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DaVita's 55.6% stock rally reflects stronger operating execution, improving treatment volumes and value-based kidney care gains despite reimbursement pressures.

, /PRNewswire/ -- DaVita Inc. (NYSE: DVA), announced today that it will hold its quarterly conference call to discuss third quarter results on Thursday, October 29, 2026, at 5:00 p.m. Eastern Time. The company plans to release its results after market close the same day.

This call is also being webcast and can be accessed at the DaVita IR web page. You can join this call as follows: 

Thursday, October 29, 2026
Starting at 5:00 p.m. EDT
Webcast can be accessed using this link 
Dial in number: 877-918-6630
International dial in: 517-308-9042

When calling in, please provide the operator the password "Earnings" and provide your name and company affiliation. Investors unable to listen to the conference call will be able to access a replay via our website at investors.davita.com. There will be no telephone replay.

About DaVita Inc.
DaVita (NYSE: DVA) is a healthcare provider focused on transforming care delivery to improve quality of life for patients globally. As a comprehensive kidney care provider, DaVita has been a leader in clinical quality and innovation for more than 25 years. DaVita cares 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 dialysis centers, in the hospital and in skilled nursing facilities. As of June 30, 2026, DaVita served approximately 298,500 patients at 3,266 outpatient dialysis centers, of which 2,671 centers were located in the United States and 595 centers were located in 14 other countries worldwide. DaVita has reduced hospitalizations, improved mortality, helped improve health access and worked collaboratively to propel the kidney care community to adopt a higher quality standard of care for all patients, everywhere. To learn more, visit DaVita.com/About.

Contact Information

Investors:

[email protected]

SOURCE DaVita

Seven studies spanning middle molecule clearance, home dialysis and patient experience highlight DaVita's commitment to translating innovation into better care

, /PRNewswire/ -- DaVita will present seven studies at the American Society of Nephrology (ASN) Kidney Week 2026, marking one of its most significant research presences at the conference in recent years. The research spans emerging approaches to middle molecule clearance, home dialysis and patient experience, underscoring DaVita's role in generating clinical evidence to help advance kidney care.

The presentations come at an important inflection point for nephrology. As new treatment approaches gain momentum, including therapies designed to enhance middle molecule clearance, clinicians need evidence grounded in real-world practice to understand their potential benefits and inform adoption across care settings.

"Kidney care is experiencing more therapeutic and treatment innovation than we've seen in decades. But innovation only matters if it can be translated into better care for patients," said Steven Brunelli, MD, group vice president of research for DaVita. "Our research helps clinicians evaluate emerging therapies through the lens of real-world practice, providing evidence that can help support care decisions today."

New Research Presentations at ASN Kidney Week 2026

DaVita's seven presentations will span three areas critical to the future of kidney care: dialysis innovation, home-based treatment strategies and patient-centered research. Together, these studies reflect DaVita's approach to innovation: combining large-scale clinical data, real-world care delivery experience and patient perspectives to address the questions that matter most to nephrologists and people living with kidney disease.

Dialysis Innovation

Change in Serum Albumin After Initiation of Expanded Hemodialysis

Presentation: Saturday, Oct. 24 | 10 a.m. – noon MT (Poster SA-PO1074)
Authors: Eric Weinhandl, Jeffrey Giullian, Scott Sibbel, Francesca Tentori, Steven Brunelli

Is Hypoalbuminemia a Contraindication to Expanded Hemodialysis?

Presentation: Saturday, Oct. 24 | 10 a.m. – noon. MT (Poster SA-PO1042)
Authors: Eric Weinhandl, Jeffrey Giullian, Scott Sibbel, Steven Brunelli, Francesca Tentori

Home-Based Treatments

GLP-1 Receptor Agonist Exposure and Longitudinal Outcomes in Patients with Type 2 Diabetes Initiating Peritoneal Dialysis 

Presentation: Friday, Oct. 23 | 10 a.m. – noon MT (Poster FR-PO1115)
Authors: Jiacong Luo, Scott Sibbel, Eric Weinhandl, Francesca Tentori, Steven Brunelli

Outcomes Associated with Embedded Peritoneal Dialysis Catheters

Presentation: Friday, Oct. 23 | 10 a.m. – noon MT (Poster FR-PO1073)
Authors: Eric Weinhandl, Mark Shapiro, Bernie del Rosario, Michelle Cassin, Mihran Naljayan, Steven Brunelli, Francesca Tentori

Completion of Peritoneal Dialysis Treatments After Discharge Is Associated with Reduced Rates of Cumulative Hospitalizations 

Presentation: Friday, Oct. 23 | 10 a.m. – noon MT (Poster FR-PO1072)
Authors: Eric Weinhandl, Mihran Naljayan, Bernie del Rosario, Michelle Cassin, Francesca Tentori, Steven Brunelli

Patient Perspectives

Patient Perspectives on Factors Influencing Arteriovenous Fistula Placement for Dialysis

Presentation: Thursday, Oct. 22 | 10a.m. – noon MT (Poster TH-PO0948)
Authors: Humberto Gonzalez-Rodriguez, Karen-Marie Eaton, Bethany Sarosiek, Tier Carter, Eric Weinhandl, Steven Brunelli, Francesca Tentori

Exploring Patient Perspectives on Reasons for Missing Dialysis Treatments

Presentation: Saturday, Oct. 24 | 10 a.m. – noon MT (Poster SA-PO0992)
Authors: Karen-Marie Eaton, Humberto Gonzalez-Rodriguez, Eric Weinhandl, Steven Brunelli, Francesca Tentori

DaVita Expands the Evidence Base for Middle Molecule Clearance

Middle molecule clearance will be a major topic of discussion at Kidney Week, and DaVita is contributing new evidence to help inform the conversation.

Two studies examine expanded hemodialysis (expanded HD), a therapy designed to improve clearance of larger middle molecules while maintaining the accessibility of conventional in-center dialysis. Together, these analyses address one of the most common questions surrounding the therapy and provide additional insight into its use across broad patient populations.

"Our findings help clarify an important misconception regarding albumin and expanded HD," Brunelli said. "The data suggest this therapy can benefit a broad range of patients while preserving albumin levels, helping nephrologists and patients make more informed treatment decisions."

DaVita's research reflects the organization's broader commitment to evaluating emerging kidney care innovations through rigorous, real-world clinical evidence, supporting informed adoption as new therapies become available to patients across the United States.

Connect with DaVita at ASN Kidney Week 2026

In addition to presenting new research, DaVita will engage clinicians and industry leaders throughout Kidney Week to discuss emerging trends in kidney care, including the growing focus on middle molecule clearance and the practical considerations of implementation at scale.

Attendees can visit DaVita at Booth #414 to connect with clinical leaders, explore research findings and access educational resources focused on kidney care innovation and patient outcomes.

"Middle molecule clearance is quickly reshaping what's possible in U.S. dialysis care," said Jeff Giullian, MD, chief medical officer for DaVita. "At the same time, progress in kidney care is being driven by innovations across the care journey, from early intervention and home therapies to patient engagement and treatment support. Together, these research efforts are helping create a more personalized treatment journey for patients."

For more information about DaVita's clinical research and treatment innovations, visit DaVita.com/TreatmentInnovation.

About DaVita

DaVita (NYSE: DVA) is a healthcare provider focused on transforming care delivery to improve quality of life for patients globally. As a comprehensive kidney care provider, DaVita has been a leader in clinical quality and innovation for more than 25 years. DaVita cares 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 dialysis centers, in the hospital and in skilled nursing facilities. As of June 30, 2026, DaVita served approximately 298,500 patients at 3,266 outpatient dialysis centers, of which 2,671 centers were located in the United States and 595 centers were located in 14 other countries worldwide. DaVita has reduced hospitalizations, improved mortality, helped improve health access and worked collaboratively to propel the kidney care community to adopt a higher quality standard of care for all patients, everywhere. To learn more, visit DaVita.com/About.

Media Contact:
DaVita Newsroom
[email protected] 

SOURCE DaVita

DaVita is rated Buy with a $220 12-month price target, offering 22% upside from current levels. Despite flat industry volumes and Medicare rate headwinds, DVA's aggressive buybacks drive most EPS growth, enhancing per-share value. At $180, DVA trades at 9.4x forward earnings, making buybacks more accretive and capital allocation more effective than at recent highs.

Patients encouraged to confirm treatment schedules, prepare emergency supplies and contact DaVita for assistance

, /PRNewswire/ -- As Hurricane Isaias approaches the Gulf Coast and southeastern United States, DaVita has activated its emergency response plan to help patients continue receiving life-sustaining dialysis care and to support communities preparing for severe weather.

The storm is expected to bring heavy rainfall, flooding, storm surge and high winds across portions of the region. DaVita teams are working closely with local care centers, healthcare partners and emergency response agencies to prepare for potential impacts and help patients access treatment safely.

"In preparation for the storm, our priority is ensuring there are no interruptions to patient care by adjusting schedules, preparing our centers to remain safe and operational, and stocking extra supplies," said Seth Miller, group vice president for DaVita. "In the event of center closures, DaVita's national emergency management team will support centers in routing patients to locations that can safely provide dialysis care." 

DaVita encourages people receiving dialysis in potentially affected areas to:

Confirm upcoming dialysis appointments with their care team. Know the location of alternate treatment centers. Keep medications and emergency contact information readily available. Follow guidance from local emergency management officials. Maintain recommended dietary and fluid restrictions if treatment schedules are disrupted. Charge mobile devices and save important phone numbers in case power or internet service is interrupted. Patients who need assistance scheduling treatment can contact DaVita Guest Services at 1‑800‑400‑8331. For urgent medical needs, call 911. 

Emergency Preparedness Tips for People with Kidney Disease 

Patients on dialysis should maintain a dedicated emergency kit with items specific to their medical needs. Recommended supplies include: 

Emergency phone numbers for medical providers, including nearby alternate locations for dialysis treatments  At least three days' worth of medications and a list of medicines and the dosages  For patients with diabetes, a week's worth of supplies (syringes, insulin, alcohol wipes, glucose monitoring strips)  At least three days of kidney-friendly emergency food For more information about emergency preparedness for people with kidney disease, visit DaVita's emergency preparedness resource center.

About DaVita 
DaVita (NYSE: DVA) is a healthcare provider focused on transforming care delivery to improve quality of life for patients globally. As a comprehensive kidney care provider, DaVita has been a leader in clinical quality and innovation for more than 25 years. DaVita cares 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 dialysis centers, in the hospital and in skilled nursing facilities. As of June 30, 2026, DaVita served approximately 298,500 patients at 3,266 outpatient dialysis centers, of which 2,671 centers were located in the United States and 595 centers were located in 14 other countries worldwide. DaVita has reduced hospitalizations, improved mortality, helped improve health access and worked collaboratively to propel the kidney care community to adopt a higher quality standard of care for all patients, everywhere. To learn more, visit DaVita.com/About.

Media Contact
DaVita Newsroom
[email protected] 

SOURCE DaVita

Berkshire Hathaway (BRKB -0.47%), run until just recently by billionaire investor Warren Buffett, owns roughly 28 million shares of DaVita (DVA -0.22%), worth roughly $5.18 billion at its most recent share price

The healthcare stock is up more than 58% so far this year, outperforming the sector's sluggish returns. Berkshire Hathaway typically doesn't hold healthcare investments as long as it does in other sectors. DaVita provides dialysis services to patients with end-stage renal disease.

Based on Berkshire's history, I think it is likely to continue taking profits on the stock as it trims its position. Here's why.

Image source: Getty Images.

It has already been cutting back its position Berkshire reached a peak holding of more than 38 million shares of DaVita in 2020. However, SEC filings disclose that Berkshire has executed multiple sales of DaVita shares across recent quarters. In the first and second quarters of 2026, Berkshire reported net reductions in its DaVita position, selling off blocks of more than 1.2 million to 1.6 million shares per quarter as the stock rallied.

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Berkshire wants to lessen its ownership percentage DaVita actively buys back its shares, including a $2.2 million share repurchase in the second quarter. Because DaVita aggressively repurchases its own shares, Berkshire's ownership percentage of the company often creeps up, and it now owns more than 45% of DaVita.

Berkshire generally avoids owning more than 30% to 35% of an outside company unless it plans to acquire it entirely, as higher ownership creates regulatory and reporting complexities.

Berkshire will almost certainly continue to trim shares incrementally. Selling into strength allows it to lock in massive multihundred-percent gains while keeping its total ownership percentage in check as DaVita buys back stock.

The stock has become pricey It's hard to compare DaVita to many stocks because it essentially operates in a duopoly in the United States. Its sole real competitor is Germany-based Fresenius Medical Care (FMS +1.15%). Fresenius operates more than 2,500 outpatient dialysis clinics in the U.S. and holds roughly 34% to 38% of the domestic market share, roughly the same as DaVita's.

DaVita has 3,266 outpatient dialysis centers, of which 2,671 centers were the United States, and 595 are in 14 other countries.

Fresenius, though, trades at lower multiples than DaVita for trailing or forward earnings.

However, that doesn't mean you shouldn't buy DaVita stock The bull case for DaVita is complicated. The rise of GLP-1 weight-loss and kidney-protective drugs initially sparked fears of declining chronic kidney disease (CKD) patient populations, but these treatments primarily delay rather than eliminate the progression to kidney failure.

In the second quarter, DaVita reported revenue of $3.55 billion, up 5% year over year, and earnings per share (EPS) of $4.02, up 55% from the same quarter a year ago.

By keeping high-risk cardiovascular and diabetic patients alive longer, preventative therapies may ultimately enlarge the pool of individuals who eventually require long-term dialysis later in life. According to a study by the Business Research Company, the kidney dialysis market size was $90.88 billion in 2025 and is expected to grow to $134.49 billion market by 2030 at a compound annual growth rate (CAGR) of 8.2%.

DaVita HealthCare (DVA - Free Report) ended the recent trading session at $193.86, demonstrating a +1.55% change from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 0.45%. Meanwhile, the Dow lost 1.21%, and the Nasdaq, a tech-heavy index, lost 0.01%.

The stock of kidney dialysis provider has risen by 7.3% in the past month, leading the Medical sector's loss of 0.29% and the S&P 500's loss of 2.43%.

The investment community will be closely monitoring the performance of DaVita HealthCare in its forthcoming earnings report. On that day, DaVita HealthCare is projected to report earnings of $3.78 per share, which would represent year-over-year growth of 50.6%. Meanwhile, our latest consensus estimate is calling for revenue of $3.53 billion, up 3.23% from the prior-year quarter.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $14.57 per share and revenue of $14.28 billion. These totals would mark changes of +35.16% and +4.67%, respectively, from last year.

Any recent changes to analyst estimates for DaVita HealthCare should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. As of now, DaVita HealthCare holds a Zacks Rank of #3 (Hold).

In the context of valuation, DaVita HealthCare is at present trading with a Forward P/E ratio of 13.1. This valuation marks a discount compared to its industry average Forward P/E of 20.38.

Also, we should mention that DVA has a PEG ratio of 0.49. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Medical - Outpatient and Home Healthcare industry had an average PEG ratio of 1.79 as trading concluded yesterday.

The Medical - Outpatient and Home Healthcare industry is part of the Medical sector. This group has a Zacks Industry Rank of 43, putting it in the top 18% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Key Takeaways DaVita's IKC platform grew risk-based patients to 64,900 in second-quarter 2026.DaVita delivered 7.23 million U.S. dialysis treatments, with revenue per treatment of $415.90.DaVita faces payer-mix pressure, competition and regulatory and macroeconomic uncertainty. DaVita Inc. (DVA - Free Report) has been gaining from strong execution across its Integrated Kidney Care (IKC) platform, improving treatment volumes and investments in technology and clinical innovation. The optimism is led by solid first-quarter 2026 results and higher full-year guidance. However, intense competition, commercial payer-mix pressures and regulatory and macroeconomic uncertainty remain key concerns.

Year to date, this Zacks Rank #3 (Hold) stock rallied 58.5%, outperforming the industry’s 22% growth and the S&P 500’s 11.6% gain.

The renowned global comprehensive kidney care provider has a market capitalization of $11.74 billion. The company projects 26.5% growth over the next five years and expects to maintain its strong performance going forward. DaVita’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters and missed once, the average surprise being 0.14%.

Image Source: Zacks Investment Research

Growth Drivers for DVA StockExpanding Value-Based Kidney Care: DaVita’s Integrated Kidney Care (IKC) platform remains a key growth engine, with risk-based patients increasing to 64,900 in second-quarter 2026 from 62,600 in the first quarter, representing approximately $5.8 billion in annualized medical spend. DaVita recently expanded its relationship with Humana through a new value-based agreement covering more than 10,000 Medicare Advantage members with CKD stages 3B–5. The partnership moves care earlier in the disease journey, aiming to delay or prevent dialysis, reduce hospitalizations and improve outcomes. Expanding IKC enrollment, medical spend under management and Medicare Advantage partnerships can create a larger, recurring value-based revenue opportunity while strengthening DaVita’s position in earlier-stage kidney care.

Strengthening Core Dialysis & Home Care: DaVita’s U.S. dialysis business continues to provide a stable operating foundation, with 7.23 million treatments delivered in second-quarter 2026 and revenue per treatment of $415.9. Management expects 2026 treatment growth toward the top end of its prior guidance, supported partly by improving mortality trends. The company is also prioritizing home hemodialysis and peritoneal dialysis, while its early-2026 minority investment in Elara Caring is designed to expand home-based support for ESKD patients and potentially reduce hospitalizations and missed treatments. Stable dialysis demand combined with expanding home-based care supports treatment volumes, patient retention and opportunities to capture a larger share of the kidney-care continuum.

Clinical Innovation & Earlier Intervention: DaVita continues to use clinical innovation to improve outcomes and support long-term growth. Its MODEL and MEMOIRS initiatives are evaluating advanced dialyzer technologies and their impact on survival and patient-reported outcomes. Meanwhile, the Humana partnership expands DaVita’s coordinated, whole-person approach to CKD, supported by a network of approximately 3,000 value-based nephrologist partners. The model addresses kidney, cardiovascular and metabolic health while providing education, treatment planning and support around home dialysis and transplantation. Better clinical outcomes and earlier intervention can reduce costly complications, improve patient engagement and strengthen DaVita’s ability to expand value-based contracts.

Downsides of DVA StockCompetitive Pressure: DaVita faces intense competition across its U.S. dialysis operations from large providers such as Fresenius Medical Care, private equity-backed kidney care companies, independent nephrologists and new market entrants. Competition extends beyond traditional dialysis into integrated kidney care, value-based care and transplant services, where technology-driven and well-capitalized healthcare companies are introducing new treatment and care-delivery models. This pressure can make it harder for DaVita to secure attractive acquisitions, maintain patient volumes and build physician relationships. Rising competition could pressure market share, pricing, patient growth and acquisition opportunities, limiting DaVita’s long-term earnings growth.

Payer-Mix Headwinds: DaVita’s profitability remains sensitive to its relatively small but higher-paying commercial insurance population. Commercial mix remained in the high teens during the first half of 2026, while management expects an approximately $40 million headwind from ACA effectuation and mix in 2026, increasing to an estimated $70 million impact in 2027. Revenue per treatment is also expected to face pressure in the second half of 2026 due to a weaker commercial mix, lower phosphate binder revenues and difficult comparisons with late-2025 claim resolutions. A deteriorating payer mix and lower commercial reimbursement can weigh on revenue per treatment and margins even when dialysis volumes remain stable.

Regulatory & Macro Risks: DaVita operates under extensive and evolving federal, state and international healthcare regulations, including Medicare and Medicaid reimbursement requirements. Changes to Medicaid eligibility, payment models, healthcare transparency rules and government enforcement could increase compliance costs and financial exposure. Also, inflation, labor shortages, interest-rate volatility, tariffs, supply-chain disruptions and geopolitical uncertainty could raise operating expenses. Economic weakness may further shift patients from higher-paying commercial insurance toward lower-paying government coverage or uninsured status. Regulatory changes and macroeconomic pressures can increase costs, reduce reimbursement and create greater uncertainty around DaVita’s earnings and cash generation.

Estimate TrendDaVita is witnessing a stable estimate revision trend for 2026. Over the past 30 days, the Zacks Consensus Estimate for earnings per share has remained unchanged at $14.57.

The Zacks Consensus Estimate for the company’s third-quarter 2026 revenues is pegged at $3.53 billion, indicating a 3.2% uptick from the year-ago quarter’s reported number. The consensus mark for earnings is pegged at $3.78 per share, implying 50.6% year-over-year growth.

Stocks to ConsiderSome better-ranked stocks from the broader medical space are Veracyte (VCYT - Free Report) , Globus Medical (GMED - Free Report) and West Pharmaceutical (WST - Free Report) .

Veracyte, currently flaunting a Zacks Rank #1 (Strong Buy), reported a second-quarter 2026 adjusted earnings per share (EPS) of 54 cents, which surpassed the Zacks Consensus Estimate by 25.6%. Revenues of $150.3 million beat the Zacks Consensus Estimate by 4.1%. You can see the complete list of today’s Zacks #1 Rank stocks here.

VCYT has an estimated earnings growth rate of 8.4% for 2026. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 41.8%.

Globus Medical, currently sporting a Zacks Rank #1, reported a second-quarter 2026 adjusted EPS of $1.34, which surpassed the Zacks Consensus Estimate by 19.6%. Revenues of $789.6 million beat the Zacks Consensus Estimate by 0.4%.

GMED has an estimated long-term earnings growth rate of 12.4%. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 27.9%.

West Pharmaceutical, carrying a Zacks Rank #2 (Buy) at present, reported second-quarter 2026 adjusted EPS of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%.

WST has an estimated long-term earnings growth rate of 16%. WST’s earnings surpassed estimates in the trailing four quarters, the average surprise being 17.4%.

Investors in DaVita Inc. (DVA - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Sep 18, 2026 $350 Put had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for DaVita shares, but what is the fundamental picture for the company? Currently, DaVita is a Zacks Rank #3 (Hold) in the Medical - Outpatient and Home Healthcare industry that ranks in the Top 20% of our Zacks Industry Rank. Over the last 30 days, no analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $4.33 per share to $3.78 in that period.

Given the way analysts feel about DaVita right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

BlackRock Inc. purchased a new position in DaVita Inc. (NYSE:DVA – Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,460,987 shares of the company’s stock, valued at approximately $547,520,000. BlackRock Inc. owned approximately 3.86% of DaVita as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of DVA. Performance Wealth Partners LLC purchased a new stake in DaVita during the second quarter valued at approximately $667,000. Deutsche Bank AG bought a new position in shares of DaVita during the second quarter worth $46,356,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in DaVita during the second quarter valued at $8,835,000. Beverly Hills Private Wealth LLC bought a new stake in DaVita in the 2nd quarter worth approximately $263,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of DaVita during the 2nd quarter worth approximately $87,000. 90.12% of the stock is currently owned by institutional investors.

Insider Activity In other DaVita news, insider Kathleen Alyce Waters sold 15,405 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $208.40, for a total transaction of $3,210,402.00. Following the sale, the insider directly owned 109,194 shares in the company, valued at $22,756,029.60. This represents a 12.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.90% of the company’s stock.

DaVita Stock Up 1.6% NYSE:DVA opened at $176.53 on Tuesday. DaVita Inc. has a 52 week low of $101.00 and a 52 week high of $247.49. The stock’s 50-day moving average price is $214.30 and its 200-day moving average price is $182.32. The stock has a market capitalization of $11.26 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 0.58 and a beta of 0.88. DaVita (NYSE:DVA – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $4.02 earnings per share for the quarter, beating analysts’ consensus estimates of $3.88 by $0.14. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.50 billion. DaVita had a net margin of 6.05% and a negative return on equity of 217.63%. DaVita’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company posted $2.95 EPS. DaVita has set its FY 2026 guidance at 14.100-15.200 EPS. Sell-side analysts expect that DaVita Inc. will post 14.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets A number of equities research analysts recently weighed in on the company. Weiss Ratings upgraded DaVita from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, August 5th. Oppenheimer set a $220.00 target price on DaVita in a research report on Friday, August 7th. Barclays upped their price objective on shares of DaVita from $218.00 to $224.00 and gave the company an “equal weight” rating in a report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $265.00 target price on shares of DaVita in a report on Wednesday, August 5th. Finally, TD Cowen raised DaVita from a “hold” rating to a “buy” rating and boosted their price objective for the company from $201.00 to $220.00 in a report on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, DaVita currently has a consensus rating of “Hold” and an average price target of $221.75.

View Our Latest Stock Report on DVA

DaVita Company Profile (Free Report)

DaVita Inc (NYSE: DVA) is a leading provider of kidney care services, specializing in the management and operation of outpatient dialysis centers for patients with chronic kidney failure and end-stage renal disease. Headquartered in Denver, Colorado, the company offers a comprehensive suite of treatment modalities, including in-center hemodialysis, peritoneal dialysis, and home dialysis therapies. In addition to its core dialysis services, DaVita provides patient education, nutritional counseling, vascular access management and related laboratory services to support kidney health and overall patient well-being.

Since its formation in the mid-1990s through a clinical management services spin-off, DaVita has expanded both organically and through strategic partnerships and acquisitions.

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Key Takeaways DaVita expands value-based kidney care to over 10,000 Humana members with CKD stages 3B???5.The program targets earlier intervention to slow kidney disease progression and reduce hospitalizations.DaVita IKC coordinates whole-person care through teams addressing clinical and nonclinical patient needs. DaVita (DVA - Free Report) recently announced a new value-based care agreement with Humana to provide comprehensive, coordinated care to more than 10,000 Humana Medicare Advantage members with chronic kidney disease (CKD) stages 3B–5. The program, which began on July 1, expands on the companies’ existing collaboration in end-stage kidney disease to earlier stages of CKD, where timely intervention may help delay disease progression and reduce hospitalizations.

Per management, kidney care is undergoing a therapeutic revolution, with upstream interventions helping to reshape patient outcomes. Through the partnership with Humana, DaVita is deploying advanced care that treats the whole patient, helps preserve kidney function and serves as a central hub for managing comorbid conditions that affect kidney health.

DVA Stock Trend Following the NewsFollowing the announcement, shares of DVA inched up 0.7% at yesterday’s close. Year to date, the stock has surged 56.5% compared with the industry’s 23.6% growth and the S&P 500’s 11.4% rise.

The expanded partnership with Humana is a positive development for DaVita as it strengthens the company’s presence in value-based kidney care and broadens its role beyond end-stage kidney disease management. Serving more than 10,000 additional patients could support greater engagement in earlier-stage CKD while creating opportunities to improve clinical outcomes and reduce costly hospitalizations. Over time, successful execution of the model could reinforce DaVita’s value-based care capabilities and support further partnerships with health plans.

DVA currently has a market capitalization of $11.26 billion.

Image Source: Zacks Investment Research

More on the NewsThe program focuses on CKD patients at stages 3B–5, a critical point when kidney function may decline rapidly but the condition can remain underdiagnosed or undertreated. Through DaVita Integrated Kidney Care (DaVita IKC), the company provides coordinated, whole-person care that addresses the close links between kidney, cardiovascular and metabolic health, with the goal of reducing care gaps and preventing avoidable hospitalizations.

The program builds on DaVita’s network of approximately 3,000 value-based nephrologist partners. Patients receive support from an interdisciplinary care team designed to address clinical and nonclinical barriers, including nutrition, transportation and mental health needs. The value-based model also provides education and advance care planning for patients who progress toward kidney failure, including guidance on home dialysis and kidney transplantation.

By bringing these services together, DaVita aims to stabilize kidney function, slow disease progression and create a smoother transition between stages of care. The expanded partnership reflects the growing focus on value-based, preventive care and DaVita’s strategy of intervening earlier to better manage complex kidney disease and improve outcomes.

Industry Prospects Favoring the MarketGoing by data provided by Global Market Insights, the U.S. dialysis services market is predicted to be valued at $37.7 billion in 2026 and is expected to witness a CAGR of 3.5% through 2035.

Factors such as the rising number of end-stage renal disease patients, increasing incidence of diabetes leading to kidney disorders, favorable reimbursement scenario available for dialysis treatment and expansion of dialysis centers across the United States are expected to support market growth.

Other NewsRecently, DaVita exited the second quarter of 2026, wherein both earnings and revenues surpassed the estimates. Revenue per treatment was up year over year, but down sequentially. Solid revenues from both Dialysis patient service and Other sources, higher U.S. dialysis treatments per day and an uptick in normalized non-acquired treatment were encouraging. Management highlighted plans to expand hemodialysis across its network once an adequate supply of newly approved dialyzers is secured. Compatible with existing machines, the technology can broaden patient access without significant capital investment and may improve clinical outcomes, with mortality-related economic benefits expected from 2028.

DVA’s Zacks Rank & Key PicksCurrently, DVA carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are Globus Medical (GMED - Free Report) , Veracyte (VCYT - Free Report) and West Pharmaceutical (WST - Free Report) .

Globus Medical, currently sporting a Zacks Rank #1 (Strong Buy), reported a second-quarter 2026 adjusted earnings per share (EPS) of $1.34, which surpassed the Zacks Consensus Estimate by 19.6%. Revenues of $789.6 million beat the Zacks Consensus Estimate by 0.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.

GMED has an estimated long-term earnings growth rate of 12.4%. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 27.9%.

Veracyte, currently flaunting a Zacks Rank #1, reported a second-quarter 2026 adjusted EPS of 54 cents, which surpassed the Zacks Consensus Estimate by 25.6%. Revenues of $150.3 million beat the Zacks Consensus Estimate by 4.1%.

VCYT has an estimated earnings growth rate of 8.4% for 2026. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 41.8%.

West Pharmaceutical, carrying a Zacks Rank #2 (Buy) at present, reported second-quarter 2026 adjusted EPS of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%.

WST has an estimated long-term earnings growth rate of 16%. WST’s earnings surpassed estimates in the trailing four quarters, the average surprise being 17.4%.

Posted by Defense World Staff on Aug 15th, 2026

Bank of America Corp DE lowered its position in shares of DaVita Inc. (NYSE:DVA – Free Report) by 33.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 241,059 shares of the company’s stock after selling 120,642 shares during the period. Bank of America Corp DE owned 0.38% of DaVita worth $37,048,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in DVA. Fifth Third Bancorp raised its position in DaVita by 831.4% during the 1st quarter. Fifth Third Bancorp now owns 38,411 shares of the company’s stock worth $5,903,000 after buying an additional 34,287 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of DaVita by 27.4% during the first quarter. SG Americas Securities LLC now owns 212,293 shares of the company’s stock worth $32,627,000 after buying an additional 45,609 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its stake in DaVita by 63.5% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 86,000 shares of the company’s stock valued at $9,770,000 after purchasing an additional 33,394 shares during the last quarter. LSV Asset Management raised its stake in DaVita by 1.1% during the fourth quarter. LSV Asset Management now owns 936,768 shares of the company’s stock worth $106,426,000 after purchasing an additional 9,739 shares during the period. Finally, M&T Bank Corp grew its holdings in shares of DaVita by 694.7% during the 4th quarter. M&T Bank Corp now owns 22,307 shares of the company’s stock worth $2,534,000 after purchasing an additional 19,500 shares during the period. 90.12% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets A number of analysts have recently issued reports on DVA shares. Oppenheimer set a $220.00 price objective on shares of DaVita in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $265.00 price target on shares of DaVita in a research note on Wednesday, August 5th. UBS Group raised their price objective on shares of DaVita from $235.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Truist Financial reduced their price objective on DaVita from $250.00 to $215.00 and set a “hold” rating for the company in a research report on Friday, August 7th. Finally, Barclays boosted their target price on shares of DaVita from $218.00 to $224.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 5th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $221.75.

View Our Latest Stock Analysis on DaVita

Insider Transactions at DaVita In other DaVita news, insider Kathleen Alyce Waters sold 15,405 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $208.40, for a total transaction of $3,210,402.00. Following the sale, the insider owned 109,194 shares in the company, valued at $22,756,029.60. This represents a 12.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.90% of the stock is owned by insiders.

DaVita Stock Performance Shares of DVA stock opened at $180.14 on Friday. The company has a market cap of $11.49 billion, a P/E ratio of 14.74, a PEG ratio of 0.60 and a beta of 0.88. The stock has a 50 day simple moving average of $217.34 and a two-hundred day simple moving average of $179.11. DaVita Inc. has a fifty-two week low of $101.00 and a fifty-two week high of $247.49.

DaVita (NYSE:DVA – Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $4.02 earnings per share for the quarter, beating analysts’ consensus estimates of $3.88 by $0.14. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.50 billion. DaVita had a negative return on equity of 217.63% and a net margin of 6.05%.The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the company earned $2.95 earnings per share. DaVita has set its FY 2026 guidance at 14.100-15.200 EPS. On average, research analysts predict that DaVita Inc. will post 14.57 earnings per share for the current year.

DaVita Company Profile (Free Report)

DaVita Inc (NYSE: DVA) is a leading provider of kidney care services, specializing in the management and operation of outpatient dialysis centers for patients with chronic kidney failure and end-stage renal disease. Headquartered in Denver, Colorado, the company offers a comprehensive suite of treatment modalities, including in-center hemodialysis, peritoneal dialysis, and home dialysis therapies. In addition to its core dialysis services, DaVita provides patient education, nutritional counseling, vascular access management and related laboratory services to support kidney health and overall patient well-being.

Since its formation in the mid-1990s through a clinical management services spin-off, DaVita has expanded both organically and through strategic partnerships and acquisitions.

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Key Takeaways DaVita reaffirmed 2026 guidance as lower mortality strengthened U.S. dialysis treatment growth.DaVita expects 2026 treatment growth near the top of its prior 25 to 50-basis-point range.DaVita plans broad deployment of newly approved NIPRO dialyzers, but no material financial effect before 2028. DaVita Inc. (DVA - Free Report) used its second-quarter 2026 earnings call to emphasize improving mortality, stronger treatment volumes and expanded middle molecule clearance. Management kept its outlook intact while acknowledging commercial-mix and reimbursement pressure.

Reported earnings of $4.02 per share topped the Zacks Consensus Estimate of $4.01. Revenues of $3.55 billion exceeded the $3.53 billion estimate.

DVA Reaffirms Its Full-Year OutlookCEO Javier Rodriguez said that management is reconfirming 2026 guidance as confidence improves in treatment volumes and exchange-plan effectuation rates. DaVita still expects adjusted operating income of $2.15-$2.25 billion.

CFO Joel Ackerman said that adjusted earnings guidance remains $14.10-$15.20 per share, with a midpoint of $14.65. Free cash flow guidance remains $1-$1.25 billion.

CFO Ackerman added that third-quarter adjusted operating income should be $50 million to $100 million below the fourth quarter, mainly because of integrated kidney care timing.

DaVita Sees Volume Momentum StrengtheningCFO Ackerman said U.S. dialysis treatments increased 56 basis points year over year, slightly above expectations because mortality was lower than anticipated. Higher missed treatments and fewer additions from closed Fresenius clinics partly offset the benefit.

CFO Ackerman now expects 2026 total treatment growth near the top of the prior 25-50-basis-point range. Normalized growth would equal roughly 50-75 basis points.

CEO Rodriguez tied the improvement to clinical outcomes that extend patients’ lives. Admissions were broadly in line with expectations, making mortality the main source of upside versus volume assumptions.

DVA Faces Pressure on Revenue per TreatmentCFO Ackerman said that revenue per treatment declined about $2 sequentially. The main factors were favorable first-quarter timing, lower phosphate-binder revenue and weaker commercial mix after ACA subsidies expired.

Although year-to-date revenue per treatment rose 3.6% from the first half of 2025, CFO Ackerman maintained the full-year growth forecast of 1-2%. The midpoint implies a slightly negative second-half comparison.

CFO Ackerman said that patient care cost per treatment fell about $3 sequentially as higher volume improved labor and fixed-cost absorption. U.S. dialysis general and administrative expense rose $11 million from the first quarter.

DaVita Expands Middle Molecule AccessCEO Rodriguez highlighted the MOTheR trial, which found expanded hemodialysis using a medium cutoff dialyzer non-inferior to hemodiafiltration on a combined endpoint of mortality and major cardiovascular events.

CEO Rodriguez said that expanded hemodialysis can run on existing machines, allowing faster deployment without significant capital investment. DaVita secured supply of newly approved NIPRO dialyzers and plans broad deployment in coming quarters.

In response to a UBS analyst, CFO Ackerman clarified that the financial impact should remain insignificant until a mortality benefit emerges. He said DaVita does not expect that effect before 2028.

DVA Addresses Cost Leverage QuestionsA Barclays analyst asked why U.S. dialysis operating income showed limited year-over-year leverage despite treatment growth and lapping cybersecurity costs.

CFO Ackerman cited elevated cost-per-treatment growth and roughly 10% general and administrative expense growth as the main offsets. He said enterprise operating income still increased about 5%.

A Deutsche Bank analyst asked about center utilization. CFO Ackerman said that utilization remains in the high-50% range, versus about 65% at its pre-pandemic peak, while incremental profitability varies by payer mix and fixed-cost timing.

DaVita Maintains Capital Allocation DisciplineCFO Ackerman said that DaVita repurchased 2.2 million shares during the quarter and another 183,000 shares after quarter-end. CEO Rodriguez told a TD Cowen analyst that the higher stock price had not changed the buyback approach.

CFO Ackerman said that quarter-end leverage was 3.37 times consolidated EBITDA, within DaVita’s target range of 3 to 3.5 times.

CEO Rodriguez said that domestic acquisition opportunities remain limited to small clinics, with U.S. growth expected to rely more on new-center development.

DVA Keeps Clinical Strategy at the CenterCEO Rodriguez closed with a consistent message: clinical execution, mortality improvement and middle molecule clearance are central to DaVita’s plan for sustained volume growth.

Management’s tone was constructive but measured, balancing stronger clinical trends against commercial-mix pressure, reimbursement uncertainty and elevated cost growth.

What DaVita’s Zacks Signals IndicateDVA carries a Zacks Rank #3 (Hold) at present. It has a Value Score of A, a Growth Score of A, a Momentum Score of B and a VGM Score of A, indicating favorable characteristics across the three investment styles. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Style Score complements the Zacks Rank, with A and B representing stronger grades. A Hold rank can pair with favorable Style Scores, but the Zacks Rank may change as analysts revise earnings estimates after the results.

DaVita NYSE: DVA reported second-quarter results that management said were broadly in line with expectations, supported by accelerating treatment-volume growth and lower mortality among patients. The kidney-care company reaffirmed its full-year 2026 guidance, while outlining plans to expand access to newer dialysis technology designed to improve clearance of so-called middle molecules.

DaVita Inc. (DVA) Q2 2026 Earnings Call Transcript

DaVita said on Tuesday revenue per treatment was lower in the second quarter, blaming declining ​enrollments for dialysis treatments as patients dropped ‌out of Obamacare plans following the end of pandemic-era subsidies.

, /PRNewswire/ -- DaVita Inc. (NYSE: DVA) announced financial and operating results for the quarter ended June 30, 2026.

"Thanks to the outstanding efforts of our teammates, we had another positive quarter for both patient outcomes and financial results," said Javier Rodriguez, CEO of DaVita Inc. "As we look to the rest of the year, we maintain our strategic focus on exciting new innovations in kidney dialysis to enhance the lives of our patients."

Financial and operating highlights for the quarter ended June 30, 2026:

Consolidated revenues were $3.554 billion. Operating income was $579 million. Diluted earnings per share was $4.02. Operating cash flow was $490 million and free cash flow was $256 million. Incurred an incremental Term Loan B-2 tranche in the aggregate principal amount of $500 million and used a portion of the proceeds to repay a portion of the balance then outstanding on our revolving line of credit. Repurchased 2.2 million shares of the Company's common stock at an average price paid of $154.95 per share.
Three months ended

Six months ended June 30,

June 30, 2026

March 31, 2026

2026

2025

Net income attributable to DaVita Inc.:

(dollars in millions, except per share data)

Net income

$         265

$         198

$         463

$         362

Diluted per share

$        4.02

$        2.87

$        6.86

$        4.57

Adjusted net income(1)

$         265

$         198

$         463

$         391

Adjusted diluted per share(1)

$        4.02

$        2.87

$        6.86

$        4.93

___________________

(1)

For definitions of non-GAAP financial measures, see the note titled "Note on Non-GAAP Financial Measures" and related reconciliations beginning on page 14.

Three months ended

Six months ended June 30,

June 30, 2026

March 31, 2026

2026

2025

Amount

Margin

Amount

Margin

Amount

Margin

Amount

Margin

Operating income

(dollars in millions)

Operating income

$   579

16.3 %

$   482

14.1 %

$ 1,061

15.2 %

$   977

14.8 %

Adjusted operating income(1)

$   579

16.3 %

$   482

14.1 %

$ 1,061

15.2 %

$   990

15.0 %

___________________

(1)

For definitions of non-GAAP financial measures, see the note titled "Note on Non-GAAP Financial Measures" and related reconciliations beginning on page 14.

U.S. dialysis metrics:

Volume: Total U.S. dialysis treatments for the second quarter of 2026 were 7,226,600, or an average of 92,649 treatments per day, representing a per day increase of 1.09% compared to the first quarter of 2026. Normalized non-acquired treatment growth in the second quarter of 2026 compared to the second quarter of 2025 was 0.3%.

Three months ended

Quarter
change

Six months ended

Year to date
change

June 30,
2026

March 31,
2026

June 30,
2026

June 30,
2025

(dollars in millions, except per treatment data)

Revenue per treatment

$    415.87

$      417.59

$      (1.72)

$     416.71

$    402.38

$        14.33

Patient care costs per treatment

$    277.40

$      280.11

$      (2.71)

$     278.74

$    270.05

$          8.69

General and administrative

$         331

$           320

$           11

$          651

$         595

$             56

Primary drivers of the changes in the table above were as follows:

Revenue: The quarter change was primarily driven by changes in payor mix and other normal fluctuations partially offset by seasonal impact of co-insurance and deductibles and an increase in average rates. The year to date change was driven by typical annual increases, including Medicare base rate and other normal fluctuations, partially offset by changes in payor mix.

Patient care costs: The quarter change was primarily due to decreases in payroll taxes and pharmaceutical costs, partially offset by increased health benefits expenses. Additionally, our fixed direct operating expenses favorably impacted patient care costs per treatment due to increased treatments in the second quarter. The year to date change was primarily driven by increased compensation expenses, insurance costs and health benefits expenses.

General and administrative: The quarter change was primarily due to increased professional fees. The year to date change was primarily driven by increases in IT-related costs and compensation expenses partially offset by costs related to the cybersecurity incident experienced by the Company in 2025.

Certain items impacting the quarter:

Debt transaction. In June 2026, we entered into the Ninth Amendment to our senior secured credit agreement. The Ninth Amendment extends an incremental Term Loan B-2 tranche in the aggregate principal amount of $500 million. A portion of the net proceeds from this transaction was used to repay a portion of the balance outstanding on our revolving line of credit and related accrued interest and fees. The remaining borrowings added cash to the balance sheet for general corporate purposes.

Share repurchases. During the three months ended June 30, 2026, we repurchased 2.2 million shares for $348 million, at an average price paid of $154.95 per share.

Subsequent to June 30, 2026 through August 4, 2026, the Company has repurchased 0.2 million shares of our common stock for $37 million at an average price paid of $199.55 per share.

Financial and operating metrics:

Three months ended

June 30,

Twelve months ended

June 30,

2026

2025

2026

2025

Cash flow:

(dollars in millions)

Operating cash flow

$         490

$         324

$       2,193

$       1,862

Free cash flow(1)

$         256

$         157

$       1,308

$          947

___________________

(1)

For definitions of non-GAAP financial measures, see the note titled "Note on Non-GAAP Financial Measures" and related reconciliations beginning on page 14.

Three months ended
June 30, 2026

Six months ended
June 30, 2026

Effective income tax rate on:

Income

21.1 %

20.4 %

Income attributable to DaVita Inc.(1)

25.6 %

25.4 %

___________________

(1)

For definitions of non-GAAP financial measures, see the note titled "Note on Non-GAAP Financial Measures" and related reconciliations beginning on page 14.

Center activity: As of June 30, 2026, we provided dialysis services to a total of approximately 298,500 patients at 3,266 outpatient dialysis centers, of which 2,671 centers were located in the United States and 595 centers were located in 14 countries outside of the United States.

Integrated kidney care (IKC): As of June 30, 2026, we had approximately 64,900 patients in risk-based integrated care arrangements representing approximately $5.8 billion in annualized medical spend. We also had an additional 5,700 patients in other integrated care arrangements; we do not include the medical spend for these patients in this annualized medical spend estimate. For an additional description of these metrics, see footnote 5 in the "Supplemental Financial Data" table below.

Outlook:

The following forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, including those described below, and actual results may vary materially from these forward-looking measures. We do not provide guidance for operating income or diluted net income per share attributable to DaVita Inc. or operating cash flow on a basis consistent with United States generally accepted accounting principles (GAAP) nor a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These current non-GAAP financial measures do not include certain items, including foreign currency fluctuations, which may be significant. The guidance for our effective income tax rate on adjusted income attributable to DaVita Inc. also excludes the amount of third-party owners' income and related taxes attributable to non-tax paying entities.

Current 2026 guidance

Low

High

(dollars in millions, except per share data)

Adjusted operating income

$2,150

$2,250

Adjusted diluted net income per share attributable to DaVita Inc.

$14.10

$15.20

Free cash flow

$1,000

$1,250

The following table outlines normalized treatment days by quarter for 2025 and 2026. Normalized treatment days are adjusted for the mix of days of the week for each quarter and serve as a means to more readily compare calendar effects on each quarter's treatment volume.

Normalized Treatment Days

2026

2025

Q1

76.5

76.9

Q2

78.0

78.0

Q3

79.2

78.8

Q4

78.8

79.5

Total

312.4

313.2

          Certain columns, rows or percentages may not sum or recalculate due to the presentation of rounded numbers.

We will be holding a conference call to discuss our results for the second quarter ended June 30, 2026, on August 4, 2026, at 5:00 p.m. Eastern Time. To join the conference call, please dial (877) 918-6630 from the U.S. or (517) 308-9042 from outside the U.S., and provide the operator the password "Earnings." This call is being webcast and can be accessed at the DaVita Investor Relations website investors.davita.com. A replay of the conference call will also be available at investors.davita.com.

Forward looking statements

DaVita Inc. and its representatives may from time to time make written and oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA), including statements in this release, filings with the Securities and Exchange Commission (SEC), reports to stockholders and in meetings with investors and analysts. All statements in this release, during the related presentation or other meetings, other than statements of historical fact, are forward-looking statements and as such are intended to be covered by the safe harbor for "forward-looking statements" provided by the PSLRA. These forward-looking statements could include, among other things, statements about our balance sheet and liquidity, our expenses, revenues, billings and collections, patient census, the impact of the cybersecurity incident experienced by the Company in 2025 (cyber incident), the impact of federal government policy changes or shutdowns on our business, including with respect to federal funding and reimbursement rates of Medicare, Medicare Advantage (MA), Medicaid and other government programs, availability or cost of supplies, including without limitation the impact of evolving trade policies and tariffs and any reduction in clinical and other supplies due to any disruptions experienced by third party vendors, including with respect to our ability to provide home dialysis services, treatment volumes, mix expectation, such as the percentage or number of patients under commercial insurance, including potential impacts to such mix as a result of U.S. administration policies, current macroeconomic, marketplace and labor market conditions, and overall impact on our patients and teammates, as well as other statements regarding our outlook, future operations, financial condition and prospects, capital allocation plans, expenses, cost saving initiatives, other strategic initiatives, use of contract labor, government and commercial payment rates, expectations related to value-based care (VBC), integrated kidney care (IKC), MA plan enrollment and our international operations, expectations regarding increased competition and marketplace changes, including those related to new or potential entrants in the dialysis and pre-dialysis marketplace and the potential impact of innovative technologies, drugs, or other treatments on the dialysis industry, and expectations regarding our share repurchase program. All statements in this release, other than statements of historical fact, are forward-looking statements. Without limiting the foregoing, statements including the words "expect," "intend," "will," "could," "plan," "anticipate," "believe," "forecast," "guidance," "outlook," "goals," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on DaVita's current expectations and are based solely on information available as of the date of this release. DaVita undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law. Actual future events and results could differ materially from any forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things:

external conditions, including those related to general economic, political and global health conditions, including without limitation, the impact of global events and political or governmental volatility, including in the Middle East; the impact of the domestic political environment and related developments on the current healthcare marketplace, our patients and on our business; the impact of infectious diseases or other adverse conditions on our financial condition, the chronic kidney disease population and our patient population; supply chain challenges and disruptions, including without limitation, with respect to certain key services, critical clinical supplies and equipment we obtain from third parties, and including any impacts on our supply chain and cost of supplies as a result of global events, natural disasters or evolving trade policies, including tariffs; the impact on our patients and industry of continued increased competition from dialysis providers and others, including new or potential entrants in the dialysis and pre-dialysis marketplace; the impact of new or innovative technologies, drugs, or other treatments, including our ability to successfully implement new technologies, treatments or therapies in our business such as those related to middle molecule toxin clearance; elevated teammate turnover or labor costs; and our ability to respond to challenging U.S. and global economic and marketplace conditions, including, among other things, our ability to successfully identify cost saving opportunities; the concentration of profits generated by higher-paying commercial payor plans for which there is continued downward pressure on average realized payment rates; our ability to negotiate and maintain contracts with these payors on competitive terms or at all; a reduction in the number or percentage of our patients under commercial plans, including, without limitation, as a result of healthcare, immigration or other policies implemented by the U.S. administration, continuing legislative efforts to restrict or prohibit the use and/or availability of charitable premium assistance, as a result of payors implementing restrictive plan designs or resulting from negotiations with large commercial payors that we have in the past, and currently are, conducting on a concurrent basis; risks arising from laws, regulations or requirements applicable to us or changes thereto, including, without limitation, OBBBA and those related to trade policy, healthcare, privacy, antitrust matters, and acquisition, merger, joint venture or similar transactions and/or labor matters, and potential impacts of changes in interpretation or enforcement thereof or related litigation impacting, among other things, coverage or reimbursement rates for our services or the number of patients enrolled in or that select higher-paying commercial plans, and the risk that we make incorrect assumptions about how our patients will respond to any such developments; our ability to successfully implement our strategies with respect to IKC and VBC initiatives that may be impacted by, among other things, changes to the Comprehensive Kidney Care Contracting model and home based dialysis in the desired time frame and in a complex, dynamic and highly regulated environment; a reduction in government payment rates under the Medicare End Stage Renal Disease program, state Medicaid or other government-based programs and the impact of the MA benchmark structure and adjustment methodologies; our reliance on significant suppliers, service providers and other third party vendors to provide key support to our business operations and enable our provision of services to patients, including, among others, suppliers of certain pharmaceuticals, administrative or other services or critical clinical products; and risks resulting from a closure, reduction, disruption or transition in the services or products provided to us by such suppliers, service providers and third party vendors, which may, among other things, increase our costs or expenses; our ability to successfully maintain, operate or upgrade our information systems or those of third-party service providers upon which we rely and our ability to successfully adopt or adapt to new technologies, treatments or therapies, including technologies that utilize artificial intelligence; legal and compliance risks, such as compliance with complex, and at times, evolving government regulations and requirements, and with additional laws that may apply to our operations as we expand geographically or enter into new lines of business; noncompliance by us or our business associates with any privacy or security laws or any security breach by us or a third party, such as the cyber incident, including, among other things, any such non-compliance or breach involving the misappropriation, loss or other unauthorized use or disclosure of confidential information; our ability to attract, retain and motivate teammates, including key leadership personnel, our ability to manage potential disruptions to our business and operations, including potential work stoppages, and our ability to manage operating cost increases or productivity decreases that may be related to political unrest, legislative or other changes, union organizing activities, or volatility and uncertainty in the current challenging and highly competitive labor market that has experienced an ongoing nationwide shortage of skilled clinical personnel, among other things; changes in practice patterns, pricing, or reimbursement and payment policies or processes related to pharmaceuticals, medical equipment or supplies, including with respect to oral phosphate binders, among other things; our ability to develop and maintain relationships with physicians and hospitals, changing affiliation models for physicians, and the emergence of new models of care or other initiatives that, among other things, may erode our patient base and impact reimbursement rates; our ability to complete and successfully integrate and operate acquisitions, mergers, dispositions, joint ventures or other strategic transactions on terms favorable to us or at all; and our ability to continue to successfully expand our operations and services in markets outside the United States, or to businesses or products outside of dialysis services; the variability of our cash flows, including, without limitation, any extended billing or collections cycles that may be due to, among other things, defects or operational issues in our billing systems such as those experienced during the cyber incident, or defects or operational issues in the billing systems or services of third parties on which we rely; the risk that we may not be able to generate or access sufficient cash in the future to service our indebtedness or to fund our other liquidity needs; the effects on us or others of natural or other disasters, public health crises or severe adverse weather events such as hurricanes, earthquakes, fires or flooding; factors that may impact our ability to repurchase stock under our share repurchase program and the timing of any such stock repurchases, as well as any use by us of a considerable amount of available funds to repurchase stock; our goals and disclosures related to sustainability matters, including, among other things, evolving regulatory requirements affecting environmental, social and governance standards, measurements and reporting requirements; and the other risk factors, trends and uncertainties set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and the risks and uncertainties discussed in any subsequent reports that we file or furnish with the SEC from time to time. The financial information presented in this release is unaudited and is subject to change as a result of subsequent events or adjustments, if any, arising prior to the filing of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

DAVITA INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited) 
(dollars and shares in thousands, except per share data)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Dialysis patient service revenues

$  3,366,377

$  3,206,871

$  6,639,174

$  6,309,864

Other revenues

187,707

172,655

330,458

293,191

Total revenues

3,554,084

3,379,526

6,969,632

6,603,055

Operating expenses:

Patient care costs

2,392,001

2,261,540

4,734,258

4,501,200

General and administrative

423,458

412,805

845,372

786,895

Depreciation and amortization

167,808

174,704

345,637

351,155

Equity investment income, net

(8,184)

(7,364)

(16,528)

(12,973)

Total operating expenses

2,975,083

2,841,685

5,908,739

5,626,277

Operating income

579,001

537,841

1,060,893

976,778

Debt expense

(150,256)

(146,062)

(295,387)

(281,117)

Debt extinguishment and modification costs

(2,035)

—

(2,035)

—

Other income (loss), net

8,300

(22,851)

12,773

(40,400)

Income before income taxes

435,010

368,928

776,244

655,261

Income tax expense

91,787

93,708

157,986

147,825

Net income

343,223

275,220

618,258

507,436

Less: Net income attributable to noncontrolling interests

(77,826)

(75,883)

(155,331)

(145,182)

Net income attributable to DaVita Inc

$    265,397

$    199,337

$    462,927

$    362,254

Earnings per share attributable to DaVita Inc.:

Basic net income

$         4.10

$        2.62

$        7.01

$         4.67

Diluted net income

$         4.02

$        2.58

$        6.86

$         4.57

Weighted average shares for earnings per share:

Basic shares

64,781

75,943

66,078

77,646

Diluted shares

66,092

77,362

67,476

79,309

DAVITA INC. 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
 (dollars in thousands)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net income

$    343,223

$    275,220

$    618,258

$    507,436

Other comprehensive income (loss), net of tax:

Unrealized gains (losses) on interest rate cap agreements:

Unrealized gains (losses)

2,799

(6,405)

7,953

(14,940)

Reclassifications of net realized losses into net income

2,877

1,534

5,754

3,041

Unrealized gains on foreign currency translation

22,732

94,001

50,525

184,857

Other comprehensive income

28,408

89,130

64,232

172,958

Total comprehensive income

371,631

364,350

682,490

680,394

Less: Comprehensive income attributable to noncontrolling interests

(77,826)

(75,883)

(155,331)

(145,182)

Comprehensive income attributable to DaVita Inc.

$    293,805

$    288,467

$    527,159

$    535,212

DAVITA INC.
CONSOLIDATED BALANCE SHEETS
(unaudited) 
(dollars and shares in thousands, except per share data)

June 30, 2026

December 31, 2025

ASSETS

Cash and cash equivalents

$         668,963

$        676,438

Restricted cash and equivalents

82,895

81,309

Short-term investments

19,914

24,303

Accounts receivable

2,467,056

2,414,690

Inventories

151,535

160,627

Contract assets and other receivables

565,566

494,414

Prepaid and other current assets

149,113

156,285

Income tax receivable

84,597

49,937

Total current assets

4,189,639

4,058,003

Property and equipment, net of accumulated depreciation of $6,867,296 and $6,602,134, respectively

2,749,308

2,812,966

Operating lease right-of-use assets

2,430,055

2,397,179

Intangible assets, net of accumulated amortization of $38,030 and $37,751, respectively

228,817

222,125

Equity method and other investments

183,801

157,249

Long-term investments

38,365

40,966

Other long-term assets

298,538

246,520

Goodwill

7,590,966

7,545,095

$     17,709,489

$     17,480,103

LIABILITIES AND EQUITY

Accounts payable

$          715,872

$          696,148

Other liabilities

826,995

893,024

Accrued compensation and benefits

694,766

793,478

Current portion of operating lease liabilities

439,488

425,484

Current portion of long-term debt

117,177

109,201

Income tax payable

24,621

24,359

Due to related party

36,513

199,940

Total current liabilities

2,855,432

3,141,634

Long-term operating lease liabilities

2,185,973

2,175,658

Long-term debt

10,663,836

10,163,988

Other long-term liabilities

99,091

83,516

Deferred income taxes

825,719

756,869

Total liabilities

16,630,051

16,321,665

Commitments and contingencies

Noncontrolling interests subject to put provisions

1,561,416

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; 69,198 shares issued

 and 63,955 shares outstanding at June 30, 2026, and 68,549 shares issued and

 outstanding at December 31, 2025)

69

69

Additional paid-in capital

—

—

Accumulated earnings (deficit)

81,233

(328,428)

Treasury stock (5,243 and zero shares, respectively)

(787,847)

(199,940)

Accumulated other comprehensive loss

(58,551)

(122,783)

Total DaVita Inc. shareholders' equity deficit

(765,096)

(651,082)

Noncontrolling interests not subject to put provisions

283,118

277,354

Total equity deficit

(481,978)

(373,728)

$     17,709,489

$     17,480,103

DAVITA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)(dollars in thousands)

Six months ended June 30,

2026

2025

Cash flows from operating activities:

Net income

$       618,258

$       507,436

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

345,637

351,155

Stock-based compensation expense

54,189

62,567

Deferred income taxes

53,431

(9,838)

Equity investment loss, net

2,437

47,730

Other non-cash losses, net

16,721

6,948

Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:

Accounts receivable

(24,197)

(288,447)

Inventories

11,315

(9,592)

Other current assets

(58,339)

(70,945)

Other long-term assets

(22,803)

2,981

Accounts payable

7,639

35,612

Accrued compensation and benefits

(108,322)

(125,365)

Other current liabilities

(55,837)

(3,586)

Income taxes

(32,530)

9,462

Other long-term liabilities

3,301

(11,873)

Net cash provided by operating activities

810,900

504,245

Cash flows from investing activities:

Additions of property and equipment

(271,836)

(264,349)

Acquisitions

(38,540)

(10,596)

Proceeds from asset and business sales

4,392

22,400

Purchase of debt investments held-to-maturity

(298)

(27,475)

Purchase of other debt and equity investments

(12,867)

(3,002)

Proceeds from debt investments held-to-maturity

942

48,014

Proceeds from sale of other debt and equity investments

4,382

6,379

Purchase of equity method investments

(19,625)

(2,144)

Distributions from equity method investments

109

1,470

Net cash used in investing activities

(333,341)

(229,303)

Cash flows from financing activities:

Borrowings

2,768,259

4,189,716

Payments on long-term debt

(2,264,356)

(3,373,300)

Deferred and debt related financing costs

(4,645)

(25,133)

Purchase of treasury stock from related party

(382,805)

(200,261)

Other purchases of treasury stock

(377,852)

(793,834)

Distributions to noncontrolling interests

(149,892)

(151,087)

Net proceeds from issuance of common stock under employee stock plans

5,909

8,913

Payment of tax withholdings on net share settlements of equity awards

(63,814)

(30,477)

Contributions from noncontrolling interests

4,239

2,578

Proceeds from sales of additional noncontrolling interests

—

169

Purchases of noncontrolling interests

(18,571)

(5,378)

Net cash used in financing activities

(483,528)

(378,094)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

80

20,286

Net decrease in cash, cash equivalents and restricted cash

(5,889)

(82,866)

Cash, cash equivalents and restricted cash at beginning of the year

757,747

879,825

Cash, cash equivalents and restricted cash at end of the period

$       751,858

$       796,959

DAVITA INC.
SUPPLEMENTAL FINANCIAL DATA
(unaudited)
(dollars in millions and shares in thousands, except per treatment and patient data)

Three months ended

Six months ended
June 30, 2026

June 30,
2026

March 31,
2026

1. Consolidated business metrics:

Operating margin

16.3 %

14.1 %

15.2 %

General and administrative expenses as a percent of

 consolidated revenues(2)

11.9 %

12.4 %

12.1 %

Effective income tax rate on income

21.1 %

19.4 %

20.4 %

Effective income tax rate on income attributable to DaVita Inc.(1)

25.6 %

25.1 %

25.4 %

2. Summary of financial results:

Revenues:

U.S. dialysis patient services and other

$   3,012

$   2,942

$      5,954

Other—Ancillary services

Integrated kidney care

162

116

278

Other U.S. ancillary

9

10

19

International dialysis patient service and other

386

372

758

557

498

1,054

Eliminations

(14)

(24)

(38)

Total consolidated revenues

$   3,554

$   3,416

$      6,970

Operating income (loss):

U.S. dialysis

$      538

$      506

$      1,044

Other—Ancillary services

Integrated kidney care

40

(19)

21

Other U.S. ancillary

(8)

(6)

(13)

International

25

30

55

57

6

63

Corporate administrative support expenses

(16)

(30)

(46)

Total consolidated operating income

$      579

$      482

$      1,061

DAVITA INC.
SUPPLEMENTAL FINANCIAL DATA - continued
(unaudited)
(dollars in millions and shares in thousands, except per treatment and patient data)

Three months ended

Six months ended
June 30, 2026

June 30,
2026

March 31,
2026

3. Summary of reportable segment financial results and metrics:

U.S. dialysis

Financial results

Revenue:

Dialysis patient service revenues

$      3,005

$     2,935

$      5,941

Other revenues

7

6

13

Total operating revenues

3,012

2,942

5,954

Operating expenses:

Patient care costs

2,005

1,969

3,974

General and administrative

331

320

651

Depreciation and amortization

146

155

302

Equity investment income

(8)

(8)

(16)

Total operating expenses

2,474

2,436

4,910

Segment operating income

$         538

$        506

$      1,044

Metrics

Volume:

Treatments

7,226,600

7,029,525

14,256,125

Number of treatment days

78.0

76.7

154.7

Average treatments per day

92,649

91,650

92,153

Per day year-over-year change

0.6 %

(0.2) %

0.2 %

Number of normalized treatment days(3)

78.0

76.5

154.5

Average treatments per normalized day

92,649

91,889

92,273

Per normalized day year-over-year change

0.6 %

0.4 %

0.5 %

Normalized year-over-year non-acquired treatment growth(4)

0.3 %

0.1 %

Operating net revenues:

Average patient service revenue per treatment

$    415.87

$   417.59

$    416.71

Expenses:

Patient care costs per treatment

$    277.40

$   280.11

$    278.74

General and administrative expenses per treatment

$      45.79

$     45.49

$      45.64

Depreciation and amortization expense per treatment

$      20.26

$     22.07

$      21.16

Accounts receivable:

Receivables

$      1,719

$     1,695

DSO

52

52

4. IKC metrics:

Patients per integrated care arrangement type:

Risk-based(5)

64,900

62,600

Other(5)

5,700

6,300

Annualized aggregate risk based spend(5)

$     5,800

$     5,400

DAVITA INC.
SUPPLEMENTAL FINANCIAL DATA - continued
(unaudited)
(dollars in millions and shares in thousands, except per treatment and patient data)

Three months ended

Six months ended
June 30, 2026

June 30,
2026

March 31,
2026

5. Cash flow:

Operating cash flow

$       490

$       321

$           811

Operating cash flow, last twelve months

$    2,193

$    2,027

Free cash flow(1)

$       256

$       140

$           396

Free cash flow, last twelve months(1)

$    1,308

$    1,209

Capital expenditures:

Maintenance

$       123

$         74

$           197

Development

$         47

$         28

$             75

Acquisition expenditures

$           5

$         34

$             39

Proceeds from sale of self-developed properties

$         —

$           2

$               2

6. Debt and capital structure:

Total debt(6)

$  10,848

$  10,694

Net debt, net of cash and cash equivalents(6)

$  10,179

$  10,050

Leverage ratio(7)

3.37x

3.34x

Weighted average effective interest rate:

At end of the quarter

5.43 %

5.44 %

On the senior secured credit facilities at end of the quarter

5.76 %

5.79 %

Amount spent on share repurchases

$       348

$       403

$           751

Number of shares repurchased

2,238

3,005

5,243

Certain columns, rows or percentages may not sum or recalculate due to the presentation of rounded numbers.

________________

(1)

These are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to their most comparable measure calculated and presented in accordance with GAAP, and for a definition of adjusted amounts, see attached reconciliation schedules. Adjusted operating income margin is adjusted operating income divided by consolidated revenues.

(2)

General and administrative expenses include certain corporate support, long-term incentive compensation and advocacy costs.

(3)

Normalized treatment days reflect treatment days adjusted to normalize for the mix of days of the week in a given quarter.

(4)

Normalized non-acquired treatment growth reflects year-over-year growth in treatment volume, adjusted to exclude acquisitions and other similar transactions, and further adjusted to normalize for the number and mix of treatment days in a given quarter versus the prior year quarter.

(5)

Integrated care metrics: The aggregate amount of medical spend associated with risk-based integrated care arrangements that we disclose includes both medical costs included in our reported expenses for certain risk-based arrangements (such as our SNPs), as well as the aggregate estimated benchmark amount above or below which we will incur profit or loss from value-based care (VBC) arrangements under which third-party medical costs are not included in our reported results. A number of our VBC contracts are subject to complex or novel patient attribution mechanics and benchmark adjustments, some of which are based on information not reported to us until periods after we report our quarterly results. As a result, our estimates of our patients under, and the dollar amount of, our value-based contracts remain subject to estimation uncertainty.

(6)

The debt amounts presented as of June 30, 2026 and March 31, 2026 exclude approximately $66.5 and $68.1, respectively, of debt discount, premium and other deferred financing costs related to our senior secured credit facilities and senior notes in effect or outstanding at that time.

(7)

This is a non-GAAP measure. See "Calculation of Leverage Ratio" in non-GAAP reconciliations.

DAVITA INC.
RECONCILIATIONS FOR NON-GAAP MEASURES
(unaudited)
(dollars in millions)

Calculation of the Leverage Ratio

Under our amended senior secured credit facilities (the Amended Credit Agreement) dated June 8, 2026 and our prior senior secured credit facilities, the leverage ratio is defined as (a) all funded debt, minus unrestricted cash and cash equivalents (including short-term investments) divided by (b) "Consolidated EBITDA." The leverage ratio determines the interest rate margin payable by the Company for its Term Loan A-2 and revolving line of credit under the Amended Credit Agreement by establishing the margin over the base interest rate (SOFR plus credit spread adjustment) that is applicable. The calculation below is based on the last 12 months of "Consolidated EBITDA" and "Consolidated net debt" at the end of each reported period, each as defined in the credit agreement that was in effect at the end of each such period (the Applicable Credit Agreement). The calculation of "Consolidated EBITDA" below sets forth, among other things, certain pro forma adjustments described in the Applicable Credit Agreement, including, pro forma adjustments for acquisitions or divestitures that occurred during the period and certain projected net cost savings, expense reductions and cost synergies. These pro forma adjustments are determined according to specified criteria set forth in the Applicable Credit Agreement, and as a result, the total adjustments calculated may not be comparable to the Company's estimates for other purposes, including as operating performance measures. The Company's management believes the presentation of "Consolidated EBITDA" is useful to investors to enhance their understanding of the Company's leverage ratio under the Applicable Credit Agreement and should not be evaluated for any other purpose. The leverage ratio calculated by the Company is a non-GAAP measure and should not be considered a substitute for the ratio of total debt to operating income, determined in accordance with GAAP. The Company's calculation of its leverage ratio might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures of other companies.

Twelve months ended

June 30,
2026

March 31,
2026

Net income from continuing operations attributable to DaVita Inc.

$          822

$          756

Income taxes

303

305

Interest expense

540

535

Depreciation and amortization

710

717

Net income attributable to noncontrolling interests

342

340

Stock-settled stock-based compensation

127

136

Debt extinguishment and modification costs

16

14

Expected cost savings and expense reductions

7

10

Other

149

194

Consolidated EBITDA

$        3,018

$        3,008

June 30,
2026

March 31,
2026

Total debt, excluding debt discount and other deferred financing costs(1)

$      10,848

$      10,694

Less: Cash and cash equivalents including short-term investments(2)

(685)

(664)

Consolidated net debt

$      10,162

$      10,031

Last twelve months Consolidated EBITDA

$        3,018

$        3,008

Leverage ratio

3.37x

3.34x

Maximum leverage ratio permitted under the Credit Agreement

5.00x

5.00x

Certain columns or rows may not sum or recalculate due to the presentation of rounded numbers.

________________

(1)

The debt amounts presented as of June 30, 2026 and March 31, 2026 exclude approximately $66.5 and $68.1, respectively, of debt discount, premium and other deferred financing costs related to our senior secured credit facilities and senior notes in effect or outstanding at that time.

(2)

This excludes amounts not readily convertible to cash related to the Company's non-qualified deferred compensation plans for all periods presented.

DAVITA INC.
RECONCILIATIONS FOR NON-GAAP MEASURES
(unaudited)

Note on Non-GAAP Financial Measures

As used in this press release, the term "adjusted" refers to non-GAAP measures as follows, each as reconciled to its most comparable GAAP measure as presented in the non-GAAP reconciliations in the notes to this press release: (i) for income and expense measures, the term "adjusted" refers to operating performance measures that exclude certain items such as, but not limited to, cybersecurity costs, impairment charges, gains or losses on ownership changes, restructuring charges, accruals for legal matters, and debt extinguishment and modification costs; and (ii) the term "effective income tax rate on adjusted income attributable to DaVita Inc." represents the Company's effective tax rate excluding applicable non-GAAP items and the tax associated with them as well as noncontrolling owners' income, which primarily relates to non-tax paying entities.

These non-GAAP or "adjusted" measures are presented because management believes these measures are useful adjuncts to GAAP results. However, these non-GAAP measures should not be considered alternatives to the corresponding measures determined under GAAP. 

Specifically, management uses adjusted operating income, adjusted net income attributable to DaVita Inc. and adjusted diluted net income per share attributable to DaVita Inc. to compare and evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe these non-GAAP measures also are useful to investors and analysts in evaluating our performance over time and relative to competitors, as well as in analyzing the underlying trends in our business. Furthermore, we believe these presentations enhance a user's understanding of our normal consolidated results by excluding certain items which we do not believe are indicative of our ordinary results of operations. As a result, adjusting for these amounts allows for comparison to our normalized prior period results.

The effective income tax rate on adjusted income attributable to DaVita Inc. excludes noncontrolling owners' income and certain non-deductible and other charges which we do not believe are indicative of our ordinary results. Accordingly, we believe these adjusted effective income tax rates are useful to management, investors and analysts in evaluating our performance and establishing expectations for income taxes incurred on our ordinary results attributable to DaVita Inc.

Finally, free cash flow represents net cash provided by operating activities less distributions to noncontrolling interests, development capital expenditures, and maintenance capital expenditures; plus contributions from noncontrolling interests and proceeds from the sale of self-developed properties. Management uses this measure to assess our ability to fund acquisitions and meet our debt service obligations and we believe this measure is equally useful to investors and analysts as an adjunct to cash flows from operating activities and other measures under GAAP.

It is important to bear in mind that these non-GAAP "adjusted" measures are not measures of financial performance or liquidity under GAAP and should not be considered in isolation from, nor as substitutes for, their most comparable GAAP measures.

The following reconciliations of the non-GAAP financial measures presented in this press release to their most comparable GAAP measures.

DAVITA INC.
RECONCILIATIONS FOR NON-GAAP MEASURES - continued
(unaudited)
(dollars in millions, except per share data)

Adjusted net income and adjusted diluted net income per share attributable to DaVita Inc.:

Three months ended

Six months ended

June 30,
2026

March 31,
2026

June 30,
2026

June 30,
2025

Dollars

Per share

Dollars

Per share

Dollars

Per share

Dollars

Per share

Consolidated:

Net income attributable to DaVita Inc.

$  265

$  4.02

$  198

$  2.87

$  463

$  6.86

$  362

$  4.57

Cybersecurity incident-related charges(1)

—

—

—

—

—

—

13

0.17

Income tax impact related to prior legal matter(2)

—

—

—

—

—

—

19

0.24

Related income tax

—

—

—

—

—

—

(3)

(0.04)

Adjusted net income attributable to DaVita Inc.

$  265

$  4.02

$  198

$  2.87

$  463

$  6.86

$  391

$  4.93

Certain columns, rows or percentages may not sum or recalculate due to the presentation of rounded numbers.

Adjusted operating income:There were no non-GAAP adjustments during the three and six months ended June 30, 2026 or the three months ended March 31, 2026.

Six months ended June 30, 2025

U.S.
dialysis

Ancillary services

Corporate
administration

Consolidated

U.S. IKC

U.S. Other

International

Total

Operating income (loss)

$   999

$      (3)

$     (10)

$      67

$     54

$       (76)

$     977

Cybersecurity incident-related charges(1)

13

—

—

—

—

—

13

Adjusted operating income (loss)

$ 1,012

$      (3)

$     (10)

$      67

$     54

$       (76)

$     990

Certain columns or rows may not sum or recalculate due to the presentation of rounded numbers

Effective income tax rates:

Three months ended

Six months ended

June 30, 2026

June 30,
2026

March 31,
2026

Effective income tax rates on income attributable to DaVita Inc.:

Income before income taxes

$  435

$  341

$       776

Noncontrolling owners' income primarily attributable to non-tax paying entities

(78)

(78)

(156)

Income before income taxes attributable to DaVita Inc.

$  357

$  264

$       620

Income tax expense

$    92

$    66

$       158

Income tax attributable to noncontrolling interests

(1)

—

(1)

Income tax expense attributable to DaVita Inc.

$    91

$    66

$       157

Effective income tax rate on income attributable to DaVita Inc.

25.6 %

25.1 %

25.4 %

Certain columns, rows or percentages may not sum or recalculate due to the presentation of rounded numbers.

DAVITA INC.
RECONCILIATIONS FOR NON-GAAP MEASURES - continued
(unaudited)
(dollars in millions, except per share data)

Free cash flow:

Three months ended

Six months ended

June 30, 2026

June 30,
2026

March 31,
2026

June 30,
2025

Net cash provided by operating activities

$       490

$       321

$       324

$         811

Adjustments to reconcile net cash provided by operating activities to

 free cash flow:

Distributions to noncontrolling interests

(64)

(85)

(58)

(150)

Contributions from noncontrolling interests

—

4

—

4

Maintenance capital expenditures(3)

(123)

(74)

(90)

(197)

Development capital expenditures(4)

(47)

(28)

(32)

(75)

Proceeds from sale of self-developed properties

—

2

12

2

Free cash flow

$       256

$       140

$       157

$         396

Certain columns or rows may not sum or recalculate due to the presentation of rounded numbers.

Twelve months ended

June 30,
2026

March 31,
2026

June 30,
2025

Net cash provided by operating activities

$     2,193

$     2,027

$     1,862

Adjustments to reconcile net cash provided by operating activities to free cash flow:

Distributions to noncontrolling interests

(323)

(317)

(381)

Contributions from noncontrolling interests

9

9

9

Maintenance capital expenditures(3)

(424)

(391)

(407)

Development capital expenditures(4)

(159)

(144)

(167)

Proceeds from sale of self-developed properties

12

24

30

Free cash flow

$     1,308

$     1,209

$       947

Certain columns or rows may not sum or recalculate due to the presentation of rounded numbers.

________________

(1)

Represents charges recognized to work to remediate a cybersecurity incident and restore systems following the occurrence of the incident in the second quarter of 2025. We have excluded these charges from our non-GAAP metrics as we do not believe they are indicative of our ordinary results of operations.

(2)

Represents the write-down of a tax receivable related to a 2014 tax refund claim. The claim related to estimated tax expense associated with a legal matter previously presented as a non-GAAP adjustment. We have excluded this charge from our non-GAAP metrics because, among other things, we do not believe it is indicative of our ordinary results of operations because the charge is significant and may obscure analysis of underlying trends and financial performance of our current business.

(3)

Maintenance capital expenditures represent capital expenditures to maintain the productive capacity of the business and include those made for investments in information technology, dialysis center renovations, capital asset replacements, and any other capital expenditures that are not development or acquisition expenditures.

(4)

Development capital expenditures principally represent capital expenditures (other than acquisition expenditures) made to expand the productive capacity of the business and include those for new U.S. and international dialysis center developments, dialysis center expansions and relocations, and new or expanded contracted hospital operations.

SOURCE DaVita

Key Takeaways DaVita raised 2026 guidance after strong first-quarter execution and better treatment trends.IKC improved key CKCC metrics and generated the highest aggregate savings among all participants.Commercial payer dependence, reimbursement uncertainty and rising investment costs remain key risks. DaVita Inc. (DVA - Free Report) has been gaining from strong execution across its Integrated Kidney Care (IKC) platform, improving treatment volumes and investments in technology and clinical innovation. The optimism is led by solid first-quarter 2026 results and higher full-year guidance. However, reimbursement uncertainty and the company's dependence on commercial payers remain key concerns.

Year to date, this Zacks Rank #3 (Hold) stock rallied 110.7%, outperforming the industry’s 22.4% growth and the S&P 500’s 7.8% gain.

The renowned global comprehensive kidney care provider has a market capitalization of $15.17 billion. The company projects 20.2% growth over the next five years and expects to maintain its strong performance going forward. DaVita’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters and missed once, the average surprise being 2.4%.

Image Source: Zacks Investment Research

Growth Drivers for DVA StockStrength in Integrated Kidney Care: DaVita’s IKC platform remains a prime growth driver as the company continues to expand its value-based care capabilities. After achieving its first full year of profitability in 2025, IKC maintained strong momentum in the first quarter of 2026, delivering year-over-year improvements across all three CMS Comprehensive Kidney Care Contracting (CKCC) performance metrics, including gross savings rates, quality scores and high-performing status. IKC generated the highest aggregate savings among all CKCC participants, underscoring the effectiveness of its data-driven care model. The company is reinforcing this strategy through its recently announced 2030 Community Care commitments, which include reducing avoidable hospitalizations, expanding transplant access and educating more patients on kidney care options.

Operational Execution Boosts Outlook: DaVita delivered a solid first-quarter performance, prompting management to raise its 2026 adjusted operating income and adjusted EPS guidance. The strong performance was driven by balanced execution across treatment volumes, revenue per treatment and patient care costs. Better-than-expected mortality trends, improving labor productivity and patient transfers related to Fresenius clinic closures supported an increase in the company’s treatment growth outlook from flat to 25 to 50 basis points for 2026. Management expects continued labor efficiencies to support margins. Disciplined capital allocation remains a positive, with DaVita repurchasing 5 million shares through the first quarter and thereafter. The combination of improving operating trends and disciplined cost management strengthens management’s confidence in delivering stronger earnings growth.

Technology Investments and Innovation: DaVita continues to invest in technology and clinical innovation to strengthen its competitive position and improve patient outcomes. During the first quarter, management highlighted investments in digital infrastructure and AI-enabled operational tools, including ScheduleHub, which dynamically optimizes staffing and patient scheduling to improve caregiver efficiency and operational productivity. These investments build on the company’s proprietary data infrastructure and are expected to support both clinical excellence and long-term operating leverage. Beyond technology, DaVita’s initiatives include the MODEL quality improvement program, the MEMOIRS prospective cohort study and strategic investment in Elara Caring to expand home-based support for patients with end-stage kidney disease. Management believes these initiatives are intended to improve patient outcomes, support caregivers, reduce hospitalizations and strengthen DaVita's value-based care platform.

Downsides of DVA StockReimbursement Uncertainty and Dependence on Commercial Payers: Despite a strong first quarter, reimbursement uncertainty continues to represent a meaningful headwind. Management indicated that Affordable Care Act marketplace enrollment trends are tracking slightly better than expected but maintained its estimated $40 million headwind for 2026 due to limited visibility into enrollment, affordability and future patient mix. DaVita heavily depends on commercial insurers, which account for a large share of dialysis profits despite representing a small portion of total patients. Any deterioration in commercial payer mix, increased migration toward government-sponsored plans, or lower reimbursement from Medicare Advantage could pressure revenue per treatment and profitability. The anticipated decline in commercial mix over the course of 2026 further supports management’s expectation for only modest revenue-per-treatment growth.

Regulatory and Competitive Pressures: DaVita operates in one of the healthcare industry's most heavily regulated environments, exposing the company to reimbursement changes, compliance requirements and government oversight. Evolving Medicare and Medicaid policies, healthcare transparency regulations and increased enforcement activity could result in higher compliance costs or operational disruptions. Competition remains intense across the kidney care landscape. Besides competing with Fresenius Medical Care and other dialysis providers for patients, acquisitions and physician relationships, DaVita is facing growing competition from companies investing in value-based kidney care, transplant services and innovative treatment technologies. As the industry continues to evolve, maintaining market share while adapting to regulatory and competitive dynamics will remain critical to sustain long-term growth.

Macroeconomic Pressures and Investment Spending: DaVita continues to face external cost pressures stemming from inflation, labor market tightness, supply chain challenges and macroeconomic uncertainty. Although productivity improvements helped lower patient care costs during the first quarter, management acknowledged that general and administrative expenses increased as the company continued investing in technology and digital capabilities. While these investments are expected to generate long-term operational benefits, management noted that it remains early in the AI deployment cycle and that financial returns will materialize gradually. Combined with wage inflation, higher operating costs and economic uncertainty, these elevated investments could limit near-term margin expansion.

Estimate TrendDaVita is witnessing a stable estimate revision trend for 2026. Over the past 30 days, the Zacks Consensus Estimate for earnings per share has remained unchanged at $15.07.

The Zacks Consensus Estimate for the company’s second-quarter 2026 revenues is pegged at $3.53 billion, indicating a 4.5% uptick from the year-ago quarter’s reported number. The consensus mark for earnings is pegged at $4.01 per share, implying 35.9% year-over-year growth.

Stocks to ConsiderSome better-ranked stocks from the broader medical space are West Pharmaceutical (WST - Free Report) , McKesson (MCK - Free Report) and Cardinal Health (CAH - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

West Pharmaceutical reported second-quarter 2026 adjusted earnings per share (EPS) of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%.

West Pharmaceutical has an estimated long-term earnings growth rate of 14.4%. WST’s earnings surpassed estimates in the trailing four quarters, the average surprise being 17.4%.

McKesson reported a fourth-quarter fiscal 2026 adjusted EPS of $11.69, which beat the Zacks Consensus Estimate by 1.1%. Revenues of $96.3 billion missed the Zacks Consensus Estimate by 5.5%.

McKesson has an estimated long-term earnings growth rate of 13.7%. MCK’s earnings surpassed estimates in the trailing four quarters, the average surprise being 3.1%.

Cardinal Health reported a third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%.

Cardinal Health has an estimated long-term earnings growth rate of 17%. CAH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 10.3%.

, /PRNewswire/ -- DaVita Inc. (NYSE: DVA), announced today that it will hold its quarterly conference call to discuss second quarter results on Tuesday, August 4, 2026, at 5:00 p.m. Eastern Time. The company plans to release its results after market close the same day.

This call is also being webcast and can be accessed at the DaVita IR web page. You can join this call as follows: 

Tuesday, August 4, 2026
Starting at 5:00 p.m. EDT
Webcast can be accessed using this link 
Dial in number: 877-918-6630
International dial in: 517-308-9042

When calling in, please provide the operator the password "Earnings" and provide your name and company affiliation. Investors unable to listen to the conference call will be able to access a replay via our website at investors.davita.com. There will be no telephone replay.

About DaVita Inc.

DaVita (NYSE: DVA) is a healthcare provider focused on transforming care delivery to improve quality of life for patients globally. As a comprehensive kidney care provider, DaVita has been a leader in clinical quality and innovation for more than 25 years. DaVita cares 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 dialysis centers, in the hospital and in skilled nursing facilities. As of March 31, 2026, DaVita served approximately 296,300 patients at 3,262 outpatient dialysis centers, of which 2,666 centers were located in the United States and 596 centers were located in 14 other countries worldwide. DaVita has reduced hospitalizations, improved mortality, helped improve health access and worked collaboratively to propel the kidney care community to adopt a higher quality standard of care for all patients, everywhere. To learn more, visit DaVita.com/About.

Contact Information 
Investors:
[email protected]

SOURCE DaVita

DaVita HealthCare (DVA - Free Report) ended the recent trading session at $234.01, demonstrating a +1.04% change from the preceding day's closing price. The stock exceeded the S&P 500, which registered a loss of 0.51% for the day. At the same time, the Dow lost 0.2%, and the tech-heavy Nasdaq lost 1.47%.

Heading into today, shares of the kidney dialysis provider had gained 9.99% over the past month, outpacing the Medical sector's gain of 3.63% and the S&P 500's gain of 0.53%.

Analysts and investors alike will be keeping a close eye on the performance of DaVita HealthCare in its upcoming earnings disclosure. The company is forecasted to report an EPS of $4.01, showcasing a 35.93% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $3.53 billion, indicating a 4.53% increase compared to the same quarter of the previous year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $15.07 per share and revenue of $14.3 billion, indicating changes of +39.8% and +4.78%, respectively, compared to the previous year.

It's also important for investors to be aware of any recent modifications to analyst estimates for DaVita HealthCare. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. DaVita HealthCare presently features a Zacks Rank of #3 (Hold).

In terms of valuation, DaVita HealthCare is presently being traded at a Forward P/E ratio of 15.37. This denotes a discount relative to the industry average Forward P/E of 19.5.

We can also see that DVA currently has a PEG ratio of 0.76. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. By the end of yesterday's trading, the Medical - Outpatient and Home Healthcare industry had an average PEG ratio of 1.68.

The Medical - Outpatient and Home Healthcare industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 161, which puts it in the bottom 35% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

DaVita HealthCare (DVA - Free Report) closed the most recent trading day at $232.80, moving +1.45% from the previous trading session. The stock exceeded the S&P 500, which registered a gain of 0.42% for the day. Elsewhere, the Dow saw an upswing of 0.29%, while the tech-heavy Nasdaq appreciated by 0.29%.

Heading into today, shares of the kidney dialysis provider had gained 12.58% over the past month, outpacing the Medical sector's gain of 5.6% and the S&P 500's gain of 2.2%.

Analysts and investors alike will be keeping a close eye on the performance of DaVita HealthCare in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $4.01, marking a 35.93% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.53 billion, up 4.53% from the year-ago period.

DVA's full-year Zacks Consensus Estimates are calling for earnings of $15.07 per share and revenue of $14.3 billion. These results would represent year-over-year changes of +39.8% and +4.78%, respectively.

Investors should also pay attention to any latest changes in analyst estimates for DaVita HealthCare. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Right now, DaVita HealthCare possesses a Zacks Rank of #3 (Hold).

From a valuation perspective, DaVita HealthCare is currently exchanging hands at a Forward P/E ratio of 15.23. Its industry sports an average Forward P/E of 19.75, so one might conclude that DaVita HealthCare is trading at a discount comparatively.

Investors should also note that DVA has a PEG ratio of 0.75 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. DVA's industry had an average PEG ratio of 1.65 as of yesterday's close.

The Medical - Outpatient and Home Healthcare industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 57, positioning it in the top 24% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

On July 02, 2026, DaVita Inc (DVA) shares rose 3.0% to a current price of $234.91. The stock has experienced significant price appreciation recently, with a 10.

Key Takeaways DaVita expands kidney care via the IKC platform across CKD and ESKD dialysis network services.DVA expands digital infrastructure and AI ScheduleHub to improve dialysis scheduling efficiency.FMS expands kinexus and 5008X CAREsystem; RMTI signs dialysis supply deals with Heritage and aQua. DaVita Inc. (DVA - Free Report) , a well-known kidney care services provider, plays a central role in the dialysis ecosystem by providing comprehensive kidney care services for patients with chronic kidney disease (CKD) and end-stage kidney disease (ESKD). The company operates an extensive network of outpatient dialysis centers in the United States and internationally, offering in-center dialysis, home dialysis and related clinical services. Beyond delivering dialysis treatments, DVA supports patients across the broader continuum of kidney care through integrated care programs designed to improve clinical outcomes and coordinate treatment with physicians and other healthcare providers.

As kidney care continues to shift toward value-based delivery models, DaVita is expanding its Integrated Kidney Care (IKC) platform to better manage patients with advanced kidney disease. The company reported continued progress under the Centers for Medicare & Medicaid Services' (CMS) Comprehensive Kidney Care Contracting (CKCC) program, delivering year-over-year improvements in gross savings, quality scores and high-performing status. These results highlight DVA's efforts to pair coordinated care with data-driven insights to improve patient outcomes while supporting a more sustainable kidney care model.

DaVita is also investing in technology to strengthen its dialysis operations and enhance care delivery. During 2026, the company continued expanding its digital infrastructure and AI capabilities, including the introduction of ScheduleHub, an AI-powered scheduling tool that aligns patient appointments, staffing availability and clinic capacity. By reducing administrative burden and improving operational efficiency across its dialysis centers, these investments reinforce DVA's focus on delivering high-quality, patient-centered kidney care while supporting the evolving needs of the dialysis industry.

FMS & RMTI Advancing Kidney Care DeliveryFresenius Medical Care AG (FMS - Free Report) is strengthening its foothold in kidney care by integrating dialysis services, value-based care and digital innovation across the treatment continuum. Fresenius Medical Care recently launched kinexus, a unified digital platform that supports home dialysis through remote therapy monitoring, prescription management and integrated supply ordering. Additionally, Fresenius Medical Care is accelerating the U.S. rollout of its 5008X CAREsystem, reinforcing its focus on connected, patient-centric dialysis care while expanding access to advanced home and in-center therapies.

Rockwell Medical, Inc. (RMTI - Free Report) is strengthening kidney care delivery by supplying dialysis providers with a comprehensive portfolio of hemodialysis products that support treatment across outpatient centers, skilled nursing facilities and home dialysis settings. Rockwell Medical recently signed a three-year product purchase agreement with Heritage Dialysis and renewed its agreement with aQua Dialysis, expanding access to its dialysis concentrates and ancillary products. Through these partnerships, Rockwell Medical continues to enhance the reliability and availability of dialysis care across diverse treatment settings.

DVA’s Price Performance, Valuation and EstimatesShares of DaVita have gained 93.4% year to date compared with the industry’s rise of 14.7%.

Image Source: Zacks Investment Research

DVA’s forward 12-month P/E of 13.2X is lower than the industry’s average of 18.2X but higher than its five-year median of 12.7X. It has a Value Score of A.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for DVA’s 2026 earnings per share suggests a 39.8% improvement compared with 2025.

Image Source: Zacks Investment Research

DaVita currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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Stock to Watch: DaVita HealthCare (DVA - Free Report) Denver, CO-headquartered DaVita Inc. is a leading provider of dialysis services in the U.S. to patients suffering from chronic kidney failure, also known as end-stage renal disease (ESRD). The company operates outpatient dialysis centers and provides related services primarily in its dialysis centers and contracted hospitals across the United States, in addition to offering integrated kidney care services under value-based arrangements. Its services include outpatient dialysis services, hospital inpatient dialysis services and certain ancillary services.

DVA is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 14.4; value investors should take notice.

For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.91 to $15.07 per share. DVA boasts an average earnings surprise of +2.4%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, DVA should be on investors' short list.