Privia Health Group (PRVA) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 performance with 25.8% year-over-year revenue growth, double-digit gains in providers, attributed lives, and collections, reflecting robust operational execution and a resilient, diversified business model.

• Provider count rose 13.6% to 5,535 and attributed lives increased 26.5% to over 1.6 million, supporting both FFS and value-based care revenue growth.

• Maintained high provider retention and patient satisfaction, with expansion into 24 states and D.C., reinforcing a national presence.

• Net income attributable to stockholders was $3.1 million, down from $4.2 million in Q1 2025, primarily due to higher tax rates and increased operating expenses.

• Integration of recent acquisitions and technology investments are ahead of schedule, contributing to attributed lives and performance.

Financial highlights

• Total revenue reached $603.8 million, up 25.8% year-over-year; practice collections rose 14.6% to $914.8 million.

• Adjusted EBITDA increased 36.3% to $36.7 million, with margin expanding to 28.5%, and care margin rose 22.3% to $128.7 million.

• Platform Contribution grew 29.6% to $67.0 million, with margin improving to 52.1% of care margin.

• Ended Q1 with $419.5 million in cash and no debt.

• Net income per diluted share was $0.02, compared to $0.03 in Q1 2025.

Outlook and guidance

• Full-year 2026 guidance reiterated for all major metrics, with attributed lives guidance raised to 1.6–1.625 million due to strong Q1 growth.

• FY2026 revenue expected between $3.65 billion and $3.75 billion; adjusted EBITDA guidance $145 million–$155 million, with ~80% conversion to free cash flow.

• Guidance does not assume new business development activity, though a robust pipeline exists.

• Management expects continued revenue and margin growth through provider and patient base expansion, new market entries, and increased value-based care penetration.

• Investments in technology, sales, and operations are planned to support long-term growth and VBC transition.