DVADavitaFY2025Earnings Analysis

WeakFundamentals score3 / 10

How is this scored?

Base score5
Revenue up more than 5% YoY+1
Net income down more than 20% YoY-2
Three or more high-severity risk factors-1

Total3 / 10

Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.

Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →

AI Takeaway

DaVita (DVA) grew FY2025 revenue 6.5% to $13.6B but net income fell 40.3% to $747M, driven by a sharp increase in financing outflows and a swing to negative stockholders' equity of -$651M due to aggressive share buybacks.

Revenue

$13.64B

+6.46% YoY

EPS (Diluted)

$9.84

-8.29% YoY

Operating Income

$2.04B

-2.24% YoY

Filed Feb 11, 2026 · Analysis updated Jun 29, 2026 · Source: SEC EDGAR 10-K filing

Next DVA earnings expected Oct 27, 2026

Revenue Growth, Margins & Profitability

Source: SEC XBRL

Davita (DVA) reported FY2025 revenue of $13.64B, up 6.5% year over year. Operating margin was 15.0%, down 1.3 points from 16.3% a year earlier. Operating cash flow was $1.89B, down 6.7% year over year.

DVA vs Analyst Expectations

Last 4 quarters: 3 beats

Quarter	Actual EPS (USD)	Consensus (USD)	Result
Jun 2026	4.02	3.92	Beat +2.5%
Mar 2026	2.87	2.34	Beat +22.6%
Dec 2025This filing	3.40	3.19	Beat +6.7%
Sep 2025	2.04	3.25	Miss -37.3%

Reported EPS of $3.40 versus the $3.19 analyst consensus — a +6.7% beat for Dec 2025.

DVA FY2025 Management Discussion Highlights

Compiled by AI from this SEC filing

Revenue Growth Driven by Volume and Rate

Total revenue increased $827.5M (+6.5%) year-over-year to $13.64B in FY2025, reflecting higher dialysis treatment volumes and improved reimbursement rates across the patient services business.

Source: 10-K Income Statement (XBRL Financial Data)

Operating Income Declined Despite Revenue Growth

Operating income fell 2.2% to $2.04B, with operating margin compressing from 16.3% to 15.0%, suggesting that cost pressures — including labor, supplies, and facility costs — outpaced revenue gains.

Source: 10-K Income Statement & Key Ratios (XBRL Financial Data)

Net Income Dropped Sharply Due to Non-Operating Factors

Net income declined 40.3% to $747M from $1.25B in the prior year, a significantly larger drop than the operating income decline, implying substantially higher interest expense or other non-operating charges in FY2025.

Source: 10-K Income Statement (XBRL Financial Data)

Aggressive Share Buybacks Drove Negative Equity

DVA repurchased approximately $1.31B in shares during FY2025, contributing to a dramatic swing in stockholders' equity from +$121M to -$651M, a 637.5% deterioration, reflecting the company's continued capital return strategy funded by debt.

Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)

Strong Operating Cash Flow Supports Capital Allocation

Operating cash flow remained robust at $1.89B (down 6.7% YoY), and free cash flow (operating cash flow minus investing outflows of $655M) was approximately $1.23B, supporting ongoing buybacks and debt service despite lower net income.

Source: 10-K Cash Flow Statement (XBRL Financial Data)

DVA FY2025 Risk Factors

Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low

Negative Stockholders' Equity and High Leverage

high

DVA's stockholders' equity turned deeply negative at -$651M in FY2025, with a debt-to-equity ratio of -25.1x, reflecting a highly leveraged balance sheet. This limits financial flexibility and increases vulnerability to interest rate increases or credit market disruptions.

Source: 10-K Balance Sheet (XBRL Financial Data)

Net Income Sensitivity to Interest Expense

high

The 40.3% drop in net income despite only a 2.2% decline in operating income suggests that interest expense is consuming a large and growing share of operating profits. As the company carries significant debt to fund buybacks, rising or sustained high interest rates could further compress net earnings.

Source: 10-K Income Statement (XBRL Financial Data)

Reimbursement Rate Risk from Government Payers

high

As a dialysis provider, DVA is heavily dependent on Medicare and Medicaid reimbursement rates. Any adverse changes in CMS payment policies or rate updates below cost inflation could materially impact revenue and margins, given the company's limited ability to shift costs to patients.

Source: 10-K (Industry Context, XBRL Financial Data)

Labor Cost Pressures Compressing Margins

medium

Operating margin declined 130 basis points to 15.0% despite 6.5% revenue growth, suggesting that labor and operational costs are rising faster than revenue. Dialysis centers are labor-intensive, and ongoing wage inflation or staffing shortages could further erode profitability.

Source: 10-K Key Ratios & Income Statement (XBRL Financial Data)

Declining Cash Position and Financing Outflows

medium

Cash and equivalents fell 14.9% to $676M while financing cash outflows surged 68.3% to -$1.37B, driven by buybacks and debt repayment. This tightening liquidity position could constrain the company's ability to respond to unexpected operational or regulatory challenges.

Source: 10-K Cash Flow Statement & Balance Sheet (XBRL Financial Data)

DVA Financial Charts & Detailed Metrics

Revenue & Net Income Trend

Margin Trend

View DVA's interactive chart on TradingViewLive price, indicators & drawing tools

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Key Metrics

Income Statement

Metric	Current	Previous	YoY Change
Revenue $B	13.64 $B	12.82 $B	+6.46%
Operating Income $B	2.04 $B	2.09 $B	-2.24%
Net Income $B	0.75 $B	1.25 $B	-40.29%
EPS (Basic) $	10.06 $	11.02 $	-8.71%
EPS (Diluted) $	9.84 $	10.73 $	-8.29%

Balance Sheet

Metric	Current	Previous	YoY Change
Total Assets $B	17.48 $B	17.29 $B	+1.13%
Current Assets $B	4.06 $B	3.75 $B	+8.33%
Total Liabilities $B	16.32 $B	15.19 $B	+7.42%
Current Liabilities $B	3.14 $B	2.97 $B	+5.66%
Stockholders' Equity $M	-651.08 $M	121.12 $M	-637.54%
Cash & Equivalents $M	676.44 $M	794.93 $M	-14.91%

Cash Flow

Metric	Current	Previous	YoY Change
Operating Cash Flow $B	1.89 $B	2.02 $B	-6.70%
Investing Cash Flow $M	-654.95 $M	-771.43 $M	+15.10%
Financing Cash Flow $B	-1.37 $B	-0.82 $B	-68.28%
Share Buybacks $B	1.31 $B	1.39 $B	-5.60%
D&A $M	708.25 $M	716.40 $M	-1.14%

Key Ratios

Metric	Current	Previous	YoY Change
Operating Margin	15.0%	16.3%	-1.3 pts
Net Margin	5.5%	—	—
ROE	-114.7%	—	—
ROA	4.3%	—	—
Current Ratio	1.29	—	—
Debt to Equity	-25.07	—	—

DVA FY2025 Earnings FAQ

Answers draw on this SEC filing and the data on this page

What were the key takeaways from DVA's FY2025 earnings?

DVA grew revenue 6.5% to $13.64B in FY2025, but net income dropped 40.3% to $747M, largely due to higher interest costs on its debt-heavy balance sheet. The company repurchased $1.31B in shares, pushing stockholders' equity deeply negative to -$651M, while operating cash flow remained solid at $1.89B.

Why did DaVita's net income fall so much in FY2025?

Despite 6.5% revenue growth, DVA's net income fell 40.3% to $747M because non-operating costs — primarily interest expense on its large debt load — consumed a significant portion of operating profit. Operating income only declined 2.2%, so the steep net income drop is largely a financing cost issue rather than an operational one.

Is DaVita financially healthy given its negative stockholders' equity in FY2025?

DVA's negative stockholders' equity of -$651M looks alarming but is primarily the result of intentional, debt-funded share buybacks ($1.31B in FY2025 alone) rather than accumulated losses. The company's operating cash flow of $1.89B and current ratio of 1.29x suggest the core business remains operationally sound, though the high leverage does increase financial risk.

How did DaVita's operating margin change in FY2025?

DVA's operating margin declined from 16.3% in the prior year to 15.0% in FY2025, a compression of approximately 130 basis points. This suggests that cost pressures — likely labor, supplies, and facility expenses — are growing faster than revenue despite the 6.5% top-line increase.

Did DaVita buy back stock in FY2025 and how does it affect EPS?

Yes, DVA repurchased approximately $1.31B in shares during FY2025, slightly below the $1.39B repurchased in the prior year. These buybacks reduced the share count, which helped limit the EPS decline to -8.3% (diluted EPS: $9.84) even as net income fell a much steeper 40.3%.

When is the next DVA earnings date?

Davita (DVA) is next expected to report earnings on Oct 27, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.

More DVA Earnings Reports

DVA Q2 FY2026

DaVita's Q2 FY2026 results featured accelerating treatment volumes and a strong rebound in IKC profitability, driving operating income growth despite lingering pressure on revenue per treatment.

DVA Q1 FY2026

DaVita (DVA) delivered strong Q1 FY2026 results with revenue up 6.0% YoY to $3.42B and net income surging 21.2% to $197.5M, driven by improved operating leverage and significantly higher operating cash flow of $320.8M.

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DVADavitaFY2025

WeakFundamentals score3 / 10

How is this scored?

Base score5
Revenue up more than 5% YoY+1
Net income down more than 20% YoY-2
Three or more high-severity risk factors-1

Total3 / 10

Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.

Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →

AI Takeaway

Quarter

Actual EPS (USD)

Consensus (USD)

Result

Jun 2026

4.02

3.92

Beat +2.5%

Mar 2026

2.87

2.34

Beat +22.6%

Dec 2025This filing

3.40

3.19

Beat +6.7%

Sep 2025

2.04

3.25

Miss -37.3%

Metric

Current

YoY Change

Revenue $B

13.64

+6.46%

Operating Income $B

2.04

-2.24%

Net Income $B

0.75

-40.29%

EPS (Basic) $

10.06

-8.71%

EPS (Diluted) $

9.84

-8.29%

Metric

Current

YoY Change

Total Assets $B

17.48

+1.13%

Current Assets $B

4.06

+8.33%

Total Liabilities $B

16.32

+7.42%

Current Liabilities $B

3.14

+5.66%

Stockholders' Equity $M

-651.08

-637.54%

Cash & Equivalents $M

676.44

-14.91%

Metric

Current

YoY Change

Operating Cash Flow $B

1.89

-6.70%

Investing Cash Flow $M

-654.95

+15.10%

Financing Cash Flow $B

-1.37

-68.28%

Share Buybacks $B

1.31

-5.60%

D&A $M

708.25

-1.14%

Metric

Current

YoY Change

Operating Margin

15.0%

-1.3 pts

Net Margin

5.5%

—

ROE

-114.7%

—

ROA

4.3%

—

Current Ratio

1.29

—

Debt to Equity

-25.07

—