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Business Combinations - Schedule of Unaudited Pro Forma Total Revenues of Combined Entity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
2025 Acquisitions
Business Combination [Line Items]
Pro forma combined entity total revenue	$ 2,311,149	$ 1,970,772

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

Organization

Privia Health Group, Inc. (“Privia Health”, “Privia”, “we”, “our” or the “Company”) is a technology-driven, national physician-enablement company that collaborates with physician practices, health plans, and health systems to achieve the quadruple aim of better outcomes, lower costs, improved patient experience, and greater provider engagement and satisfaction. The Company pursues the quadruple aim by entering markets and organizing existing physicians and non-physician clinicians into a unique practice model that combines the advantages of a partnership in a large regional medical group (each, a “Medical Group”) with significant provider autonomy for physicians (collectively, “Privia Physicians”) and non-physician clinicians (collectively, “Privia Clinicians” and, together with the Privia Physicians, the “Privia Providers”) joining the Company’s Medical Groups.

As of December 31, 2025, Privia operated in sixteen markets: 1) the Mid-Atlantic Region (states of Virginia, Maryland and the District of Columbia); 2) Georgia; 3) Gulf Coast Region (Houston-San Antonio-Austin, Texas); 4) North Texas (Dallas/Fort Worth, Texas); 5) West Texas (Abilene, Texas); 6) Florida; 7) Tennessee 8) California; 9) Montana; 10) Ohio; 11) North Carolina; 12) Connecticut; 13) Washington state; 14) South Carolina; 15) Indiana; and 16) Arizona.

Under our Privia Medical Group model, Privia Physicians join the Medical Group in their geographic market as an owner of the Medical Group. We own a majority interest in certain of our Medical Groups (each, an “Owned Medical Group”), with Privia Physicians collectively owning a minority interest, and we own no interest in certain other Medical Groups for which we provide services through a management agreement (each, a “Non-Owned Medical Group”). In those markets in which state regulations prohibit us from owning Medical Groups, the Non-Owned Medical Groups may be owned by the Privia Physicians or owned indirectly through a professional entity (a “Nominee PC”) by a licensed physician holding a Privia leadership position (such physician leader, a “Nominee Physician”, and each such Non-Owned Medical Group owned in this manner, a “Friendly Medical Group”). In those markets where we partner with health systems, our health system partner owns a majority interest in the Non-Owned Medical Groups, with Privia Physicians owning a minority interest. Privia Physicians furnish healthcare services through our Medical Groups and continue to own their historical practice entities (“Affiliated Practices”), which provide certain services to the Medical Groups, such as use of space, non-physician staffing, equipment and supplies. Privia Physicians typically enter into a physician member services agreement (“PMSA”) with a medical group, which requires the Privia Physician to provide healthcare services through and on behalf of the medical group, and the Medical Group enters into a Support Services Agreement (“SSA”) with the Affiliated Practice to provide those certain services to the Medical Group.

In some instances, we also move into and expand in new and existing markets through our Privia Care Partners model, which offers an affiliation model to providers who are looking solely for value-based care (“VBC”) solutions. For those practices, we furnish population health services, reporting and analytics, in addition to certain management services.

The Company does not own any Affiliated Practice, and does not bear risk of loss related to the Affiliated Practices which are typically owned by certain Privia Physicians. As of the reporting date, the Company has Friendly Medical Groups in Tennessee, West Texas, Washington state, South Carolina and Indiana. The Company has entered into a restriction agreement with each of its Nominee Physicians and their respective Nominee PCs, which grant the Company, among other rights, the ability to direct the transfer of each Nominee PC’s ownership rights in the Friendly Medical Groups to other licensed physicians. We consolidate Owned Medical Groups and Friendly Medical Groups into our financial statements, while we do not consolidate Non-Owned Medical Groups. For further information on Non-Owned Medical Groups and Friendly Medical Groups, please refer to “Variable Interest Entities”.

The Company also provides management services through local management services organizations (each, an “MSO”) to the Medical Groups through a Management Services Agreement (“MSA”) in each market. The Company owns 100% of all MSOs, except seven where the Company holds a majority ownership interest.

We derive our revenues from the following three principal sources: (i) FFS-patient care revenue from the provision of healthcare services to patients through Privia Providers of Owned Medical Groups and Friendly Medical Groups, in addition to management and administrative services earned for administrative services provided to Non-Owned Medical Groups (“FFS-administrative services”), (ii) VBC revenue collected on behalf of our Privia Providers in the form of (a) capitated revenue and (b) management and administrative fees, which primarily consist of shared savings, including quality bonuses, and per member per month (“PMPM”) care management fees, as well as (iii) other revenue from additional services offered to Privia Providers or directly to patients or employers, including ancillary services such as clinical lab, pharmacy and imaging services. The operations of our Owned Medical Groups, owned Accountable Care Organizations (“ACO”), owned MSOs and Friendly Medical Groups are reflected within our consolidated financial results.

Basis of Presentation

The consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its subsidiaries. Amounts shown on the consolidated statements of operations

within the operating expense categories of provider expense, cost of platform, selling and marketing, and general and administrative are recorded exclusive of depreciation and amortization.

All significant intercompany transactions are eliminated in consolidation.

Variable Interest Entities

Management evaluates the Company’s ownership, contractual, and other interests to determine if the Company holds a variable interest in a variable interest entity (“VIE”). These evaluations are complex, involve judgment, including the use of estimates and assumptions based on available historical information, among other factors. If the Company determines that an entity in which it holds a contractual or ownership interest is a VIE and that the Company is the primary beneficiary, the Company consolidates such entity in its consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Management periodically reassesses whether changes in the facts and circumstances regarding the Company’s involvement with a VIE, or other arrangements, result in a change to the consolidation conclusion. Any such changes in consolidation status are applied prospectively.

The Company evaluates its relationship with (a) Non-Owned Medical Groups and their Affiliated Practices, (b) Friendly Medical Groups and their Affiliated Practices, (c) Affiliated Practices associated with Owned Medical Groups and (d) Owned Medical Groups it forms or acquires, to determine if any of these entities should be consolidated into the Company’s financial statements. The Company does not have an ownership interest in any Affiliated Practices (whether those of Owned Medical Groups, Non-Owned Medical Groups or Friendly Medical Groups); nor does the Company have an ownership interest in Non-Owned Medical Groups or Friendly Medical Groups. The PMSA and SSA entered into by Non-Owned Medical Groups and Friendly Medical Groups with their Privia Physician members and the Affiliated Practices are not contractual relationships within Privia’s legal structure. The only contractual relationship between Privia and Non-Owned Medical Groups is established through the MSA. For Friendly Medical Groups, in addition to the MSA, the Company has a contractual relationship, evidenced by a restriction agreement (each a “Restriction Agreement”) with its Nominee Physicians and their respective Nominee PCs. Management has determined, based on the provisions of the MSAs between the Company and Non-Owned Medical Groups, and after considering the requirements of Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”), that the Company is not required to consolidate the financial position or results of operations of (i) Affiliated Practices associated with Owned Medical Groups; (ii) Non-Owned Medical Groups or, (iii) Affiliated Practices of a Non-Owned Medical Group. However, management has determined, based on the provisions of the Restriction Agreement by and among the Company, the Nominee Physicians and their respective Nominee PCs, the governing documents of the Friendly Medical Groups, and after considering the requirements of ASC 810, that the Company should consolidate the financial position and results of operations of the Friendly Medical Groups and the Nominee PCs, but not the Affiliated Practices of the Friendly Medical Groups.

ASC 810 requires the Company to consolidate the financial position, results of operations and cash flows of a Non-Owned Medical Group affiliated by means of a service agreement if the Non-Owned Medical Group is a VIE and the Company is its primary beneficiary. A Non-Owned Medical Group would be considered a VIE if (a) it is thinly capitalized (i.e., the equity is not sufficient to fund the Non-Owned Medical Group’s activities without additional subordinated financial support) or (b) the equity holders of the Non-Owned Medical Group as a group have one of the following four characteristics: (i) lack the power to direct the activities that most significantly affect the Non-Owned Medical Group’s economic performance, (ii) possess non-substantive voting rights, (iii) lack the obligation to absorb the Non-Owned Medical Group’s expected losses, or (iv) lack the right to receive the Non-Owned Medical Group’s expected residual returns.

The characteristics of both (a) and (b) do not exist and as such the Non-Owned Medical Groups do not represent VIEs. Accordingly, the Company has not consolidated the financial position, results of operations or cash flows of the Non-Owned Medical Groups that are affiliated with the Company by means of a service agreement for the years ended December 31, 2025, 2024, and 2023. Each time the Company enters into a new service agreement, or enters into a material amendment to an existing service agreement, with a Medical Group, the Company considers whether the terms of that agreement or amendment would change the elements it considers in accordance with the VIE guidance. Management performed this analysis for Affiliated Practices of Owned Medical Groups, which have contractual relationships with Privia through the SSA, and determined these entities do not represent VIEs pursuant to ASC 810 criteria and therefore are not consolidated.

The Company, however, does meet the criteria for consolidation of the Owned Medical Groups, Nominee PCs and the Friendly Medical Groups based on ASC 810 criteria.

Privia Medical Group – West Texas, PLLC, (“PMG West Texas”) is a physician-owned Medical Group, with PMG West Texas Holdings, PLLC (“Friendly WTX PC”), a Texas professional limited liability company wholly owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG West Texas. The Company has a contractual relationship with Friendly WTX PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and, as such, PMG West Texas and Friendly WTX PC do represent VIEs and are consolidated as they do meet the criteria in ASC 810.

Privia Medical Group Tennessee, PLLC (“PMG-TN”) is a physician-owned Medical Group, with PMG-TN Physicians, PLLC (“Friendly TN PC”), a Tennessee professional limited liability company wholly owned by a Nominee Physician, owning majority membership interests therein and having governance and control rights via the governing documents of PMG-TN. Again, the same analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and, as such, PMG-TN and Friendly TN PC do represent VIEs as they do meet the criteria in ASC 810.

Privia Medical Group Washington, PLLC, (“PMG WA”) is a physician-owned Medical Group, with PMG Washington Holdings, PLLC (“Friendly WA PC”), a Washington professional limited liability company wholly owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG WA. The Company has a contractual relationship with Friendly WA PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and, as such, PMG WA and Friendly WA PC do represent VIEs and are consolidated as they do meet the criteria in ASC 810.

Privia Medical Group South Carolina, LLC, (“PMG SC”) is a physician-owned Medical Group, with PMG South Carolina Holdings, PLLC (“Friendly SC PC”), a South Carolina professional limited liability company wholly owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG SC. The Company has a contractual relationship with Friendly SC PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and, as such, PMG SC and Friendly SC PC represent VIEs and are consolidated as they meet the criteria in ASC 810.

Privia Medical Group Indiana, LLC, (“PMG IN”) is a physician-owned Medical Group, with PMG Holdings Indiana, LLC, (“Friendly IN PC”), an Indiana professional limited liability company wholly owned by a Nominee Physician, owning majority membership interests and having governance and control rights via the governing documents of PMG IN. The Company has a contractual relationship with Friendly IN PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (i), (ii) and (iv) and, as such, PMG IN and Friendly IN PC represent VIEs and are consolidated as they meet the criteria in ASC 810.

Privia Medical Group Arizona, PLLC ("PMG-AZ") is an Owned Medical Group, with the Company owning a majority of the membership interests and having governance and control rights through the governing documents of PMG-AZ. The VIE analysis was performed, and the Company determined that characteristic (a) exists, and, as such, PMG-AZ does represent a VIE and is consolidated as it does meet the criteria in ASC 810.

The aggregated carrying value of the VIE assets and liabilities included in the consolidated balance sheets after elimination of intercompany transactions and balances each were $18.9 million and $12.1 million as of December 31, 2025 and 2024, respectively. Total revenues and operating expenses were each $215.5 million, $104.5 million, and $61.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an on-going basis, management evaluates its significant estimates and assumptions, including, but not limited to, revenue recognition, stock-based compensation, estimated useful lives of assets, intangible assets subject to amortization, the fair value of assets acquired and liabilities assumed in business combinations, and the provision for income taxes. These estimates are based on historical experience, current conditions, and other assumptions that management believes are reasonable under the circumstances. Actual results could differ from those estimates. Estimates and assumptions are reviewed and updated as new information becomes available, additional experience is gained, future events occur, or the Company’s operating environment changes.

Operating Segments

In accordance with ASC 280, Segment Reporting (“ASC 280”) the Company has determined that it operates in a single operating segment, and accordingly, reports one reportable segment – Privia Health Group, Inc. Refer to Note 16. “Segment Financial Information” for additional information regarding the Company’s services.

Cash and Cash Equivalents

The Company considers all unrestricted, liquid financial instruments purchased with original maturity dates of three months or less to be cash equivalents. Cash equivalents are stated at cost which approximates fair value.

Accounts Receivable

Substantially all of the Company’s accounts receivable arise from the provision of health care services to patients, the costs of which are primarily paid by federal and state governmental authorities or commercial insurance companies. Accounts receivable are recorded at the amount of consideration the Company expects to receive in exchange for providing healthcare services to patients, which is

estimated using historical reimbursement rates and management’s analysis of prior collection experience, including expected contractual and other adjustments.

Accounts receivable are written off when they are deemed uncollectible due to circumstances that affect the ability of third-party payers or self-pay patients to remit payments. While write-offs have historically been within management’s expectations and the related allowances established, future write-offs may differ from historical experience, and could result in material differences between actual results and the Company’s recorded allowances.

Unearned Revenue

The Company records unearned revenue, which is a contract liability, when payment is received prior to the Company’s obligated performance of the related services.

Property and Equipment, Net

Property and equipment consist of furniture and fixtures, leasehold improvements, and computer hardware and software. Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the related assets. The estimated useful life of leasehold improvements is the lesser of the lease term or useful life of the asset, while other property and equipment are depreciated over estimated useful lives, generally ranging from three to seven years.

Business Combinations

Accounting for business combinations requires the allocation of the fair value of the purchase consideration to the identifiable tangible and intangible assets acquired, and liabilities assumed based on their estimated fair values, which are determined primarily using income-based valuation methods. The excess of the fair value of the purchase consideration over the fair values of these identifiable net assets acquired is recorded as goodwill. These valuations require the use of significant estimates and assumptions, particularly with respect to intangible assets. Significant assumptions used in valuing intangible assets include, but are not limited to, projected revenue growth rates and attrition, medical claims expense, cost of care, operating expenses, discount rates, contract terms and the estimated useful lives of the acquired assets.

The Company’s estimates of fair value are based on assumptions management believes to be reasonable; however, such assumptions are inherently uncertain and unpredictable and, as a result, actual results may differ from those estimates. The allocation of purchase consideration to identifiable assets acquired and liabilities assumed affects the Company’s amortization expense, as acquired finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived intangible assets, including goodwill, are not amortized. During the measurement period, which does not exceed one year from the acquisition date, the Company may record adjustments to the amounts initially recorded with a corresponding offset to goodwill. Upon conclusion of the measurement period, any subsequent adjustments are recognized in earnings.

During the years ended December 31, 2025, and 2024, the Company completed several acquisitions to strengthen its market position in existing markets and to expand into new markets. The consideration paid in each acquisition was determined through arm’s-length negotiations. Each acquisition was accounted for using the acquisition method pursuant to the requirements of Financial Accounting Standards Board (“FASB”) ASC Topic 805, Business Combinations (“ASC 805”). The results of operations of the acquisitions have been included in the Company’s consolidated financial statements since their respective acquisition date. For additional information, refer to Note 3. “Business Combinations.”

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors considered in determining whether an impairment review is required include significant underperformance in relation to expectations, adverse industry or economic trends and significant changes or planned changes in the manner in which the assets are used. If an impairment review is performed, the Company assesses recoverability by comparing the carrying value of the long-lived asset group to the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the long-lived asset group. If the carrying amount exceeds the undiscounted future cash flows, an impairment loss is recognized. The impairment loss is based on the excess of the carrying value of the impaired asset group over its fair value, determined using discounted cash flows. The Company did not record any impairment losses on long-lived assets during the years ended December 31, 2025, 2024, or 2023.

Goodwill

Goodwill represents the excess of the purchase price, plus the fair value of any non-controlling interests in the acquiree, over the fair value of identifiable net assets acquired. The Company performs a qualitative assessment on goodwill at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. If the qualitative assessment indicates that the fair value of a reporting unit is more likely than not below its carrying amount, the Company performs a quantitative impairment test. The quantitative goodwill impairment test compares the fair value of the reporting unit with its carrying amount. Any excess of the carrying value over the fair value is recognized as an impairment loss, limited to the total amount of

goodwill allocated to that reporting unit. The Company has a single reporting unit and accordingly performs a single assessment of goodwill.

For the years ended December 31, 2025, 2024, and 2023, there was no impairment loss related to goodwill. For additional information, refer to Note 4. “Goodwill and Intangible Assets, Net.”

Intangible Assets, net

Definite-lived intangible assets represent the estimated fair value of identifiable intangible assets acquired. These assets are amortized using the straight-line method over their estimated useful lives as follows:


Trade names			20 years
Consumer customer relationships			10 - 24 years

Management Service Agreement			16 years
Physician network			10 - 15 years
Payer contracts			10 - 22 years
MSO Service Agreements			21 years

The Company evaluates its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is assessed by comparing the carrying amount of the asset to the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the asset. If the carrying amount exceeds the undiscounted future cash flows, the asset is written down to its fair value, which is determined based on estimated discounted future cash flows. In performing this assessment, management considers, among other factors, current operating results, forecast, the manner in which the intangible assets are used, and the effects of obsolescence, demand, competition, and other economic factors. Based on these assessments, no impairment loss was recorded for the years ended December 31, 2025, 2024, and 2023. For additional information, refer to Note 4. “Goodwill and Intangible Assets, Net.”

Debt Issuance Costs

Debt issuance costs represent costs incurred in connection with the issuance of debt. When debt is outstanding, these costs are recorded as a direct reduction of the related debt. When no debt is outstanding, debt issuance costs are recorded as an asset. Debt issuance costs are amortized over the term of the arrangement using the effective interest method and included in interest expense in the accompanying consolidated statements of operations.

Revenue Recognition

The Company derives revenues from the following three sources: (i) FFS revenue, (ii) VBC revenue and (iii) other revenue from additional services offered by Privia to its Privia Providers or directly to patients or employers. To determine revenue recognition for arrangements that are within the scope of Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company applies the following five-step model:

i.Identify the contract(s) with a customer;

ii.Identify the performance obligations in the contract;

iii.Determine the transaction price;

iv.Allocate the transaction price to the performance obligations in the contract; and

v.Recognize revenue as the entity satisfies a performance obligation.

FFS Revenue

FFS-patient care

The Company’s FFS-patient care revenue is primarily generated from the provision of healthcare services to patients. The provision of medical services represents a single performance obligation under the Company’s third-party payer arrangements, and accordingly, the transaction price is allocated entirely to that performance obligation. Revenue is recognized as services are rendered and approved by Privia Providers, which typically occurs on the same day the services are provided. Payment for services are received from third-party payers and, in certain cases, from patients who are insured but are financially responsible for a portion of the services through co-payments, coinsurance, or deductibles. Patients without health insurance are generally required to pay for services in full.

FFS-patient care revenue is reported net of contractual allowances from third-party payers and patients. The Company has certain agreements with third-party payers that provide for reimbursement at amounts different from the Company’s standard billing rates. The differences between the estimated reimbursement rates and the standard billing rates are recorded as contractual adjustments, and are deducted from gross revenue to arrive at FFS-patient care revenue. The Company estimates implicit price concessions based on historical collection experience by patient class using a portfolio approach as a practical expedient rather than estimating individually.

The financial statement effects of applying this practical expedient are not materially different from those that would result from an individual contract approach. Subsequent changes in estimates of the transaction price including those determined on a portfolio basis when applicable are generally recorded as adjustments to revenue in the period in which the change occurs. For the years ended December 31, 2025, 2024, and 2023, changes in the Company’s estimates of implicit price concessions, contractual adjustments, and expected payments for performance obligations satisfied in prior periods were not significant.

With respect to fee-for-service (“FFS”) patient care revenue generated by Owned Medical Groups and Friendly Medical Groups, the Company evaluated whether it acts as a principal or an agent under ASC 606, given that healthcare services are furnished by Privia Providers rather than employees of the Medical Groups. ASC 606-10-55-37A states that an entity is a principal if it obtains control of a right to a service to be performed by another party, which provides the entity with the ability to direct that party to perform the service on the entity’s behalf. The Owned Medical Groups, which are majority-owned and controlled by the Company, own the contractual relationships with the patients and the third-party payers, and they direct Privia Providers to perform healthcare services on the Company’s behalf. Although the Company is prohibited by law from interfering in the physician-patient relationship or making clinical care decisions, the Company’s Owned Medical Groups are responsible for the fulfillment of healthcare services to patients. Further, the Company employs Chief Medical Officers and Medical Directors who provide clinical oversight and direction over the clinical affairs of the Owned Medical Groups. Owned Medical Groups provide the care coordination activities, patient outreach and education activities, and set quality standards for Privia Providers. The Company verifies that Privia Providers have the proper qualifications (e.g., correct licenses, certificates, etc.) for the Company’s Owned Medical Groups, for the Company and as a delegate on behalf of certain third-party payers. In addition to overseeing health care services, Owned Medical Groups are primarily responsible for delivering services to patients and retain discretion in establishing pricing through agreements with patients and their insurance payers. The Owned Medical Groups also negotiate and enter into provider agreements with third-party payer insurance companies, which define the respective obligations of Owned Medical Groups and the third-party payers including reimbursement rates for all services provided.

In assessing who is the principal in providing the patient care services, the Company considered who controls the provision of patient care services. Based on the Company’s oversight of Owned Medical Groups (including setting the expectations for the Owned Medical Group’s patients and the commercial payers’ expectations of the Owned Medical Groups) and the contractual relationships with patients and their third-party payers, the Company concluded it is the principal in these arrangements.

FFS-administrative services

The Company’s FFS-administrative services business provides administration and management services pursuant to MSAs with Non-Owned Medical Groups. The MSAs with the Non-Owned Medical Groups range from 5 – 20 years in duration and outline the terms and conditions of the administration and management services to be provided, including revenue cycle management services such as billings and collections, as well as other services, including, but not limited to, payer contracting, information technology services, accounting and treasury services.

Under certain MSAs, the Company is compensated for administrative services equal to the cost of providing specified services, including a fixed margin, if applicable. While the margin is fixed, the cost of providing services may fluctuate over the life of the contract. In other MSAs, the Company is paid a fixed percentage of net collections though the net collections may vary over time.

Each MSA constitutes a single performance obligation to provide a series of administration and management services over the contract period. The Company has determined that each Non-Owned Medical Group receives the services daily and has concluded that an output method is appropriate for recognizing administrative services fee revenue.

Administrative fee revenue is reported at the amount that reflects the consideration to which the Company expects to be entitled in exchange for the provision of administration and management services to the Non-Owned Medical Groups. Certain MSAs include provisions for rebates to customers if specified conditions are met. The Company estimates the transaction price for such variable consideration using the most likely amount method and includes these amounts in the net transaction price to the extent that it is probable that a significant reversal will not occur when the uncertainty is resolved. FFS-administrative services revenue is reduced by the amount of any rebates earned by customers. Rebates of $3.5 million, $1.8 million, and $2.7 million were recorded for the years ended December 31, 2025, 2024, and 2023, respectively.

VBC Revenue

The Company’s VBC business consists of its clinically integrated networks and ACOs which bring together independent physician practices within the Company medical groups to share data, improve care coordination, and collaborate on initiatives designed to improve outcomes and reduce healthcare spending. The Company has multi-year contracts with the U.S. federal government and large payer organizations typically ranging from three to five years. Payments under these contracts are made in the following forms: (1) capitated revenue, (2) shared savings, and (3) care management fees on a per member per month basis.

Capitated Revenue

Capitated revenue represents fees earned under contracts with various Medicare Advantage payers (“Payers”) in at-risk capitation arrangements. Under these arrangements, the Company is entitled to monthly fees for the provision of a defined range of healthcare

services for Medicare Advantage health plan members (“attributed beneficiaries” or “attributed lives”) assigned to the Company’s contracted physicians, typically primary care providers. Monthly fees are calculated as a percentage of the premium Payers receive from the Centers for Medicare & Medicaid Services (“CMS”) for these attributed beneficiaries. In at-risk arrangements, the Company generally accepts financial risk for beneficiaries attributed to its contracted physicians and, is responsible for the cost of contracted healthcare services required by those beneficiaries in accordance with the terms of the agreement. Fees are recorded gross in revenue because the Company is acting as a principal in coordinating and controlling the range of services provided (other than clinical decisions) under its capitation contracts. Capitated contracts are generally multi-year arrangements and contain a single performance obligation representing the stand-ready obligation to provide all necessary medical care to members over the contract period. Revenue is recognized in the month during which each eligible beneficiary is entitled to receive healthcare benefits.

The capitation contract transaction price is a fixed percentage of premium per attributed life subject to periodic adjustment under CMS’s risk adjustment payment methodology. CMS determines premiums based on each attributed life’s health status and certain demographic factors, using diagnosis data submitted by both the Company and healthcare providers. The Company estimates adjustments to capitated revenue using the most likely amount methodology and includes in revenue only to the extent that it is probable that a significant reversal of cumulative revenue will not occur once any uncertainty is resolved. Capitated revenue is also subject to adjustments for incentives or penalties tied to the achievement of quality metrics defined in the Company’s contracts. Incentive revenue is recognized using the most likely amount methodology and only to the extent that it is probable that a significant reversal of cumulative revenue will not occur once the uncertainty is resolved.

Neither the Company nor any of its affiliates are a registered insurance company, as state law in the states in which the Company operates do not require such registration for risk bearing providers.

Shared Savings

Under shared savings arrangements, the Company may earn financial incentives for increasing accountability over the cost, quality and efficiency of the care provided to attributed members. Incentive payments are earned when, for a given twelve-month measurement period, the Company meets or exceeds quality and utilization standards established by the payer and achieves savings on medical costs for the population of attributed members. To determine the amount of shared savings payments, payers evaluate the Company’s performance during the measurement period using agreed-upon benchmarks, metrics and performance criteria.

The Company estimates the transaction price by analyzing performance during the relevant time period in connection with the contractually defined benchmarks, metrics, performance criteria, inflation trends, risk adjustment factors, attribution criteria and other factors. Revenue is recognized only when the price can be reasonably estimated and it is probable that a significant reversal will not occur once any uncertainty associated with the variable consideration is subsequently resolved. Shared savings revenue is recorded in the period under which the underlying services are provided during the pre-set twelve-month measurement period.

Care management

Under PMPM arrangements, the Company is paid a per member per month rate for each covered individual attributed by the payer to the Company (“attributed members”). Revenue is recognized in the month for which the PMPM rate applies and for which the member was attributed. The PMPM rate is based on a predetermined monthly contractual rate for each attributed member regardless of the volume of care coordination services provided under the contracts with the payers. The PMPM rate varies based on payer and product. Contingent PMPM amounts are not recognized into revenue until such contingency is resolved.

Revenue is reported at the amount that reflects the consideration to which the Company expects to be entitled in exchange for the provision of care coordination services to its population of attributed members. The Company’s contracts with payers have a single performance obligation that consists of a series of services for the provision of care coordination services for the population of attributed members for the duration of the contract. The transaction price for the contracts is variable, as it is primarily based on a PMPM rate on monthly attributed membership, which can fluctuate over the life of the contract.

The majority of the Company’s net PMPM transaction price relates specifically to the transfer of services for a distinct increment of the series and is recognized as revenue in the month in which attributed members are entitled to receive care coordination services.

Other Revenue

The remainder of the Company’s revenue is derived from leveraging the Company’s existing base of providers and patients to deliver value-oriented services including concierge services, virtual visits, virtual scribes and coding, clinical trials, behavioral health management, and partnerships with self-insured employers to offer direct primary care to their employees.

Fair Value of Financial Instruments

The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, other receivables and assets, accounts payable, and debt. The Company considers the carrying values of cash and cash equivalents, accounts receivable, other receivables, accounts payable, debt to related parties and debt to be indicative of their respective fair values. The carrying amount for debt approximates fair value which is defined as the price that would be received to sell an asset or paid to transfer a liability in an

orderly transaction between market participants at the measurement date. A three level hierarchy for fair value measurements is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date, defined as follows:

Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments are classified as Level 1 assets and liabilities, as their fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities.

Non-Controlling Interest

Non-controlling interest represents equity ownership that is not attributable to the Company. The consolidated financial statements include the assets, liabilities, revenues, and expenses of subsidiaries in which the Company has a controlling financial interest, including Privia Management Services Organization, LLC, Privia Management Company Montana, LLC, BASS Privia Management Company of California, LLC, Privia Management Company West Texas, LLC, Privia Management Company North Carolina, LLC, Privia Management Company of Ohio, LLC, Privia Services Company Connecticut, LLC, Privia Quality Network Connecticut, LLC, Privia Quality Network Delaware, LLC, our Owned Medical Groups, and Friendly Medical Groups. Net income attributable to non-controlling interests is separately presented in the consolidated statements of operations.

Income Taxes

The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, Income Taxes (“ASC 740”). Under ASC 740, the Company follows the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Should the Company determine that it is more likely than not that some portion or all of its deferred tax assets will not be realized, a valuation allowance to the deferred tax assets would be established in the period such determination was made. State corporate taxes were calculated based on a blended rate calculated based on the Company’s allocation and apportionment to the states. Calculation under the blended rate does not result in a material difference.

ASC 740 requires an entity to recognize the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. If the tax position meets the more likely than not recognition threshold, the tax effect is recognized at the largest amount of the benefit that has greater than a fifty percent likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance for classification, interest and penalties, accounting in interim periods, disclosure, and transition. ASC 740 requires that a liability created for unrecognized tax benefits be presented as a separate liability and not combined with deferred tax liabilities or assets.

At December 31, 2025, and 2024, the Company believes it has appropriately accounted for any unrecognized tax benefits. To the extent the Company prevails in matters for which a liability for an unrecognized tax benefit is established or is required to pay amounts in excess of the liability, the Company’s effective tax rate in a given financial statement period may be affected. As there are no uncertain tax positions, the Company does not have any accrued interest or penalties associated with any unrecognized tax benefits. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and in various state jurisdictions. As of December 31, 2025, the periods subject to examination by the Company’s major jurisdictions (federal and various states) are generally for the years December 31, 2020 through December 31, 2024.

Provider Liability

Provider liability represents amounts payable to physicians, hospitals and other ancillary providers, including Privia Physicians, their related practices, as well as providers contracted through the Company’s payer arrangements. These liabilities include amounts not yet paid for physician guaranteed payments and other required distributions pursuant to the service agreements as well as medical claim costs for services provided to attributed beneficiaries for which the Company is financially responsible under at-risk capitated revenue arrangements whether paid directly by the Company or indirectly by payers with whom the Company has contracted.

Leases

The Company evaluates whether a contract is or contains a lease at the inception of the contract. Upon lease commencement, defined as the date on which a lessor makes the underlying asset available to the Company for use, the Company classifies the lease as either an operating or finance lease. The Company’s leases primarily consist of operating leases for office space in certain states in which the Company operates. The Company also has operating leases for equipment, which are not significant.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are measured at the present value of the remaining, fixed lease payments at lease commencement. The Company uses its incremental borrowing rate based on the information available at the later date of adoption, inception, or modification in determining the present value of lease payments. Right-of-use assets are measured at an amount equal to the initial lease liability, plus any prepaid lease payments (less any incentives received) and initial direct costs, at the lease commencement date. The Company has elected to account for lease and non-lease components as a single lease component for its facility leases. As a result, the fixed payments that would otherwise be allocated to the non-lease components are accounted for as lease payments and are included in the measurement of the Company’s right-of-use asset and lease liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term and included in general and administrative expense within the accompanying consolidated statements of operations.

The Company does not recognize a lease liability or right-of-use asset within its consolidated balance sheets for short-term leases defined as a lease, that at its commencement date, has a term of 12 months or less and does not include a purchase option that the lessee is reasonably certain of exercise. Instead, short-term lease payments are recognized into expense on a straight-line basis over the lease term. When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases.

Provider Expense

Provider expense represents amounts accrued or payments made to physicians, hospitals and other service providers, including Privia Physicians, their related physician practices, and providers with whom the Company has contracted through payer partners. Those costs include physician guaranteed payments and other required distributions pursuant to the service agreements as well as medical claims costs for services provided to attributed beneficiaries under at-risk capitated revenue arrangements for which the Company is financially responsible whether paid directly by the Company or indirectly by payers with whom the Company has contracted. Provider expense is recognized in the period in which services are provided.

Cost of Platform

Cost of platform represents direct costs incurred to provide services to Privia Physicians and their practices. These costs include third-party electronic medical records and practice management software expenses, employee-related expenses, including salaries, employee benefits costs, stock-based compensation, consulting expenses, travel expenses and technology related costs for the team. Cost of platform excludes depreciation and amortization expense. Third-party electronic medical records and practice management software expenses are paid on a percentage of revenue basis, while employee-related expenses are variable based on the number of employees used to service the Company’s implemented physicians.

Sales and Marketing

Sales and marketing expense consists primarily of employee-related expenses, including salaries, stock-based compensation, commissions, and employee benefits for personnel engaged in marketing, sales, community outreach, and sales support. These expenses reflect the costs of both field-based and corporate sales and marketing teams. Sales and marketing expenses also include travel expenses and central and community-based advertising to drive awareness, engagement, and retention among current and prospective patients as well as the infrastructure required to support the Company’s marketing initiatives.

General and Administrative

Corporate, general and administrative expense includes employee-related expenses, including salaries, benefits and stock-based compensation, as well as expenses related to technology infrastructure, operations, clinical and quality support, finance, legal, human resources, and development departments. Additionally, general and administrative expense includes all corporate technology and occupancy costs.

Stock-Based Compensation

The Company accounts for share-based compensation in accordance with the provisions of ASC 718, Compensation–Stock Compensation (“ASC 718”), which requires the issuer to recognize compensation expense for all share-based payments made to employees based on the fair value of the share-based payment at the grant date. The Company estimates the fair value of stock options granted to employees and contractors using the Black-Scholes option-pricing model. Option valuation models require several inputs, such as the expected stock price volatility, the fair value of the stock, the risk free rate, the expected term of the award and the

dividend yield. The Company records share-based compensation forfeitures as a reversal of previously recognized compensation expense as the forfeitures occur. For additional information, refer to Note 11. “Stockholders’ Equity.”

The Company issues certain Performance Stock Unit (“PSU”) awards that vest upon satisfaction of specified service conditions, performance-based conditions, and/or market conditions. For some awards, the performance metrics have been identified; however, certain targets have not yet been established. For the awards with performance-based conditions where the target will be fully established at a future date, the Company has determined that the service inception date precedes the grant date for these awards as (a) the awards were authorized prior to establishing an accounting grant date, (b) the recipients began providing services prior to the grant date, and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the awards. As the service inception date precedes the accounting grant date, stock-based compensation expense is recognized over the requisite service period based on the estimated fair value at each reporting date. For awards that are solely based on employment and the achievement of certain market performance metric targets, which have already been determined, the fair value of the PSUs is determined on the grant date using a Monte Carlo valuation model. Stock-based compensation expense for these awards is fixed and is recognized on a straight-line basis over the requisite service period.

Net Income per Share Attributable to Common Stockholders

Basic net income per share attributable to common stockholders is calculated by dividing the net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period.

Diluted net income per share attributable to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, including the effect of dilutive common stock equivalents, determined using the treasury stock method. Dilutive securities are excluded from diluted earnings per share in periods in which their inclusion would be antidilutive.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes - Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments require (i) enhanced disclosures in connection with an entity's effective tax rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. The amendment is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 for the annual period ending December 31, 2025 on a prospective basis. See Note 10. “Income Taxes” for the related disclosures.

Recently Issued Accounting Pronouncements Pending Adoption

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (“DISE”) (“ASU 2024-03”). The amendments require disclosures about the nature of expenses included in the income statement, such as purchases of inventory, employee compensation and depreciation. The amendment is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of ASU 2024-03 on its financial statements and related disclosures.

In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in a Variable-Interest Entity. The amendment clarifies the guidance when an entity involved in an acquisition transaction effected primarily by exchanging equity interests and the legal acquiree is a VIE that meets the definition of a business. Entities must identify the accounting acquirer using the factors in ASC 805-10-55-12 through 55-15, rather than relying solely on the VIE consolidation model. The amendment is effective for annual reporting periods beginning after December 15, 2026, including interim periods within the fiscal years and applied prospectively to acquisitions after the adoption date. The Company is currently evaluating the impact of this standard on its financial statements and related disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets. The amendment is effective for annual reporting periods beginning after December 15, 2025, including interim periods within the fiscal years and applied prospectively after the adoption date. The Company does not expect ASU 2025-05 to have a material impact on its financial statements and related disclosures.

Stockholders’ Equity - Schedule of RSU and PSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units (RSUs)
Number of Shares
Beginning balance (in shares)	4,142,275	2,947,102	2,404,664
Granted (in shares)	2,223,500	2,203,174	1,161,301
Vested (in shares)	(2,318,016)	(815,637)	(425,076)
Forfeited (in shares)	(200,576)	(192,364)	(193,787)
Ending balance (in shares)	3,847,183	4,142,275	2,947,102
Grant Date Fair Value
Beginning balance (in dollars per share)	$ 23.73	$ 25.18	$ 23.81
Granted (in dollars per share)	24.85	22.55	27.50
Vested (in dollars per share)	23.67	25.69	24.11
Forfeited (in dollars per share)	24.23	23.85	24.43
Ending balance (in dollars per share)	$ 24.39	$ 23.73	$ 25.18
Performance Stock Units (PSUs)
Number of Shares
Beginning balance (in shares)	1,637,681	776,029	0
Granted (in shares)	826,270	904,960	781,132
Vested (in shares)	0	(15,735)	0
Forfeited (in shares)	(20,620)	(27,573)	(5,103)
Ending balance (in shares)	2,443,331	1,637,681	776,029
Grant Date Fair Value
Beginning balance (in dollars per share)	$ 27.02	$ 31.94	$ 0
Granted (in dollars per share)	25.21	22.92	31.91
Vested (in dollars per share)	0	29.93	0
Forfeited (in dollars per share)	27.07	29.05	27.61
Ending balance (in dollars per share)	$ 26.41	$ 27.02	$ 31.94

Concentrations of Credit Risk - Schedules of Concentration of Risk (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%
Payer A \| Revenue
Concentration Risk [Line Items]
Concentration risk percentage	28.00%	26.00%	23.00%
Payer A \| Financing Receivable
Concentration Risk [Line Items]
Concentration risk percentage	43.00%	46.00%
Payer B \| Revenue
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	17.00%	16.00%
Payer B \| Financing Receivable
Concentration Risk [Line Items]
Concentration risk percentage	19.00%	19.00%
Payer C \| Revenue
Concentration Risk [Line Items]
Concentration risk percentage	16.00%	15.00%	15.00%
Payer C \| Financing Receivable
Concentration Risk [Line Items]
Concentration risk percentage	12.00%	14.00%
Payer D \| Revenue
Concentration Risk [Line Items]
Concentration risk percentage			10.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
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-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 20
-Subparagraph (b)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

A summary of the Company’s property and equipment, net is as follows:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Furniture and fixtures	$	1,402	$	1,402
Computer equipment	1,686		1,686
Leasehold improvements	4,960		4,960
	8,048		8,048
Less accumulated depreciation and amortization	(7,544)		(6,806)
Property and equipment, net	$	504	$	1,242

Depreciation and amortization expense for property and equipment was approximately $0.7 million, $1.1 million and $1.2 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Income Taxes - Schedule of Deferred Tax Assets And Liabilities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Net operating loss carryforwards	$ 6,896,000	$ 11,537,000
Stock compensation	21,099,000	22,994,000
Lease liability	2,506,000	1,774,000
Other accruals	0	73,000
Total gross tax assets	30,501,000	36,378,000
Less: valuation allowance	0	0
Total deferred tax assets	30,501,000	36,378,000
Deferred tax liabilities
Fixed and intangible assets	(24,482,000)	(8,698,000)
Right-of-use assets	(2,219,000)	(1,297,000)
Other	(1,526,000)	0
Total deferred tax liabilities	(28,227,000)	(9,995,000)
Deferred tax assets, net	$ 2,274,000	$ 26,383,000

Net Income Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share

A reconciliation of net income available to common stockholders and the number of shares in the calculation of basic and diluted earnings income per share was calculated as follows:


	For the Years Ended December 31,
(in thousands, except for share and per share amounts)	2025		2024		2023
Net income attributable to Privia Health Group, Inc. common stockholders	$	22,919	$	14,385	$	23,079
Weighted average common shares outstanding - basic	122,176,587		119,402,749		116,731,406

Weighted average common share outstanding - diluted	128,889,836		125,614,171		124,686,067
Earnings per share attributable to Privia Health Group, Inc. common stockholders – basic	$	0.19	$	0.12	$	0.20
Earnings per share attributable to Privia Health Group, Inc. common stockholders – diluted	$	0.18	$	0.11	$	0.19

Below are the weighted-average diluted shares outstanding that were excluded from the computation of diluted loss per share attributable to common stockholders for the period presented because they were anti-dilutive:


	For the Years Ended December 31,
	2025	2024	2023
Weighted-average antidilutive shares outstanding	2,717,690	6,614,649	3,648,907

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Mar. 02, 2023 provider $ / shares shares	Apr. 06, 2021 shares	Apr. 30, 2021 shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)				1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)				123,604,576	120,309,346
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01			$ 0.01	$ 0.01
Share based payment expense \| $				$ 71,068	$ 56,680	$ 37,098
Unrecognized share-based compensation expense \| $				$ 86,200
Weighted-average period for recognition (in years)				1 year
Total intrinsic value of options exercised \| $				$ 15,300
Total fair value of shares vested \| $				$ 7,600
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target period (in years)				3 years
Minimum \| Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target (as percent)				0.00%
Maximum \| Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target (as percent)				200.00%
Novant Health, Inc \| Equity Alignment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity alignment agreement will renew period (in years)	4 years
Award percentage of total common stock issued and outstanding	19.90%
Agreement Condition One \| Equity Alignment Agreement \| Affiliated Entity \| Privia Medical Group Tennessee, PLLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of providers \| provider	1,000
Agreement Condition One \| Novant Health, Inc \| Equity Alignment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)	745,712
Agreement Condition Two \| Novant Health, Inc \| Equity Alignment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)	372,856
Agreement Condition Three \| Equity Alignment Agreement \| Affiliated Entity \| Privia Medical Group Tennessee, PLLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of providers \| provider	1,000
Agreement Condition Three \| Novant Health, Inc \| Equity Alignment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)	745,712
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)		10,278,581
Award percentage increase		5.00%
Number of shares authorized (in shares)				22,215,088
Options grant price percent of fair market value of company stock price (at least)		100.00%
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			10,278,581
Award percentage of total common stock issued and outstanding (up to)			1.00%
Common stock, shares issued (in shares)			1,027,858	0

Organization and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) market company segment reporting_unit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of markets in which entity operates \| market	16
MSO, ownership percentage (as percent)	100.00%
Number of MSOs where the company is at least the majority owner \| company	7
Current assets	$ 911,001	$ 834,823
Current liabilities	568,520	449,146
Total revenues	2,122,842	1,736,390	$ 1,657,737
Total operating expenses	$ 2,088,607	1,719,408	1,637,088
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Number of reporting unit \| reporting_unit	1
Administrative Services
Subsidiary, Sale of Stock [Line Items]
Total revenues	$ 3,500	1,800	2,700
Minimum
Subsidiary, Sale of Stock [Line Items]
Estimated useful life (in years)	3 years
Minimum \| Management Services Agreements
Subsidiary, Sale of Stock [Line Items]
Revenue, period of recognition (in years)	5 years
Minimum \| Government Contracts
Subsidiary, Sale of Stock [Line Items]
Revenue, period of recognition (in years)	3 years
Maximum
Subsidiary, Sale of Stock [Line Items]
Estimated useful life (in years)	7 years
Maximum \| Management Services Agreements
Subsidiary, Sale of Stock [Line Items]
Revenue, period of recognition (in years)	20 years
Maximum \| Government Contracts
Subsidiary, Sale of Stock [Line Items]
Revenue, period of recognition (in years)	5 years
Variable Interest Entity, Primary Beneficiary \| PMG West Texas And PMG-TN
Subsidiary, Sale of Stock [Line Items]
Current assets	$ 18,900	12,100
Current liabilities	18,900	12,100
Total revenues	215,500	104,500	61,100
Total operating expenses	$ 215,500	$ 104,500	$ 61,100

Business Combinations - Narrative (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
	Apr. 08, 2025	Dec. 31, 2025	Dec. 31, 2025	Apr. 30, 2025	Nov. 30, 2024
Privia Medical Group Indiana, LLC \| PMG Indiana Holdings, LLC
Business Combination [Line Items]
Ownership percent					51.00%
2025 Acquisitions
Business Combination [Line Items]
Revenue contributed since acquisition date		$ 51.9
PMG AZ
Business Combination [Line Items]
Percentage of voting interests acquired				51.00%
Contingent consideration maximum				$ 25.0
Goodwill, measurement period adjustment			$ 1.7
PMG AZ \| First three years
Business Combination [Line Items]
Contingent payables				10.0
Contingent consideration term (in years)	3 years
PMG AZ \| 2030
Business Combination [Line Items]
Contingent payables				$ 15.0
Evolent Health, Inc
Business Combination [Line Items]
Contingent consideration maximum		13.0	13.0
Contingent payables		$ 2.9	$ 2.9
Privia Medical Group Florida, LLC
Business Combination [Line Items]
Percentage of voting interests acquired		51.00%	51.00%

Leases - Narrative (Details) - Office space	Dec. 31, 2025
Minimum
Lessee, Lease, Description [Line Items]
Lease term (in years)	3 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term (in years)	9 years

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

For the purposes of the goodwill impairment assessment, the Company as a whole is one reporting unit as the Chief Operating Decision Maker (“CODM”) reviews financial results on a consolidated basis. The Company recognizes the excess of the purchase price, plus the fair value of any non-controlling interests in the acquiree, over the fair value of identifiable net assets acquired as goodwill. The Company performs a qualitative assessment on goodwill at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. If it is determined in the qualitative assessment that the fair value of a reporting unit is more likely than not below its carrying amount, then the Company will perform a quantitative impairment test. The quantitative goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. Any excess in the carrying value of a reporting unit’s goodwill over its fair value is recognized as an impairment loss, limited to the total amount of goodwill allocated to that reporting unit. The carrying value of goodwill at December 31, 2025 and 2024 is $209.8 million and $141.6 million, respectively. No indicators of impairment were identified during the years ended December 31, 2025, 2024, and 2023. As of December 31, 2025, there was no accumulated impairment of goodwill.

During January 2024, PMG West Texas Holdings, PLLC, a Nominee PC, acquired a majority ownership interest in an independent physician association in the Gulf Coast Market. The Company, through one of its affiliates, is party to a Restriction Agreement with the Nominee PC. The Company recorded Goodwill of $0.7 million in connection with the acquisition, representing the excess of the purchase price over the fair value of the net assets acquired.

During November 2024, the Company entered into the Indiana market through the acquisition of Privia Medical Group Indiana, LLC (“PMG IN”), whereby Privia acquired majority ownership in PMG IN. The Company recorded Goodwill of $2.2 million in connection with PMG IN, which represents the excess of the purchase price over the fair value of the net assets acquired.

During April 2025, the Company entered into the Arizona market through the acquisition of PMG AZ, whereby Privia acquired a 51% ownership interest in PMG AZ. During the year ended December 31, 2025, the Company recorded Goodwill of $43.8 million in connection with PMG AZ, which represents the excess of the purchase price over the fair value of the net assets acquired.

During December 2025, the Company acquired an ACO business from Evolent Health, Inc. In this connection, the Company recorded Goodwill of $24.4 million, which represents the excess of the purchase price over the fair value of the net assets acquired.

A summary of the Company’s intangible assets is as follows:


	December 31, 2025				December 31, 2024
(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Intangible Assets		Accumulated Amortization
Trade names	$	4,600	$	2,607	$	4,600	$	2,377
Consumer customer relationships	3,100		2,783		3,100		2,758
Management Service Agreement	2,200		1,409		2,200		1,272
Physician network	16,052		2,016		10,902		916
Payer contracts	167,443		9,978		57,313		4,768
MSO Service Agreement	51,800		10,483		51,800		8,017
	245,195		$	29,276	129,915		$	20,108
Less accumulated amortization	(29,276)				(20,108)
Intangible assets, net	$	215,919			$	109,807

The remaining weighted average life of all amortizable intangible assets is approximately 17.5 years at December 31, 2025.

Amortization expense for intangible assets was approximately $9.2 million, $6.2 million and $5.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Remaining estimated amortization expense for the Company’s intangible assets is as follows:


	(Dollars in Thousands)
2026	$	12,541
2027	12,541
2028	12,541
2029	12,541
2030	12,541
Thereafter	153,214
Total	$	215,919

Provider Liability (Tables)

12 Months Ended

Dec. 31, 2025

Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]

Schedule of Liability for Unpaid Medical Claims

Liabilities for unpaid medical claims under at-risk capitation arrangements, included in Provider liability in the accompanying consolidated balance sheets, are as follows:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Balance, beginning of period	$	66,355	$	67,138
Incurred health care costs:
Current year	303,075		208,341
Prior years	(12,617)		964
Total claims incurred	290,458		209,305
Claims paid:
Current year	(232,079)		(157,375)
Prior year	(45,745)		(52,713)
Total claims paid	(277,824)		(210,088)


Balance, end of period	$	78,989	$	66,355

Revenue Recognition - Schedule of Revenues Disaggregated by Source (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 2,122,842	$ 1,736,390	$ 1,657,737
FFS-patient care
Disaggregation of Revenue [Line Items]
Total Revenue	1,360,235	1,146,156	976,688
FFS-administrative services
Disaggregation of Revenue [Line Items]
Total Revenue	137,017	125,431	113,154
Capitated revenue
Disaggregation of Revenue [Line Items]
Total Revenue	308,458	212,987	338,729
Shared savings
Disaggregation of Revenue [Line Items]
Total Revenue	234,815	179,202	170,143
Care management fees (PMPM)
Disaggregation of Revenue [Line Items]
Total Revenue	73,138	64,066	50,519
Other revenue
Disaggregation of Revenue [Line Items]
Total Revenue	$ 9,179	$ 8,548	$ 8,504

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Account Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Accounts payable	$	7,973	$	9,755
Accrued employee compensation and benefits	33,552		26,420
Other accrued expenses	55,279		45,811
Total accounts payable and accrued expenses	$	96,804	$	81,986

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 8,048	$ 8,048
Less accumulated depreciation and amortization	(7,544)	(6,806)
Property and equipment, net	504	1,242
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment gross	1,402	1,402
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment gross	1,686	1,686
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 4,960	$ 4,960

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 29,726	$ 17,044	$ 21,028
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	739	1,104	1,174
Amortization of intangibles	9,168	6,164	5,359
Stock-based compensation	71,068	56,680	37,098
Deferred income taxes	10,871	8,817	7,465
Changes in asset and liabilities:
Accounts receivable, net	(36,668)	(19,824)	(96,877)
Prepaid expenses and other current assets	(1,599)	(8,970)	(6,159)
Other non-current assets and right-of-use assets	(326)	(1,721)	(2,418)
Accounts payable and accrued expenses	14,824	19,905	4,994
Provider liability	65,629	32,942	113,367
Operating lease liabilities	(2,459)	(2,699)	(3,214)
Other long-term liabilities	2,431	(160)	(1,032)
Net cash provided by operating activities	163,404	109,282	80,785
Cash flows from investing activities
Acquisitions, net of cash acquired	(180,370)	(6,957)	(42,858)
Other	(1,200)	(5,021)	(113)
Net cash used in investing activities	(181,570)	(11,978)	(42,971)
Cash flows from financing activities
Repurchase of non-controlling interest	0	0	(5,694)
Proceeds from non-controlling interest	0	1,653	659
Distribution to non-controlling interest	(1,345)	0	0
Proceeds from exercised stock options	8,047	2,681	8,740
Net cash provided by financing activities	6,702	4,334	3,705
Net (decrease) increase in cash and cash equivalents	(11,464)	101,638	41,519
Cash and cash equivalents at beginning of period	491,149	389,511	347,992
Cash and cash equivalents at end of period	479,685	491,149	389,511
Supplemental disclosure of cash flow information:
Interest paid	251	285	40
Income taxes paid, net of refunds	6,639	3,755	1,040
Supplemental disclosure of non-cash operating activities:
Leases liabilities obtained in exchange for right-of-use assets	$ 6,400	$ 0	$ 0

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets


Trade names			20 years
Consumer customer relationships			10 - 24 years

Management Service Agreement			16 years
Physician network			10 - 15 years
Payer contracts			10 - 22 years
MSO Service Agreements			21 years

A summary of the Company’s intangible assets is as follows:


	December 31, 2025				December 31, 2024
(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Intangible Assets		Accumulated Amortization
Trade names	$	4,600	$	2,607	$	4,600	$	2,377
Consumer customer relationships	3,100		2,783		3,100		2,758
Management Service Agreement	2,200		1,409		2,200		1,272
Physician network	16,052		2,016		10,902		916
Payer contracts	167,443		9,978		57,313		4,768
MSO Service Agreement	51,800		10,483		51,800		8,017
	245,195		$	29,276	129,915		$	20,108
Less accumulated amortization	(29,276)				(20,108)
Intangible assets, net	$	215,919			$	109,807

Schedule of Remaining Estimated Amortization Expense

Remaining estimated amortization expense for the Company’s intangible assets is as follows:


	(Dollars in Thousands)
2026	$	12,541
2027	12,541
2028	12,541
2029	12,541
2030	12,541
Thereafter	153,214
Total	$	215,919

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes for years ending December 31, 2025, 2024, and 2023 are as follows:


	December 31,
(Dollars in Thousands)	2025		2024		2023
Current:
Federal	$	1,707	$	1,022	$	—
State and local	1,634		987		528
Total current income tax expense	3,341		2,009		528

Deferred:
Federal	$	9,460	$	7,234	$	6,221
State and local	1,411		1,583		1,244
Total deferred income tax expense	10,871		8,817		7,465
Total income tax expense	$	14,212	$	10,826	$	7,993

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and deferred tax liabilities as of December 31, 2025, and 2024 are as follows:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Deferred tax assets
Net operating loss carryforwards	$	6,896	$	11,537
Stock compensation	21,099		22,994
Lease liability	2,506		1,774
Other accruals	—		73
Total gross tax assets	30,501		36,378
Less: valuation allowance	—		—
Total deferred tax assets	$	30,501	$	36,378

Deferred tax liabilities
Fixed and intangible assets	$	(24,482)	$	(8,698)
Right-of-use assets	(2,219)		(1,297)
Other	(1,526)		—
Total deferred tax liabilities	(28,227)		(9,995)
Deferred tax assets, net	$	2,274	$	26,383

Schedule of Reconciliation of Income Tax

The following is a reconciliation of income tax computed at the U.S. federal statutory income tax rate to the provision for income taxes for the year ended December 31, 2025:


	Dollars		Rate
(Dollars in Thousands)	December 31, 2025
United States federal statutory rate	$	9,227	21.0	%
State and Local income taxes, net of federal income tax effect	2,757		6.3
Nontaxable or nondeductible items
Share-based payment awards	2,867		6.5
Non-controlling interest	(1,430)		(3.3)
Other	330		0.8
Other adjustments	461		1.0
Provision for income taxes	$	14,212	32.3	%

The following is a reconciliation of income tax computed at the U.S. federal statutory income tax rate to the provision for income taxes for the years ended December 31, 2024, and 2023:



	Dollars					Rate
(Dollars in Thousands)		2024		2023			2024		2023
Tax provision computed at federal statutory income tax rate		$	6,041	$	6,094		21.0	%	21.0	%
Stock compensation		3,136		(22)			10.9		(0.1)
State tax expense, net of federal benefit		2,051		2,140			7.1		7.4

Rate change		97		(115)			0.3		(0.4)
Non-controlling interest		(486)		331			(1.7)		1.1
Other		(13)		(435)			—		(1.5)
Provision for income taxes		$	10,826	$	7,993		37.6	%	27.5	%

Schedule of Reconciliation of Income Taxes Paid (Net of Refunds Received)

The following is a reconciliation of the income taxes paid (net of refunds received) for the year ended December 31, 2025:



Jurisdiction	Income Taxes Paid (net of refunds received)
(Dollars in Thousands)
U.S. Federal	$	4,900
States	1,739
Total	$	6,639

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 2,122,842	$ 1,736,390	$ 1,657,737
Operating expenses:
Provider expense	1,660,680	1,332,537	1,298,573
Cost of platform	252,732	227,000	197,663
Sales and marketing	27,136	26,446	24,732
General and administrative	138,152	126,157	109,587
Depreciation and amortization	9,907	7,268	6,533
Total operating expenses	2,088,607	1,719,408	1,637,088
Operating income	34,235	16,982	20,649
Interest income, net	9,703	10,888	8,372
Income before provision for income taxes	43,938	27,870	29,021
Provision for income taxes	14,212	10,826	7,993
Net income	29,726	17,044	21,028
Less: Net income (loss) attributable to non-controlling interests	6,807	2,659	(2,051)
Net income attributable to Privia Health Group, Inc.	$ 22,919	$ 14,385	$ 23,079
Net income per share attributable to Privia Health Group, Inc. stockholders – basic (in dollars per share)	$ 0.19	$ 0.12	$ 0.20
Net income per share attributable to Privia Health Group, Inc. stockholders – diluted (in dollars per share)	$ 0.18	$ 0.11	$ 0.19
Weighted average common shares outstanding - basic (in shares)	122,176,587	119,402,749	116,731,406
Weighted average common shares outstanding – diluted (in shares)	128,889,836	125,614,171	124,686,067

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Preliminary Fair Value of Assets Acquired and Liabilities Assumed and Purchase Price for Acquisitions

The preliminary fair value of the assets acquired and liabilities assumed at the acquisition date are as follows (in thousands):


Cash	$	5,942
Accounts receivable	6,319
Identifiable intangible assets:
Payer contract and physician network intangibles	64,400
Goodwill	43,838
Deferred tax liabilities	(13,238)
Provider liability	(12,261)
Total acquired net assets	$	95,000

Information regarding the net cash paid for the acquisition is as follows (in thousands):


Fair value of assets acquired, net of $5.9 million of cash acquired	$	70,719
Provider liability	(12,261)
Deferred tax assets	(13,238)
Goodwill	43,838
Net cash paid for acquisition	$	89,058

The preliminary fair value of the assets acquired and liabilities assumed at the acquisition date were as follows (in thousands):



Accounts receivable	$	29,515
Identifiable intangible assets:
Payer contract	50,880
Goodwill	24,389
Provider liability	(13,472)
Total acquired net assets	$	91,312

Information regarding the net cash paid for the acquisition is as follows (in thousands):


Fair value of assets acquired	$	80,395
Provider liability	(13,472)
Goodwill	24,389
Net cash paid for acquisition	$	91,312

The purchase price for the acquisitions noted above was allocated as follows:


(Dollars in thousands)	For the Year Ended December 31, 2024
Cash paid, net of cash acquired	$	6,957
Contingent payables	4,250
Total consideration	$	11,207




Payer contract and physician network intangibles	$	8,342



Goodwill	2,865

Total acquired net assets	$	11,207

Schedule of Unaudited Pro Forma Total Revenues of Combined Entity

The following table summarizes the unaudited pro forma total revenues of the combined entity had the date of the acquisition been January 1, 2024:


(unaudited)	For the Twelve Months Ended December 31,
(Dollars in Thousands)		2025		2024
Pro forma combined entity total revenue		$	2,311,149	$	1,970,772

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income taxes for years ending December 31, 2025, 2024, and 2023 are as follows:


	December 31,
(Dollars in Thousands)	2025		2024		2023
Current:
Federal	$	1,707	$	1,022	$	—
State and local	1,634		987		528
Total current income tax expense	3,341		2,009		528

Deferred:
Federal	$	9,460	$	7,234	$	6,221
State and local	1,411		1,583		1,244
Total deferred income tax expense	10,871		8,817		7,465
Total income tax expense	$	14,212	$	10,826	$	7,993

Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and deferred tax liabilities as of December 31, 2025, and 2024 are as follows:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Deferred tax assets
Net operating loss carryforwards	$	6,896	$	11,537
Stock compensation	21,099		22,994
Lease liability	2,506		1,774
Other accruals	—		73
Total gross tax assets	30,501		36,378
Less: valuation allowance	—		—
Total deferred tax assets	$	30,501	$	36,378

Deferred tax liabilities
Fixed and intangible assets	$	(24,482)	$	(8,698)
Right-of-use assets	(2,219)		(1,297)
Other	(1,526)		—
Total deferred tax liabilities	(28,227)		(9,995)
Deferred tax assets, net	$	2,274	$	26,383

For the years ended December 31, 2025, and 2024, the Company completed an assessment of the likelihood of realizing all or some portion of its net deferred tax assets. Based on an analysis of the positive and negative evidence, the Company determined it was more likely than not that the Company will be in a position to realize the benefits of the deferred tax asset as a result of consistent profitability. As such, no valuation allowance was recorded in either year. As of December 31, 2025, the Company has remaining federal and state net operating loss carryforwards of approximately $26.9 million and $24.7 million (post-apportioned state NOL) respectively, that begin to expire in 2035.

The following is a reconciliation of income tax computed at the U.S. federal statutory income tax rate to the provision for income taxes for the year ended December 31, 2025:


	Dollars		Rate
(Dollars in Thousands)	December 31, 2025
United States federal statutory rate	$	9,227	21.0	%
State and Local income taxes, net of federal income tax effect	2,757		6.3
Nontaxable or nondeductible items
Share-based payment awards	2,867		6.5
Non-controlling interest	(1,430)		(3.3)
Other	330		0.8
Other adjustments	461		1.0
Provision for income taxes	$	14,212	32.3	%

The following is a reconciliation of income tax computed at the U.S. federal statutory income tax rate to the provision for income taxes for the years ended December 31, 2024, and 2023:



	Dollars					Rate
(Dollars in Thousands)		2024		2023			2024		2023
Tax provision computed at federal statutory income tax rate		$	6,041	$	6,094		21.0	%	21.0	%
Stock compensation		3,136		(22)			10.9		(0.1)
State tax expense, net of federal benefit		2,051		2,140			7.1		7.4

Rate change		97		(115)			0.3		(0.4)
Non-controlling interest		(486)		331			(1.7)		1.1
Other		(13)		(435)			—		(1.5)
Provision for income taxes		$	10,826	$	7,993		37.6	%	27.5	%

The stock compensation impacting the income tax provision is primarily attributable to stock-based compensation expense that is not deductible under Section 162(m), partially offset by tax deductible stock-based compensation.

The 2020 through 2024 federal and state income tax returns are within the statute of limitations and are currently not under examination by any federal or state tax authority.

The Company assesses the uncertainty in its income tax positions to determine whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals of litigation processes, based on the technical merits of the position. For the tax position meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate settlement with the relevant taxing authority. As of December 31, 2025, and 2024, the Company had not recorded any reserves for uncertain tax positions or related interest and penalties.

The following is a reconciliation of the income taxes paid (net of refunds received) for the year ended December 31, 2025:



Jurisdiction	Income Taxes Paid (net of refunds received)
(Dollars in Thousands)
U.S. Federal	$	4,900
States	1,739
Total	$	6,639

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Stockholders’ Equity - Schedule of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	8,526,910	9,820,754	13,176,721
Granted (in shares)	0	0	0
Exercised (in shares)	(973,513)	(1,259,513)	(3,104,257)
Forfeited (in shares)	(18,732)	(34,331)	(251,710)
Ending balance (in shares)	7,534,665	8,526,910	9,820,754	13,176,721
Number of Shares, Exercisable (in shares)	7,511,216
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 10.03	$ 9.06	$ 7.86
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	8.10	2.08	2.82
Forfeited (in dollars per share)	21.34	24.50	22.78
Ending balance (in dollars per share)	10.26	$ 10.03	$ 9.06	$ 7.86
Weighted-Average Exercise Price, Exercisable (in dollars per share)	$ 10.21
Weighted- Average Remaining Contractual Life (Years)
Weighted-Average Remaining Contractual Life	6 years 3 months 10 days	7 years 2 months 1 day	7 years 10 months 24 days	9 years 7 days
Weighted-Average Remaining Contractual Life, Exercisable	6 years 3 months 10 days
Aggregate Intrinsic Value	$ 102,102	$ 93,074	$ 138,028	$ 197,695
Aggregate Intrinsic Value, Exercisable	$ 102,102

Business Combinations - Schedule of Cash Paid for the Acquisition (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2025	Apr. 30, 2025	Dec. 31, 2024
Business Combination [Line Items]
Goodwill	$ 209,842		$ 141,615
PMG AZ
Business Combination [Line Items]
Fair value of assets acquired		$ 70,719
Provider liability		(12,261)
Deferred tax assets		(13,238)
Goodwill	43,800	43,838
Net cash paid for acquisition		89,058
Cash acquired from acquisition		$ 5,900
Evolent Health, Inc
Business Combination [Line Items]
Fair value of assets acquired	80,395
Provider liability	(13,472)
Goodwill	24,389
Net cash paid for acquisition	$ 91,312

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(15))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Business Combinations - Schedule of Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Apr. 30, 2025	Dec. 31, 2024
Identifiable intangible assets:
Goodwill	$ 209,842		$ 141,615
PMG AZ
Business Combination [Line Items]
Cash		$ 5,942
Accounts receivable		6,319
Identifiable intangible assets:
Goodwill	43,800	43,838
Deferred tax liabilities		(13,238)
Provider liability		(12,261)
Total acquired net assets		95,000
PMG AZ \| Payer contracts
Identifiable intangible assets:
Payer contract and physician network intangibles		$ 64,400
Evolent Health, Inc
Business Combination [Line Items]
Accounts receivable	29,515
Identifiable intangible assets:
Goodwill	24,389
Provider liability	(13,472)
Total acquired net assets	91,312
Evolent Health, Inc \| Payer contracts
Identifiable intangible assets:
Payer contract and physician network intangibles	50,880
PMG IN
Identifiable intangible assets:
Goodwill	$ 2,200		2,865
PMG IN \| Payer contracts
Identifiable intangible assets:
Payer contract and physician network intangibles			$ 8,342

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 479,685	$ 491,149
Accounts receivable, net of allowance for credit losses of $15.4 million and $9.3 million	400,902	316,179
Prepaid expenses and other current assets	30,414	27,495
Total current assets	911,001	834,823
Non-current assets:
Property and equipment, net	504	1,242
Right-of-use assets	8,794	4,828
Intangible assets, net	215,919	109,807
Goodwill	209,842	141,615
Deferred tax asset, net	2,274	26,383
Other non-current assets	21,044	17,085
Total non-current assets	458,377	300,960
Total assets	1,369,378	1,135,783
Current liabilities:
Accounts payable and accrued expenses	96,804	81,986
Provider liability	469,516	364,607
Operating lease liabilities, current	2,200	2,553
Total current liabilities	568,520	449,146
Non-current liabilities:
Operating lease liabilities, non-current	7,331	3,037
Other non-current liabilities	2,584	153
Total non-current liabilities	9,915	3,190
Total liabilities	578,435	452,336
Commitments and contingencies (Note 13.)
Stockholders’ equity:
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 123,604,576 and 120,309,346 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1,236	1,203
Additional paid-in capital	892,291	813,209
Accumulated deficit	(156,310)	(179,229)
Total Privia Health Group, Inc. stockholders’ equity	737,217	635,183
Non-controlling interest	53,726	48,264
Total stockholders’ equity	790,943	683,447
Total liabilities and stockholders’ equity	$ 1,369,378	$ 1,135,783

Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders’ Equity

2021 Omnibus Incentive Plan

On April 6, 2021, the Board approved the 2021 Omnibus Incentive Plan (the “Plan”) which permits awards in respect of up to 10,278,581 shares of Common Stock. The Plan also provides for an automatic increase on the first day of each fiscal year following the effective date of the Plan by an amount equal to the lesser of (i) 5% of outstanding shares on December 31 of the immediately preceding fiscal year or (ii) such number of shares as determined by the Company’s Compensation Committee in its discretion. As of December 31, 2025, the Board has authorized 22,215,088 shares for issuance under the Plan. The Plan provides for the granting of stock options at a price equal to at least 100% of the fair market value of Common Stock as of the date of grant. The Plan also provides for the granting of Stock Appreciation Rights, Restricted Stock, Restricted Stock Units (“RSUs”), PSUs and other cash-based

or other stock-based awards, all of which must be granted at not less than the fair market value of Common Stock as of the date of grant.

Prior to the Company’s initial public offering (“IPO”), the Company granted stock options pursuant to the PH Group Parent Corp. Stock Option Plan (the “PH Parent Option Plan”). The Company no longer issues grants under the PH Parent Option Plan and no shares of Common Stock are reserved for future issuance thereunder.

2021 Employee Stock Purchase Plan

In April 2021, the Board of Directors approved the Company’s 2021 Employee Stock Purchase Plan (“2021 ESPP”). The 2021 ESPP became effective upon the execution of the underwriting agreement for the Company’s IPO in April 2021. Per the 2021 ESPP, shares may be newly issued shares, treasury shares or shares acquired on the open market. The Compensation Committee may elect to increase the total number of shares available for purchase under the 2021 ESPP as of the first day of each Company fiscal year following the effective date of the 2021 ESPP in an amount equal to up to one percent (1%) of the shares issued and outstanding on the immediately preceding December 31; provided that the maximum number of shares that may be issued under the Plan in any event shall be 10,278,581 shares. As of the date of the IPO, the Company has reserved 1,027,858 shares of common stock for issuance under the 2021 ESPP. As of December 31, 2025, no shares have been issued under this plan.

Novant Health Private Placement

On March 2, 2023, the Company entered into a strategic alignment agreement (the “Equity Alignment Agreement”) with ChoiceHealth, Inc. (“Novant Sub”), a subsidiary of Novant Health, Inc. (“Novant Health”), in connection with the strategic partnership between the Company and Novant Health entered into in November 2022 to launch Privia Medical Group — North Carolina.

Pursuant to the Equity Alignment Agreement, Novant Sub will be entitled to receive, and the Company agreed to issue, shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), to Novant Sub any time each of the following events occurs, in the following amounts:

1.The Company will issue 745,712 shares of Common Stock to Novant Sub each time Privia Medical Group — North Carolina implements 1,000 providers in specified markets in North Carolina.

2.The Company will issue 372,856 shares of Common Stock to Novant Sub each time the Company and Novant Health enter a new state pursuant to a mutually agreed business plan developed for such state.

3.The Company will issue 745,712 shares of Common Stock to Novant Sub each time the partnership between the Company and Novant Health for each new state implements 1,000 providers in specified core markets in such state.

The Equity Alignment Agreement will renew every four years, subject to the delivery of a third-party valuation opinion. The renewal will be required to use the same issuance events, but the number of shares may be adjusted to be consistent with the valuation opinion. The total number of shares of Common Stock issuable to Novant Sub under the Equity Alignment Agreement and all renewals of the Equity Alignment Agreement are subject to a total cap equal to 19.9% of the total number of shares of Common Stock outstanding as of the effective date of the Equity Alignment Agreement and as of the effective date of all renewals, whichever is lowest. No shares have been issued to Novant Sub under the Equity Alignment Agreement as of December 31, 2025. A member of the Board is a member of the board of trustees of Novant Health.

Stock option activity

The fair value of stock options issued under the Plan is calculated using a Black-Scholes option pricing model that requires several inputs, including expected stock price volatility, the fair value of the underlying common stock, the risk-free interest rate, expected term of the award and dividend yield. The Company estimated the inputs as follows:

•Volatility is based on the Company’s historical common stock volatility since inception.

•Fair value of common stock is the publicly quoted price on Nasdaq.

•The risk-free interest rate is the implied yield available on U.S. Treasury zero-coupon issues with an equivalent expected term of the option.

•The expected term is the period that the Company’s stock-based awards are expected to be outstanding. The expected term assumption is based on the simplified method in which the expected term is equal to the average of the stock-based award’s weighted-average vesting period and its contractual term. The Company expects to continue using the simplified method until sufficient information about historical behavior is available.

•Dividend yield is zero, as the Company has not declared or paid any cash dividend and does not currently plan to pay a cash dividend in the foreseeable future.

The following table summarizes stock option activity under the PH Parent Option Plan and Plan:


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023	13,176,721	$	7.86	9.02	$	197,695
Granted	—	—
Exercised	(3,104,257)	2.82
Forfeited	(251,710)	22.78
Outstanding at December 31, 2023	9,820,754	$	9.06	7.90	$	138,028
Granted	—	—
Exercised	(1,259,513)	2.08
Forfeited	(34,331)	24.50
Outstanding at December 31, 2024	8,526,910	$	10.03	7.17	$	93,074
Granted	—	—
Exercised	(973,513)	8.10
Forfeited	(18,732)	21.34
Balance at December 31, 2025	7,534,665	$	10.26	6.28	$	102,102
Exercisable at December 31, 2025	7,511,216	$	10.21	6.28	$	102,102

RSU Activity

The following table summarizes the RSU activity under the Plan:


	Number of Shares	Grant Date Fair Value
Outstanding at January 1, 2023	2,404,664	$	23.81
Granted	1,161,301	27.50
Vested	(425,076)	24.11
Forfeited	(193,787)	24.43
Unvested and outstanding at December 31, 2023	2,947,102	$	25.18
Granted	2,203,174	22.55
Vested	(815,637)	25.69
Forfeited	(192,364)	23.85
Unvested and outstanding at December 31, 2024	4,142,275	$	23.73
Granted	2,223,500	24.85
Vested	(2,318,016)	23.67
Forfeited	(200,576)	24.23
Unvested and outstanding at December 31, 2025	3,847,183	$	24.39

PSU Activity

PSUs granted under the Plan generally vest based on the satisfaction of specified service conditions, performance-based conditions, and/or market conditions. PSUs represent a target number of units that may be paid out at zero to 200% of target at the end of a multi-year award cycle, typically three years, subject to continued employment of recipients and the achievement of such performance-based and market conditions. The performance-based conditions are established relative to certain Company-specific financial targets. For PSUs with performance-based conditions where the target will be fully established at a future date, the Company has determined that the service inception date precedes the grant date for these awards as (a) the awards were authorized prior to establishing an accounting grant date, (b) the recipients began providing services prior to the grant date, and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the awards. As the service inception date precedes the accounting grant date, stock-based compensation expense is recognized over the requisite service period based on the estimated fair value at each reporting date. For PSUs that are solely based on employment and the achievement of certain market performance metric targets, which have already been determined, the fair value of the PSUs is determined on the grant date using a Monte Carlo valuation model. Stock-based compensation expense for these awards are fixed and is recognized on a straight-line basis over the requisite service period. At the end of the performance period, the Compensation Committee of the Board of Directors of the Company determines performance against the applicable performance-based conditions and/or market conditions. Generally, PSUs vest upon

the determination by the Compensation Committee of the Board of Directors of the Company of the achievement of applicable performance-based conditions and/or market conditions,, unless subject to earlier vesting, such as upon a Termination without Cause (as defined in the Plan) following a Change-in-Control of the Company (as defined in the Plan). PSUs do not convey voting rights.

The following table summarizes the PSU activity under the Plan:


	Number of Shares	Grant Date Fair Value
Unvested and outstanding at January 1, 2023	—	$	—
Granted	781,132	31.91
Vested	—	—
Forfeited	(5,103)	27.61
Unvested and outstanding at December 31, 2023	776,029	$	31.94
Granted	904,960	22.92
Vested	(15,735)	29.93
Forfeited	(27,573)	29.05
Unvested and outstanding at December 31, 2024	1,637,681	$	27.02
Granted	826,270	25.21
Vested	—	—
Forfeited	(20,620)	27.07
Unvested and outstanding at December 31, 2025	2,443,331	$	26.41

Stock-based compensation expense

Total stock-based compensation expense was approximately $71.1 million, $56.7 million and $37.1 million for the years ended December 31, 2025, 2024, and 2023 respectively. At December 31, 2025, there was approximately $86.2 million of unrecognized stock-based compensation expense related to unvested awards that is expected to be recognized over a weighted-average period of 1.0 year. As of December 31, 2025, the total intrinsic value of options exercised and the total fair value of shares vested for the 2025 period was approximately $15.3 million and $7.6 million, respectively.

Stock-based compensation expense was classified in the consolidated statements of operations as follows:


	For the Years Ended December 31,
(Dollars in Thousands)	2025		2024		2023
Cost of platform	$	25,391	$	18,781	$	11,980
Sales and marketing	5,416		4,097		2,475
General and administrative	40,261		33,802		22,643
Total stock-based compensation	$	71,068	$	56,680	$	37,098

Organization and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

within the operating expense categories of provider expense, cost of platform, selling and marketing, and general and administrative are recorded exclusive of depreciation and amortization.

Consolidation

All significant intercompany transactions are eliminated in consolidation.

Variable Interest Entities

The Company, however, does meet the criteria for consolidation of the Owned Medical Groups, Nominee PCs and the Friendly Medical Groups based on ASC 810 criteria.

Use of Estimates

Operating Segments

Cash and Cash Equivalents

Accounts Receivable

estimated using historical reimbursement rates and management’s analysis of prior collection experience, including expected contractual and other adjustments.

Unearned Revenue, Revenue Recognition and Provider Expense

Unearned Revenue

The Company records unearned revenue, which is a contract liability, when payment is received prior to the Company’s obligated performance of the related services.

Revenue Recognition

i.Identify the contract(s) with a customer;

ii.Identify the performance obligations in the contract;

iii.Determine the transaction price;

iv.Allocate the transaction price to the performance obligations in the contract; and

v.Recognize revenue as the entity satisfies a performance obligation.

FFS Revenue

FFS-patient care

FFS-administrative services

VBC Revenue

Capitated Revenue

Neither the Company nor any of its affiliates are a registered insurance company, as state law in the states in which the Company operates do not require such registration for risk bearing providers.

Shared Savings

Care management

Other Revenue

Provider Expense

Property and Equipment, Net

Business Combinations

Impairment of Long-Lived Assets

Goodwill

goodwill allocated to that reporting unit. The Company has a single reporting unit and accordingly performs a single assessment of goodwill.

Intangible Assets, net


Trade names			20 years
Consumer customer relationships			10 - 24 years

Management Service Agreement			16 years
Physician network			10 - 15 years
Payer contracts			10 - 22 years
MSO Service Agreements			21 years

Debt Issuance Costs

Fair Value of Financial Instruments

Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Non-Controlling Interest

General and Administrative

Stock-Based Compensation

dividend yield. The Company records share-based compensation forfeitures as a reversal of previously recognized compensation expense as the forfeitures occur.

Net Income per Share Attributable to Common Stockholders

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Pending Adoption

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Pending Adoption

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company leases office space under various operating lease agreements. The initial terms of these leases range from 3 to 9 years and generally provide for periodic rent increases and renewal options.

The components of lease expense were as follows:


(Dollars in Thousands)	For the Years Ended December 31,
	2025			2024
Operating lease cost	$	3,157		$	2,772

Cash paid for amounts included in the measurement of lease liabilities - operating leases	$	2,371		$	2,888
Weighted-average remaining lease term - operating leases	4.8 Years			3.1 Years
Weighted-average discount rate - operating leases	3.9		%	2.6		%

The aggregate future lease payments for operating leases in the years subsequent to December 31, 2025 are as follows:


(Dollars in Thousands)
2026	$	2,141
2027	2,196
2028	1,874
2029	1,681
2030	1,646
Thereafter	1,073
Total future lease payments	10,611
Imputed interest	(1,080)
Total	$	9,531

Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Concentrations of Credit Risk

Our financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. While the Company’s cash and cash equivalents are managed by reputable financial institutions, the Company’s cash balances with the individual institutions may at times exceed the federally insured limits. At December 31, 2025, substantially all of the Company’s cash and cash equivalents were held at two major financial institutions.

The following table provides the Company’s revenue concentrations with respect to payers comprising 10% or more of the Company’s total revenues (n/a - indicates balance or activity that is less than 10%):


	For the Years Ended December 31,
(Dollars in Thousands)	2025		2024		2023
Payer A	28	%	26	%	23	%
Payer B	18	%	17	%	16	%
Payer C	16	%	15	%	15	%
Payer D	n/a		n/a		10	%

The following table provides the Company’s concentrations of credit risk with respect to payers comprising 10% or more of the Company’s receivables, net (n/a - indicates balance or activity that is less than 10%):


	For the Years Ended December 31,
(Dollars in Thousands)	2025		2024
Payer A	43	%	46	%
Payer B	19	%	19	%
Payer C	12	%	14	%

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Leases - Schedule of Aggregate Future Lease Payments for Operating Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 2,141
2027	2,196
2028	1,874
2029	1,681
2030	1,646
Thereafter	1,073
Total future lease payments	10,611
Imputed interest	(1,080)
Total	$ 9,531

Provider Liability

12 Months Ended

Dec. 31, 2025

Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]

Provider Liability

Provider liability represents amounts payable to physicians, hospitals and other ancillary providers, including both Privia physicians (and their related physician practices), and providers the Company has contracted with through payer partners. These liabilities include amounts not yet paid for physician guaranteed payments and other required distributions pursuant to the service agreements as well as medical claims costs for services provided to attributed beneficiaries for which the Company is financially responsible under at-risk Capitated revenue arrangements, whether paid directly by the Company or indirectly by payers with whom the Company has contracted. Provider expense is recognized in the period in which services are provided and include estimates of claims that have been incurred but have either not yet been received, processed, or paid and as such, not reported.

The Company’s provider liability balance represents management’s best estimate of its obligation for unpaid provider expenses. Management exercises judgment to determine the assumptions used for developing the required estimates. Provider liability estimates are developed using actuarial methods commonly used by health insurance actuaries that include a number of factors and assumptions including medical service utilization trends, changes in membership, observed medical cost trends, historical claim payment patterns and other factors.

Periodically, the Company re-examines previously established provider liability estimates based on actual claim submissions and other changes in facts and circumstances. The Company adjusts its provider liability estimates as more complete claims information becomes available, recognizing changes in the period in which they are identified. Differences between estimated liabilities and actual claim settlements are recognized in the period the claims are settled.

Liabilities for unpaid medical claims under at-risk capitation arrangements, included in Provider liability in the accompanying consolidated balance sheets, are as follows:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Balance, beginning of period	$	66,355	$	67,138
Incurred health care costs:
Current year	303,075		208,341
Prior years	(12,617)		964
Total claims incurred	290,458		209,305
Claims paid:
Current year	(232,079)		(157,375)
Prior year	(45,745)		(52,713)
Total claims paid	(277,824)		(210,088)


Balance, end of period	$	78,989	$	66,355

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Safe harbor contribution (as percent)	3.00%
Profit sharing contribution (as percent)	1.50%	1.50%	1.40%
Plan contribution	$ 6.0	$ 5.6	$ 4.7

Goodwill and Intangible Assets, Net - Schedule of Remaining Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 12,541
2027	12,541
2028	12,541
2029	12,541
2030	12,541
Thereafter	153,214
Total	$ 215,919	$ 109,807

Debt	12 Months Ended
Debt	Dec. 31, 2025
Debt Disclosure [Abstract]
Debt	Debt On November 16, 2023, Privia Health Group, Inc., PH Group Holdings Corp., and Privia Health, LLC, as borrower, (collectively, the “Privia Parties”) entered into a credit agreement (the “Revolving Credit Agreement”) with Wells Fargo Bank, National Association, as issuing lender, and certain other lenders, with borrowing availability of revolving loans and letters of credit up to $125 million (the “Revolving Credit Facility”). The Revolving Credit Facility is senior secured, expires in November 2028 and bears interest at either i) a base rate, as defined, plus an applicable margin ranging from 0.25% to 0.75%, or ii) Secured Overnight Financing Rate (“SOFR”) plus 0.10%, plus an applicable margin that ranges from 1.25% to 1.75%, depending on the consolidated leverage ratio, as defined. The Revolving Credit Facility includes a commitment fee on the unused Revolving Credit Facility that ranges from 0.20% to 0.30% (0.20% per annum at year end) depending on the consolidated leverage ratio, as defined. The facility generally may be used for capital expenditures, expenses related to transactions and general corporate purposes. The Revolving Credit Agreement contains customary affirmative, negative and financial covenants, and events of default. The occurrence of an event of default under the Revolving Credit Agreement may cause the unpaid principal and accrued interest, and all other obligations under the Revolving Credit Agreement to become immediately due and payable. As of December 31, 2025, no amounts were outstanding under the Revolving Credit Facility. Substantially all of the Company’s real and personal property serve as collateral under this agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Revenue Recognition - Schedule of Percentages by Source of Net Revenue (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%
Commercial insurers \| Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration risk percentage	71.00%	71.00%	70.00%
Government payers \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk percentage	15.00%	14.00%	15.00%
Patient \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk percentage	14.00%	15.00%	15.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

+ References + Details

Net Income Per Share - Schedule of Reconciliation of Net Income Available to Common Stockholders and Number of Shares in Calculation of Basic and Diluted Earnings Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to Privia Health Group, Inc. common stockholders	$ 22,919	$ 14,385	$ 23,079
Weighted average common shares outstanding - basic (in shares)	122,176,587	119,402,749	116,731,406
Weighted average common share outstanding - diluted (in shares)	128,889,836	125,614,171	124,686,067
Earnings per share attributable to Privia Health Group, Inc. common stockholders – basic (in dollars per share)	$ 0.19	$ 0.12	$ 0.20
Earnings per share attributable to Privia Health Group, Inc. common stockholders – diluted (in dollars per share)	$ 0.18	$ 0.11	$ 0.19

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company has an elective 401(k) savings plan that provides a 3.0% safe harbor contribution to all employees. In addition, a minimum profit-sharing contribution is required to satisfy year end plan testing. The profit-sharing contribution was approximately 1.5% in 2025 and 2024, and 1.4% in 2023. The Company made contributions of approximately $6.0 million, $5.6 million and $4.7 million for the years ended December 31, 2025, 2024, and 2023, respectively, recorded within Cost of platform, Sales and marketing and General and administrative expense within the accompanying consolidated statements of operations.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our approach to risk management, including cybersecurity risk, is designed to identify, assess, prioritize and manage major risk exposures that could affect our ability to execute our corporate strategy and fulfill our business objectives. Our cybersecurity risk management program is designed based on industry standards and informed by the National Institute of Standards and Technology Cybersecurity Framework. We perform risk assessments in which we map and prioritize identified cybersecurity risks, including risks associated with our use of third- and fourth-party vendors, Medical Groups, Privia Providers and their Affiliated Practices, based on probability, immediacy and potential magnitude. These assessments inform our cybersecurity risk management strategies and oversight processes, and we view cybersecurity risks as one of the key risk categories we face. Our processes for assessing, identifying and managing cybersecurity risks and vulnerabilities are embedded across our business as part of our enterprise risk management (“ERM”) program. Among other things, we regularly engage with internal and external cybersecurity assessors, consultants and auditors to enhance our cybersecurity risk management strategies, review compliance with evolving standards and evaluate the effectiveness and maturity of our controls and perform regular internal and external risk assessments including those required by HIPAA; provide annual mandatory privacy and security training for all employees; perform technical testing and penetration testing to validate the effectiveness of our cybersecurity program; and perform simulated breach testing and tabletop exercises to simulate responses to information security incidents. We have established processes to oversee and manage risks associated with our third- and certain fourth-party vendors, including regular security assessments and compliance reviews. We use the findings from these and other processes to assess our information and cybersecurity practices, procedures and technologies, including for potential enhancements to our risk mitigation strategies. Our Cybersecurity Incident Response Plan (“CSIRP”), which includes processes to detect triage, assess the severity of, escalate, contain, investigate and resolve or mitigate cybersecurity incidents, as well as to comply with applicable legal obligations and mitigate brand and reputational damage. In addition, we maintain cyber liability insurance to protect against potential losses arising from cybersecurity incidents. In 2025, we did not identify any cybersecurity threats or incidents, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats or incidents or provide assurances that we have not experienced an undetected cybersecurity threat or incident. For more information about these risks, please see “Item 1A - Risk Factors” under the caption “Security threats, cybersecurity incidents or other forms of data breaches, catastrophic events and other disruptions to our, our Medical Groups’, our business partners’ or our vendors’ information technology and related systems could compromise sensitive information related to our business, the Medical Groups or patients, prevent access to critical information, harm patients, require remediation and other corrective action, which can be expensive, and expose us to liability, which could adversely affect our business, operations and reputation. ” of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our processes for assessing, identifying and managing cybersecurity risks and vulnerabilities are embedded across our business as part of our enterprise risk management (“ERM”) program.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors (“Board”) is responsible for overseeing risk management at Privia and, as part of this responsibility, the Board, assisted by its committees, exercises oversight over our ERM program which is designed and implemented by management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Compliance Committee receives quarterly reports from the Chief Information Security Officer (“CISO”) and Privacy Officer on information security risks, including cybersecurity incidents or privacy events, relevant information about the cybersecurity threat landscape, and updates on our cybersecurity risk management strategy and any potential issues. The Compliance Committee reports to the Audit Committee at each regularly scheduled meeting of the Audit Committee, and the Compliance and Audit Committee meet periodically in joint session to discuss matters of joint interest and responsibility, such as cybersecurity risks. In addition, the full Board receives periodic briefings on cybersecurity risks from the CISO. Our CISO, who leads our information security team and reports to our Chief Technology Officer, is responsible for day-to-day identification, assessment and management of the information security risks we face. The CISO provides monthly information and cybersecurity updates to a cross-functional team of executive leaders, who prioritize risks and risk mitigation activities. The CISO has held executive technology leadership roles within health systems and physician groups for over 15 years, including Chief Technology Officer, Chief Information Officer, and Chief Information Security Officer. The information security team works with our broader technology team, as well as our compliance and legal teams, to align operations and technology developments with cybersecurity program objectives.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Compliance Committee receives quarterly reports from the Chief Information Security Officer (“CISO”) and Privacy Officer on information security risks, including cybersecurity incidents or privacy events, relevant information about the cybersecurity threat landscape, and updates on our cybersecurity risk management strategy and any potential issues. The Compliance Committee reports to the Audit Committee at each regularly scheduled meeting of the Audit Committee, and the Compliance and Audit Committee meet periodically in joint session to discuss matters of joint interest and responsibility, such as cybersecurity risks. In addition, the full Board receives periodic briefings on cybersecurity risks from the CISO
Cybersecurity Risk Role of Management [Text Block]	Our Board of Directors (“Board”) is responsible for overseeing risk management at Privia and, as part of this responsibility, the Board, assisted by its committees, exercises oversight over our ERM program which is designed and implemented by management. As part of its broader risk oversight activities, the Board oversees risks from cybersecurity threats, both directly and through the Audit Committee of the Board (“Audit Committee”) and Compliance Committee of the Board (“Compliance Committee”). The Compliance Committee is responsible for reviewing data security programs, including cybersecurity and procedures regarding disaster recovery and critical business continuity. The Compliance Committee is also responsible for reviewing Privia’s programs and plans established by management to monitor compliance with data security compliance programs and test preparedness. The Audit Committee assists our Board in fulfilling its oversight responsibilities with respect to risk management in the areas of internal control over financial reporting, disclosure controls and procedures, and legal and regulatory compliance, and discusses with management policies and practices with respect to risk assessment and risk management. The Compliance Committee receives quarterly reports from the Chief Information Security Officer (“CISO”) and Privacy Officer on information security risks, including cybersecurity incidents or privacy events, relevant information about the cybersecurity threat landscape, and updates on our cybersecurity risk management strategy and any potential issues. The Compliance Committee reports to the Audit Committee at each regularly scheduled meeting of the Audit Committee, and the Compliance and Audit Committee meet periodically in joint session to discuss matters of joint interest and responsibility, such as cybersecurity risks. In addition, the full Board receives periodic briefings on cybersecurity risks from the CISO. Our CISO, who leads our information security team and reports to our Chief Technology Officer, is responsible for day-to-day identification, assessment and management of the information security risks we face. The CISO provides monthly information and cybersecurity updates to a cross-functional team of executive leaders, who prioritize risks and risk mitigation activities. The CISO has held executive technology leadership roles within health systems and physician groups for over 15 years, including Chief Technology Officer, Chief Information Officer, and Chief Information Security Officer. The information security team works with our broader technology team, as well as our compliance and legal teams, to align operations and technology developments with cybersecurity program objectives. In addition, we maintain processes for managing incident assessment and internal escalation. We have established a Cybersecurity Incident Response Team (“CSIRT”), which is responsible for (1) responding to cybersecurity incidents, (2) maintaining our CSIRP that is regularly updated in response to organizational changes, technical changes, changes to the threat landscape or in response to active or previous cybersecurity incidents, and (3) monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. The CSIRT is comprised of the CISO and other key members of management, including the Privacy Officer, Chief Technology Officer, Chief Audit and Compliance Officer, General Counsel and other members of management and our technical response teams as necessary to appropriately respond to an incident, including mitigation, remediation and any required or recommended disclosure of an incident. Furthermore, as part of management’s oversight of information and cybersecurity risks, we maintain a Third Party Access Committee, comprised of our CISO, Privacy Officer, Chief Technology Officer and colleagues drawn from across the organization, including our technology, compliance and legal teams, which is responsible for reviewing and monitoring compliance for third- and certain fourth-party requests for and access to certain Company data and information.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Compliance Committee receives quarterly reports from the Chief Information Security Officer (“CISO”) and Privacy Officer on information security risks, including cybersecurity incidents or privacy events, relevant information about the cybersecurity threat landscape, and updates on our cybersecurity risk management strategy and any potential issues. The Compliance Committee reports to the Audit Committee at each regularly scheduled meeting of the Audit Committee, and the Compliance and Audit Committee meet periodically in joint session to discuss matters of joint interest and responsibility, such as cybersecurity risks. In addition, the full Board receives periodic briefings on cybersecurity risks from the CISO.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO has held executive technology leadership roles within health systems and physician groups for over 15 years, including Chief Technology Officer, Chief Information Officer, and Chief Information Security Officer.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Board of Directors (“Board”) is responsible for overseeing risk management at Privia and, as part of this responsibility, the Board, assisted by its committees, exercises oversight over our ERM program which is designed and implemented by management. As part of its broader risk oversight activities, the Board oversees risks from cybersecurity threats, both directly and through the Audit Committee of the Board (“Audit Committee”) and Compliance Committee of the Board (“Compliance Committee”). The Compliance Committee is responsible for reviewing data security programs, including cybersecurity and procedures regarding disaster recovery and critical business continuity. The Compliance Committee is also responsible for reviewing Privia’s programs and plans established by management to monitor compliance with data security compliance programs and test preparedness. The Audit Committee assists our Board in fulfilling its oversight responsibilities with respect to risk management in the areas of internal control over financial reporting, disclosure controls and procedures, and legal and regulatory compliance, and discusses with management policies and practices with respect to risk assessment and risk management. The Compliance Committee receives quarterly reports from the Chief Information Security Officer (“CISO”) and Privacy Officer on information security risks, including cybersecurity incidents or privacy events, relevant information about the cybersecurity threat landscape, and updates on our cybersecurity risk management strategy and any potential issues. The Compliance Committee reports to the Audit Committee at each regularly scheduled meeting of the Audit Committee, and the Compliance and Audit Committee meet periodically in joint session to discuss matters of joint interest and responsibility, such as cybersecurity risks. In addition, the full Board receives periodic briefings on cybersecurity risks from the CISO. Our CISO, who leads our information security team and reports to our Chief Technology Officer, is responsible for day-to-day identification, assessment and management of the information security risks we face. The CISO provides monthly information and cybersecurity updates to a cross-functional team of executive leaders, who prioritize risks and risk mitigation activities. The CISO has held executive technology leadership roles within health systems and physician groups for over 15 years, including Chief Technology Officer, Chief Information Officer, and Chief Information Security Officer. The information security team works with our broader technology team, as well as our compliance and legal teams, to align operations and technology developments with cybersecurity program objectives. In addition, we maintain processes for managing incident assessment and internal escalation. We have established a Cybersecurity Incident Response Team (“CSIRT”), which is responsible for (1) responding to cybersecurity incidents, (2) maintaining our CSIRP that is regularly updated in response to organizational changes, technical changes, changes to the threat landscape or in response to active or previous cybersecurity incidents, and (3) monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. The CSIRT is comprised of the CISO and other key members of management, including the Privacy Officer, Chief Technology Officer, Chief Audit and Compliance Officer, General Counsel and other members of management and our technical response teams as necessary to appropriately respond to an incident, including mitigation, remediation and any required or recommended disclosure of an incident. Furthermore, as part of management’s oversight of information and cybersecurity risks, we maintain a Third Party Access Committee, comprised of our CISO, Privacy Officer, Chief Technology Officer and colleagues drawn from across the organization, including our technology, compliance and legal teams, which is responsible for reviewing and monitoring compliance for third- and certain fourth-party requests for and access to certain Company data and information.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Business Combinations - Schedule of Purchase Price for Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Contingent Consideration [Line Items]
Cash paid, net of cash acquired	$ 180,370	$ 6,957	$ 42,858
Goodwill	209,842	141,615
PMG IN
Business Combination, Contingent Consideration [Line Items]
Cash paid, net of cash acquired		6,957
Contingent payables		4,250
Total consideration		11,207
Goodwill	$ 2,200	2,865
Total acquired net assets		11,207
PMG IN \| Payer contract and physician network intangibles
Business Combination, Contingent Consideration [Line Items]
Payer contract and physician network intangibles		$ 8,342

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Income Taxes - Schedule of Reconciliation of Income Taxes Paid (Net of Refunds Received) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. Federal	$ 4,900,000
States	1,739,000
Total	$ 6,639,000	$ 3,755,000	$ 1,040,000

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Valuation allowance	$ 0	$ 0
Net operating loss carryforwards, federal	26,900,000
Net operating loss carryforwards, state	$ 24,700,000

Stockholders’ Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 71,068	$ 56,680	$ 37,098
Cost of platform
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	25,391	18,781	11,980
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	5,416	4,097	2,475
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 40,261	$ 33,802	$ 22,643

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Account Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 7,973	$ 9,755
Accrued employee compensation and benefits	33,552	26,420
Other accrued expenses	55,279	45,811
Total accounts payable and accrued expenses	$ 96,804	$ 81,986

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net Income Available to Common Stockholders and Number of Shares in Calculation of Basic and Diluted Earnings Income Per Share

A reconciliation of net income available to common stockholders and the number of shares in the calculation of basic and diluted earnings income per share was calculated as follows:


	For the Years Ended December 31,
(in thousands, except for share and per share amounts)	2025		2024		2023
Net income attributable to Privia Health Group, Inc. common stockholders	$	22,919	$	14,385	$	23,079
Weighted average common shares outstanding - basic	122,176,587		119,402,749		116,731,406

Weighted average common share outstanding - diluted	128,889,836		125,614,171		124,686,067
Earnings per share attributable to Privia Health Group, Inc. common stockholders – basic	$	0.19	$	0.12	$	0.20
Earnings per share attributable to Privia Health Group, Inc. common stockholders – diluted	$	0.18	$	0.11	$	0.19

Schedule of Weighted-Average Anti-Dilutive Shares Outstanding Were Excluded From the Computation of Diluted Loss Per Share


	For the Years Ended December 31,
	2025	2024	2023
Weighted-average antidilutive shares outstanding	2,717,690	6,614,649	3,648,907

Income Taxes - Schedule of Reconciliation of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Dollars
Tax provision computed at federal statutory income tax rate	$ 9,227	$ 6,041	$ 6,094
State tax expense, net of federal benefit	2,757	2,051	2,140
Stock compensation	2,867	3,136	(22)
Rate change		97	(115)
Non-controlling interest	(1,430)	(486)	331
Other	330
Other adjustments	461	(13)	(435)
Total income tax expense	$ 14,212	$ 10,826	$ 7,993
Rate
Tax provision computed at federal statutory income tax rate	21.00%	21.00%	21.00%
State tax expense, net of federal benefit	6.30%	7.10%	7.40%
Share-based payment awards	6.50%	10.90%	(0.10%)
Rate change		0.30%	(0.40%)
Non-controlling interest	(3.30%)	(1.70%)	1.10%
Other	0.80%
Other adjustments	1.00%	0.00%	(1.50%)
Provision for income taxes	32.30%	37.60%	27.50%
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES	UNITED STATES

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Washington, District of Columbia
Auditor Firm ID	238

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenues Disaggregated by Source and Percentages by Source of Net Revenue

The following table presents the Company’s revenues disaggregated by source:


	For the Years Ended December 31,
(Dollars in Thousands)	2025		2024		2023
FFS-patient care	$	1,360,235	$	1,146,156	$	976,688
FFS-administrative services	137,017		125,431		113,154
Capitated revenue	308,458		212,987		338,729
Shared savings	234,815		179,202		170,143
Care management fees (PMPM)	73,138		64,066		50,519
Other revenue	9,179		8,548		8,504
Total Revenue	$	2,122,842	$	1,736,390	$	1,657,737

The following table presents the approximate percentages by source of net revenue received for healthcare services provided for the periods indicated:


	For the Years Ended December 31,
	2025		2024		2023
Commercial insurers	71	%	71	%	70	%
Government payers	15	%	14	%	15	%
Patient	14	%	15	%	15	%
	100	%	100	%	100	%

Schedule of Contract Assets

The Company has the following contract assets:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Balances for contracts with customers
Accounts receivable, net	$	400,902	$	316,179

Business Combinations

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

2025 Acquisitions

Arizona

In April 2025, the Company entered the Arizona market with the acquisition of a 51% ownership interest in PMG AZ. The acquisition was accounted for using the acquisition method pursuant to the requirements of ASC 805. The results of operations and cash flows for the period subsequent to the acquisition are included in the accompanying consolidated statement of operations and consolidated statement of cash flows.

The preliminary fair value of the assets acquired and liabilities assumed at the acquisition date are as follows (in thousands):


Cash	$	5,942
Accounts receivable	6,319
Identifiable intangible assets:
Payer contract and physician network intangibles	64,400
Goodwill	43,838
Deferred tax liabilities	(13,238)
Provider liability	(12,261)
Total acquired net assets	$	95,000

Information regarding the net cash paid for the acquisition is as follows (in thousands):


Fair value of assets acquired, net of $5.9 million of cash acquired	$	70,719
Provider liability	(12,261)
Deferred tax assets	(13,238)
Goodwill	43,838
Net cash paid for acquisition	$	89,058

In connection with the 2025 transaction related to PMG AZ, the seller is entitled to additional amounts up to a maximum value of $25.0 million, subject to meeting certain future targets. Of the $25.0 million, $10.0 million may be earned over a three-year period beginning at the acquisition date, and $15.0 million may be earned upon renewal of certain agreements in 2030. The Company accounted for these additional amounts as post combination expense and expects to recognize any amounts earned within General and administrative expenses in the consolidated statements of operations and Accounts payable and accrued expenses and Other non-current liabilities, for current and long-term liabilities, respectively, within the consolidated balance sheets.

During the year ended December 31, 2025, a measurement period adjustment was recorded to offset deferred tax assets, thereby increasing goodwill by $1.7 million. The goodwill relating to this acquisition is primarily attributable to synergies related to the assembled workforce. None of the goodwill recognized for the acquisition of PMG AZ is expected to be deductible for tax purposes. The Company is in the process of completing its final valuation analysis to identify and determine the fair value of tangible and identifiable intangible assets acquired and the liabilities assumed. Thus, the final allocation of the purchase price may differ from the preliminary estimates used at December 31, 2025 based on additional information obtained and completion of the valuation of the identifiable intangible assets.

Evolent

In December 2025, the Company acquired an ACO business from Evolent Health, Inc. (“Evolent”). The accompanying consolidated balance sheet includes the preliminary estimated fair values of the net assets acquired. The results of operations and cash flows for the period subsequent to the acquisition are included in the accompanying consolidated statement of operations and consolidated statement of cash flows.

The preliminary fair value of the assets acquired and liabilities assumed at the acquisition date were as follows (in thousands):



Accounts receivable	$	29,515
Identifiable intangible assets:
Payer contract	50,880
Goodwill	24,389
Provider liability	(13,472)
Total acquired net assets	$	91,312

Information regarding the net cash paid for the acquisition is as follows (in thousands):


Fair value of assets acquired	$	80,395
Provider liability	(13,472)
Goodwill	24,389
Net cash paid for acquisition	$	91,312

In connection with the 2025 transaction related to Evolent, the seller is entitled to additional consideration up to $13.0 million if certain conditions are met. The Company has recognized the acquisition-date fair value of the contingent consideration of $2.9 million and determined the liability to be a Level 3 instrument due to significant inputs that are not observable in the market. The fair value of the contingent consideration was calculated based on the income approach. The expected (probability-weighted) payment amount is estimated based on the likelihood of achieving the threshold and target levels. The present value of the expected payment was calculated by discounting the expected payment amount from the expected payment date to the valuation date, at an appropriate discount rate. The amount will be remeasured and adjusted quarterly, if necessary, based on the assessed fair value.

The goodwill relating to this acquisition is primarily attributable to synergies related to the assembled workforce. All of the goodwill recognized for the acquisition of Evolent is expected to be deductible for tax purposes. The Company is in the process of completing its final valuation analysis to identify and determine the fair value of tangible and identifiable intangible assets acquired and the liabilities assumed. Thus, the final allocation of the purchase price may differ from the preliminary estimates used at December 31, 2025 based on additional information obtained and completion of the valuation of the identifiable intangible assets.

In December 2025, the Company acquired 51% of Privia Medical Group Florida, LLC from Health First Medical Group, LLC.

Pro Forma Total Revenues

The 2025 acquisitions contributed revenues of $51.9 million from the date of acquisition through December 31, 2025. The following table summarizes the unaudited pro forma total revenues of the combined entity had the date of the acquisition been January 1, 2024:


(unaudited)	For the Twelve Months Ended December 31,
(Dollars in Thousands)		2025		2024
Pro forma combined entity total revenue		$	2,311,149	$	1,970,772

2024 Acquisitions

In January 2024, PMG West Texas Holdings, PLLC, a Nominee PC, acquired a majority ownership interest in an independent physician association in the Gulf Coast Market. The Company, through one of its affiliates, is a party to a Restriction Agreement with the Nominee PC. The results of operations of the acquisition are included in the Company’s consolidated financial statements since the acquisition date.

In November 2024, the Company acquired Privia Medical Group Indiana, LLC, (“PMG IN”). PMG IN is a physician-owned Medical Group, with PMG Indiana Holdings, LLC (“Friendly IN PC”), an Indiana professional limited liability company wholly owned by a licensed physician with a leadership role in the Company, holding a majority membership interest and having governance and control rights pursuant to the governing documents of PMG IN. The Company has a contractual relationship with Friendly IN PC through a Restriction Agreement. Friendly IN PC owns 51% interest in PMG IN. The results of operations of the acquisition have been included in the Company’s consolidated financial statements since the acquisition date.

The purchase price for the acquisitions noted above was allocated as follows:


(Dollars in thousands)	For the Year Ended December 31, 2024
Cash paid, net of cash acquired	$	6,957
Contingent payables	4,250
Total consideration	$	11,207




Payer contract and physician network intangibles	$	8,342



Goodwill	2,865

Total acquired net assets	$	11,207

The goodwill relating to these acquisitions is primarily attributable to synergies related to the assembled workforce. Goodwill is measured as the excess of the consideration transferred over the fair value of the net assets acquired on the acquisition date.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Segment Financial Information (Details) $ in Thousands	12 Months Ended
Segment Financial Information (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Consolidated net income \| $	$ 34,235	$ 16,982	$ 20,649
Single Operating Segment
Segment Reporting Information [Line Items]
Consolidated net income \| $	$ 22,900	$ 14,400	$ 23,100

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies There are no material commitments and contingencies as of December 31, 2025, or 2024. We are currently involved in, and may in the future become involved in, legal proceedings, claims and investigations in the ordinary course of our business, including medical malpractice claims. These claims or proceedings can involve various types of parties, including governments, competitors, customers, partners, suppliers, service providers, licensees, licensors, employees, or stockholders, among others. When management determines that a loss is both probable and reasonably estimable, we accrue for loss contingencies associated with outstanding litigation. Although the results of these legal proceedings, claims and investigations cannot be predicted with certainty, we do not believe that the final outcome of any matters that we are currently involved in are reasonably likely to have a material adverse effect on our business, financial condition or results of operations. Regardless of final outcomes, however, any such proceedings, claims, and investigations may nonetheless impose a significant burden on management and employees and be costly to defend, with unfavorable preliminary or interim rulings.

Concentrations of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Schedule of Concentration of Risk


	For the Years Ended December 31,
(Dollars in Thousands)	2025		2024		2023
Payer A	28	%	26	%	23	%
Payer B	18	%	17	%	16	%
Payer C	16	%	15	%	15	%
Payer D	n/a		n/a		10	%


	For the Years Ended December 31,
(Dollars in Thousands)	2025		2024
Payer A	43	%	46	%
Payer B	19	%	19	%
Payer C	12	%	14	%

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	$ 245,195	$ 129,915
Less accumulated amortization	(29,276)	(20,108)
Total	215,919	109,807
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	4,600	4,600
Less accumulated amortization	(2,607)	(2,377)
Consumer customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	3,100	3,100
Less accumulated amortization	(2,783)	(2,758)
Service Agreement \| Management Service Agreement
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	2,200	2,200
Less accumulated amortization	(1,409)	(1,272)
Service Agreement \| MSO Service Agreement
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	51,800	51,800
Less accumulated amortization	(10,483)	(8,017)
Physician network \| Physician network
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	16,052	10,902
Less accumulated amortization	(2,016)	(916)
Payer contracts
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	167,443	57,313
Less accumulated amortization	$ (9,978)	$ (4,768)

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

A summary of the Company’s property and equipment, net is as follows:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Furniture and fixtures	$	1,402	$	1,402
Computer equipment	1,686		1,686
Leasehold improvements	4,960		4,960
	8,048		8,048
Less accumulated depreciation and amortization	(7,544)		(6,806)
Property and equipment, net	$	504	$	1,242

Account Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Account Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Accounts payable	$	7,973	$	9,755
Accrued employee compensation and benefits	33,552		26,420
Other accrued expenses	55,279		45,811
Total accounts payable and accrued expenses	$	96,804	$	81,986

Provider Liability (Details) - USD ($) $ in Thousands	12 Months Ended
Provider Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	$ 364,607
Claims paid:
Ending balance	469,516	$ 364,607
At-Risk Capitation Arrangements
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	66,355	67,138
Incurred health care costs:
Current year	303,075	208,341
Prior years	(12,617)	964
Total claims incurred	290,458	209,305
Claims paid:
Current year	(232,079)	(157,375)
Prior year	(45,745)	(52,713)
Total claims paid	(277,824)	(210,088)
Ending balance	$ 78,989	$ 66,355

Revenue Recognition - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 400,902	$ 316,179

Concentrations of Credit Risk - Narrative (Details)	12 Months Ended
Concentrations of Credit Risk - Narrative (Details)	Dec. 31, 2025 institution
Risks and Uncertainties [Abstract]
Number of institutions in which company holds its cash and cash equivalents	2

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for credit losses	$ 15,400	$ 9,300
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	123,604,576	120,309,346
Common stock, shares outstanding (in shares)	123,604,576	120,309,346

Debt (Details) - Revolving Credit Agreement - Line of Credit - USD ($)	Nov. 16, 2023	Dec. 31, 2025
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	0.10%
Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	0.25%
Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	1.25%
Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	0.75%
Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	1.75%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 125,000,000
Unused capacity, commitment fee percentage	0.20%
Line of credit outstanding		$ 0
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.20%
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.30%

Revenue Recognition - Narrative (Details) $ in Millions	12 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 28.5

Organization and Summary of Significant Accounting Policies - Schedule of Amortization Using Straight-Line Method Over Estimated Useful Lives of Intangible Assets (Details)	Dec. 31, 2025
Trade names
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	20 years
Consumer customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	10 years
Consumer customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	24 years
Service agreements \| Management Service Agreement
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	16 years
Service agreements \| MSO Service Agreements
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	21 years
Physician network \| Minimum \| Physician network
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	10 years
Physician network \| Maximum \| Physician network
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	15 years
Payer contracts \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	10 years
Payer contracts \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	22 years

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2025	Jan. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 209,842	$ 141,615
Remaining weighted average life of amortizable intangible assets (in years)	17 years 6 months
Amortization expense for intangible assets	$ 9,168	6,164	$ 5,359
Independent Physician Association
Finite-Lived Intangible Assets [Line Items]
Goodwill					$ 700
PMG IN
Finite-Lived Intangible Assets [Line Items]
Goodwill	2,200	$ 2,865
PMG AZ
Finite-Lived Intangible Assets [Line Items]
Goodwill	43,800			$ 43,838
Percentage of voting interests acquired				51.00%
Evolent Health, Inc
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 24,389

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity under the PH Parent Option Plan and Plan:


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023	13,176,721	$	7.86	9.02	$	197,695
Granted	—	—
Exercised	(3,104,257)	2.82
Forfeited	(251,710)	22.78
Outstanding at December 31, 2023	9,820,754	$	9.06	7.90	$	138,028
Granted	—	—
Exercised	(1,259,513)	2.08
Forfeited	(34,331)	24.50
Outstanding at December 31, 2024	8,526,910	$	10.03	7.17	$	93,074
Granted	—	—
Exercised	(973,513)	8.10
Forfeited	(18,732)	21.34
Balance at December 31, 2025	7,534,665	$	10.26	6.28	$	102,102
Exercisable at December 31, 2025	7,511,216	$	10.21	6.28	$	102,102

Schedule of RSU Activity

The following table summarizes the RSU activity under the Plan:


	Number of Shares	Grant Date Fair Value
Outstanding at January 1, 2023	2,404,664	$	23.81
Granted	1,161,301	27.50
Vested	(425,076)	24.11
Forfeited	(193,787)	24.43
Unvested and outstanding at December 31, 2023	2,947,102	$	25.18
Granted	2,203,174	22.55
Vested	(815,637)	25.69
Forfeited	(192,364)	23.85
Unvested and outstanding at December 31, 2024	4,142,275	$	23.73
Granted	2,223,500	24.85
Vested	(2,318,016)	23.67
Forfeited	(200,576)	24.23
Unvested and outstanding at December 31, 2025	3,847,183	$	24.39

Schedule of PSU Activity

The following table summarizes the PSU activity under the Plan:


	Number of Shares	Grant Date Fair Value
Unvested and outstanding at January 1, 2023	—	$	—
Granted	781,132	31.91
Vested	—	—
Forfeited	(5,103)	27.61
Unvested and outstanding at December 31, 2023	776,029	$	31.94
Granted	904,960	22.92
Vested	(15,735)	29.93
Forfeited	(27,573)	29.05
Unvested and outstanding at December 31, 2024	1,637,681	$	27.02
Granted	826,270	25.21
Vested	—	—
Forfeited	(20,620)	27.07
Unvested and outstanding at December 31, 2025	2,443,331	$	26.41

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense was classified in the consolidated statements of operations as follows:


	For the Years Ended December 31,
(Dollars in Thousands)	2025		2024		2023
Cost of platform	$	25,391	$	18,781	$	11,980
Sales and marketing	5,416		4,097		2,475
General and administrative	40,261		33,802		22,643
Total stock-based compensation	$	71,068	$	56,680	$	37,098

Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Amortization Using Straight-Line Method Over Estimated Useful Lives of Intangible Assets


Trade names			20 years
Consumer customer relationships			10 - 24 years

Management Service Agreement			16 years
Physician network			10 - 15 years
Payer contracts			10 - 22 years
MSO Service Agreements			21 years

A summary of the Company’s intangible assets is as follows:


	December 31, 2025				December 31, 2024
(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Intangible Assets		Accumulated Amortization
Trade names	$	4,600	$	2,607	$	4,600	$	2,377
Consumer customer relationships	3,100		2,783		3,100		2,758
Management Service Agreement	2,200		1,409		2,200		1,272
Physician network	16,052		2,016		10,902		916
Payer contracts	167,443		9,978		57,313		4,768
MSO Service Agreement	51,800		10,483		51,800		8,017
	245,195		$	29,276	129,915		$	20,108
Less accumulated amortization	(29,276)				(20,108)
Intangible assets, net	$	215,919			$	109,807

Net Income Per Share - Schedule of Weighted-Average Anti-Dilutive Shares Outstanding Were Excluded From the Computation of Diluted Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Weighted-average antidilutive shares outstanding (in shares)	2,717,690	6,614,649	3,648,907

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 1,707	$ 1,022	$ 0
State and local	1,634	987	528
Total current income tax expense	3,341	2,009	528
Deferred:
Federal	9,460	7,234	6,221
State and local	1,411	1,583	1,244
Total deferred income tax expense	10,871	8,817	7,465
Total income tax expense	$ 14,212	$ 10,826	$ 7,993

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity attributable to Privia Health Group, Inc.	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2022			114,690,808
Beginning balance at Dec. 31, 2022	$ 519,049	$ 499,094	$ 1,148	$ 714,639	$ (216,693)	$ 19,955
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (in shares)			3,526,171
Common stock issued	8,740	8,740	$ 34	8,706
Stock-based compensation expense	37,098	37,098		37,098
Repurchase of non-controlling interest	(5,694)	(8,871)		(8,871)
Repurchase of non-controlling interest						3,177
Contributed non-controlling interest	24,871					24,871
Tax effect related to purchase of non-controlling interest	2,297	2,297		2,297
Net income (loss)	21,028	23,079			23,079	(2,051)
Ending balance (in shares) at Dec. 31, 2023			118,216,979
Ending balance at Dec. 31, 2023	607,389	561,437	$ 1,182	753,869	(193,614)	45,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (in shares)			2,092,367
Common stock issued	2,681	2,681	$ 21	2,660
Stock-based compensation expense	56,680	56,680		56,680
Contributed non-controlling interest	1,653					1,653
Distribution to non-controlling interest	(2,000)					(2,000)
Net income (loss)	$ 17,044	14,385			14,385	2,659
Ending balance (in shares) at Dec. 31, 2024	120,309,346		120,309,346
Ending balance at Dec. 31, 2024	$ 683,447	635,183	$ 1,203	813,209	(179,229)	48,264
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (in shares)			3,295,230
Common stock issued	8,047	8,047	$ 33	8,014
Stock-based compensation expense	71,068	71,068		71,068
Distribution to non-controlling interest	(1,345)					(1,345)
Net income (loss)	$ 29,726	22,919			22,919	6,807
Ending balance (in shares) at Dec. 31, 2025	123,604,576		123,604,576
Ending balance at Dec. 31, 2025	$ 790,943	$ 737,217	$ 1,236	$ 892,291	$ (156,310)	$ 53,726

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease cost	$ 3,157	$ 2,772
Cash paid for amounts included in the measurement of lease liabilities - operating leases	$ 2,371	$ 2,888
Weighted-average remaining lease term - operating leases	4 years 9 months 18 days	3 years 1 month 6 days
Weighted-average discount rate - operating leases	3.90%	2.60%

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


(Dollars in Thousands)	For the Years Ended December 31,
	2025			2024
Operating lease cost	$	3,157		$	2,772

Cash paid for amounts included in the measurement of lease liabilities - operating leases	$	2,371		$	2,888
Weighted-average remaining lease term - operating leases	4.8 Years			3.1 Years
Weighted-average discount rate - operating leases	3.9		%	2.6		%

Schedule of Aggregate Future Lease Payments for Operating Leases

The aggregate future lease payments for operating leases in the years subsequent to December 31, 2025 are as follows:


(Dollars in Thousands)
2026	$	2,141
2027	2,196
2028	1,874
2029	1,681
2030	1,646
Thereafter	1,073
Total future lease payments	10,611
Imputed interest	(1,080)
Total	$	9,531

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expenses	$ 0.7	$ 1.1	$ 1.2

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40365
Entity Registrant Name	Privia Health Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3599420
Entity Address, Address Line One	950 N. Glebe Rd.,
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Arlington,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22203
City Area Code	571
Local Phone Number	366-8850
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRVA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		123,688,289
Entity Public Float			$ 1,750
Documents Incorporated by Reference	Portions of the information called for by Part III of this Annual Report on Form 10-K is hereby incorporated by reference from the proxy statement for the registrant’s 2026 annual meeting of stockholders, which proxy statement will be filed with the Securities and Exchange Commission no later than 120 days after the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001759655
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following table presents the Company’s revenues disaggregated by source:


	For the Years Ended December 31,
(Dollars in Thousands)	2025		2024		2023
FFS-patient care	$	1,360,235	$	1,146,156	$	976,688
FFS-administrative services	137,017		125,431		113,154
Capitated revenue	308,458		212,987		338,729
Shared savings	234,815		179,202		170,143
Care management fees (PMPM)	73,138		64,066		50,519
Other revenue	9,179		8,548		8,504
Total Revenue	$	2,122,842	$	1,736,390	$	1,657,737

FFS-patient care is primarily generated from third-party payers with which the Company has established contractual billing arrangements. The following table presents the approximate percentages by source of net revenue received for healthcare services provided for the periods indicated:


	For the Years Ended December 31,
	2025		2024		2023
Commercial insurers	71	%	71	%	70	%
Government payers	15	%	14	%	15	%
Patient	14	%	15	%	15	%
	100	%	100	%	100	%

FFS-administrative services revenue is earned through the Company’s MSA with Non-Owned Medical Groups primarily based on a fixed percentage of net collections from patient care generated by those medical groups.

VBC revenue is primarily earned through contracts that include Capitated revenue, Shared savings and Care management fees. Capitated revenue is generated from “at-risk contracts” under which the Company receives a fixed monthly payment from third-party payers in exchange for providing healthcare services to attributed beneficiaries. The Company is responsible for delivering or covering the cost of required healthcare services attributed to these beneficiaries. At-risk Capitated revenue is recorded gross in revenues as the Company acts as the principal in arranging, providing, and controlling managed healthcare services provided to the attributed lives. Shared savings revenue and Care management fees are generated through contracts with large commercial payer organizations and the U.S. Federal Government.

For shared savings arrangements, the Company estimates the transaction price by analyzing the activities during the relevant time period in consideration of the agreed-upon benchmarks, metrics, performance criteria, inflation trends, risks adjustment factors, attribution criteria and any other contractually defined factors. Revenue is recognized only when the transaction price can be reasonably estimated and it is probable that a significant reversal will not occur, once uncertainties related to the variable consideration are resolved. Revenue is recorded over the period in which services are provided, typically during a pre-set twelve-month measurement period. Subsequent changes to the estimated transaction price are generally recorded as adjustments to revenue in the period of the change. In September 2025, the Company received final settlement notices from CMS for the Company’s portion of MSSP shared savings generated during the 2024 performance year. For the year ended December 31, 2025, the amount of revenue recognized related to the change in estimate of our Shared Savings accrual was $28.5 million.

Contract Asset

The Company has the following contract assets:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Balances for contracts with customers
Accounts receivable, net	$	400,902	$	316,179

Remaining Performance Obligations

The Company does not disclose the value of the remaining performance obligations or the expected timing of revenue recognition at the end of the reporting period as it has minimal unsatisfied performance obligations. Patients generally have no obligation to continue receiving services at the Company’s facilities and substantially all performance obligations are satisfied at the time the service is rendered.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Segment Financial Information	12 Months Ended
Segment Financial Information	Dec. 31, 2025
Segment Reporting [Abstract]
Segment Financial Information	Segment Financial Information Management determined in accordance with ASC Topic 280, Segment Reporting (“ASC 280”), that the Company operates in and reports as a single operating segment, which is to care for its patients’ needs. Operating segments are identified as components of an enterprise where separate discrete financial information is available for evaluation by the CODM, or decision-making group, who reviews financial operating results on a regular basis for the purpose of allocating resources and evaluating financial performance. The Company has concluded that its CODM is its Chief Executive Officer, who regularly reviews financial operating results on a consolidated basis for purposes of allocating resources and evaluating financial performance. Although the Company derives its revenues from a number of different geographic regions, the Company neither allocates resources based on the operating results from the individual regions, nor manages each individual region as a separate business unit. The Company’s CODM manages the Company’s operations on a consolidated basis and makes decisions regarding the allocation of corporate resources and the assessment of overall consolidated profitability. As of December 31, 2025 and 2024, all of the Company’s long-lived assets were located in the United States. The CODM uses consolidated net income attributable to Privia Health Group, Inc. to evaluate financial performance and allocate resources. Consolidated net income attributable to Privia Health Group, Inc. for the years ending December 31, 2025, 2024, and 2023 were $22.9 million, $14.4 million and $23.1 million, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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