DaVita reported consolidated revenues of $3.620 billion for the fourth quarter ended December 31, 2025, up 3.2% year-over-year. Operating income reached $561 million, representing a 15.5% margin, while adjusted operating income was $586 million or 16.2% of revenues. Diluted earnings per share from continuing operations were $2.94, compared with $2.04 in the prior quarter, and adjusted EPS from continuing operations was $3.40, up from $2.51 in Q3 2025 and $2.78 in Q4 2024.

Total U.S. dialysis treatments in Q4 amounted to 7,264,520, averaging 91,608 treatments per day, a 0.1% sequential decline. Normalized non-acquired treatment growth versus Q4 2024 was down 0.6%. Revenue per treatment rose to $422.60 from $409.56 in Q4 2024, driven by higher reimbursement rates and mix improvements. Patient care costs per treatment increased to $279.60, reflecting rising pharmaceutical and benefit expenses. Operating cash flow was $541 million, while free cash flow stood at $309 million for the quarter.

During the quarter, DaVita refinanced its Term Loan A-1 and revolving credit facility, establishing a $2.0 billion Term Loan A-2 and a $1.5 billion revolver. The company used proceeds to retire $1.9 billion of existing debt and bolster liquidity. It repurchased 2.7 million shares for $331 million at an average price of $122.78 per share, and since quarter end has bought back an additional 1.7 million shares for $200 million. In 2025, the company also issued 6.75% senior notes due 2033 and refinanced Term Loan B-1.

DaVita projected full-year profit above consensus on steady demand for dialysis services, forecasting adjusted EPS and operating cash flow to exceed analyst expectations. Management highlighted ongoing investments in integrated kidney care, where the patient population reached 66,000 in risk-bearing arrangements with $5.6 billion of annualized medical spend. The company emphasized confidence in sustaining double-digit margins and free cash flow growth through process improvements and value-based care initiatives.