Privia Lifts 2026 Guidance on Collections and Revenue
Third-quarter revenue was $657.0 million, up 13.2%, as the company lifted 2026 adjusted EBITDA guidance to $154 million–$157 million.
Privia Health Group, Inc. (PRVA) raised its full-year 2026 outlook after third-quarter revenue rose 13.2% to $657.0 million, though revenue growth and adjusted EBITDA growth both slowed from the prior two periods.
For the three months ended September 30, 2026, total revenue was $657.0 million, up 13.2% from $580.4 million a year earlier. That year-over-year rate followed 21.4% growth in the second quarter and 25.8% in the first. Gross profit was $134.7 million. Operating income was $20.5 million, up 42.6% from $14.4 million. Net income attributable to Privia was $13.5 million, or $0.10 a share, compared with $6.9 million, or $0.05 a share, a year earlier. The quarter included $14.0 million of non-cash stock compensation expense. Non-GAAP adjusted net income was $28.0 million, or $0.21 a share.
Adjusted EBITDA was $40.6 million, up 6.3% from $38.2 million a year earlier, after 29.1% growth in the second quarter and 36.3% in the first. Adjusted EBITDA margin was 29.4%. Care margin was $138.1 million. Platform contribution was $73.9 million, and platform contribution margin was 53.5%.
Implemented providers stood at 5,893 at period end, up 12.2% from 5,250 a year earlier. Value-based care attributed lives were 1,676,000. Practice collections were $1,028.8 million, up 9.4% from $940.4 million.
Fee-for-service patient-care revenue was $433.1 million. Capitated revenue was $99.5 million. Shared savings revenue was $68.8 million. Care management fees were $19.4 million. Provider expense was $518.9 million. Cost of platform was $69.7 million. General and administrative expense was $34.5 million.
The physician enablement company acquired American Choice Healthcare MSSP, LLC, a Cano Health subsidiary, and paid about $36 million in cash at closing. The accountable care organization will care for more than 36,000 attributed lives in the Medicare Shared Savings Program, increasing value-based care attributed lives in ten existing Privia states and adding lives in three new states starting January 1, 2027. The company said the deal is expected to have minimal impact on key metrics in 2026 and to contribute to attributed lives and adjusted EBITDA in 2027.
Privia also agreed to end its Montana partnership with Surgery Partners effective January 2027. The partnership supported 69 providers and generated about $23 million in annual practice collections. The company said the exit is expected to have no material impact on adjusted EBITDA in 2027. Cash and cash equivalents were $446.3 million at September 30, 2026, with no debt; that balance did not reflect the American Choice purchase, which closed at the end of October. The company said it expects to end the year with at least $520 million in cash, including the transaction and assuming the 2025 MSSP cash settlement and related provider disbursements occur before year-end.
Updated full-year 2026 guidance exceeds the prior high end for attributed lives, practice collections, GAAP revenue, care margin and platform contribution, while adjusted EBITDA guidance overlaps the prior $145 million to $155 million range. The updated ranges are: attributed lives of 1,675,000 to 1,690,000; practice collections of $3,900 million to $3,950 million; GAAP revenue of $2,500 million to $2,550 million; care margin of $535 million to $540 million; platform contribution of $280 million to $285 million; and adjusted EBITDA of $154 million to $157 million. Implemented providers remain guided at the high end of 5,900 to 6,000, a range that includes the 69 Montana providers. Guidance does not assume new business development. The company now expects about 70% of adjusted EBITDA to convert to free cash flow in full-year 2026, versus about 80% in the May guidance update.
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