DaVita Inc. (DVA)

DaVita reported its results for the quarter ended June 30, 2026 on August 4 7. Revenue was $3,554 million, up from $3,380 million in the same quarter a year earlier 2. Net income attributable to the company was $265 million, against $199 million a year earlier 2.

Treatments per day rose against the same quarter a year before 2. The company says patient numbers came in better than it expected, mainly because fewer patients died than it had planned for 2.

Average revenue per treatment, the payment for one dialysis session, was $416.71 in the first six months of the year against $402.38 a year earlier 2. The company credits Medicare rate increases, partly offset by a weaker mix of insurers 2.

One open question is the mix of insurers 2. The company says the end of enhanced premium tax credits at the end of 2025 hurt enrollment in exchange plans and its commercial mix 2. Commercial plans pay more than government programs, so the mix matters to revenue per treatment 1.

DaVita sold its DaVita Medical Group business to a subsidiary of UnitedHealth Group on June 19, 2019 6. The company said the sale left it less diversified and more dependent on its kidney care business 6.

The pandemic years show how the business reacts to deaths among its patients 4. In 2022 revenue was $11,610 million, down 0.1 percent, and operating income fell to $1,339 million from $1,797 million 4.

The company tied that year to a drop in treatments, mainly because COVID-19 raised mortality among its dialysis patients 4. It also closed a net 91 U.S. centers to improve how full the rest were 4.

Growth returned in 2024 5. U.S. dialysis revenue rose 4.2 percent as revenue per treatment grew by $13.88, and the other businesses grew 16.2 percent, mostly abroad 5.

International expansion drove much of it, with a net 142 more centers abroad that year, mainly from acquisitions 5. Operating income was $2,090 million 5.

On April 30, 2024, the company signed a share repurchase agreement with Berkshire Hathaway 1. Under it, the company repurchases shares from Berkshire each quarter to keep Berkshire's ownership at 45.0 percent 1.

In 2025 revenue grew 6.5 percent to $13,643 million, with U.S. dialysis up 3.5 percent and the other businesses up 27.3 percent 1. Operating income slipped to $2,044 million from $2,090 million 1.

A cybersecurity incident that the company became aware of in April 2025 disrupted its network and billing and revenue collection cycles 1. Effective August 1, 2025, it acquired Fresenius Medical Care's dialysis operations in Brazil 1.

The company also repurchased 12,678,623 of its own shares in 2025 for $1,788 million, a 14.9 percent net reduction in its outstanding share count 1.

U.S. dialysis

Dialysis cleans the blood of people whose kidneys have failed, usually three times a week 1. DaVita operated 2,657 outpatient dialysis centers in the U.S. on December 31, 2025, serving about 200,500 patients, and contracted to provide hospital inpatient dialysis in about 740 hospitals 1.

This business produced about 86 percent of 2025 revenue, and the company estimates a 36 percent share of U.S. dialysis patients 1. Outpatient, home and hospital services were about 76, 18 and 6 percent of its revenue 1.

Government programs paid about 68 percent of U.S. dialysis patient service revenue in 2025 for about 89 percent of patients, while commercial plans paid about 32 percent 1. The company records 28,733,980 treatments for 2025, down 1.1 percent 1.

U.S. centers numbered 2,671 at the end of the six months ended June 30, 2026 2.

Integrated kidney care and other services

Integrated kidney care manages the care of patients with advanced kidney disease under value-based contracts, where pay depends partly on outcomes and cost 1. On June 30, 2026 it served about 64,900 patients in risk-based arrangements and 5,700 in other arrangements 2.

Other U.S. ancillary businesses include clinical research programs, a transplant software business and a venture investment group 2.

International

Abroad, the company owned or operated 595 outpatient dialysis centers in 14 countries on June 30, 2026 2. At the end of 2025 these centers served about 94,500 patients 1.

People and places

The company employed about 78,000 people at the end of 2025, with about 72 percent in the U.S. 1. Javier Rodriguez signs the annual report as principal executive officer 1.

Its headquarters are in Denver, in one owned and one leased office building, and the vast majority of its dialysis centers are leased 1.

Rivals and problems

Fresenius Medical Care is the company's largest competitor and also makes its own supplies and equipment 1. Union petitions have been filed at a number of its California clinics 2.

Regulators are also asking questions 2. The California Department of Insurance sent a subpoena in April 2020 about patient communications and the American Kidney Fund, and the District of Columbia attorney general issued a civil demand in January 2023 2.

The umbrella, in words

DaVita operates under its own name in the U.S. and abroad; the annual report's subsidiary exhibit was not read for this page 1.

The company owns a 50 percent voting equity interest in Mozarc Medical Holding LLC, a kidney care device company, and Medtronic owns the other 50 percent 1. It accounts for the stake on the equity method 1.

Berkshire Hathaway is the largest outside shareholder named in the filings; a standstill agreement limits what it may do, and it must vote shares above 40 percent as the board recommends 1.

For 2026 the company expects about flat U.S. treatment volumes and operating income growth from revenue per treatment improvements 1. It also expects lower debt expense and positive other income as losses from Mozarc shrink 1.

The company said in its latest quarterly report that it expects to begin offering expanded hemodialysis, a method that clears larger toxins, broadly across its network in the coming quarters 2.

Medicare sets much of the pay 2. In June 2026 the Centers for Medicare & Medicaid Services proposed a rule that it estimates would raise average reimbursement by 1.1 percent in 2027 2. A separate payment for phosphate binders, drugs taken by many dialysis patients, is set to end after 2026 1.

On June 4, 2026 stockholders elected nine directors to serve until the 2027 annual meeting 3. The company's target for its leverage ratio is between 3.0 and 3.5 times earnings before interest, taxes, depreciation and amortization 1.