Revenue growth accelerated to 25.8% in 2026Q1, yet structural constraints persist with gross margins remaining thin at 9.4% due to the pass-through nature of clinical delivery costs.
| Sales/Revenue | 2.25B | 2.12B | 1.74B | 1.66B | 1.36B | 966.22M | 817.08M | 786.36M | 657.61M |
| Revenue Growth % | 24.72% | 22.26% | 4.74% | 22.19% | 40.41% | 18.25% | 3.91% | 19.58% | - |
| Cost of Goods Sold | 2.03B | 1.91B | 1.56B | 1.5B | 1.22B | 902.56M | 734.49M | 717.89M | 601.15M |
| COGS % of Revenue | - | 90.13% | 89.81% | 90.26% | 90.07% | 93.41% | 89.89% | 91.29% | 91.41% |
| Gross Profit | 215.35M | 209.43M | 176.85M | 161.5M | 134.78M | 63.66M | 82.58M | 68.47M | 56.46M |
| Gross Margin % | 9.59% | 9.87% | 10.19% | 9.74% | 9.93% | 6.59% | 10.11% | 8.71% | 8.59% |
| Gross Profit Growth % | - | 18.42% | 9.51% | 19.82% | 111.72% | -22.91% | 20.61% | 21.28% | - |
| Operating Expenses | 178.91M | 175.19M | 159.87M | 140.85M | 153.9M | 281.1M | 57.2M | 52.41M | 54.3M |
| OpEx % of Revenue | - | 8.25% | 9.21% | 8.5% | 11.34% | 29.09% | 7% | 6.66% | 8.26% |
| Selling, General & Admin | 49.73B | 165.29M | 152.6M | 134.32M | 149.33M | 278.63M | 55.36M | 50.98M | 53.23M |
| SG&A % of Revenue | - | 7.79% | 8.79% | 8.1% | 11.01% | 28.84% | 6.78% | 6.48% | 8.1% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 9.91M | 7.27M | 6.53M | 4.57M | 2.46M | 1.84M | 1.43M | 1.07M |
| Operating Income | 36.44M | 34.23M | 16.98M | 20.65M | -19.12M | -217.44M | 25.38M | 16.06M | 2.15M |
| Operating Margin % | 1.62% | 1.61% | 0.98% | 1.25% | -1.41% | -22.5% | 3.11% | 2.04% | 0.33% |
| Operating Income Growth % | - | 101.6% | -17.76% | 207.99% | 91.21% | -956.72% | 58.01% | 645.34% | - |
| EBITDA | 47.73M | 44.14M | 24.25M | 27.18M | -14.55M | -214.97M | 27.22M | 17.49M | 3.23M |
| EBITDA Margin % | 2.12% | 2.08% | 1.4% | 1.64% | -1.07% | -22.25% | 3.33% | 2.22% | 0.49% |
| EBITDA Growth % | 66.15% | 82.03% | -10.79% | 286.81% | 93.23% | -889.67% | 55.66% | 442.29% | - |
| D&A (Non-Cash Add-back) | 11.29M | 9.91M | 7.27M | 6.53M | 4.57M | 2.46M | 1.84M | 1.43M | 1.07M |
| EBIT | 41.12M | 34.23M | 16.98M | 20.65M | -19.12M | -217.44M | 25.38M | 16.06M | 2.15M |
| Net Interest Income | 8.66M | 9.7M | 10.89M | 8.37M | 542K | -1.07M | -1.92M | -6.91M | -6.42M |
| Interest Income | 8.66M | 9.7M | 10.89M | 8.37M | 542K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 1.07M | 1.92M | 6.91M | 6.42M |
| Other Income/Expense | 8.66M | 9.7M | 10.89M | 8.37M | 542K | -1.07M | -1.92M | -6.91M | -6.42M |
| Pretax Income | 45.1M | 43.94M | 27.87M | 29.02M | -18.58M | -218.51M | 23.46M | 9.15M | -4.26M |
| Pretax Margin % | 2.01% | 2.07% | 1.61% | 1.75% | -1.37% | -22.61% | 2.87% | 1.16% | -0.65% |
| Income Tax | 17.71M | 14.21M | 10.83M | 7.99M | -6.52M | -27.86M | -7.44M | 1.21M | -76K |
| Effective Tax Rate % | 39.27% | 32.35% | 38.84% | 27.54% | 35.07% | 12.75% | -31.71% | 13.19% | 1.78% |
| Net Income | 21.76M | 22.92M | 14.38M | 23.08M | -8.59M | -188.23M | 31.24M | 8.24M | -3.04M |
| Net Margin % | 0.97% | 1.08% | 0.83% | 1.39% | -0.63% | -19.48% | 3.82% | 1.05% | -0.46% |
| Net Income Growth % | 39.32% | 59.33% | -37.67% | 368.83% | 95.44% | -702.45% | 278.99% | 370.83% | - |
| Net Income (Continuing) | 27.39M | 29.73M | 17.04M | 21.03M | -12.06M | -190.65M | 30.9M | 7.95M | -4.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 52.84B | 53.73M | 48.26M | 45.95M | 19.95M | 23.31M | -3.1M | -2.76M | -2.46M |
| EPS (Diluted) | 0.17 | 0.18 | 0.11 | 0.19 | -0.08 | -1.77 | 0.30 | 0.08 | -0.03 |
| EPS Growth % | 34.46% | 63.64% | -42.11% | 344.85% | 95.62% | -690% | 284.62% | 363.51% | - |
| EPS (Basic) | - | 0.19 | 0.12 | 0.20 | -0.08 | -1.77 | 0.30 | 0.08 | -0.03 |
| Diluted Shares Outstanding | 130.88M | 128.89M | 125.61M | 124.69M | 110.7M | 107.84M | 105.71M | 105.71M | 102.79M |
| Basic Shares Outstanding | 124.15M | 122.18M | 119.4M | 116.73M | 110.7M | 107.84M | 105.71M | 105.71M | 102.79M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Regulatory reimbursement model shifts
As indicated by the most recent quarterly filings, PRVA achieved a 25.8% year-over-year revenue growth rate in 2026Q1, marking a significant acceleration from the low single-digit growth observed throughout the 2024 fiscal year as the company successfully expanded its implemented provider base across core markets.
The recent revenue surge suggests that the company's land-and-expand strategy is gaining traction, effectively converting its provider network into a more productive revenue engine. Investors should monitor whether this growth is driven by organic provider additions or if it relies on increasingly complex, higher-risk contract structures that may introduce future volatility.
According to the provided income statement data, PRVA maintains a structurally thin gross margin profile, which hovered around 9.4% in 2026Q1, reflecting the inherent pass-through nature of its clinical delivery costs and the heavy reliance on variable care coordination expenses within its current operating model.
The persistent sub-10% gross margin suggests that the company lacks significant pricing power in its current fee-for-service and shared-savings mix. Unless the company can shift a larger proportion of its attributed lives into high-upside capitated contracts, margin expansion will likely remain elusive despite top-line growth.
Based on financial statements, PRVA's operating margin of 1.2% in 2026Q1 demonstrates that corporate overhead continues to scale alongside revenue, failing to show the meaningful operating leverage typically expected from a mature technology-enabled services platform as it attempts to manage its expanding provider network.
The lack of significant margin expansion suggests that the company's administrative and care-coordination costs are highly variable rather than fixed. This implies that each additional dollar of revenue requires a proportional increase in human capital, which may limit the company's ability to achieve significant bottom-line profitability in the near term.
As reported in historical filings, PRVA's net income has been periodically impacted by significant stock-based compensation charges, such as the $18.8 million recorded in 2025Q2, which obscures the underlying cash-generating capability of the core business and complicates the assessment of true operational profitability for shareholders.
The volatility in quarterly net income, exacerbated by these non-cash charges and the lumpy nature of shared-savings recognition, warrants caution when evaluating the company's earnings quality. Investors should focus on normalized metrics to determine if the business is generating sustainable economic value or merely accounting-driven performance.
Quick answers to the most common questions about buying PRVA stock.
For fiscal year 2025, Privia Health Group, Inc. (PRVA) reported total revenue of $2.12B. This represents a 222.8% increase compared to $657.6M in 2018.
Privia Health Group, Inc. (PRVA) is profitable, generating $22.9M in net income for the fiscal year ending 2025 with a net profit margin of 1.1%.
Privia Health Group, Inc. (PRVA) reported an operating income of $34.2M, resulting in an operating profit margin of 1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Privia Health Group, Inc. (PRVA) generated $209.4M in gross profit for the year, representing a gross profit margin of 9.9%. This demonstrates the company's core pricing power and production efficiency.