Privia Health Reports Fourth Quarter and Full-Year 2025 Financial Results

Core Insights - Privia Health Group, Inc. reported strong financial and operational results for the fourth quarter and full year ended December 31, 2025, with metrics exceeding the high end of its guidance ranges for 2025 [1] Full-Year Performance - Total revenue increased to $2,122.8 million in 2025, up 22.3% from $1,736.4 million in 2024 [2] - Gross profit rose to $453.0 million, a 13.9% increase from $397.7 million in 2024 [2] - Operating income surged by 101.6% to $34.2 million, compared to $17.0 million in 2024 [2] - Net income reached $22.9 million, reflecting a 59.3% increase from $14.4 million in 2024 [2] - Non-GAAP adjusted net income was $127.7 million, up 30.8% from $97.6 million in 2024 [2] - Net income per diluted share increased by 63.6% to $0.18 from $0.11 in 2024 [2] Key Operating and Non-GAAP Financial Metrics - Implemented Providers grew to 5,380, a 12.3% increase from 4,789 in 2024 [4] - Attributed Lives increased to 1,541,000, up 22.7% from 1,256,000 in 2024 [4] - Practice Collections reached $3,470.5 million, a 16.9% increase from $2,968.0 million in 2024 [4] - Care Margin was $462.2 million, up 14.4% from $403.9 million in 2024 [4] - Adjusted EBITDA was $125.5 million, reflecting a 38.8% increase from $90.5 million in 2024 [4] Fourth Quarter Performance - Total revenue for Q4 2025 was $541.2 million, a 17.4% increase from $460.9 million in Q4 2024 [8] - Gross profit for Q4 2025 was $114.0 million, up 7.4% from $106.1 million in Q4 2024 [8] - Operating income for Q4 2025 increased by 114.9% to $11.3 million from $5.2 million in Q4 2024 [8] - Net income for Q4 2025 was $9.2 million, an increase of 108.0% from $4.4 million in Q4 2024 [8] Capital Resources and Cash Flow - As of December 31, 2025, the company had $479.7 million in cash and cash equivalents and no debt [11] - Net cash provided by operating activities for 2025 was $163.4 million, a 49.5% increase from $109.3 million in 2024 [11] - Free cash flow for 2025 was also $163.4 million, compared to $109.3 million in the prior year, reflecting a 49.6% increase [11] 2026 Financial and Business Outlook - The company expects to grow Adjusted EBITDA by approximately 20% at the midpoint for 2026 [6] - Guidance for 2026 includes an increase in Implemented Providers to between 5,900 and 6,000, and Attributed Lives to between 1,550,000 and 1,600,000 [12] - Projected GAAP Revenue for 2026 is between $2,350 million and $2,450 million, reflecting a year-over-year increase of 10.7% to 15.4% [12] - Expected Adjusted EBITDA for 2026 is between $145 million and $155 million, indicating a growth of 15.5% to 23.5% from 2025 [12]