Privia Health Group, Inc. (NASDAQ:PRVA) reported fourth-quarter results that surpassed Wall Street expectations on Thursday, driven by continued expansion in its physician network and strong operating performance, although the company’s shares edged slightly lower in premarket trading.
The stock slipped 0.18% ahead of the market open following the announcement.
The healthcare services company posted adjusted earnings per share of $0.99 for the quarter, significantly ahead of the analyst consensus estimate of $0.04. Revenue rose to $541.2 million, beating expectations of $515.9 million and increasing 17.4% from $460.9 million recorded in the same period a year earlier.
Full-year results exceed guidance
For full-year 2025, Privia generated revenue of $2.12 billion, representing a 22.3% increase compared with $1.74 billion in 2024. Adjusted EBITDA climbed 38.8% year over year to $125.5 million, up from $90.5 million previously, with all key operating and financial metrics meeting or exceeding the upper end of company guidance.
Operational growth remained strong, with implemented providers rising 12.3% to 5,380 by year-end, while attributed patient lives increased 22.7% to 1.54 million.
Net cash from operating activities grew 49.5% to $163.4 million, and the company finished the year with a debt-free balance sheet and $479.7 million in cash.
Outlook signals continued expansion
For fiscal 2026, Privia forecasts revenue between $2.35 billion and $2.45 billion, implying roughly 13% growth at the midpoint compared with 2025 results.
Adjusted EBITDA is expected to range from $145 million to $155 million, with the midpoint of $150 million representing approximately 20% growth. The company anticipates its network will expand to between 5,900 and 6,000 implemented providers by the end of the year.
“Our 2026 guidance reflects approximately 20% Adjusted EBITDA growth at midpoint,” the company stated, adding that it expects to convert approximately 80% of adjusted EBITDA to free cash flow during the year.