Privia Health第二季收入增21%至6.33億美元 淨利潤飆逾兩倍

prva-202606300001759655false12-31Q2202611xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesprva:marketxbrli:pureprva:companyprva:institutionprva:segment00017596552026-01-012026-06-3000017596552026-07-3100017596552026-06-3000017596552025-12-3100017596552026-04-012026-06-3000017596552025-04-012025-06-3000017596552025-01-012025-06-300001759655us-gaap:CommonStockMember2024-12-310001759655us-gaap:AdditionalPaidInCapitalMember2024-12-310001759655us-gaap:RetainedEarningsMember2024-12-310001759655us-gaap:ParentMember2024-12-310001759655us-gaap:NoncontrollingInterestMember2024-12-3100017596552024-12-310001759655us-gaap:CommonStockMember2025-01-012025-03-310001759655us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001759655us-gaap:ParentMember2025-01-012025-03-3100017596552025-01-012025-03-310001759655us-gaap:RetainedEarningsMember2025-01-012025-03-310001759655us-gaap:NoncontrollingInterestMember2025-01-012025-03-310001759655us-gaap:CommonStockMember2025-03-310001759655us-gaap:AdditionalPaidInCapitalMember2025-03-310001759655us-gaap:RetainedEarningsMember2025-03-310001759655us-gaap:ParentMember2025-03-310001759655us-gaap:NoncontrollingInterestMember2025-03-3100017596552025-03-310001759655us-gaap:CommonStockMember2025-04-012025-06-300001759655us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001759655us-gaap:ParentMember2025-04-012025-06-300001759655us-gaap:RetainedEarningsMember2025-04-012025-06-300001759655us-gaap:NoncontrollingInterestMember2025-04-012025-06-300001759655us-gaap:CommonStockMember2025-06-300001759655us-gaap:AdditionalPaidInCapitalMember2025-06-300001759655us-gaap:RetainedEarningsMember2025-06-300001759655us-gaap:ParentMember2025-06-300001759655us-gaap:NoncontrollingInterestMember2025-06-3000017596552025-06-300001759655us-gaap:CommonStockMember2025-12-310001759655us-gaap:AdditionalPaidInCapitalMember2025-12-310001759655us-gaap:RetainedEarningsMember2025-12-310001759655us-gaap:ParentMember2025-12-310001759655us-gaap:NoncontrollingInterestMember2025-12-310001759655us-gaap:CommonStockMember2026-01-012026-03-310001759655us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001759655us-gaap:ParentMember2026-01-012026-03-3100017596552026-01-012026-03-310001759655us-gaap:NoncontrollingInterestMember2026-01-012026-03-310001759655us-gaap:RetainedEarningsMember2026-01-012026-03-310001759655us-gaap:CommonStockMember2026-03-310001759655us-gaap:AdditionalPaidInCapitalMember2026-03-310001759655us-gaap:RetainedEarningsMember2026-03-310001759655us-gaap:ParentMember2026-03-310001759655us-gaap:NoncontrollingInterestMember2026-03-3100017596552026-03-310001759655us-gaap:CommonStockMember2026-04-012026-06-300001759655us-gaap:AdditionalPaidInCapitalMember2026-04-012026-06-300001759655us-gaap:ParentMember2026-04-012026-06-300001759655us-gaap:NoncontrollingInterestMember2026-04-012026-06-300001759655us-gaap:RetainedEarningsMember2026-04-012026-06-300001759655us-gaap:CommonStockMember2026-06-300001759655us-gaap:AdditionalPaidInCapitalMember2026-06-300001759655us-gaap:RetainedEarningsMember2026-06-300001759655us-gaap:ParentMember2026-06-300001759655us-gaap:NoncontrollingInterestMember2026-06-300001759655us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberprva:PMGWestTexasAndPMGTNMember2026-06-300001759655us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberprva:PMGWestTexasAndPMGTNMember2025-12-310001759655prva:FFSPatientCareMember2026-04-012026-06-300001759655prva:FFSPatientCareMember2025-04-012025-06-300001759655prva:FFSPatientCareMember2026-01-012026-06-300001759655prva:FFSPatientCareMember2025-01-012025-06-300001759655prva:FFSAdministrativeServicesMember2026-04-012026-06-300001759655prva:FFSAdministrativeServicesMember2025-04-012025-06-300001759655prva:FFSAdministrativeServicesMember2026-01-012026-06-300001759655prva:FFSAdministrativeServicesMember2025-01-012025-06-300001759655prva:CapitatedRevenueMember2026-04-012026-06-300001759655prva:CapitatedRevenueMember2025-04-012025-06-300001759655prva:CapitatedRevenueMember2026-01-012026-06-300001759655prva:CapitatedRevenueMember2025-01-012025-06-300001759655prva:SharedSavingsMember2026-04-012026-06-300001759655prva:SharedSavingsMember2025-04-012025-06-300001759655prva:SharedSavingsMember2026-01-012026-06-300001759655prva:SharedSavingsMember2025-01-012025-06-300001759655prva:CareManagementFeePMPMMember2026-04-012026-06-300001759655prva:CareManagementFeePMPMMember2025-04-012025-06-300001759655prva:CareManagementFeePMPMMember2026-01-012026-06-300001759655prva:CareManagementFeePMPMMember2025-01-012025-06-300001759655prva:OtherRevenueMember2026-04-012026-06-300001759655prva:OtherRevenueMember2025-04-012025-06-300001759655prva:OtherRevenueMember2026-01-012026-06-300001759655prva:OtherRevenueMember2025-01-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:CommercialInsurersMemberus-gaap:RevenueFromContractWithCustomerMember2026-04-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:CommercialInsurersMemberus-gaap:RevenueFromContractWithCustomerMember2025-04-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:CommercialInsurersMemberus-gaap:RevenueFromContractWithCustomerMember2026-01-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:CommercialInsurersMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:GovernmentPayersMemberus-gaap:SalesRevenueNetMember2026-04-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:GovernmentPayersMemberus-gaap:SalesRevenueNetMember2025-04-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:GovernmentPayersMemberus-gaap:SalesRevenueNetMember2026-01-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:GovernmentPayersMemberus-gaap:SalesRevenueNetMember2025-01-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PatientMemberus-gaap:SalesRevenueNetMember2026-04-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PatientMemberus-gaap:SalesRevenueNetMember2025-04-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PatientMemberus-gaap:SalesRevenueNetMember2026-01-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PatientMemberus-gaap:SalesRevenueNetMember2025-01-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-04-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-01-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-06-300001759655prva:PMGNJMember2026-05-190001759655prva:PMGNJMemberus-gaap:CustomerContractsMember2026-05-190001759655prva:PMGNJMember2026-05-192026-05-190001759655prva:PMGAZMember2025-04-300001759655prva:PMGAZMember2025-04-012025-04-300001759655prva:PMGAZMember2025-04-012025-06-300001759655prva:PMGAZMember2025-01-012025-06-300001759655prva:BusinessCombinationContingentConsiderationPeriodOneMemberprva:PMGAZMember2025-04-300001759655prva:BusinessCombinationContingentConsiderationPeriodTwoMemberprva:PMGAZMember2025-04-300001759655us-gaap:TradeNamesMember2026-06-300001759655us-gaap:TradeNamesMember2025-12-310001759655us-gaap:CustomerRelationshipsMember2026-06-300001759655us-gaap:CustomerRelationshipsMember2025-12-310001759655prva:CompleteMDMemberus-gaap:ServiceAgreementsMember2026-06-300001759655prva:CompleteMDMemberus-gaap:ServiceAgreementsMember2025-12-310001759655prva:PhysicianNetworkWTXMemberprva:PhysicianNetworkMember2026-06-300001759655prva:PhysicianNetworkWTXMemberprva:PhysicianNetworkMember2025-12-310001759655us-gaap:CustomerContractsMember2026-06-300001759655us-gaap:CustomerContractsMember2025-12-310001759655prva:MSOMemberus-gaap:ServiceAgreementsMember2026-06-300001759655prva:MSOMemberus-gaap:ServiceAgreementsMember2025-12-310001759655prva:AtRiskCapitationArrangementsMember2025-12-310001759655prva:AtRiskCapitationArrangementsMember2024-12-310001759655prva:AtRiskCapitationArrangementsMember2026-01-012026-06-300001759655prva:AtRiskCapitationArrangementsMember2025-01-012025-06-300001759655prva:AtRiskCapitationArrangementsMember2026-06-300001759655prva:AtRiskCapitationArrangementsMember2025-06-300001759655us-gaap:LineOfCreditMemberprva:RevolvingCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-11-160001759655us-gaap:LineOfCreditMemberprva:RevolvingCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-11-162023-11-160001759655us-gaap:LineOfCreditMemberprva:RevolvingCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2026-05-060001759655us-gaap:LineOfCreditMemberprva:RevolvingCreditAgreementMembersrt:MinimumMemberus-gaap:BaseRateMember2026-05-062026-05-060001759655us-gaap:LineOfCreditMemberprva:RevolvingCreditAgreementMembersrt:MaximumMemberus-gaap:BaseRateMember2026-05-062026-05-060001759655us-gaap:LineOfCreditMemberprva:RevolvingCreditAgreementMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-05-062026-05-060001759655us-gaap:LineOfCreditMemberprva:RevolvingCreditAgreementMembersrt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-05-062026-05-060001759655us-gaap:LineOfCreditMemberprva:RevolvingCreditAgreementMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMember2023-11-162023-11-160001759655us-gaap:LineOfCreditMemberprva:RevolvingCreditAgreementMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2023-11-162023-11-160001759655us-gaap:LineOfCreditMemberprva:RevolvingCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2026-06-300001759655prva:OmnibusIncentivePlanMember2021-04-060001759655prva:OmnibusIncentivePlanMember2021-04-062021-04-0600017596552025-01-012025-12-310001759655us-gaap:RestrictedStockUnitsRSUMember2025-12-310001759655us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-06-300001759655us-gaap:RestrictedStockUnitsRSUMember2026-06-300001759655prva:PerformanceStockUnitsPSUsMembersrt:MinimumMember2026-01-012026-06-300001759655prva:PerformanceStockUnitsPSUsMembersrt:MaximumMember2026-01-012026-06-300001759655prva:PerformanceStockUnitsPSUsMember2026-01-012026-06-300001759655prva:PerformanceStockUnitsPSUsMember2025-12-310001759655prva:PerformanceStockUnitsPSUsMember2026-06-300001759655prva:CostOfPlatform2026-04-012026-06-300001759655prva:CostOfPlatform2025-04-012025-06-300001759655prva:CostOfPlatform2026-01-012026-06-300001759655prva:CostOfPlatform2025-01-012025-06-300001759655us-gaap:SellingAndMarketingExpense2026-04-012026-06-300001759655us-gaap:SellingAndMarketingExpense2025-04-012025-06-300001759655us-gaap:SellingAndMarketingExpense2026-01-012026-06-300001759655us-gaap:SellingAndMarketingExpense2025-01-012025-06-300001759655us-gaap:GeneralAndAdministrativeExpense2026-04-012026-06-300001759655us-gaap:GeneralAndAdministrativeExpense2025-04-012025-06-300001759655us-gaap:GeneralAndAdministrativeExpense2026-01-012026-06-300001759655us-gaap:GeneralAndAdministrativeExpense2025-01-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerAMemberus-gaap:SalesRevenueNetMember2026-04-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerAMemberus-gaap:SalesRevenueNetMember2025-04-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerAMemberus-gaap:SalesRevenueNetMember2026-01-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerAMemberus-gaap:SalesRevenueNetMember2025-01-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerBMemberus-gaap:SalesRevenueNetMember2026-04-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerBMemberus-gaap:SalesRevenueNetMember2025-04-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerBMemberus-gaap:SalesRevenueNetMember2026-01-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerBMemberus-gaap:SalesRevenueNetMember2025-01-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerCMemberus-gaap:SalesRevenueNetMember2026-04-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerCMemberus-gaap:SalesRevenueNetMember2025-04-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerCMemberus-gaap:SalesRevenueNetMember2026-01-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerCMemberus-gaap:SalesRevenueNetMember2025-01-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerAMemberus-gaap:FinanceReceivablesMember2026-01-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerAMemberus-gaap:FinanceReceivablesMember2025-01-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerBMemberus-gaap:FinanceReceivablesMember2026-01-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerBMemberus-gaap:FinanceReceivablesMember2025-01-012025-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerCMemberus-gaap:FinanceReceivablesMember2026-01-012026-06-300001759655us-gaap:CustomerConcentrationRiskMemberprva:PayerCMemberus-gaap:FinanceReceivablesMember2025-01-012025-06-300001759655prva:SingleOperatingSegmentMember2026-04-012026-06-300001759655prva:SingleOperatingSegmentMember2025-04-012025-06-300001759655prva:SingleOperatingSegmentMember2026-01-012026-06-300001759655prva:SingleOperatingSegmentMember2025-01-012025-06-300001759655prva:ParthMehrotraMember2026-04-012026-06-300001759655prva:ParthMehrotraMember2026-06-30

Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549
_________________________
FORM 10-Q
_______________________________
(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from      to
Commission file number 001-40365
_________________________
Privia Health Group, Inc. 
(Exact Name of Registrant as Specified in Its Charter)
_________________________

Delaware
81-3599420
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

950 N. Glebe Rd., 
Suite 700
Arlington,Virginia22203
(Address of Principal Executive Offices)
(Zip Code)

(571) 366-8850 
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per sharePRVAThe Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒   No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2026, the registrant had outstanding 127,734,207 shares of common stock.

Table of Contents

TABLE OF CONTENTS

Page
PART I - FINANCIAL INFORMATION

Item 1.
Condensed Financial Statements (Unaudited)
2

Condensed Consolidated Balance Sheets 
2

Condensed Consolidated Statements of Operations 
3

Condensed Consolidated Statements of Stockholders’ Equity 
4

Condensed Consolidated Statements of Cash Flows 
5

Notes to Condensed Consolidated Financial Statements (Unaudited)
6

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
18

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
30

Item 4.
Controls and Procedures
30

PART II - OTHER INFORMATION

Item 1.
Legal Proceedings
30

Item 1A.
Risk Factors
30

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
30

Item 5.
Other Information
31

Item 6.
Exhibits
32

Signatures
33

Table of Contents

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
This quarterly report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include factors related to, among other things:
•the heavily regulated industry in which we operate, and any failure by us or our Medical Groups (as defined herein) to comply with applicable healthcare laws and government regulations, which could result in our incurring financial penalties and becoming excluded from participating in government health care programs;
•the impact of changes in applicable laws, rules or regulations, including with respect to health plans and payers and our relationships with such plans and payers, and provisions that impact Medicare and Medicaid programs;
•our dependence on relationships with Medical Groups, some of which we do not own;
•our growth strategy, which may not prove viable and we may not realize expected results;
•difficulties implementing our proprietary end-to-end, cloud-based technology solution (the “Privia Technology Solution”) for Privia Physicians (defined herein) and new Medical Groups;
•the high level of competition in our industry and any failure by us to compete effectively and innovate;
•challenges in successfully establishing a presence in new geographic markets, acquiring entities or assets, or integrating new markets;
•our reliance on our electronic medical record (“EMR”) vendor, athenahealth, Inc., which the Privia Technology Solution is integrated and built upon;
•changes in the payer mix of patients and potential decreases in our reimbursement rates from commercial payers, including as a result of consolidation in the industry;
•the financial and operational impact of our compliance with various complex and changing federal and state privacy and security laws and regulations related to our use, disclosure, and other processing of personal information and protected health information, including the Health Insurance Portability and Accountability Act of 1996, as amended from time to time (collectively, “HIPAA”); 
•the impact of actual and potential cybersecurity incidents or privacy or security breaches involving us, our vendors or other third parties;
•the continued availability of a qualified workforce, including staff at our Medical Groups, and the continued upward pressure on compensation for such workforce; and
•other risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”) and our other filings with the Securities and Exchange Commission (“SEC”).

You should read this quarterly report on Form 10-Q and the documents that we reference in this quarterly report on Form 10-Q and have filed as exhibits to this quarterly report on Form 10-Q with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this quarterly report on Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this quarterly report on Form 10-Q, whether as a result of any new information, future events or otherwise.

1

Table of Contents

Part I - Financial Information

ITEM 1. FINANCIAL STATEMENTS

Privia Health Group, Inc. 
Condensed Consolidated Balance Sheets 
(in thousands, except share and per share amounts) 

June 30, 2026December 31, 2025
Assets(unaudited)
Current assets:
Cash and cash equivalents$412,200 $479,685 
Accounts receivable
574,160 400,902 
Prepaid expenses and other current assets38,906 30,414 
Total current assets1,025,266 911,001 
Non-current assets:
Property and equipment, net272 504 
Right-of-use assets
8,038 8,794 

Intangible assets, net218,654 215,919 
Goodwill215,789 209,842 
Deferred tax asset
— 2,274 
Other non-current assets20,562 21,044 
Total non-current assets463,315 458,377 
Total assets$1,488,581 $1,369,378 

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses$91,010 $96,804 
Provider liability541,368 469,516 

Operating lease liabilities, current2,066 2,200 
Total current liabilities634,444 568,520 
Non-current liabilities:

Operating lease liabilities, non-current6,667 7,331 
Deferred tax liability3,737 — 
Other non-current liabilities5,660 2,584 
Total non-current liabilities16,064 9,915 
Total liabilities650,508 578,435 
Commitments and contingencies (Note 10)

Stockholders’ equity:
Common stock, $0.01 par value, 1,000,000,000 and 1,000,000,000 shares authorized; 126,289,983 and 123,604,576 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
1,263 1,236 
Additional paid-in capital925,264 892,291 
Accumulated deficit(144,198)(156,310)
Total Privia Health Group, Inc. stockholders’ equity782,329 737,217 
Non-controlling interest55,744 53,726 
Total stockholders’ equity838,073 790,943 
Total liabilities and stockholders’ equity$1,488,581 $1,369,378 

The accompanying notes are an integral part of these condensed consolidated financial statements.
2

Table of Contents

Privia Health Group, Inc. 
Condensed Consolidated Statements of Operations 
(unaudited)
(in thousands, except share and per share amounts) 

For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025

Revenue$632,630 $521,153 $1,236,477 $1,001,250 

Operating expenses:
Provider expense500,484 405,992 975,601 780,801 
Cost of platform69,357 64,918 137,777 124,444 
Sales and marketing8,002 6,805 16,136 13,727 
General and administrative39,658 37,519 81,131 69,240 
Depreciation and amortization3,356 2,583 6,637 4,484 
Total operating expenses620,857 517,817 1,217,282 992,696 
Operating income
11,773 3,336 19,195 8,554 
Other income3,310 — 3,310 — 
Interest income, net
1,668 2,408 3,556 5,339 
Income before provision for income taxes16,751 5,744 26,061 13,893 
Provision for income taxes7,017 2,456 12,617 4,559 
Net income9,734 3,288 13,444 9,334 
Less: Net income attributable to non-controlling interests686 601 1,332 2,427 
Net income attributable to Privia Health Group, Inc. $9,048 $2,687 $12,112 $6,907 
Net income per share attributable to Privia Health Group, Inc. stockholders – basic$0.07 $0.02 $0.10 $0.06 
Net income per share attributable to Privia Health Group, Inc. stockholders – diluted$0.07 $0.02 $0.09 $0.05 
Weighted average common shares outstanding – basic126,121,426 122,132,245 125,142,415 121,370,949 
Weighted average common shares outstanding – diluted131,827,233 128,447,069 131,355,421 128,149,252 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3

Table of Contents

Privia Health Group, Inc. 
Condensed Consolidated Statements of Stockholders’ Equity 
(unaudited)
(in thousands, except share and per share amounts) 

Common Stock SharesCommon StockAdditional Paid-in CapitalAccumulated DeficitTotal Stockholders’ Equity attributable to Privia Health Group, Inc.Non-controlling InterestTotal Stockholders’ Equity
Balance at December 31, 2024120,309,346 $1,203 $813,209 $(179,229)$635,183 $48,264 $683,447 
Issuance of common stock upon exercise of stock options and vesting of restricted stock units1,081,968 11 2,232 — 2,243 — 2,243 
Stock-based compensation expense— — 17,790 — 17,790 — 17,790 

Net income— — — 4,220 4,220 1,826 6,046 
Balance at March 31, 2025121,391,314 1,214 833,231 (175,009)659,436 50,090 709,526 
Issuance of common stock upon exercise of stock options and vesting of restricted stock units1,281,940 13 1,870 — 1,883 — 1,883 
Stock-based compensation expense— — 18,849 — 18,849 — 18,849 
Net income— — — 2,687 2,687 601 3,288 
Balance at June 30, 2025122,673,254 $1,227 $853,950 $(172,322)$682,855 $50,691 $733,546 

Balance at December 31, 2025123,604,576 $1,236 $892,291 $(156,310)$737,217 $53,726 $790,943 
Issuance of common stock upon exercise of stock options and vesting of restricted stock units2,084,429 21 753 — 774 — 774 
Stock-based compensation expense— — 21,921 — 21,921 — 21,921 
Repurchase of non-controlling interest— — (9,917)— (9,917)(1,527)(11,444)
Net income— — — 3,064 3,064 646 3,710 
Balance at March 31, 2026125,689,005 1,257 905,048 (153,246)753,059 52,845 805,904 
Issuance of common stock upon exercise of stock options and vesting of restricted stock units600,978 6 820 — 826 — 826 
Stock-based compensation expense— — 19,396 — 19,396 — 19,396 
Contributed non-controlling interest— — — — — 2,213 2,213 
Net income— — — 9,048 9,048 686 9,734 
Balance at June 30, 2026126,289,983 $1,263 $925,264 $(144,198)$782,329 $55,744 $838,073 

The accompanying notes are an integral part of these condensed consolidated financial statements. 
4

Table of Contents

Privia Health Group, Inc.
Condensed Consolidated Statements of Cash Flows 
(unaudited)
(in thousands) 

For the Six Months Ended June 30,
20262025
Cash flows from operating activities
Net income
$13,444 $9,334 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation 291 415 
Amortization of intangibles6,346 4,069 

Stock-based compensation41,317 36,639 

Deferred income taxes, net
3,683 2,671 
Changes in asset and liabilities:
Accounts receivable, net
(172,378)(121,497)
Prepaid expenses and other current assets(8,492)(21,344)
Other non-current assets and right-of-use assets
1,472 1,056 
Accounts payable and accrued expenses(5,794)(7,687)

Provider liability70,972 81,185 

Operating lease liabilities(1,032)(778)
Other long-term liabilities1,806 (153)
Net cash used in operating activities(48,365)(16,090)
Cash from investing activities

Business acquisitions, net of cash acquired
(11,430)(89,058)
Other
(59)— 
Net cash used in investing activities(11,489)(89,058)
Cash flows from financing activities

Proceeds from exercised stock options
1,600 4,126 

Proceeds from non-controlling interest2,213 — 
Repurchase of non-controlling interest(11,444)— 

Net cash (used in) provided by financing activities(7,631)4,126 
Net decrease in cash and cash equivalents(67,485)(101,022)
Cash and cash equivalents at beginning of period479,685 491,149 
Cash and cash equivalents at end of period$412,200 $390,127 

Supplemental disclosure of cash flow information:
Interest paid$162 $124 
Income taxes paid$10,656 $5,771 

Supplemental disclosure of non-cash operating activities:
Lease liabilities obtained in exchange for right-of-use assets$234 $1,832 
Contingent consideration payable$1,270 $— 

The accompanying notes are an integral part of these condensed consolidated financial statements. 
5

Table of Contents

Privia Health Group, Inc. 
Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Organization and Summary of Significant Accounting Policies 
Organization
Privia Health Group, Inc. (“Privia Health,” “Privia,” “we,” “our” or the “Company”) is a technology-driven, national physician-enablement company that collaborates with physician practices, health plans, and health systems to achieve the quadruple aim of better outcomes, lower costs, improved patient experience, and happier and more engaged providers. The Company pursues the quadruple aim by entering markets and organizing existing physicians and non-physician clinicians into a unique practice model that combines the advantages of a partnership in a large regional medical group (each, a “Medical Group” and together, “Medical Groups”) with significant provider autonomy for physicians (collectively, “Privia Physicians”) and non-physician clinicians (collectively “Privia Clinicians” and, together with the Privia Physicians, the “Privia Providers”) joining the Company’s Medical Groups. Privia Physicians join the Medical Groups in their geographic market as an owner of the Medical Group.
As of June 30, 2026, Privia operated Medical Groups in seventeen markets: (1) the Mid-Atlantic Region (states of Virginia, Maryland and the District of Columbia); (2) Georgia; (3) the Gulf Coast Region (Houston-San Antonio-Austin, Texas); (4) North Texas (Dallas/Fort Worth, Texas); (5) West Texas (Abilene, Texas); (6) Central Florida; (7) Tennessee; (8) California; (9) Montana; (10) Ohio; (11) North Carolina; (12) Connecticut; (13) Washington state; (14) South Carolina; (15) Indiana; (16) Arizona; and (17) New Jersey.
The Company also provides management and administrative services through local management services organizations (each, an “MSO”) to the Medical Groups through a Management Services Agreement (“MSA”) in each market. The Company owns 100% of all MSOs, except four where the Company is at least the majority owner. 
Basis of Presentation 
The condensed consolidated financial statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its subsidiaries. Amounts shown on the condensed consolidated statements of operations within the operating expense categories of provider expense, cost of platform, selling and marketing, and general and administrative are recorded exclusive of depreciation and amortization.
All significant intercompany transactions are eliminated in consolidation. 
The results of operations for the three and six months ended June 30, 2026, are not indicative of the results to be expected for the full fiscal year ending December 31, 2026. The condensed consolidated balance sheet at December 31, 2025 was derived from audited annual financial statements but does not contain all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of only normal and recurring adjustments) considered necessary for a fair statement have been included.
The Company described its significant accounting policies in Note 1 of the notes to consolidated financial statements for the year ended December 31, 2025 in the Annual Report on Form 10-K. During the three and six months ended June 30, 2026, there were no significant changes to those accounting policies and estimates.
Variable Interest Entities 
Management evaluates the Company’s ownership, contractual, and other interests in entities to determine if it has any variable interest in a variable interest entity (“VIE”). These evaluations are complex and involve judgment and assumptions based on available historical information, among other factors. If the Company determines that an entity in which it holds a contractual, or ownership, interest is a VIE and that the Company is the primary beneficiary, the Company consolidates such entity in its consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Management performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. Changes in consolidation status are applied prospectively. 
The Company has relationships with medical groups in which the Company has no ownership interests, which are either (a) owned 100% by Privia Physicians (each, a “Non-Owned Medical Group” and collectively, “Non-Owned Medical Groups”) or (b) majority owned, indirectly through a professional entity by a licensed physician holding a Privia leadership position (each, a “Friendly Medical Group” and collectively, “Friendly Medical Groups”). Each of our Medical Groups (e.g., Owned Medical Groups, Non-Owned Medical Groups and Friendly Medical Groups) contracts with the Privia Physician’s historic practice entity, which no longer furnishes healthcare services (the “Affiliated Practice”) whereby the Affiliated Practice provides certain subcontracted services to the Medical Groups to allow the Medical Group to operate at the practice location. 
The Company evaluated its relationship with (a) Non-Owned Medical Groups and their Affiliated Practices, (b) Friendly Medical Groups and their Affiliated Practices, and (c) Affiliated Practices associated with Owned Medical Groups to determine if any of these entities should be subject to consolidation. The Company does not have ownership interest in any Affiliated Practices (whether those of Owned Medical Groups, Non-Owned Medical Groups or Friendly Medical Groups); nor does the Company have an ownership in Non-Owned Medical Groups. The Physician Member Services Agreement (“PMSA”) and support services agreement (“SSA”) entered 
6

Table of Contents

by Non-Owned Medical Groups and Friendly Medical Groups with their Privia Physician members and the Affiliated Practices are not contractual relationships within Privia’s legal structure. The only contractual relationship between Privia and Non-Owned Medical Groups is established through the MSA. For Friendly Medical Groups, in addition to the MSA, the Company has a contractual relationship, evidenced by a restriction agreement (each a “Restriction Agreement”) with licensed physicians holding a Privia leadership position (“Nominee Physicians”) and their respective Friendly Medical Groups. Management has determined, based on the provisions of the MSAs between the Company and Non-Owned Medical Groups, and after considering the requirements of Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”), the Company is not required to consolidate the financial position or results of operations of the Affiliated Practices associated with Owned Medical Groups; nor is it required to consolidate the financial position or results of operations of Non-Owned Medical Groups (and, therefore, the Company is not required to consolidate the Affiliated Practices of the Non-Owned Medical Groups). However, management has determined, based on the provisions of the Restriction Agreement on the Nominee Physician (“Friendly PC”), the governing documents of the Friendly Medical Groups, and after considering the requirements of ASC 810, that the Company should consolidate the financial position and results of operations of the Friendly Medical Groups and the Friendly PCs.
ASC 810 requires the Company to consolidate the financial position, results of operations and cash flows of a Non-Owned Medical Group affiliated by means of a service agreement if the Non-Owned Medical Group is a VIE and the Company is its primary beneficiary. An Affiliated Practice would be considered a VIE if (a) it is thinly capitalized (i.e., the equity is not sufficient to fund the Non-Owned Medical Group’s activities without additional subordinated financial support) or (b) the equity holders of the Non-Owned Medical Group as a group have one of the following four characteristics: (i) lack the power to direct the activities that most significantly affect the Non-Owned Medical Group’s economic performance, (ii) possess non-substantive voting rights, (iii) lack the obligation to absorb the Non-Owned Medical Group’s expected losses, or (iv) lack the right to receive the Non-Owned Medical Group’s expected residual returns. 
The characteristics of both (a) and (b) do not exist and as such the Non-Owned Medical Groups do not represent VIEs. Accordingly, the Company has not consolidated the financial position, results of operations or cash flows of the Non-Owned Medical Groups that are affiliated with the Company by means of a service agreement for the three months ended June 30, 2026 and 2025. Each time that it enters into a new service agreement or enters into a material amendment to an existing service agreement, the Company considers whether the terms of that agreement or amendment would change the elements it considers in accordance with the VIE guidance. The same analysis was performed for the Affiliated Practices of Owned Medical Groups, which have contractual relationships with Privia through the SSA, and the Company determined they do not represent VIEs as they do not meet the criteria in ASC 810 for similar reasons as those outlined above. 
The Company, however, does meet the criteria for consolidation of the Nominee PCs and the Friendly Medical Groups based on the discussion above.
Privia Medical Group – West Texas, PLLC, (“PMG West Texas”) is a physician-owned Medical Group, with PMG West Texas Holdings, PLLC (“Friendly WTX PC”), a Texas professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG West Texas. The Company has a contractual relationship with Friendly WTX PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (ii) and (iv) and, as such, PMG West Texas and Friendly WTX PC do represent VIEs and are consolidated as they do meet the criteria in ASC 810. 
Privia Medical Group Tennessee, PLLC (“PMG-TN”) is a physician-owned Medical Group, with PMG-TN Physicians, PLLC (“Friendly TN PC”), a Tennessee professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests therein and having governance and control rights via the governing documents of PMG-TN. Again, the same analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (ii) and (iv) and, as such, PMG-TN and Friendly TN PC do represent VIEs as they do meet the criteria in ASC 810.
Privia Medical Group Washington, PLLC, (“PMG WA”) is a physician-owned Medical Group, with PMG Washington Holdings, PLLC (“Friendly WA PC”), a Washington professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG WA. The Company has a contractual relationship with Friendly WA PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and, as such, PMG WA and Friendly WA PC do represent VIEs and are consolidated as they do meet the criteria in ASC 810. 
Privia Medical Group South Carolina, LLC, (“PMG SC”) is a physician-owned Medical Group, with PMG South Carolina Holdings, PLLC (“Friendly SC PC”), a South Carolina professional limited liability company entirely owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG SC. The Company has a contractual relationship with Friendly SC PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and, as such, PMG SC and Friendly SC PC represent VIEs and are consolidated as they meet the criteria in ASC 810.

7

Table of Contents

Privia Medical Group Indiana, LLC, (“PMG IN”) is a physician-owned Medical Group, with PMG Holdings Indiana, LLC, (“Friendly IN PC”), an Indiana professional limited liability company entirely owned by a licensed physician with a leadership role in the Company, owning majority membership interests and having governance and control rights via the governing documents of PMG IN. The Company has a contractual relationship with Friendly IN PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and, as such, PMG IN and Friendly IN PC represent VIEs and are consolidated as they meet the criteria in ASC 810.
Privia Medical Group Arizona, PLLC (“PMG-AZ”) is an Owned Medical Group, with the Company owning a majority of the membership interests and having governance and control rights through the governing documents of PMG-AZ. The VIE analysis was performed, and the Company determined that characteristic (a) exists, and, as such, PMG-AZ does represent a VIE and is consolidated as it does meet the criteria in ASC 810. 
Privia Medical Group New Jersey, LLC (“PMG-NJ”) is a physician-owned Medical Group, with PMGNJ Hold Co, P.C., (“Friendly NJ PC”), a New Jersey professional corporation entirely owned by a licensed physician with a leadership role in the Company, owning majority membership interests and having governance and control rights via the governing documents of PMG-NJ. The Company has a contractual relationship with Friendly NJ PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and, as such, PMG-NJ and Friendly NJ PC represent VIEs and are consolidated as they meet the criteria in ASC 810.
The aggregated carrying value of the Company’s VIEs for both the current assets and liabilities included in the consolidated balance sheets after elimination of intercompany transactions was $19.5 million as of June 30, 2026 and $18.9 million as of December 31, 2025.
Use of Estimates 
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an on-going basis, the Company evaluates significant estimates and assumptions, including, but not limited to, provider liability, revenue recognition, stock-based compensation, estimated useful lives of assets, intangible assets subject to amortization, the fair value of assets acquired and liabilities assumed in business combinations, and the provision for income taxes. These estimates are based on historical experience, current conditions, and other assumptions that management believes are reasonable under the circumstances. Actual results could differ from those estimates. Estimates and assumptions are reviewed and updated as new information becomes available, additional experience is gained, future events occur, or the Company’s operating environment changes.
Recently Adopted Accounting Pronouncements 
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes - Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments require (i) enhanced disclosures in connection with an entity’s effective tax rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. The amendment is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 for the annual period ending December 31, 2025 on a prospective basis.
In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in a Variable-Interest Entity. The amendment clarifies the guidance when an entity involved in an acquisition transaction effected primarily by exchanging equity interests and the legal acquiree is a VIE that meets the definition of a business. Entities must identify the accounting acquirer using the factors in ASC 805-10-55-12 through 55-15, rather than relying solely on the VIE consolidation model. The amendment is effective for annual reporting periods beginning after December 15, 2026, including interim periods within the fiscal years and applied prospectively to acquisitions after the adoption date. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements or related disclosures.
Recently Issued Accounting Pronouncements Pending Adoption 
In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (“DISE”) and in January 2025, issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure, which clarified the effective date of ASU 2024-03. The amendment requires disclosures about the nature of expenses included in the income statement, such as purchases of inventory, employee compensation and depreciation. The amendment is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is evaluating the impact of ASU 2024-03 on its financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The amendment provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendment is effective for annual reporting periods beginning after 
8

Table of Contents

December 15, 2027, including interim periods within the fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements (“Codification”), which addresses suggestions received from stakeholders on the Codification and makes other incremental improvements to GAAP. This evergreen project facilitates Codification updates for a broad range of topics arising from technical corrections, the unintended application of the Codification, clarifications, and other minor improvements. The amendment is effective for annual reporting periods beginning after December 15, 2026, including interim periods within the fiscal years, with early adoption permitted. The Company does not expect ASU 2025-12 to have a material impact on its financial statements and related disclosures.

2. Revenue Recognition 
 The following table presents our revenues disaggregated by source:

For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in thousands)
2026202520262025
FFS-patient care $412,640 $331,464 $803,773 $643,225 
FFS-administrative services 33,222 35,116 64,625 67,371 
Capitated revenue95,150 75,511 181,298 146,201 
Shared savings 68,920 60,021 143,883 107,933 
Care management fees (PMPM)
20,733 16,919 38,600 32,121 
Other revenue 1,965 2,122 4,298 4,399 
Total revenue $632,630 $521,153 $1,236,477 $1,001,250 

Fee-for-service (“FFS”) patient care is primarily generated from third-party payers with which the Company has established contractual billing arrangements. The following table presents the approximate percentages by source of net revenue received for healthcare services we provided for the periods indicated: 

For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Commercial insurers 72 %71 %71 %70 %
Government payers 13 %14 %13 %14 %
Patient 15 %15 %16 %16 %
100 %100 %100 %100 %

FFS-administrative services revenue is earned through the Company’s MSA with Non-Owned Medical Groups primarily based on a fixed percentage of net collections on patient care generated by those medical groups. 
Value Based Care (“VBC”) revenue is primarily earned through contracts for capitated revenue, shared savings and care management fees (“PMPM”). Capitated revenue is generated through what is typically known as an “at-risk contract.” At-risk capitation refers to a model in which the Company receives a fixed monthly payment from the third-party payer in exch