DaVita (DVA) Q4 2025 earnings summary

Executive summary

• Delivered fourth quarter and full-year 2025 results in line with expectations, overcoming challenges such as a cyber incident and macroeconomic headwinds.

• Achieved consolidated revenues of $3.62 billion for Q4 2025 and $13.64 billion for the full year, meeting financial targets.

• Achieved first profitable year in Integrated Kidney Care (IKC), ahead of schedule, with strong clinical outcomes and operational execution.

• Continued investment in clinical initiatives and technology to enhance patient care and support future growth.

• Announced a strategic partnership and minority investment in Elara Caring to expand home health offerings for kidney patients.

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.

• Free cash flow for Q4: $309 million; full-year free cash flow: $1.024 billion.

• Revenue per treatment (RPT) for Q4: $422.60; full-year RPT: ~$410, up 4.7% year-over-year.

• Patient care costs per treatment up 5.9% year-over-year, mainly due to bundled drug costs and higher health benefit and supply expenses.

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; midpoint $1.125 billion.

• U.S. dialysis treatment volume expected to be flat in 2026; RPT growth forecasted at 1%–2%.

• IKC and international segments each expected to contribute ~1% to enterprise OI growth.