DaVita (DVA) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues reached $3.554 billion, up 5.2% year-over-year, with operating income of $579 million and diluted EPS of $4.02, driven by growth in U.S. dialysis and ancillary services.

• Net income attributable to shareholders was $265 million, up from $199 million in Q2 2025.

• Results aligned with expectations, supported by improved patient outcomes and operational execution.

• Clinical innovation advanced with expanded HD dialyzers and positive MOTheR trial results.

• Guidance for full year 2026 reconfirmed, with continued focus on clinical, operational, and financial momentum.

Financial highlights

• Six-month revenues ended June 30, 2026 were $6.97 billion, with net income of $463 million and free cash flow of $396 million.

• Q2 adjusted operating income: $579 million; adjusted EPS: $4.02; free cash flow: $256 million.

• Patient care costs per treatment were $277.40 in Q2 2026, up 3.2% year-over-year.

• Operating margin improved to 16.3% in Q2 2026.

• 2.2 million shares repurchased in Q2, totaling $348 million.

Outlook and guidance

• 2026 guidance: Adjusted operating income $2.15-$2.25 billion, adjusted EPS $14.10-$15.20, free cash flow $1.0-$1.25 billion.

• Full year revenue per treatment growth expected at 1%-2%; cost per treatment growth at 1.25%-2.25%.

• Anticipated sequential increase in adjusted operating income of $50M-$100M from Q3 to Q4, driven by IKC.

• Productivity improvements expected to offset some inflationary pressures.

• CMS proposed a 1.1% increase in Medicare ESRD reimbursement for 2027.