DaVita Inc. (DVA) reported financial and operating results for the fourth quarter and full year ended December 31, 2025, delivering steady revenue growth and strong profitability despite a challenging operating environment.
The Denver-based kidney-care provider said its platform continued to perform well, supported by operational improvements, reimbursement trends, and ongoing investments in integrated care programs.
DaVita operates a global network of dialysis centers and value-based kidney-care programs, serving more than 293,000 patients across 3,247 outpatient centers worldwide as of September 30, 2025.
Fourth Quarter 2025 Results:
Consolidated revenue rose to $3.620 billion, compared with $3.295 billion in the prior-year quarter.
Operating income was $561 million in Q4, 2025, compared with $480 million in the fourth quarter of 2024, while adjusted operating income reached $586 million versus $505 million a year earlier.
Diluted EPS from continuing operations came in at $2.94, compared with $2.66 in Q4 2024. Adjusted diluted EPS was $3.40, up from $3.11 in the prior-year quarter.
Operating cash flow totaled $541 million, and free cash flow was $309 million.
Management said the quarter benefited from higher reimbursement rates, improved mix, and seasonal factors such as flu-vaccine volumes, partially offset by increased health-benefit and medical-supply costs.
Fiscal Year 2025 Results:
Total revenue reached $13.643 billion, up from $12.816 billion in FY 2024.
Operating income was $2.044 billion, compared with $2.09 billion in fiscal 2024, with adjusted operating income of $2.094 billion, up from $1.98 billion a year earlier.
Diluted EPS from continuing operations was $9.51, compared with $10.73 in fiscal 2024, while adjusted diluted EPS rose to $10.78, up from $9.68 in the prior year.
Looking ahead to 2026, DaVita expects adjusted operating income of $2.085 billion to $2.235 billion, broadly in line with the $2.094 billion delivered in 2025.
Adjusted diluted net income for continuing operations per share of $13.60 to $15.00 represents a sharp increase from the $10.78 reported last year.
DaVita also repurchased 12.7 million shares during the year at an average price of $140.09 per share.
The company said ongoing process improvements and investments in care delivery position it for continued clinical and financial performance.
In a separate announcement, DaVita and Ares Management's Private Equity Group disclosed a new strategic investment in Elara Caring, a national provider of skilled home health, hospice, behavioral health, and personal care services.
Elara will remain an independent company led by CEO Ananth Mohan. The investment is intended to:
•Expand access to high-acuity, home-based care
•Support the launch of new clinical programs and care models
•Strengthen Elara's ability to manage complex and chronic conditions
•Co-develop a kidney-specific home-based care model with DaVita
DaVita said the collaboration aims to reduce preventable hospitalizations and improve continuity of care for patients with kidney disease.
The transaction is expected to close later in 2026, subject to regulatory approvals.
DVA has traded between $101.00 and $111.32 over the past year. The stock closed yesterday's trading at $111.19, up 1.69%, and is currently trading in the pre-market at $124.68, up 12.15%.
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