Privia Health Q4 Collections Rise 9.6% to $868.7M, EBITDA Jumps 26.4%
Privia Health’s Q4 practice collections rose 9.6% year over year to $868.7 million while adjusted EBITDA climbed 26.4% to $31.5 million, boosting care margin by 390 basis points to 27%. In 2025 the company grew implemented providers by 591 to 5,380 and expanded attributed lives 23% to 1.54 million.
1. Q4 Financial Performance
In Q4, practice collections increased 9.6% year over year to $868.7 million, while adjusted EBITDA rose 26.4% to $31.5 million. Care margin expanded 390 basis points to 27%, driven by implemented provider growth, solid value-based performance and elevated ambulatory utilization.
2. Full-Year 2025 Growth Metrics
For full-year 2025, implemented providers grew 12.3%, adding 591 to reach 5,380, and value-based attributed lives rose 22.7% to 1.54 million. Practice collections climbed 16.9% to $3.47 billion, adjusted EBITDA increased 38.8% to $125.5 million, free cash flow conversion was 130%, and cash ended at $480 million. The acquisition of Evolent Health’s ACO business added over 120,000 attributed lives and expanded the footprint to 24 states and DC.
3. 2026 Guidance and Strategic Focus
Management forecasts implemented providers to reach 5,950 (+10.6%), attributed lives to hit ~1.58 million, practice collections to grow 6.6%, care margin to expand 13%, and adjusted EBITDA to rise 19.5% to about $150 million in 2026, with ~80% free cash flow conversion and cash of ~$600 million. Strategic priorities include AI integration across clinical workflows, optimizing ambulatory utilization, pursuing risk-based contracting and disciplined M&A for growth.