Short answer
Privia Health Group, Inc. (PRVA) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $2.1B (+22.3% year over year) and net income of $23M.
- Top risk flagged: Cybersecurity incident risk with potential to compromise patient and business data, cause operational disruption, and trigger costly remediation and liability
FY2025 key financial metrics · XBRL
- Revenue
- $2.1B
- +22.3% YoY
- Net income
- $23M
- +59.3% YoY
- Operating margin
- 1.6%
- +0.6 pp YoY
- EPS (diluted)
- $0.18
- +63.6% YoY
- ROE
- 3.1%
- +0.8 pp YoY
- Operating cash flow
- $163M
- +49.5% YoY
Source: XBRL data from the Privia Health Group, Inc. (PRVA) FY2025 10-K on SEC EDGAR. USD.
Privia Health Group, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
Generated from the filing text; verify against the original. How to read a 10-K
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