DaVita (DVA) Q4 2025 earnings summary

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.