physician associations, hospitals and health systems, physician-hospital organizations, emerging companies, vertically integrated healthcare companies, and private equity firms. Indirect competitors include telemedicine and urgent care providers. The company believes its practice model and breadth of services are unique, but expects increasing competition from both established and new entrants.
The company’s growth strategy comprises five pillars: (1) organic growth in existing practices through patient panel growth, new provider addition, and revenue optimization; (2) moving markets to VBC by increasing attributed lives under value-based contracts; (3) capturing white space opportunities in existing markets by adding primary care and specialist practices and expanding specialty platforms; (4) entering new markets through a data-driven market selection process; and (5) executing disciplined and strategic acquisitions and investments in provider groups or clinically integrated networks.
As of December 31, 2025, Privia had 1,226 employees across 43 states and the District of Columbia. None are unionized. The company focuses on talent development through programs like the Emerging Leaders Program and Manager Onboarding, and emphasizes employee health and wellness with virtual mental healthcare access and an Employee Assistance Program. Privia encourages community service and has been named a Top Workplace for three consecutive years.
For the year ended December 31, 2025, Privia Health reported total revenue of $2.12 billion, a 22.3% increase from $1.74 billion in 2024. The growth was driven by a 12.3% increase in Implemented Providers to 5,380, a 22.7% rise in Attributed Lives to 1.54 million, and acquisitions including Evolent Health's accountable care business in December 2025. FFS-patient care revenue grew 18.7% to $1.36 billion, while value-based care (VBC) revenue surged: capitated revenue +44.8%, shared savings +31.0%, and care management fees +14.2%. Gross profit increased 13.9% to $453.0 million, but gross margin contracted to 21.34% from 22.90% in 2024, primarily due to higher provider expenses (24.6% growth) as a percentage of revenue. Operating income more than doubled to $34.2 million, with operating margin expanding 63 basis points to 1.61%, benefiting from operating leverage in cost of platform (11.3% growth vs 22.3% revenue growth). Net income attributable to Privia Health Group, Inc. rose 59.3% to $22.9 million. Non-GAAP metrics showed strong performance: Practice Collections grew 16.9% to $3.47 billion, Care Margin increased 14.4% to $462.2 million, Platform Contribution rose 20.0% to $234.8 million, and Adjusted EBITDA grew 38.8% to $125.5 million, with Adjusted EBITDA Margin (as % of Care Margin) improving to 27.2% from 22.4%.
Revenue mix shifted towards VBC, with VBC revenue (capitated, shared savings, PMPM) representing 29.0% of total revenue in 2025 vs 26.3% in 2024. Capitated revenue was the fastest-growing segment at +44.8%, driven by increased attributed lives and improved contract terms after renegotiating certain at-risk agreements in Q1 2024. Shared savings revenue grew 31.0% due to more attributed lives in Medicare programs and strong performance. FFS-patient care, while still the largest segment at 64.1% of revenue, grew at a slower 18.7%, reflecting organic provider growth and visit volume increases. The Privia Medical Group model continues to be the primary growth driver, with the addition of markets like Indiana (Nov 2024) and Arizona (Apr 2025). The Privia Care Partners model, launched in 2022, serves as a flexible entry point for providers seeking VBC solutions, with some transitioning to the full Medical Group model over time.
Management expects continued growth driven by provider additions, expansion into new markets, and increasing VBC penetration. Key strategic priorities include: (1) organic provider recruitment in existing and new markets, (2) leveraging the asset-light operating model to scale efficiently, (3) enhancing VBC capabilities to move markets towards higher-risk arrangements, and (4) maintaining high provider retention (96% historically). The company anticipates revenue growth in absolute dollars from rate inflators and provider base expansion. Operating leverage is expected to improve as Cost of platform grows slower than revenue. No specific numeric guidance was provided for fiscal 2026. Risks include potential unfavorable renegotiation of payer contracts, regulatory headwinds in Medicare Advantage, and timing of new market investments. The company believes current cash ($479.7M) and operating cash flow ($163.4M in 2025) are sufficient to fund near-term and long-term capital needs.
As of December 31, 2025, Privia Health held $479.7 million in cash and cash equivalents with no outstanding debt under its $125 million revolving credit facility. Total stockholders' equity stood at $790.9 million, including $53.7 million non-controlling interest. The company's strong liquidity position supports its acquisition strategy and operational needs.
Note 13 states there are no material commitments or contingencies as of December 31, 2025. The company has no off-balance-sheet arrangements or purchase obligations disclosed in the Notes. Operating lease liabilities total $9.5 million, with future payments of $2.1 million due in 2026.
Privia Health did not engage in share repurchases or pay dividends during the year. Capital expenditures were not separately disclosed but are minimal (property and equipment net of $0.5 million). The company used $180.4 million for acquisitions in 2025, primarily for PMG Arizona and Evolent ACO. No debt was issued or repaid.
Privia Health operates as a single reporting segment focused on physician enablement. Revenue is disaggregated into fee-for-service (FFS-patient care $1.36B, FFS-administrative $137M), value-based care (capitated $308M, shared savings $235M, care management $73M), and other ($9M). All long-lived assets remain in the United States.
Privia faces significant compliance risk under federal and state healthcare laws, including Stark, Anti-Kickback, and HIPAA. The complexity of the corporate practice of medicine and fee-splitting laws across states could necessitate structural changes to its business model. Recent Supreme Court decisions (e.g., Loper Bright) increase regulatory uncertainty, potentially leading to more legal challenges to agency rules. Non-compliance could result in civil penalties, exclusion from federal programs, and reputational harm.
The company's value-based care (VBC) arrangements, including MSSP and Medicare Advantage, subject it to performance risk. Failure to meet quality and cost targets may reduce shared savings or require repayments. Reimbursement rates from government and commercial payers are under pressure from policy changes, payer consolidation, and price transparency initiatives. A shift in payer mix toward lower-paying government programs or uninsured patients could materially reduce revenue. Audits (e.g., RADV) and complex billing processes add uncertainty.
Privia competes with larger physician enablement firms and health systems. Innovation in AI and technology is critical but carries risks of obsolescence. Growth depends on successfully entering new markets and integrating acquisitions; failure could divert resources and harm financial performance. The total addressable market estimate may be inaccurate, impacting growth expectations.
Cybersecurity threats are increasing, and a breach could disrupt operations, expose PHI, and trigger litigation and regulatory penalties. The company relies heavily on the athenahealth EMR platform, creating concentration risk. Use of AI in offerings may attract regulatory scrutiny and liability. Open source software use could inadvertently require disclosure of proprietary code.
Protection of proprietary technology through patents and trade secrets is essential. Third-party IP claims could force costly redesigns or licensing. Inability to protect IP could erode competitive advantage.