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Companies · DVA

DVA Reported this cycle

DaVita

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Latest analysis

Updated Oct 29, 2026

DaVita Q3 2026: Expanded HD rollout begins; IKC guidance raised $25M; full-year OI narrowed to $2.175–$2.25B.

DaVita reported Q3 adjusted operating income of $561 million and raised full-year 2026 guidance by $25 million on stronger-than-expected IKC performance, driven by higher shared-savings rates and improved clinical outcomes. The company is deploying expanded hemodialysis dialyzers across its network starting immediately, expecting no material P&L impact through 2027 but modeling volume and mortality tailwinds beginning in H2 2028. U.S. dialysis volume growth remained muted at 1.2% year-over-year, offset by labor cost inflation and elevated technology spending that management now expects to decelerate but not decline next year.

Tone: cautious

Revenue

$13.6B

DVA 10-K · FY 2025

Employees

78,000

Revenue FY2024

$12.8B

Headquarters

Denver, CO

Profile

DVA 10-K Item 1 · Feb 11, 2026

DaVita is a leading U.S. dialysis provider treating patients with end-stage kidney disease across approximately 2,657 outpatient centers in 46 states and the District of Columbia, as well as 585 international centers across 14 countries. The company also operates an integrated kidney care business serving approximately 75,400 patients in value-based arrangements and a suite of ancillary services including clinical research, transplant software, and a venture investment group. Government-based payors account for approximately 68% of U.S. dialysis patient service revenues.

Read filing description ↓

DaVita is a leading healthcare provider focused on transforming care delivery to improve quality of life for patients globally. As a comprehensive kidney care provider, we have been a leader in clinical quality and innovation for more than 25 years. We care for patients at every stage and setting along their kidney health journey–from slowing the progression of kidney disease to helping support transplantation. This includes ensuring they are supported at home, in our dialysis centers, in the hospital and in skilled nursing facilities. In our unwavering pursuit of a healthier tomorrow, we strive to reimagine what high quality care looks like: more preventative, better integrated, improved outcomes at the lowest total cost, and personalized at scale to deliver a better tomorrow regardless of location, insurance status or other factors. Our U.S. dialysis and related lab services business treats patients with chronic kidney failure, ESKD, in the United States, and is our largest line of business. Our robust platform to deliver kidney care services also includes established nephrology and payor relationships. In addition, as of December 31, 2025, our international operations provided dialysis and administrative services to a total of 585 outpatient dialysis centers located in 14 countries outside of the U.S., serving approximately 94,500 patients. Our U.S. integrated kidney care (IKC) business provided integrated care and disease management services to 66,000 patients in risk-based integrated care arrangements and to an additional 9,400 patients in other integrated care arrangements across the United States as of December 31, 2025. Our caring culture fuels our continuous drive toward achieving our mission to be the provider, partner and employer of choice.

Primary products

  • Outpatient hemodialysis services
  • Hospital inpatient hemodialysis services
  • Home-based dialysis services (HHD and peritoneal dialysis)
  • ESKD laboratory services
  • Management and administrative services for outpatient dialysis centers
  • Integrated kidney care and disease management services

Business segments

U.S. dialysis and related lab services U.S. integrated kidney care (IKC) U.S. other ancillary services International operations

End markets

End-stage kidney disease (ESKD) patients Chronic kidney disease (CKD) patients Medicare and Medicare Advantage patients Medicaid patients Commercial insurance patients Veterans Administration Hospital inpatient patients

Geographies

United States Brazil Colombia Malaysia Poland Chile Germany United Kingdom Ecuador Saudi Arabia Panama Portugal China Japan Singapore

Named customers

Medicare Medicaid Commercial insurance Medicare Advantage

No single commercial payor accounted for more than 10% of total U.S. dialysis revenues for the year ended December 31, 2025.

Named competitors

Fresenius Medical Care
“Some competitors, including our largest competitor, Fresenius Medical Care, also manufacture their own supplies and equipment, in addition to owning and operating outpatient dialysis centers worldwide, which may, among other things, provide cost advantages to such competitors.” Competitive position, as stated in the filing

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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

SeventhBiz analysis 6 signals 16 diligence answers 1 M&A transactions SWOT