Privia Health Group (PRVA) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Privia Health published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Privia Health reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Privia Health reports in thousands. Figures here are in millions to one decimal; the segment rows are the revenue types in its 10-Q revenue note.
• Privia Health's year-ago adjusted net income was updated to conform with current year presentation.

Source: Privia Health Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Privia Health splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Privia Health's FFS-patient care revenue was $433 million in Q3 2026, up 23% from $353 million in Q3 2025, 66% of total revenue.
• Privia Health's FFS-administrative services revenue was $34.7 million in Q3 2026, up 3% from $33.6 million in Q3 2025, 5% of total revenue.
• Privia Health's Capitated revenue revenue was $99.5 million in Q3 2026, up 9% from $90.9 million in Q3 2025, 15% of total revenue.
• Privia Health's Shared savings revenue was $68.8 million in Q3 2026, down 14% from $80.0 million in Q3 2025, 10% of total revenue.
• Privia Health's Care management fees (PMPM) revenue was $19.4 million in Q3 2026, down 8% from $21.0 million in Q3 2025, 3% of total revenue.
• Privia Health's Other revenue revenue was $1.4 million in Q3 2026, down 39% from $2.3 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The release gives the updated full-year 2026 ranges in a table: GAAP revenue of $2,500 million to $2,550 million and Adjusted EBITDA of $154 million to $157 million, against initial guidance of $2,350 million to $2,450 million and $145 million to $155 million.

In its Q3 2026 release, Privia Health said:

“Full-Year 2026 Guidance Raised to Above High End for All Key Financial Metrics”

“Expect approximately 70% of Adjusted EBITDA to convert to free cash flow in full-year 2026, including the American Choice Healthcare transaction and assuming the 2025 MSSP cash settlement and related provider disbursements occur before year end based on current accruals”

“Guidance does not assume any new business development activity”

Source: Privia Health Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PRVA forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS attributable to Privia Health Group, each as first reported in that quarter's release.

We do not hold a confirmed date for Privia Health's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Privia Health's revenue was $657.0 million in Q3 2026, up 13.2% from $580.4 million. Most of it is billed patient care: FFS-patient care revenue was $433.1 million, 65.9% of the total, against 60.7% a year earlier. FFS-administrative services, the fee Privia earns as a percentage of collections at medical groups it does not own, was $34.7 million. (Privia Health Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026; Privia Health Form 10-Q, quarter ended September 30, 2026, Nov 5, 2026)

The rest is value-based care (VBC) revenue: capitated revenue of $99.5 million from Medicare Advantage attributed beneficiaries, shared savings of $68.8 million and care management fees (PMPM) of $19.4 million. Shared savings fell by $11.2 million, which Privia put down primarily to the timing of certain shared savings accruals and settlements, while capitated revenue rose by $8.6 million on more attributed lives in capitated arrangements. (Privia Health Form 10-Q, quarter ended September 30, 2026, Nov 5, 2026)

Privia Health said FFS-patient care revenue rose by $80.5 million, primarily because of new providers and higher visit volume. Implemented providers reached 5,893, up from 5,250, and value-based care attributed lives reached 1,676,000, up from 1,406,000. Commercial insurers paid about 71% of patient care revenue in the quarter, government payers 15% and patients 14%. (Privia Health Form 10-Q, quarter ended September 30, 2026, Nov 5, 2026; Privia Health Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Privia Health passes most of its revenue on to providers. Provider expense, the payments to physicians and practices and the medical claims costs on at-risk capitated contracts, was $518.9 million of the $657.0 million of revenue in Q3 2026. Privia's own measures of what is left are Care Margin, $138.1 million, and Platform Contribution, $73.9 million. It operates in one reportable segment. (Privia Health Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026; Privia Health Form 10-K, year ended December 31, 2025, Feb 27, 2026)

Privia Health's GAAP diluted EPS was $0.10 in Q3 2026, against $0.05 a year earlier, on net income attributable to the company of $13.5 million, against $6.9 million. Its non-GAAP adjusted net income per diluted share was $0.21, against $0.19. (Privia Health Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Stock-based compensation is the largest adjustment. To reach adjusted net income of $28.0 million Privia Health adds back $14.0 million of stock-based compensation, $3.4 million of intangible amortization and $2.5 million of other expenses such as employer taxes on equity vesting and severance, then deducts a $5.4 million tax effect at a 27% statutory blended rate. (Privia Health Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Privia Health's provision for income taxes was $7.7 million, against $6.9 million, which the 10-Q attributes primarily to tax impacts of stock option exercises and restricted stock unit vesting. Diluted weighted average shares rose to 132,709,953 from 128,776,684. Privia had $446.3 million of cash and no debt at September 30, 2026. (Privia Health Form 10-Q, quarter ended September 30, 2026, Nov 5, 2026; Privia Health Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Privia Health gives full-year guidance in its releases. On November 5, 2026 it raised its 2026 GAAP revenue range to $2,500 - 2,550 million from initial guidance of $2,350 million to $2,450 million, and its Adjusted EBITDA range to $154 - 157 million. It expects approximately 70% of Adjusted EBITDA to convert to free cash flow, and the guidance assumes no new business development activity. (Privia Health Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Two changes take effect in January 2027. Privia Health bought the American Choice Healthcare MSSP accountable care organization from Cano Health for approximately $36 million, adding more than 36,000 attributed lives from January 1, 2027, and it is ending its Montana partnership with Surgery Partners, which covers 69 providers and approximately $23 million of annual Practice Collections. (Privia Health Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Privia Health, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Privia Health's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PRVA is on is PRVA a buy or a sell?, what analysts expect next is on the PRVA forecast, and what the company does is on the Privia Health Group (PRVA) stock page.

Every number on this page can be traced to a document Privia Health published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.