Davita Inc 10-Q for FY2026 Q1

Davita Inc. (DVA)

10-Q 2026-05-05 For: 2026-03-31

Added on May 05, 2026

About this 10-Q

Davita Inc filed this 10-Q on May 5, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $3.42B; up 6.0% from $3.22B a year earlier
Net income: $197.53M; up 21.2% from net income of $162.92M a year earlier
Diluted EPS: $2.87; up 43.5% from $2.00 a year earlier

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Delaware						51-0354549
(State of incorporation)						(I.R.S. Employer Identification No.)


2000 16th Street
Denver,	CO	80202


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

Emerging growth company	☐


	Three months ended March 31,
	2026		2025
Dialysis patient service revenues	$	3,272,797	$	3,102,993
Other revenues	142,751		120,536
Total revenues	3,415,548		3,223,529
Operating expenses:
Patient care costs	2,342,257		2,239,660
General and administrative	421,914		374,090
Depreciation and amortization	177,829		176,451
Equity investment income, net	(8,344)		(5,609)


Total operating expenses	2,933,656		2,784,592
Operating income	481,892		438,937
Debt expense	(145,131)		(135,055)

Other income (loss), net	4,473		(17,549)
Income before income taxes	341,234		286,333
Income tax expense	66,199		54,117


Net income	275,035		232,216
Less: Net income attributable to noncontrolling interests	(77,505)		(69,299)
Net income attributable to DaVita Inc.	$	197,530	$	162,917

Earnings per share attributable to DaVita Inc.:

Basic net income	$	2.93	$	2.05

Diluted net income	$	2.87	$	2.00

Weighted average shares for earnings per share:
Basic shares	67,390		79,368
Diluted shares	68,875		81,275


	Three months ended March 31,
	2026		2025
Net income	$	275,035	$	232,216
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on interest rate cap agreements:
Unrealized gains (losses)	5,154		(8,535)
Reclassifications of net realized losses into net income	2,877		1,507
Unrealized gains on foreign currency translation	27,793		90,856
Other comprehensive income	35,824		83,828
Total comprehensive income	310,859		316,044
Less: Comprehensive income attributable to noncontrolling interests	(77,505)		(69,299)
Comprehensive income attributable to DaVita Inc.	$	233,354	$	246,745


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	March 31, 2026		December 31, 2025
ASSETS
Cash and cash equivalents	$	644,243	$	676,438
Restricted cash and equivalents	82,160		81,309
Short-term investments	22,303		24,303
Accounts receivable	2,459,355		2,414,690
Inventories	141,613		160,627
Contract assets and other receivables	517,653		494,414
Prepaid and other current assets	159,576		156,285
Income tax receivable	35,780		49,937
Total current assets	4,062,683		4,058,003
Property and equipment, net of accumulated depreciation of $6,751,314 and $6,602,134, respectively	2,754,754		2,812,966
Operating lease right-of-use assets	2,396,698		2,397,179
Intangible assets, net of accumulated amortization of $36,748 and $37,751, respectively	229,020		222,125
Equity method and other investments	167,441		157,249
Long-term investments	39,469		40,966
Other long-term assets	266,987		246,520
Goodwill	7,582,313		7,545,095
	$	17,499,365	$	17,480,103
LIABILITIES AND EQUITY
Accounts payable	$	691,256	$	696,148
Other liabilities	799,377		893,024
Accrued compensation and benefits	708,037		793,478
Current portion of operating lease liabilities	432,219		425,484
Current portion of long-term debt	112,653		109,201
Income tax payable	37,417		24,359
Due to related party	86,500		199,940
Total current liabilities	2,867,459		3,141,634
Long-term operating lease liabilities	2,162,372		2,175,658
Long-term debt	10,513,597		10,163,988
Other long-term liabilities	88,853		83,516
Deferred income taxes	818,918		756,869
Total liabilities	16,451,199		16,321,665
Commitments and contingencies
Noncontrolling interests subject to put provisions	1,524,505		1,532,166
Equity:
Preferred stock ($0.001 par value, 5,000 shares authorized; none issued)	—		—
Common stock ($0.001 par value, 450,000 shares authorized; 69,190 shares issued and 66,185 outstanding at March 31, 2026, respectively, and 68,549 shares issued and outstanding at December 31, 2025)	69		69
Additional paid-in capital	—		—
Accumulated deficit	(179,242)		(328,428)
Treasury stock (3,005 and zero shares, respectively)	(489,364)		(199,940)
Accumulated other comprehensive loss	(86,959)		(122,783)
Total DaVita Inc. shareholders' equity deficit	(755,496)		(651,082)
Noncontrolling interests not subject to put provisions	279,157		277,354
Total equity deficit	(476,339)		(373,728)
	$	17,499,365	$	17,480,103


	Three months ended March 31, 2026
	Non- controlling interests subject to put provisions		DaVita Inc. shareholders’ equity deficit														Non- controlling interests not subject to put provisions

			Common stock			Additional paid-in capital		Accumulated deficit		Treasury stock			Accumulated other comprehensive loss
			Shares	Amount						Shares	Amount				Total
Balance at December 31, 2025	$	1,532,166	68,549	$	69	$	—	$	(328,428)	—	$	(199,940)	$	(122,783)	$	(651,082)	$	277,354
Comprehensive income:
Net income	50,138							197,530							197,530		27,367

Other comprehensive income													35,824		35,824

Stock award plan			641			(27,234)		(35,921)							(63,155)
Stock-settled stock-based compensation expense						26,606									26,606
Changes in noncontrolling interest from:
Distributions	(55,685)																(29,755)
Contributions	2,504																1,545
Acquisitions and divestitures																	2,646
Partial purchases	(13,042)					628		(3,999)							(3,371)
Fair value remeasurements	8,424							(8,424)							(8,424)


Purchase of treasury stock										(3,005)	(402,864)				(402,864)
Share purchase obligation											113,440				113,440
Balance at March 31, 2026	$	1,524,505	69,190	$	69	$	—	$	(179,242)	(3,005)	$	(489,364)	$	(86,959)	$	(755,496)	$	279,157


	Three months ended March 31, 2025
	Non- controlling interests subject to put provisions		DaVita Inc. shareholders’ equity (deficit)														Non- controlling interests not subject to put provisions

			Common stock			Additional paid-in capital		Retained earnings		Treasury stock			Accumulated other comprehensive loss		Total
			Shares	Amount						Shares	Amount
Balance at December 31, 2024	$	1,695,483	90,369	$	90	$	286,270	$	1,534,630	(9,833)	$	(1,389,072)	$	(310,796)	$	121,122	$	274,746
Comprehensive income:
Net income	45,230							162,917							162,917		24,069

Other comprehensive Income													83,828		83,828

Stock award plan			401	1		(30,165)									(30,164)
Stock-settled stock-based compensation expense						29,369									29,369
Changes in noncontrolling interest from:
Distributions	(61,321)																(31,701)
Contributions	1,951																218
Acquisitions and divestitures	4,354					682									682		(6,783)
Partial purchases	(5,865)
Fair value remeasurements	(13,311)					13,311									13,311
Purchase of treasury stock										(3,660)	(550,222)				(550,222)
Share purchase Obligation											(97,944)				(97,944)

Balance at March 31, 2025	$	1,666,521	90,770	$	91	$	299,467	$	1,697,547	(13,493)	$	(2,037,238)	$	(226,968)	$	(267,101)	$	260,549


	Three months ended March 31, 2026						Three months ended March 31, 2025
	U.S. dialysis		Other — Ancillary services		Consolidated		U.S. dialysis		Other — Ancillary services		Consolidated
Dialysis patient service revenues:
Medicare and Medicare Advantage	$	1,675,413	$		$	1,675,413	$	1,609,018	$		$	1,609,018
Medicaid and Managed Medicaid	212,830				212,830		206,509				206,509
Other government	92,940		248,179		341,119		76,746		209,747		286,493
Commercial	954,243		109,664		1,063,907		924,888		87,819		1,012,707
Other revenues:
Medicare and Medicare Advantage			108,506		108,506				98,954		98,954
Medicaid and Managed Medicaid			—		—				2		2
Commercial			3,648		3,648				2,701		2,701
Other(1)	6,275		27,610		33,885		6,008		15,599		21,607
Eliminations of intersegment revenues	(20,472)		(3,288)		(23,760)		(11,734)		(2,728)		(14,462)
Total	$	2,921,229	$	494,319	$	3,415,548	$	2,811,435	$	412,094	$	3,223,529


	March 31, 2026						December 31, 2025
	Debt securities		Equity securities		Total		Debt securities		Equity securities		Total
Certificates of deposit, bonds and other	$	23,915	$	—	$	23,915	$	24,320	$	—	$	24,320
Investments in mutual funds	—		37,857		37,857		—		40,949		40,949
	$	23,915	$	37,857	$	61,772	$	24,320	$	40,949	$	65,269
Short-term investments	$	19,403	$	2,900	$	22,303	$	19,903	$	4,400	$	24,303
Long-term investments	4,512		34,957		39,469		4,417		36,549		40,966
	$	23,915	$	37,857	$	61,772	$	24,320	$	40,949	$	65,269


						As of March 31, 2026
	March 31, 2026		December 31, 2025		Maturity date	Interest rate		Estimated fair value(1)
Senior Secured Credit Facilities:
Term Loan A-2(2)	$	1,987,500	$	2,000,000	11/24/2030	SOFR + 1.50%		$	1,982,531
Term Loan B-2	1,863,864		1,868,559		5/9/2031	SOFR + 1.75%		$	1,866,194
Revolving line of credit(2)	375,000		—		11/24/2030	SOFR + 1.50%		$	375,000
Senior Notes:
4.625% Senior Notes	2,750,000		2,750,000		6/1/2030	4.625	%	$	2,640,000
3.75% Senior Notes	1,500,000		1,500,000		2/15/2031	3.75	%	$	1,372,500
6.875% Senior Notes	1,000,000		1,000,000		9/1/2032	6.875	%	$	1,020,000
6.75% Senior Notes	1,000,000		1,000,000		7/15/2033	6.75	%	$	1,015,000
Acquisition obligations and other notes payable(3)	41,181		40,904		2026-2038	4.73	%	$	41,181
Financing lease obligations(4)	176,784		185,120		2027-2039	4.37	%
Total debt principal outstanding	10,694,329		10,344,583
Discount, premium and deferred financing costs	(68,079)		(71,394)
	10,626,250		10,273,189
Less current portion	(112,653)		(109,201)
	$	10,513,597	$	10,163,988


Year cap agreements executed	Initial notional amount		SOFR maximum rate	Approximate effective date	Maturity date	Notional amount effective through December 31
						2026		2027		2028		2029
2023	$	500,000	4.50%	6/30/2024	12/31/2026	$	500,000
2023	$	750,000	4.00%	12/31/2024	12/31/2026	$	500,000
2024	$	1,750,000	4.50%(1)	12/31/2025	12/31/2027	$	1,750,000	$	1,000,000
2024	$	750,000	4.00%(2)	12/31/2025	12/31/2027	$	750,000	$	500,000
2025	$	1,000,000	4.50%(3)	12/31/2026	12/31/2028			$	1,000,000	$	750,000
2025	$	1,000,000	4.25%(4)	12/31/2026	12/31/2028			$	1,000,000	$	1,000,000
2025	$	1,750,000	4.25%	12/31/2027	12/31/2028					$	1,750,000
2025	$	1,000,000	4.50%	12/31/2028	12/31/2029							$	1,000,000
2026	$	750,000	4.75%	12/31/2028	12/31/2029							$	750,000
Total notional coverage						$	3,500,000	$	3,500,000	$	3,500,000	$	1,750,000
Weighted average strike rate						4.32%		4.46%		4.43%		4.61%


	Three months ended March 31, 2026
	Shares repurchased	Amount paid(1)		Average amount(2)
Open market repurchases:	1,346	$	202,924	$	149.90
Berkshire repurchases:	1,658	199,940		$	120.56
Total repurchases:	3,005	$	402,864	$	133.70


	Three months ended				Q1 2026 vs. Q4 2025
	March 31, 2026		December 31, 2025		Amount		Percent
	(dollars in millions)
Revenues:
U.S. dialysis	$	2,942	$	3,076	$	(134)	(4.4)	%
Other — Ancillary services	498		567		(69)		(12.2)	%
Elimination of intersegment revenues	(24)		(23)		(1)		(4.3)	%
Total consolidated revenues	$	3,416	$	3,620	$	(204)	(5.6)	%

Operating income (loss):
U.S. dialysis	$	506	$	556	$	(50)	(9.0)	%
Other — Ancillary services	6		37		(31)		(83.8)	%
Corporate administrative support	(30)		(32)		2		6.3	%
Operating income	$	482	$	561	$	(79)	(14.1)	%

Adjusted operating income (loss)(1):
U.S. dialysis	$	506	$	556	$	(50)	(9.0)	%
Other — Ancillary services	6		62		(56)		(90.3)	%
Corporate administrative support	(30)		(32)		2		6.3	%
Adjusted operating income	$	482	$	586	$	(104)	(17.7)	%


	Three months ended				YTD Q1 2026 vs. YTD Q1 2025
	March 31, 2026		March 31, 2025		Amount		Percent
	(dollars in millions)
Revenues:
U.S. dialysis	$	2,942	$	2,823	$	119	4.2	%
Other — Ancillary services	498		415		83		20.0	%
Elimination of intersegment revenues	(24)		(14)		(10)		(71.4)	%
Total consolidated revenues	$	3,416	$	3,224	$	192	6.0	%

Operating income (loss):
U.S. dialysis	$	506	$	476	$	30	6.3	%
Other — Ancillary services	6		(3)		9		300.0	%
Corporate administrative support	(30)		(34)		4		11.8	%
Operating income	$	482	$	439	$	43	9.8	%


	Three months ended				Q1 2026 vs. Q4 2025
	March 31, 2026		December 31, 2025		Amount	Percent
Dialysis treatments	7,029,525		7,264,520		(234,995)	(3.2)	%
Average treatments per day	91,650		91,608		42	—	%
Treatment days	76.7		79.3		(2.6)	(3.3)	%
Average treatments per normalized day	91,889		91,378		511	0.6	%
Number of normalized treatment days(1)	76.5		79.5		(3.0)	(3.8)	%
Normalized non-acquired treatment growth(2)	0.1	%	(0.6)	%


	Three months ended March 31, 2026						Three months ended March 31, 2025
	Interest rate cap agreements		Foreign currency translation adjustments		Accumulated other comprehensive loss		Interest rate cap agreements		Defined benefit pension plan		Foreign currency translation adjustments		Accumulated other comprehensive loss
Beginning balance	$	(22,398)	$	(100,385)	$	(122,783)	$	(8,557)	$	46	$	(302,285)	$	(310,796)
Unrealized gains (losses)	6,867		27,793		34,660		(11,373)		—		90,856		79,483
Related income tax	(1,713)		—		(1,713)		2,838		—		—		2,838
	5,154		27,793		32,947		(8,535)		—		90,856		82,321
Reclassification into net income	3,834		—		3,834		2,009		—		—		2,009
Related income tax	(957)		—		(957)		(502)		—		—		(502)
	2,877		—		2,877		1,507		—		—		1,507
Ending balance	$	(14,367)	$	(72,592)	$	(86,959)	$	(15,585)	$	46	$	(211,429)	$	(226,968)


	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Investments in equity securities	$	37,857	$	37,857
Interest rate cap agreements	$	21,305			$	21,305


Temporary equity:
Noncontrolling interests subject to put provisions	$	1,524,505					$	1,524,505


	U.S.		International
	Three months ended March 31,		Three months ended March 31,
	2026	2025	2026	2025
Number of centers operated at beginning of period	2,657	2,657	585	509
Acquired centers	7	1	9	1
Developed centers	2	6	1	—
Net change in non-owned managed or administered centers(1)	—	1	2	4
Sold and closed centers(2)	—	(3)	(1)	(2)
Closed centers(3)	—	(1)	—	—
Number of centers operated at end of period	2,666	2,661	596	512


	Three months ended March 31, 2026
	U.S. dialysis		Ancillary services								Corporate administration		Consolidated
			U.S. IKC		U.S. Other		International		Total
	(dollars in millions)
Operating income (loss)	$	506	$	(19)	$	(6)	$	30	$	6	$	(30)	$	482


Adjusted operating income (loss)	$	506	$	(19)	$	(6)	$	30	$	6	$	(30)	$	482


	Three months ended December 31, 2025
	U.S. dialysis		Ancillary services								Corporate administration		Consolidated
			U.S. IKC		U.S. Other		International		Total
	(dollars in millions)
Operating income (loss)	$	556	$	46	$	(4)	$	(4)	$	37	$	(32)	$	561
Legal contingency accrual(1)	—		—		—		25		25		—		25





Adjusted operating income (loss)	$	556	$	46	$	(4)	$	21	$	62	$	(32)	$	586


Period	Total number of shares purchased	Average price paid per share(1)		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs
	(dollars and shares in thousands, except per share data)
January 1-31, 2026	1,658	$	120.56	1,658	$	1,958,191
February 1-28, 2026	522	$	146.22	522	$	1,881,841
March 1-31, 2026	825	$	152.22	825	$	1,756,319
	3,005	$	133.70	3,005


Exhibit
Number

10.1						DaVita Inc. Amended and Restated Non-Employee Director Compensation Policy. ü

31.1						Certification of the Chief Executive Officer, dated May 5, 2026, pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. ü

31.2						Certification of the Chief Financial Officer, dated May 5, 2026, pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. ü

32.1						Certification of the Chief Executive Officer, dated May 5, 2026, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. ü

32.2						Certification of the Chief Financial Officer, dated May 5, 2026, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. ü

101.INS						XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. ü

101.SCH						Inline XBRL Taxonomy Extension Schema Document. ü

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document. ü

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document. ü

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document. ü

101.PRE						Inline XBRL Taxonomy Extension Presentation, Linkbase Document. ü

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). ü


			DAVITA INC.

			BY:						/s/ CHRISTOPHER M. BERRY
									Christopher M. Berry
									Chief Accounting Officer*


*			Mr. Berry has signed both on behalf of the Registrant as a duly authorized officer and as the Registrant’s principal accounting officer.


/S/ JAVIER J. RODRIGUEZ
Javier J. Rodriguez
Chief Executive Officer


/S/ Joel Ackerman
Joel Ackerman
Chief Financial Officer and Treasurer