DaVita reported fourth-quarter earnings of $3.40 per share, surpassing the Zacks Consensus Estimate of $3.24 and representing a 52% increase from $2.24 a year ago. Consolidated revenues for the quarter reached $3.62 billion, up from $3.44 billion in the fourth quarter of 2024. Operating income rose to $561 million, or 15.5% of revenue, while adjusted operating income was $586 million, a margin of 16.2%, driven by higher reimbursement rates and improved mix despite a slight dip in dialysis treatments per day.

For the year ended December 31, 2025, DaVita generated $13.64 billion in revenues, a 7% increase over 2024. Adjusted operating income totaled $2.09 billion, and adjusted diluted earnings per share from continuing operations reached $10.78, compared with $9.68 a year earlier. Free cash flow was $1.02 billion, down from $1.16 billion in 2024, reflecting investments in refinancing and share repurchases of 12.7 million shares at an average of $140.09. The company ended the year with 3,242 outpatient dialysis centers serving approximately 295,000 patients globally.

DaVita forecast 2026 profit above consensus estimates, citing steady demand for kidney dialysis services and ongoing process improvements. Following the guidance, shares jumped 13% in after-hours trading. Management emphasized continued investments in integrated care programs and home dialysis expansion, leveraging risk-based arrangements covering roughly $5.6 billion in annualized medical spend to drive growth and margin expansion in the year ahead.