Skip to main content

Go Premium in Our Biggest Sale Ever

UPGRADE NOW
TipRanks
Go Ultimate75% OFF

Privia Health Group (PRVA) Q3 2026 Earnings Report

223 Followers

PRVA Q3 2026 EPS Results

Actual EPS
$0.10
Consensus EPS
$0.09
Beat/Miss
Beat by +$0.01
One Year Ago EPS
$0.05

PRVA Q3 2026 Revenue Results

Actual Revenue
$656.96M
Expected Revenue
$610.72M
Beat/Miss
Beat by +$46.24M
YoY Revenue Growth
+13.19%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/05/2026
Time
Before Open
Conference Call
Thursday, November 5, 2026
PRVA Upcoming Earnings

Privia Health Group's next earnings date is estimated for March 2, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

PRVA Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 05, 2026|% Change Since:7.32%|
Earnings Call Sentiment|Positive

The call was strongly positive, supported by double-digit growth in providers, attributed lives, practice collections, and adjusted EBITDA; raised 2026 guidance; a debt-free balance sheet; and continued acquisition and value-based-care expansion. The company also identified industry disruption, timing-related cash-flow variability, and the Montana partnership exit, but management characterized the Montana impact as immaterial to adjusted EBITDA and described the broader business outlook as strong.

Company Guidance

For 2026, Privia Health raised its outlook above the high end of initial guidance across all key financial metrics: implemented providers are expected to reach the high end of initial guidance of 6,000 clinicians, attributed lives growth is expected to increase 9.2% over 2025, practice collections are expected to grow 13.1%, care margin 16.3%, and adjusted EBITDA 23.9%, all at their respective midpoints; the company expects approximately 70% of full-year adjusted EBITDA to convert to free cash flow and to end the year with at least $520 million in cash. The American Choice Healthcare transaction is expected to have minimal impact on all key metrics in 2026 and positively contribute to attributed lives and adjusted EBITDA in 2027, while the Montana exit is expected to have no material impact to adjusted EBITDA in 2027. The company’s long-term target for adjusted EBITDA as a percentage of care margin is 30%-35%, and on a go-forward basis it is targeting 70%-75% conversion.

  • Strong Provider and Attributed-Lives GrowthImplemented providers grew 12.2% year over year to 5,893 at September 30, 2026, while value-based attributed lives increased 19.2% compared with the first nine months of 2025. The company expects to reach 6,000 clinicians by year-end, representing 11.5% growth over 2025.
  • Practice Collections and Adjusted EBITDA GrowthYear-to-date practice collections increased 12% year over year to $2.91 billion. Adjusted EBITDA rose 21.9% to $114.7 million, and adjusted EBITDA margin as a percentage of care margin increased to 28.8%.
  • Raised 2026 Financial OutlookManagement raised its 2026 outlook above the high end of its initial guidance for all key financial metrics. At the midpoint of the updated guidance, attributed lives are expected to grow 9.2% over 2025, practice collections 13.1%, care margin 16.3%, and adjusted EBITDA 23.9%.
  • Operating Leverage and Margin ExpansionThe company reported operating leverage across platform costs and G&A while continuing to invest across its markets. Adjusted EBITDA as a percentage of care margin increased from approximately 16% before the IPO to nearly 29% under the current-year guidance, compared with a long-term target of 30%-35%.
  • Strong Balance Sheet and LiquidityPrivia ended the third quarter with $446.3 million in cash and no debt. Management expects approximately 70% of full-year adjusted EBITDA to convert to free cash flow and expects to end the year with at least $520 million in cash, including the American Choice Healthcare transaction and assuming the 2025 MSSP cash settlement and related provider disbursements occur before year-end.
  • American Choice Healthcare ACO AcquisitionPrivia agreed to acquire American Choice Healthcare MSSP ACO, a wholly owned subsidiary of Cano Health, for approximately $36 million in cash. The ACO is expected to care for more than 36,000 attributed lives beginning in January 2027, expand Privia Care Partners into 10 existing states and three new states, and positively contribute to attributed lives and adjusted EBITDA in 2027.
  • Expanding Medicare and Value-Based-Care PresencePrivia now serves more than 1.67 million attributed lives across more than 130 commercial, Medicare Advantage, and Medicaid programs. The company has more than 550,000 Medicare Advantage lives and close to 340,000 lives in MSSP and REACH moving into LEAD in some cases.
  • Growth Across Payer CategoriesCommercial attributed lives increased 11.8% year over year to 966,000. Lives attributed to CMS Medicare programs increased 59%, while Medicare Advantage and Medicaid attribution increased 12.6% and 12.7%, respectively.
  • Broad Operating FootprintPrivia's community-based medical groups and value-based entities span 25 states and the District of Columbia. The company has 5,893 implemented providers caring for more than 6.3 million patients across 1,400 care center locations.
  • Organic Provider-Sales MomentumManagement said its organic sales engine remains a key differentiator and that the company is on track to add well over 600 providers in 2026, compared with approximately 200, 300, or 400 providers annually five or six years ago.
  • Five-Pillar Growth StrategyThe company identified five growth pillars: organic growth within existing practices, new care centers and ancillary services in existing markets, organic value-based-care growth, acquisitions and partnerships enabled by the balance sheet, and investment in adjacent businesses and new capabilities.
  • Commercial Value-Based-Care OpportunityPrivia has 966,000 commercial lives in value-based arrangements and is developing contracts that pay for improving quality metrics by patient cohort and lowering overall cost structures. Management said its community-based provider model gives it the ability to address cost of care across children, young adults, adults, and pre-Medicare patients.
  • Medicare Advantage and MSSP PositioningManagement said the company remains forward-leaning in Medicare Advantage as the market settles after changes involving V28, star scores, and benefit designs. It also said the MSSP program has performed well over more than a decade, with increasing attribution and savings rates.
  • Acquisition Capacity and Capital Allocation FlexibilityManagement said that, using approximately 2.5x leverage, Privia has $800 million-$900 million of capacity for cash acquisitions, including its cash balance and debt capacity. The company continues to view acquisitions as the best accretive use of capital when opportunities are available, while also evaluating returning capital to shareholders if M&A is unavailable.
  • Additional Adjacency OpportunitiesManagement cited potential opportunities in employment-based medical groups, ancillary services, ambulatory surgery centers, in-home care, virtual care, and AI-enabled models. The company said transformational opportunities would face a very, very high bar, while smaller tuck-in opportunities remain part of its growth strategy.
  • Stable Ambulatory Utilization and Value-Based PerformanceManagement said ambulatory utilization, including primary-care, pediatric, OB/GYN, and family-medicine visits, has been stable and positive. The company's value-based book continues to perform well across commercial value-based care, MSSP, and Medicare Advantage.
  • Integration Experience and Cross-Selling PotentialAmerican Choice Healthcare will be Privia's second acquisition of an ACO-only business after the Evolent transaction. Management said it has developed and refined an integration playbook and sees opportunities to cross-sell in states where Privia already operates medical groups.
  • Continued Investment in Technology and CapabilitiesManagement said it is continuing to develop its technology stack, data capabilities, practice-pod organization, and operating processes to improve total cost of care and quality outcomes. It also expects AI and technology to make certain care models easier to operate over time.

PRVA Earnings History

PRVA earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 02, 20272026 (Q4)0.10-0.07――
Nov 05, 20262026 (Q3)0.090.100.05100.00% (+0.05)
Aug 06, 20262026 (Q2)0.070.070.02250.00% (+0.05)
May 07, 20262026 (Q1)0.070.020.03-33.33% (-0.01)
Feb 26, 20262025 (Q4)0.030.070.03133.33% (+0.04)
Nov 06, 20252025 (Q3)0.050.050.0366.67% (+0.02)
Aug 07, 20252025 (Q2)0.050.020.03-33.33% (-0.01)
May 08, 20252025 (Q1)0.040.030.0250.00% (+0.01)
Feb 27, 20252024 (Q4)0.050.030.0250.00% (+0.01)
Nov 07, 20242024 (Q3)0.050.030.05-40.00% (-0.02)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed