DaVita Inc. 3rd Quarter 2026 Results
DAVITA INC. (DVA) filed an SEC Form 8-K — Results of Operations and Financial Condition. Contact: Investor Relations DaVita Inc. ir@davita.com DaVita Inc. 3rd Quarter 2026 Results Denver, Colorado, October 29, 2026 — DaVita Inc. (NYSE: DVA) announced financial and operating results for the quarter ended September 30, 2026. Financial and operating highlights for the q
Facts are quoted from the filing text and checked against it.
How this was made
The 30-second read
Why it matters
The quarter’s results show stable revenue and cash flow, with share repurchases indicating confidence in the balance sheet.
Market read
The earnings release is a primary corporate event that may influence healthcare sector positioning.
What to watch
Goodwill impairment in China and a recent cybersecurity incident may affect future profitability.
DaVita reported $3.578 billion of consolidated revenues, $499 million of operating income and $3.40 of diluted earnings per share for the quarter ended September 30, 2026.
Revenue and U.S. dialysis treatment volume increased sequentially, while the quarter included a $62 million China goodwill and other asset impairment charge, operating income declined sequentially, and operating cash flow and free cash flow were below the prior-year quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026 (dollars in thousands)GAAP | $3.58B | – | – |
| Dialysis patient service revenues, three months ended September 30, 2026 (dollars in thousands)GAAP | $3.41B | – | – |
| Other revenues, three months ended September 30, 2026 (dollars in thousands)GAAP | $169.9M | – | – |
| Operating income, three months ended September 30, 2026 (dollars in thousands)GAAP | $499.3M | – | – |
| Operating margin, three months ended September 30, 2026GAAP | 14.0 % | – | – |
| Adjusted operating income, three months ended September 30, 2026non-GAAP | $561M | – | – |
| Adjusted operating margin excluding certain items, three months ended September 30, 2026non-GAAP | 15.7 % | – | – |
| Net income, three months ended September 30, 2026 (dollars in thousands)GAAP | $269.4M | – | – |
| Net income attributable to DaVita Inc., three months ended September 30, 2026 (dollars in thousands)GAAP | $222.9M | – | – |
| Diluted net income per share attributable to DaVita Inc., three months ended September 30, 2026GAAP | $ 3.40 | – | – |
| Adjusted net income attributable to DaVita Inc., three months ended September 30, 2026non-GAAP | $250M | – | – |
| Adjusted diluted net income per share attributable to DaVita Inc., three months ended September 30, 2026non-GAAP | $ 3.82 | – | – |
| Operating cash flow, three months ended September 30, 2026GAAP | $519M | – | – |
| Free cash flow, three months ended September 30, 2026non-GAAP | $276M | – | – |
| U.S. dialysis treatments, three months ended September 30, 2026other | 7,329,644 | – | – |
| Average treatments per day, three months ended September 30, 2026other | 92,780 | 0.1% | 1.2 % |
| Normalized non-acquired treatment growth, three months ended September 30, 2026other | 0.4% | – | 0.4% |
| Average patient service revenue per treatment, three months ended September 30, 2026other | $ 415.25 | $ (0.62) | – |
| Patient care costs per treatment, three months ended September 30, 2026other | $ 280.22 | $ 2.82 | – |
| General and administrative expenses per treatment, three months ended September 30, 2026other | $ 43.14 | – | – |
| Effective income tax rate on income, three months ended September 30, 2026GAAP | 24.9 % | – | – |
| Effective income tax rate on adjusted income attributable to DaVita Inc., three months ended September 30, 2026non-GAAP | 26.6 % | – | – |
| Total debt, September 30, 2026other | $10.83B | – | – |
| Net debt, net of cash and cash equivalents, September 30, 2026other | $10.34B | – | – |
| Leverage ratio, September 30, 2026non-GAAP | 3.38x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. dialysisThe quarter change in revenue per treatment was primarily driven by normal fluctuations, partially offset by an increase in average reimbursement rates and improvements in payor mix. | $3.05B | – | – |
| Integrated kidney careNot separately stated. | $144M | – | – |
| Other U.S. ancillaryNot separately stated. | $ 10 | – | – |
| International dialysis patient service and otherNot separately stated. | $398M | – | – |
| EliminationsNot separately stated. | $ (24) | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Current 2026 guidance outlook
- NoteAdjusted operating income: $2,175 to $2,250
- NoteAdjusted diluted net income per share attributable to DaVita Inc.: $14.30 to $15.20
- NoteFree cash flow: $1,000 to $1,250
Capital returns
- During the three months ended September 30, 2026, the Company repurchased 0.6 million shares for $111 million, at an average price paid of $186.21 per share.
- Subsequent to September 30, 2026 through October 27, 2026, the Company repurchased 0.5 million shares of common stock for $87 million at an average price paid of $180.57 per share.
- Amount spent on share repurchases for the nine months ended September 30, 2026: $ 863.
- Number of shares repurchased for the nine months ended September 30, 2026: 5,837.
What drove it
- Revenue per treatment quarter change was primarily driven by normal fluctuations, partially offset by an increase in average reimbursement rates and improvements in payor mix.
- Patient care costs per treatment quarter change was primarily due to increased medical supplies expenses.
- General and administrative quarter change was primarily due to decreased professional fees.
- The Company recognized non-cash goodwill and other asset impairment charges related to its business in China.
- As of September 30, 2026, DaVita had approximately 80,800 patients in risk-based integrated care arrangements representing approximately $6.4 billion in annualized medical spend.
Concerns
- The China impairment charge was $62 million within operating income and had a $27 million net income impact attributable to DaVita Inc.
- Operating cash flow was $519 million and free cash flow was $276 million, compared with $842 million and $604 million, respectively, in the prior-year quarter.
- Patient care costs per treatment increased to $280.22 from $277.40 in the second quarter of 2026 due primarily to increased medical supplies expenses.
- Net debt, net of cash and cash equivalents, was $10,337 and the leverage ratio was 3.38x as of September 30, 2026.
- The release identifies continued downward pressure on average realized payment rates for higher-paying commercial payor plans as a risk.
What to watch
- Progress toward current 2026 adjusted operating income guidance of $2,175 to $2,250.
- Progress toward current 2026 adjusted diluted net income per share guidance of $14.30 to $15.20.
- Progress toward current 2026 free cash flow guidance of $1,000 to $1,250.
- U.S. dialysis normalized non-acquired treatment growth, which was 0.4% in the third quarter of 2026.
- Medical supplies, compensation, insurance costs and health benefits expenses.
- Commercial payor mix, reimbursement rates, and developments in risk-based integrated care arrangements.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: $ 495,629 (dollars in thousands).
- Restricted cash and equivalents as of September 30, 2026: $ 83,631 (dollars in thousands).
- Short-term investments as of September 30, 2026: $ 70,673 (dollars in thousands).
- Long-term debt as of September 30, 2026: $ 10,656,624 (dollars in thousands).
- Current portion of long-term debt as of September 30, 2026: $ 112,491 (dollars in thousands).
- Net cash provided by operating activities for the nine months ended September 30, 2026: $ 1,329,730 (dollars in thousands).
- Additions of property and equipment for the nine months ended September 30, 2026: $ (431,323) (dollars in thousands).
- Net cash used in investing activities for the nine months ended September 30, 2026: $ (753,447) (dollars in thousands).
- Net cash used in financing activities for the nine months ended September 30, 2026: $ (754,661) (dollars in thousands).
Analysis
DaVita reported consolidated revenues of $3.578 billion for the third quarter of 2026, compared with $3,420,227 in the prior-year quarter and $3,554 in the second quarter of 2026. Dialysis patient service revenues were $3,408,266, while other revenues were $169,860. U.S. dialysis treatments were 7,329,644, or 92,780 treatments per day. Management reported a 0.1% per-day increase from the second quarter and normalized non-acquired treatment growth of 0.4% compared with the third quarter of 2025.
Reported profitability was affected by a $62 million non-cash goodwill and other asset impairment charge related to the China business. Operating income was $499,255 and operating margin was 14.0%, compared with $579 and 16.3% in the second quarter of 2026. Adjusted operating income was $561 and adjusted operating margin was 15.7%. Net income attributable to DaVita Inc. was $222,931 and diluted net income per share was $3.40. Adjusted net income attributable to DaVita Inc. was $250 and adjusted diluted net income per share was $3.82.
Within U.S. dialysis, average patient service revenue per treatment was $415.25, compared with $415.87 in the second quarter. The release attributes the sequential revenue-per-treatment movement primarily to normal fluctuations, partly offset by higher average reimbursement rates and better payor mix. Patient care costs per treatment rose to $280.22 from $277.40, primarily due to increased medical supplies expenses. General and administrative expenses were $316, compared with $331 in the second quarter, primarily due to decreased professional fees.
Cash generation was lower than the prior-year quarter, with operating cash flow of $519 million and free cash flow of $276 million, versus $842 million and $604 million, respectively. The Company repurchased 0.6 million shares for $111 million during the quarter and subsequently repurchased 0.5 million shares for $87 million through October 27, 2026. Total debt was $10,832 and net debt, net of cash and cash equivalents, was $10,337, with a leverage ratio of 3.38x.
Current 2026 guidance sets adjusted operating income at $2,175 to $2,250, adjusted diluted net income per share attributable to DaVita Inc. at $14.30 to $15.20, and free cash flow at $1,000 to $1,250. The current guidance raises the lower end of adjusted operating income from $2,150 and the lower end of adjusted diluted net income per share from $14.10, while retaining the upper ends and the free-cash-flow range. The guidance excludes certain items including goodwill impairment charges and foreign currency fluctuations.
Not in the filing
stated, not guessed- Gross margin
- Gross profit
- Dividend declaration or dividend payment
- Revenue guidance
- Gross-margin guidance
- Operating-expense guidance
- Tax-rate guidance
- Named executive quotes
- Third-quarter 2026 adjusted operating income prior-year-quarter amount
- Third-quarter 2026 adjusted diluted net income per share prior-year-quarter amount
- Third-quarter 2026 U.S. dialysis segment revenue prior-year-quarter amount
- Third-quarter 2026 International segment revenue prior-year-quarter amount
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
DaVita is a leading provider of dialysis services in the United States and internationally.
Ticker impact
DaVita Inc. filed its 3rd quarter 2026 results, disclosing revenue of $3.578 B, operating income of $499 M and EPS of $3.40.
neutral impact as the market digests the results without a clear earnings beat or miss.
Primary 8‑K filing with detailed numbers; traders can assess valuation and cash flow, yet no directional catalyst is present.
Market effects
Provides insight into the dialysis services sector and integrated kidney care trends.
U.S. healthcare investors may adjust exposure to dialysis providers.
Limited; DaVita’s international operations are disclosed but do not drive global market moves.
Counterpoint
If the market expects higher growth, the modest revenue increase could be seen as a weakness.
Key entities
- companyDaVita Inc.
U.S. dialysis services provider
