DaVita (DVA) Q4 2024 earnings summary

Executive summary

• Achieved strong 2024 results with adjusted operating income and EPS at the top half of guidance, celebrating 25 years of clinical progress and expanding from dialysis to comprehensive kidney care and value-based models.

• Ended 2024 with consolidated revenues of $12.82 billion and net income attributable to DaVita Inc. of $936 million.

• Continued international expansion, closing three of four Latin American acquisitions, and maintained leadership in clinical benchmarks across 13 countries.

• Focused on improving patient outcomes, expanding integrated kidney care arrangements, and serving 281,100 patients at 3,166 centers globally.

Financial highlights

• Q4 adjusted operating income was $491 million; full-year 2024 adjusted OI reached $1.98 billion.

• Q4 adjusted EPS was $2.24; full-year adjusted EPS was $9.68; Q4 net income attributable to DaVita Inc. was $259 million (diluted EPS $3.09); full-year net income was $936 million (diluted EPS $10.73).

• Q4 2024 revenues were $3.30 billion, up from $3.15 billion in Q4 2023; full-year revenues grew to $12.82 billion from $12.14 billion in 2023.

• Free cash flow was $281 million in Q4 and $1.16 billion for the year; operating cash flow for 2024 was $2.02 billion.

• Repurchased 9.8 million shares in 2024 for $1.39 billion at an average price of $140.06 per share.

Outlook and guidance

• 2025 adjusted operating income guidance: $2.01–$2.16 billion, representing 5.2% growth at midpoint.

• 2025 adjusted EPS guidance: $10.20–$11.30, with 11% growth at midpoint, driven by OI growth and share repurchases.

• Free cash flow guidance for 2025: $1–$1.25 billion.

• Flat treatment volume expected for 2025, with headwinds from leap year comparison and lost PD admissions.

• Revenue per treatment expected to grow 4.5%–5.5% year-over-year, with 40% of growth from oral phosphate binder reimbursement.