DaVita reported consolidated revenues of $3.62 billion for the fourth quarter and $13.64 billion for full year 2025, representing year-over-year growth of 4.3% and 5.0%, respectively. Operating income for Q4 reached $561 million, with adjusted operating income of $586 million, while full-year operating income was $2.04 billion, up modestly despite industry headwinds. Diluted earnings per share from continuing operations were $2.94 in the quarter and $9.51 for the year, with adjusted EPS of $3.40 and $10.78, reflecting effective cost controls and a stable reimbursement environment. Free cash flow for the year totaled $1.02 billion, supporting ongoing investments and capital returns.

Total U.S. dialysis treatments in Q4 2025 were 7.26 million, averaging 91,608 treatments per day, flat sequentially but down 0.6% on a normalized, non-acquired basis versus the prior year. Revenue per treatment rose $12.01 to $422.60 sequentially, driven by annual reimbursement increases and mix improvements, while patient care costs per treatment increased by $6.06 to $279.60 due to higher health benefit and medical supply expenses. General and administrative expenses grew by $14 million, reflecting elevated IT and professional fees, partially offset by lower cybersecurity-related costs.

During Q4, DaVita refinanced its Term Loan A-1 and revolving credit facilities, securing a $2.0 billion Term Loan A-2 and $1.5 billion revolver, using proceeds to retire $1.9 billion of existing debt and enhance liquidity. The company also repurchased 2.7 million shares for $331 million at an average price of $122.78, and post-quarter repurchased an additional 1.7 million shares for $200 million at $120.56 per share, demonstrating confidence in long-term cash generation and commitment to shareholder value.

DaVita projected 2026 profit above consensus estimates, attributing the outlook to stable demand for kidney dialysis services and ongoing process improvements. Management highlighted confidence in sustaining clinical quality and financial discipline through targeted investments in integrated care programs. The company expects continued reimbursement rate increases and efficiency gains to support earnings growth, while expanding value-based care arrangements that now cover approximately $5.6 billion in annualized medical spend across 66,000 patients.