DaVita earnings: guidance and next results
MyStockButler's October 2026 analysis: DaVita's next results are expected on February 1, 2027. For DaVita, watch whether reimbursement holds up.
What has DaVita guided for 2026?
Management guides to adjusted operating income of $2.18–$2.25 billion, adjusted EPS of $14.30–$15.20 and free cash flow of $1.00–$1.25 billion for 2026. It has kept operating-income guidance above or within range in 3 of 5 years, EPS in 3 of 4, and free cash flow in 4 of 5.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Adjusted operating income | Year to Dec 2026 | 2,175 | 2,250 | Oct 29, 2026 |
| Adjusted diluted net income per share attributable to DaVita Inc. | Year to Dec 2026 | 14.30 | 15.20 | Oct 29, 2026 |
| Free cash flow | Year to Dec 2026 | 1,000 | 1,250 | Oct 29, 2026 |
What this means. DaVita's free cash flow includes money paid to or received from minority owners, so it may differ from a simpler calculation.
Did DaVita keep its past promises?
The record is mixed. Management often achieved annual ranges, but it cut its 2021 operating-income range and all three 2022 ranges before later raising its 2023 ranges. At its 2021 investor day, it illustrated a 2023 adjusted operating-income midpoint of $1.857 billion; reported 2023 adjusted operating income was $1.734 billion. COVID-related deaths and labor pressures contributed to the 2022 shortfall, but the longer-term miss shows why the current promises need testing.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Adjusted operating income | 5 years | 1 | 2 | 2 |
| Adjusted diluted net income per share attributable to DaVita Inc. | 4 years | 2 | 1 | 1 |
| Free cash flow | 5 years | 2 | 2 | 1 |
What this means. DaVita's free cash flow number may differ from ours because DaVita includes payments to and from minority owners.
How has DaVita's revenue and profit trended?
Revenue rose from $3.42 billion in the September 2025 quarter to $3.58 billion a year later. Normalized non-acquired treatments grew 0.4%, while daily treatments rose only 0.1% from the preceding quarter. The volume improvement is real but small.
Net income attributable to DaVita rose from $150.33 million to $222.93 million. Diluted EPS rose from $2.04 to $3.40, helped by fewer shares and by the prior year’s pressures.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,578,126 | 3,554,084 | 3,415,548 | 3,619,787 | 3,420,227 | 3,379,526 | 3,223,529 | 3,294,683 |
| Operating income | 499,255 | 579,001 | 481,892 | 561,070 | 505,767 | 537,841 | 438,937 | 565,362 |
| Net income from continuing operations attributable to DaVita | 222,931 | 265,397 | 197,530 | 209,217 | 150,332 | 199,337 | 162,917 | 259,329 |
| EPS from continuing operations, diluted | 3.40 | 4.02 | 2.87 | 2.94 | 2.04 | 2.58 | 2.00 | 3.09 |
| Cash from operations | 518,830 | 490,069 | 320,831 | 540,726 | 841,529 | 324,236 | 180,009 | 547,627 |
| = Free cash flow | 359,343 | 320,251 | 218,813 | 395,296 | 675,444 | 203,145 | 36,751 | 376,970 |
What this means. Gross margin is not the profit left after all business costs because it excludes depreciation and administrative expenses.
What should DaVita watch in the next release?
The decisive tests are whether reimbursement holds up, cash generation accelerates and expanded dialysis improves patient outcomes.