$DVA

DAVITA INC

CIK:0000927066|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
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)	0	(2,035)	0
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

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 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	0	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

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and Cash Equivalent	$ 668,963	$ 676,438
Restricted Cash and Cash Equivalent	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	2,749,308	2,812,966
Operating lease right-of-use assets	2,430,055	2,397,179
Intangible assets, net	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
Total assets	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, Value, Issued	0	0
Common Stock, Value, Issued	69	69
Additional paid-in capital	0	0
Accumulated earnings (deficit)	81,233	(328,428)
Treasury Stock, Value	(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)
Total liabilities and equity	$ 17,709,489	$ 17,480,103