Privia Health Group, Inc. (PRVA) FY2025 10-K Annual Report
Privia Health Group, Inc. (PRVA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Privia Health Group, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: technology-driven physician enablement platform combining regional medical group partnership with provider autonomy, focused on value-based care (VBC) and provider workflow optimization
- • New emphasis: expansion of Privia Women’s Health and Pediatrics platforms and growth in virtual health services (4.7M virtual visits by 1.5M patients in 2025)
- • Strategic shift: accelerated transition of markets from fee-for-service (FFS) to value-based care, increasing attributed risk lives and emphasizing direct contracting with payers and employers
- • Quantitative highlights: 5,380 Privia Providers across 1,300+ locations serving 5.8M patients; 10 ACOs serving 298,000 Medicare beneficiaries in 2025, with $233.1M shared savings in 2024 (32% YoY increase)
- • Noteworthy: Privia achieved per capita cost savings 8%-35% below median MSSP and FFS Medicare benchmarks, reflecting strong cost control in government programs
Management Discussion & Analysis
- • Operating lease expense $3.2M in 2025 vs $2.8M in 2024 and $2.7M in 2023
- • Administrative service rebates $3.5M in 2025, $1.8M in 2024, $2.7M in 2023
- • No off-balance sheet obligations as of December 31, 2025
- • Revenue recognition based on FFS-patient care, administrative services, and VBC contracts including capitation, shared savings, and PMPM models
- • No specific YoY revenue or margin % changes disclosed; forward guidance or emerging risks not provided in this section
Risk Factors
- • Cybersecurity incident risk with potential to compromise patient and business data, cause operational disruption, and trigger costly remediation and liability
- • Board-level oversight of cybersecurity risks involving CISO with 15+ years health IT leadership, ensuring monthly updates to executive leadership
- • Operational risk from reliance on third-party vendors and complex multi-tiered access controls managed by a dedicated Third Party Access Committee
- • Potential reputational and legal harm from failure to manage evolving cybersecurity threat landscape through active Cybersecurity Incident Response Team
- • No disclosed financial leverage, market disruption, geopolitical, or specific regulatory risks in this section
Privia Health Group, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$2.1B
▲ +22.3% YoY
Net Income
$23M
▲ +59.3% YoY
Operating Margin
1.6%
▲ +63bp YoY
Net Margin
1.1%
▲ +25bp YoY
ROE
3.1%
▲ +84bp YoY
Total Assets
$1.4B
▲ +20.6% YoY
EPS (Diluted)
$0.18
▲ +63.6% YoY
Operating Cash Flow
$163M
▲ +49.5% YoY
Source: XBRL data from Privia Health Group, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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