Healthcare tech company Privia Health Group (NASDAQ:PRVA) reported Q2 CY2026 results topping the market’s revenue expectations, with sales up 21.4% year on year to $632.6 million. Its non-GAAP profit was $0.19 per share.
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Privia Health (PRVA) Q2 CY2026 Highlights:
- Revenue: $632.6 million vs analyst estimates of $597.2 million (21.4% year-on-year growth, 5.9% beat)
- Adjusted EPS: $0.19
- Adjusted EBITDA: $37.43 million vs analyst estimates of $36.88 million (5.9% margin, 1.5% beat)
- Operating Margin: 1.9%, up from 0.6% in the same quarter last year
- Sales Volumes rose 10.1% year on year (13.8% in the same quarter last year)
- Market Capitalization: $3.02 billion
Company Overview
Operating in 13 states and the District of Columbia with over 4,300 providers serving more than 4.8 million patients, Privia Health (NASDAQ:PRVA) is a technology-driven company that helps physicians optimize their practices, improve patient experiences, and transition to value-based care models.
Revenue Growth
Reviewing a company’s long-term sales performance reveals insights into its quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Luckily, Privia Health’s sales grew at an excellent 22.3% compounded annual growth rate over the last five years. Its growth beat the average healthcare company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within healthcare, a half-decade historical view may miss recent innovations or disruptive industry trends. Privia Health’s annualized revenue growth of 17.9% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. 
We can better understand the company’s revenue dynamics by analyzing its number of implemented providers, which reached 5,644 in the latest quarter. Over the last two years, Privia Health’s implemented providers averaged 12.3% year-on-year growth. Because this number is lower than its sales growth, we can see the company’s underlying demand increased. 
This quarter, Privia Health reported robust year-on-year revenue growth of 21.4%, and its $632.6 million of revenue topped Wall Street estimates by 5.9%.
Looking ahead, sell-side analysts expect revenue to grow 7.2% over the next 12 months, a deceleration versus the last two years. Despite the slowdown, this projection is above the sector average and implies the market sees some success for its newer products and services.
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Adjusted Operating Margin
Adjusted operating margin is an important measure of profitability as it shows the portion of revenue left after accounting for all core expenses — everything from the cost of goods sold to advertising and wages. It’s also useful for comparing profitability across companies because it excludes non-recurring expenses, interest on debt, and taxes.
Privia Health was profitable over the last five years but held back by its large cost base. Its average adjusted operating margin of 4.7% was weak for a healthcare business.
On the plus side, Privia Health’s adjusted operating margin rose by 1.4 percentage points over the last five years, as its sales growth gave it operating leverage. The company’s two-year trajectory shows its performance was mostly driven by its recent improvements.
This quarter, Privia Health generated an adjusted operating margin profit margin of 4.9%, in line with the same quarter last year. This indicates the company’s overall cost structure has been relatively stable.
Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
Privia Health’s full-year EPS flipped from negative to positive over the last five years. This is encouraging and shows it’s at a critical moment in its life.
In Q2, Privia Health reported adjusted EPS of $0.19, down from $0.24 in the same quarter last year. Over the next 12 months, Wall Street expects Privia Health’s full-year EPS to grow 25.3% from $0.92 to $1.15.
Key Takeaways from Privia Health’s Q2 Results
We were impressed by how significantly Privia Health blew past analysts’ revenue expectations this quarter. The stock remained flat at $23.99 immediately following the results.
So do we think Privia Health is an attractive buy at the current price? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).