DaVita reported consolidated revenues of $3.62 billion for Q4 2025, up 6.5% year-over-year, and $13.643 billion for full-year 2025, marking a 5.1% increase over 2024. Operating income for the quarter reached $561 million (15.5% margin) with adjusted operating income of $586 million (16.2% margin). Full-year operating income was $2.044 billion (15.0% margin), rising to $2.094 billion on an adjusted basis. Diluted EPS from continuing operations was $2.94 for the quarter versus $2.04 in Q4 2024, and $9.51 for the year versus $10.73 in 2024; adjusted diluted EPS were $3.40 and $10.78 respectively, both outperforming consensus estimates.

Operating cash flow totaled $541 million in Q4 and $1.887 billion for the full year, while free cash flow was $309 million and $1.024 billion over the same periods. The company repurchased 2.7 million shares in Q4 for $331 million and an additional 1.7 million shares for $200 million through early February 2026. In November, DaVita refinanced its Term Loan A-1 and revolving credit facility with a new $2.0 billion Term Loan A-2 and up to $1.5 billion revolver, improving liquidity and extending maturities.

During Q4, DaVita conducted 7.26 million U.S. dialysis treatments at an average of 91,608 treatments per day, a 0.1% sequential decline; normalized non-acquired growth was down 0.6% year-over-year. Revenue per treatment rose by $12.01 sequentially to $422.60, driven by higher reimbursement rates and seasonally higher service mix. Patient care costs per treatment increased by $6.06 to $279.60, reflecting higher pharmaceutical and benefit expenses. As of year-end, DaVita served approximately 295,000 patients across 3,242 outpatient centers and managed 66,000 patients under risk-based integrated kidney care arrangements representing $5.6 billion in annualized medical spend.

Management forecasted 2026 profit above consensus, citing steady dialysis demand and ongoing investments in quality and process improvements. The company plans to leverage its integrated care platform to expand home-based services, including co-developing a kidney-specific model with Elara Caring, aiming to reduce hospitalizations and total cost of care. Key priorities include sustaining reimbursement gains, controlling benefit and supply costs, and executing disciplined capital allocation to support growth and shareholder returns.