Privia Health Group, Inc.

In Q2 2026, practice collections increased 12.4% year over year to $970 million. Adjusted EBITDA rose 29% to $37.4 million, representing 28.3% of care margin and a 310 basis point improvement year over year. For the first half of 2026, practice collections increased 13.4% to $1.88 billion, care margin rose 18.3%, and adjusted EBITDA grew 32.5% to $74.1 million. The company ended the quarter with more than $412 million in cash and no debt. For 2026, management raised outlooks for attributed lives, practice collections, GAAP revenue, care margin platform contribution, and EBITDA; implemented provider guidance was unchanged, and the midpoint implies adding 570 providers, or 10.6% growth over 2025. Management also said it expects 70% to 80% of full-year adjusted EBITDA to convert to free cash flow, excluding business development and assuming a significant portion of 2025 shared savings cash is received by year-end.

Parth Mehrotra said the business is executing at a high level, with strong new provider signings that give visibility through 2026 and into next year. He emphasized growth in implemented providers and attributed lives, margin expansion, and the company’s ability to expand into new states like New Jersey while building a national primary-care-centric network. He also reiterated confidence in AI as a long-term lever for productivity and margin expansion, saying Privia aims to keep scaling toward the high end of its long-term care-margin target range.

David Mountcastle highlighted Q2 practice collections of $970 million, adjusted EBITDA of $37.4 million, and first-half adjusted EBITDA of $74.1 million. He said the company finished the quarter with more than $412 million in cash and no debt, and that as a full cash taxpayer it expects 70% to 80% of full-year adjusted EBITDA to convert to free cash flow. He also noted CMS’s proposed MSSP changes could delay 2025 reconciliation cash into November and create an atypical year-end cash flow pattern, but said accrual impact is minimal and the balance sheet provides significant flexibility.

Analysts focused on the CMS shared-savings payment delay, the updated margin targets, the implied second-half slowdown in practice collections, and AI spend. Management said the CMS delay is not a major concern, that it is typically just a 30 to 45 day timing shift, and that the proposed MSSP changes are generally positive. On margins and AI, management said the business is already near 30% EBITDA-to-care-margin, expects further accretion over the next few years, and is using AI across corporate, fee-for-service, value-based, and patient-care workflows to improve efficiency rather than simply increase spend. Management also characterized the second-half collections guide as prudently conservative and said there is no notable change in utilization trends or acuity mix.