DAVITA (DVA) 10-K Summaries & Annual Filing History
Review DAVITA INC. (DVA) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
DaVita Inc. operates kidney dialysis services and related healthcare businesses. For the fiscal year covered by this filing, the company reported higher revenue compared to the prior year, with operating income and net income both positive.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$13.6B
Revenue reported for the fiscal year.
Operating income
$2B
Income from operations reported for the year.
Net income
$746.8M
Net income reported for the year.
Operating cash flow
$1.9B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $11.6B | -0.1% |
| Dec 31, 2023 | $12.1B | +4.6% |
| Dec 31, 2024 | $12.8B | +5.6% |
| Dec 31, 2025 | $13.6B | +6.5% |
Business overview
DaVita Inc. is a provider of kidney care services, primarily focused on dialysis treatment for patients with end-stage renal disease. The company operates through two segments: U.S. dialysis services and related ancillary services, as well as international dialysis operations. Its business model relies on reimbursement from government programs like Medicare and Medicaid, as well as commercial insurers.
Financial performance
Revenue increased compared to the prior year, continuing a multi-year upward trend. Operating income and net income were reported as positive figures for the period. Cash flow from operations was also positive, indicating the company generated sufficient cash from its core activities.
Material risks
The filing identifies risks related to changes in government reimbursement rates, which could affect revenue and profitability. Regulatory and legal risks are also noted, including potential changes in healthcare laws. Additionally, the company faces operational risks from its reliance on a specialized workforce and the need to maintain patient safety and quality standards.
Liquidity and capital
The company reported positive operating cash flow, which supports its ability to fund operations and capital expenditures. The filing discusses liquidity in the context of managing debt obligations and investing in growth initiatives.
What to watch
Investors should monitor any changes in government reimbursement policies for dialysis services in the next filing.