DaVita Inc

davita.com

What Do They Do?

Provides dialysis and related laboratory services to people with kidney failure, and care management for people with kidney disease.

How Do They Make Money?

Government programs and commercial payers pay for dialysis patient services; hospitals pay a negotiated fee for each inpatient treatment. Integrated kidney care arrangements can pay a share of premiums, shared savings or losses, and performance-based compensation.

revenue

Segment	Share	Revenue	How money arrives
U S Dialysis Usage-based	86%		Usage-based
Other - Ancillary services	14%

Who Are Their Customers?

Government programs and commercial payers pay for patient services; hospitals contract directly for inpatient dialysis, while patients receive treatment in centers or at home.

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.

Operating income, FY2025

15% of revenue

▼ −2% vs FY2024 ($2.1B, 16%)

Net income, FY2025

5% of revenue

▼ −20% vs FY2024 ($936.3M, 7%)

Free cash flow, FY2025

10% of revenue

▼ −11% vs FY2024 ($1.5B, 11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +5%; vs $3.4B in Q2 FY2025
Net income: ▲ +33%; vs $199.3M in Q2 FY2025

Growing. Revenue grew 17% in 4 years, from $11.6B in FY2021 to $13.6B in FY2025, about 4% a year.

Revenue over time

U S Dialysis Other - Ancillary services

$20B$10B$0

FY2021 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Fresenius Medical Care

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