DaVita Inc. Reports $13.64 Billion in Annual Revenues, Adjusted Operating Income Increases

**DaVita Inc. Reports Annual Financial Results**

DaVita Inc., a leading healthcare provider focused on kidney care, released its 10-K filing, detailing its financial performance for the year ended December 31, 2025. The company reported total consolidated revenues of $13.64 billion, an increase of 6.5% compared to $12.82 billion in 2024. This growth was primarily driven by a 3.5% increase in U.S. dialysis revenues, which reached $11.79 billion, and a 27.3% increase in other ancillary businesses revenues, totaling $1.92 billion. The U.S. dialysis revenue growth was attributed to an increase in average patient service revenue per treatment of $18.24.

Operating income for DaVita Inc. was $2.04 billion, a slight decrease of 2.2% compared to $2.09 billion in the previous year. Adjusted operating income, however, increased by 5.7% to $2.09 billion from $1.98 billion in 2024. The U.S. dialysis business saw a modest increase in adjusted operating income, while the ancillary services segment experienced substantial growth. The company's net income attributable to DaVita Inc. was $746.8 million, compared to $936.3 million in the prior year. The decrease in net income was primarily due to a one-time benefit recognized in 2024 related to non-taxable non-cash gains for previously nonconsolidated businesses, a write down of a 2014 tax refund claim recognized in 2025 and increases in non-deductible executive compensation.

Key operational developments included a 1.1% decrease in U.S. dialysis treatments, totaling 28.73 million, primarily due to higher mortality and missed treatments from a more severe flu season. However, the company's international operations saw a 17.6% increase in patient growth. As of December 31, 2025, DaVita operated 585 outpatient dialysis centers in 14 countries outside the U.S., serving approximately 94,500 patients. The company also repurchased 12.68 million shares of its common stock for $1.79 billion, resulting in a 14.9% net reduction in its outstanding share count year-over-year.

Looking ahead, DaVita anticipates approximately flat treatment volumes in its U.S. dialysis business for 2026, with operating income growth driven by revenue per treatment improvements. The company also expects operating income growth in its international and integrated kidney care businesses. DaVita's financial strategy includes managing its debt through refinancing and utilizing interest rate caps to mitigate risks associated with variable interest rates. The company's Board of Directors has authorized a share repurchase plan, allowing for continued repurchases depending on market conditions and other considerations.