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DaVita Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Feb, 2026
Executive summary
Delivered fourth quarter and full-year 2025 results in line with expectations, with strong performance in Integrated Kidney Care (IKC) and resilience despite headwinds from a cyber incident and elevated mortality.
Achieved consolidated revenues of $3.62 billion for Q4 2025 and $13.64 billion for the full year, meeting financial targets despite a challenging environment.
Achieved first profitable year in IKC, ahead of schedule, and expect incremental $20 million IKC operating income growth in 2026.
Continued investment in clinical initiatives, technology, and partnerships to enhance patient care and drive future growth.
Repurchased 12.7 million shares in 2025 at an average price of $140.09 per share.
Financial highlights
Fourth quarter adjusted operating income: $586 million; full-year adjusted operating income: $2.094 billion.
Fourth quarter adjusted EPS from continuing operations: $3.40; full-year adjusted EPS: $10.78.
Fourth quarter free cash flow: $309 million; full-year free cash flow: $1.024 billion.
U.S. dialysis patient service revenues for Q4 were $3.07 billion; average revenue per treatment was $422.60.
Patient care costs per treatment up 5.9% year-over-year, mainly due to binders in the bundle and seasonal increases.
Outlook and guidance
2026 adjusted operating income guidance: $2.085 billion–$2.235 billion (3.2% growth at midpoint).
2026 adjusted EPS guidance: $13.60–$15.00 (33% growth at midpoint).
2026 free cash flow guidance: $1 billion–$1.25 billion.
U.S. dialysis treatment volume expected to be flat in 2026; RPT growth forecasted at 1%–2%.
Expecting 1.25%–2.25% growth in U.S. dialysis costs, mainly from wage and G&A increases.
Compare 2026 vs 2025 total normalized treatment days
Mozarc impairment vs. share repurchase strategy
IKC's expected contribution to 2026 outlook?
IKC OI growth slowing in 2026, explain
Timeline for 2% volume growth full effect?
Elara Caring investment: dual purpose?
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Next DaVita earnings date
Q1 202611 May, 2026
DaVita
Next DaVita earnings date
Q1 202611 May, 2026
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Frequently asked questions
DaVita Inc. provides kidney dialysis services for patients suffering from chronic kidney failure. Dialysis is a process where waste and excess fluid are removed from a patient's blood in order to prevent complications caused by build-up . The kidneys, which are two bean-shaped organs found on the left side of your rib cage, are responsible for filtering waste and extra fluid from the body's bloodstream. Patients who've undergone kidney failure need to undergo dialysis treatment several times each week. The kidneys no longer work properly, causing waste and fluids to build up in the blood stream, leading to health complications such as high blood pressure or swelling.
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