DaVita delivered adjusted diluted earnings per share of 3.40 in the quarter ended December 31, 2025, up from 2.51 in Q3 and 2.24 in Q4 2024, representing a 52% year-over-year increase. Consolidated revenue rose to 3.62 billion, a 10% advance over the prior year and 2.7% above consensus estimates. Adjusted operating income reached 586 million, up 13% from 517 million in the prior quarter, while operating margin expanded to 16.2% from 15.1%. Free cash flow totaled 309 million, supporting both ongoing investments and a robust capital return program.

DaVita continues to leverage its integrated kidney care model and home dialysis offerings, managing approximately 66,000 patients in risk-based arrangements with an annualized medical spend of 5.6 billion. Total U.S. dialysis treatments were 7.26 million in Q4, averaging 91,608 treatments per day, a flat year-over-year trend after adjusting for acquisitions. Outside the U.S., the company operated 585 centers across 14 countries and added one center while closing five during the quarter, reinforcing its international expansion strategy.

During Q4, DaVita refinanced 1.9 billion of Term Loan A-1 and established a new 2.0 billion Term Loan A-2 along with a 1.5 billion revolving credit facility, extending maturity profiles and bolstering liquidity. The company repurchased 2.7 million shares for 331 million in the quarter and 12.7 million shares for 1.78 billion over the full year, reflecting confidence in cash flow generation. As of year end, the current ratio stood at 1.36, underscoring its ability to cover short-term obligations.