Privia Health Group (PRVA) FY2025 results: revenue $2.1 billion, up 22.3% on the year
Privia Health Group, Inc. (PRVA) reported revenue of $2.1 billion for fiscal 2025, the year ended 31 December 2025, up 22.3% on the year before. Net income was $23 million, up 59.3%, and diluted earnings per share $0.18. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$2.1 billion
+22.3% on the year
FY2019FY2025
Operating margin
1.6%
1.0% a year earlier
FY2019FY2025
Net income
$23 million
+59.3% on the year
FY2019FY2025
Diluted EPS
$0.18
+63.6% on the year
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 9 new.
Full-year revenue and operating income rose: Full-year 2025 revenue was $2,122.8 million, up 22.3%. Operating income was $34.2 million, up 101.6%. Net income attributable to Privia was $22.9 million, or $0.18 per diluted share, up 59.3%.
Adjusted EBITDA and adjusted EPS rose: Adjusted EBITDA was $125.5 million, up 38.8%. Non-GAAP adjusted net income per diluted share was $0.99, up 26.9%.
Adjusted EBITDA margin rose: Full-year Adjusted EBITDA margin was 27.2%, against 22.4%, and Platform Contribution margin was 50.8%, against 48.4%. Fourth-quarter Adjusted EBITDA margin was 27.0%, against 23.1%.
Capitated revenue rose to $308.5 million: Full-year capitated revenue was $308.5 million, against $213.0 million. Fourth-quarter capitated revenue was $71.4 million, against $51.9 million.
Operating cash flow equalled free cash flow: Net cash provided by operating activities was $163.4 million, against $109.3 million. Free cash flow was also $163.4 million, with no capital expenditures shown for 2025.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
163
109
80.8
+49.5%
Capital expenditure
n/a
n/a
0.1
Free cash flow
n/a
n/a
80.7
Free cash flow margin
n/a
n/a
4.9%
Cash from investing
-182
-12.0
-43.0
Cash from financing
6.7
4.3
3.7
+54.6%
Depreciation and amortisation
9.9
7.3
6.5
+36.3%
Share-based compensation
71.1
56.7
37.1
+25.4%
Diluted shares, weighted
129m
126m
125m
+2.6%
Shares outstanding at period end
124m
120m
118m
+2.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
737
635
561
+16.1%
Non-controlling interest
53.7
48.3
46.0
+11.3%
Debt
0.0
0.0
0.0
Operating lease liabilities
7.3
3.0
5.2
+141.4%
Other liabilities
571
449
387
+27.1%
Total liabilities and equity
1,369
1,136
1,000
+20.6%
Fixed assets
0.5
1.2
2.3
-59.4%
Goodwill
210
142
139
+48.2%
Intangible assets
216
110
108
+96.6%
Cash and equivalents
480
491
390
-2.3%
Receivables
401
316
291
+26.8%
Other assets
62.5
75.8
70.9
-17.5%
Total assets
1,369
1,136
1,000
+20.6%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.