Treatment Volume Growth Driven by Patient Census
U.S. dialysis average treatments per day increased 1.1% sequentially to 92,649, driven by better-than-expected patient census and lower mortality rates.
Source: 10-Q Item 2 MD&A
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's Q2 FY2026 was marked by robust sequential treatment volume growth and a sharp turnaround in its integrated kidney care (IKC) business, leading to a significant improvement in operating income. The company attributed the volume increase to better-than-expected patient census and lower mortality, while IKC swung to a $40 million operating profit from a $19 million loss in the prior quarter due to a net increase in shared savings. However, average revenue per treatment dipped sequentially due to adverse payor mix shifts, and labor and supply cost pressures persisted, partly offset by productivity gains.
Revenue
$3.55B
+5.17% YoY
EPS (Diluted)
$4.02
+55.81% YoY
Operating Income
$579M
+7.65% YoY
Source: SEC XBRL
Davita (DVA) reported Q2 FY2026 revenue of $3.55B, up 5.2% year over year. Operating margin was 16.3%, up 0.4 points from 15.9% a year earlier. DVA's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Mar 2026 | 2.87 | 2.34 | Beat +22.6% |
| Dec 2025 | 3.40 | 3.19 | Beat +6.7% |
| Sep 2025 | 2.04 | 3.25 | Miss -37.3% |
| Jun 2025 | 2.95 | 2.83 | Beat +4.2% |
2 reported segments · SEC XBRL
Segment revenue totals $3.57B; with -$14.45M of reconciling items (corporate, unallocated and eliminations) it ties to the $3.55B of consolidated revenue on the income statement.
Compiled by AI from 10-Q Item 2 of this filing
U.S. dialysis average treatments per day increased 1.1% sequentially to 92,649, driven by better-than-expected patient census and lower mortality rates.
Source: 10-Q Item 2 MD&A
IKC operating income turned to $40 million in Q2 2026 from a $19 million loss in Q1 2026, primarily due to a net increase in shared savings.
Source: 10-Q Item 2 MD&A
Average patient service revenue per treatment in U.S. dialysis decreased by $1.72 or 0.4% sequentially, mainly due to changes in payer mix.
Source: 10-Q Item 2 MD&A
Patient care costs per treatment decreased 1.0% sequentially to $277.40, driven by lower labor costs, productivity gains, and decreased pharmaceutical costs.
Source: 10-Q Item 2 MD&A
In Q2 2025, DaVita incurred $13.5 million in cybersecurity incident-related charges (patient care and G&A), which affected the year-ago period's operating income comparison.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
DaVita reported a stockholders' deficit of -$765 million as of June 30, 2026, indicating that liabilities significantly exceed assets and raising concerns about financial stability and covenant compliance.
Source: 10-Q Balance Sheet (XBRL)
The debt-to-equity ratio of -21.74 reflects substantial reliance on debt financing, which could strain liquidity and limit financial flexibility, especially in a rising interest rate environment.
Source: 10-Q Balance Sheet (XBRL)
Approximately 84.4% of segment revenue comes from U.S. dialysis and related lab services, exposing the company to regulatory changes, reimbursement cuts, and competitive pressures in a single market.
Source: 10-Q Segment Breakdown (XBRL)
Cash used in financing activities totaled $484 million YTD FY2026, including $378 million in share repurchases, which contributed to a 5.6% YoY decrease in cash and equivalents despite strong operating cash flows.
Source: 10-Q Cash Flow (XBRL)
Capital expenditures (maintenance and development) totaled $272 million YTD FY2026, and investing cash outflows were $333 million, requiring continuous reinvestment and limiting free cash flow generation.
Source: 10-Q Cash Flow (XBRL)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 3.55 $B | 3.38 $B | +5.17% |
Operating Income $M | 579.00 $M | 537.84 $M | +7.65% |
Net Income $M | 265.40 $M | 199.34 $M | +33.14% |
EPS (Basic) $ | 4.10 $ | 2.62 $ | +56.49% |
EPS (Diluted) $ | 4.02 $ | 2.58 $ | +55.81% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
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.
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.
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