Company file · DVA
DaVita
DaVita's revenue rose 6.5% in FY2025, to $13.6B, and net income fell 20.2% to $747M
Revenue rose 6.5% to $13.6B in FY2025, from $12.8B in FY2024. Net income fell 20.2% to $747M. Medicare and Medicare Advantage was the largest health care organization sources, at 49% of revenue.
Key facts
DaVita (NYSE: DVA) reported revenue of $13.6B for fiscal 2025, the year ended Dec 31, 2025, up 6.5% from fiscal 2024. Net income was $747M, down 20.2%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $3.6B, up 4.6% from the same quarter a year earlier, and net income was $223M. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).
Source: 10-K FY2025, filed Feb 11, 2026
Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Oct 29, 2026
How it makes money
By health care organization sources in FY2025: Medicare and Medicare Advantage (49%), Commercial Payors (31%), Other Government Payors (9%) and Medicaid and Managed Medicaid (6%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $13.6B.
By health care organization sources, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: DaVita 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026
The bull case and the bear case
The bull case
- Revenue rose 6.5% in FY2025 to $13.6B, from $12.8B a year earlier. 10-K, FY2025
- Diluted shares fell 13.0% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $3.6B, up 4.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $223M, up 48.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Net income fell 20.2% in FY2025 to $747M, from $936M. 10-K, FY2025
- Operating cash flow fell 6.7% in FY2025 to $1.9B. 10-K, FY2025
- Total debt rose 8.7% in FY2025 to $10.3B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
DaVita is in the health care services industry, part of the health care sector. The SEC files it under Services-Misc Health & Allied Services, Nec.
The full description of DaVita's business is in Item 1 of its 10-K, linked below. This page shows its revenue by health care organization sources.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the health care services industry. They are not a summary of DaVita’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- RegulationApprovals, safety rules and government oversight shape what it can sell and how.
- Pricing and reimbursementPayers, insurers and governments influence what it can charge.
- CompetitionNew treatments, generics and rival products can take share.
- LitigationProduct liability and other legal claims can lead to costs.
- SupplyManufacturing and supplier problems can interrupt products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $12.1B | $12.8B | $13.6B |
| Net income | $692M | $936M | $747M |
| Operating cash flow | $2.1B | $2.0B | $1.9B |
| Cash & equivalents (year end) | $380M | $795M | $676M |
| Total debt (year end) | $8.4B | $9.4B | $10.3B |
| Diluted shares | 93M | 87M | 76M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt and lease obligations plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Leases on the balance sheet
- GAAP vs. non-GAAP earnings
- Off-balance-sheet arrangements
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- The health care organization sources chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 29, 2026 | Sep 30, 2026 |
| 10-Q | Aug 4, 2026 | Jun 30, 2026 |
| 10-Q | May 5, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 22, 2026 | Dec 31, 2025 |
| 10-K | Feb 11, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about DaVita
How does DaVita make money?
DaVita's revenue was $13.6B in fiscal 2025. By health care organization sources in FY2025: Medicare and Medicare Advantage (49%), Commercial Payors (31%), Other Government Payors (9%) and Medicaid and Managed Medicaid (6%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $13.6B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
What was DaVita's revenue in fiscal 2025?
$13.6B of revenue for the fiscal year ended Dec 31, 2025, up 6.5% from $12.8B in fiscal 2024. Fiscal 2023 was $12.1B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
Is DaVita profitable?
DaVita reported net income of $747M for fiscal 2025, down 20.2% from $936M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $223M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
What did DaVita report in its latest quarterly filing?
Revenue was $3.6B in the quarter ended Sep 30, 2026, up 4.6% from $3.4B a year earlier. Net income was $223M, up 48.3% from $150M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.
How much cash and debt does DaVita have?
DaVita had $496M in cash and cash equivalents and $10.8B of total debt on Sep 30, 2026. Total debt here is the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Oct 29, 2026.
What are the main risks DaVita faces?
DaVita's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 11, 2026. Risks that are common among companies in the health care services industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.
Where do these DaVita numbers come from?
From DaVita's own SEC filings: the 10-K for fiscal 2025 (filed Feb 11, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning DaVita
- Berkshire Hathaway: 28,880,209 shares, reported value $6.43B at Jun 30, 2026 (−4.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 199,862 shares, reported value $44.5M at Jun 30, 2026 (−72.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 77,094 shares, reported value $17.2M at Jun 30, 2026 (+40.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 20,230 shares, reported value $4.5M at Jun 30, 2026 (−58.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 10,996 shares, reported value $2.4M at Jun 30, 2026 (−47.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 6,400 shares, reported value $1.4M at Jun 30, 2026 (−96.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in DVA
- The editor holds no position in DaVita (DVA). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell DVA from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold DVA, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| DaVitaDVA | FY2025 | $13.6B | +6.5% | $747M |
| CVS HealthCVS | FY2025 | $402.1B | +7.8% | $1.8B |
| CignaCI | FY2025 | $274.9B | +11.2% | $6.0B |
| LabcorpLH | FY2025 | $14.0B | +7.2% | $876M |
| Quest DiagnosticsDGX | FY2025 | $11.0B | +11.8% | $992M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.