Healthcare tech company Privia Health Group (NASDAQ: PRVA) reported Q1 CY2026 results beating Wall Street’s revenue expectations, with sales up 25.8% year on year to $603.8 million. The company expects the full year’s revenue to be around $2.4 billion, close to analysts’ estimates. Its non-GAAP profit of $0.19 per share was 24.1% below analysts’ consensus estimates.
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Privia Health (PRVA) Q1 CY2026 Highlights:
- Revenue: $603.8 million vs analyst estimates of $562 million (25.8% year-on-year growth, 7.4% beat)
- Adjusted EPS: $0.19 vs analyst expectations of $0.25 (24.1% miss)
- Adjusted EBITDA: $36.69 million vs analyst estimates of $34.31 million (6.1% margin, 6.9% beat)
- The company reconfirmed its revenue guidance for the full year of $2.4 billion at the midpoint
- EBITDA guidance for the full year is $150 million at the midpoint, in line with analyst expectations
- Operating Margin: 1.2%, in line with the same quarter last year
- Free Cash Flow was -$49.47 million compared to -$24.06 million in the same quarter last year
- Sales Volumes rose 13.6% year on year (11.7% in the same quarter last year)
- Market Capitalization: $3.01 billion
Company Overview
Operating in 13 states and the District of Columbia with over 4,300 providers serving more than 4.8 million patients, Privia Health (NASDAQ: PRVA) is a technology-driven company that helps physicians optimize their practices, improve patient experiences, and transition to value-based care models.
Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Any business can have short-term success, but a top-tier one grows for years. Luckily, Privia Health’s sales grew at an excellent 22.4% compounded annual growth rate over the last five years. Its growth beat the average healthcare company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within healthcare, a half-decade historical view may miss recent innovations or disruptive industry trends. Privia Health’s annualized revenue growth of 15.4% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. 
Privia Health also reports its number of implemented providers, which reached 5,535 in the latest quarter. Over the last two years, Privia Health’s implemented providers averaged 12.6% year-on-year growth. Because this number is lower than its sales growth, we can see the company’s underlying demand increased. 
This quarter, Privia Health reported robust year-on-year revenue growth of 25.8%, and its $603.8 million of revenue topped Wall Street estimates by 7.4%.
Looking ahead, sell-side analysts expect revenue to grow 8.8% over the next 12 months, a deceleration versus the last two years. Still, this projection is noteworthy and indicates the market sees success for its products and services.
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Adjusted Operating Margin
Privia Health was profitable over the last five years but held back by its large cost base. Its average adjusted operating margin of 4.8% was weak for a healthcare business.
On the plus side, Privia Health’s adjusted operating margin rose by 1.5 percentage points over the last five years, as its sales growth gave it operating leverage. The company’s two-year trajectory shows its performance was mostly driven by its recent improvements.
This quarter, Privia Health generated an adjusted operating margin profit margin of 4.9%, in line with the same quarter last year. This indicates the company’s overall cost structure has been relatively stable.
Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
Privia Health’s full-year EPS flipped from negative to positive over the last four years. This is encouraging and shows it’s at a critical moment in its life.
In Q1, Privia Health reported adjusted EPS of $0.19, down from $0.22 in the same quarter last year. This print missed analysts’ estimates, but we care more about long-term adjusted EPS growth than short-term movements. Over the next 12 months, Wall Street expects Privia Health’s full-year EPS of $0.97 to grow 11.5%.
Key Takeaways from Privia Health’s Q1 Results
We were impressed by how significantly Privia Health blew past analysts’ revenue expectations this quarter. On the other hand, its EPS missed. Looking ahead, the company reaffirmed previously-provided full-year revenue guidance and provided EBITDA guidance that is in line with expectations. Zooming out, we think this was a mixed quarter. The stock remained flat at $23.99 immediately after reporting.
So should you invest in Privia Health right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
