Short answer
DaVita (DVA) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $13.6B (+6.5% year over year) and net income of $747M.
- Top risk flagged: Legal risk: accrual for potential third-party judgment costs of $25 million for unspecified legal matters
FY2025 key financial metrics · XBRL
- Revenue
- $13.6B
- +6.5% YoY
- Net income
- $747M
- −20.2% YoY
- Operating margin
- 15.0%
- −1.3 pp YoY
- EPS (diluted)
- $9.84
- −8.3% YoY
- ROE
- -114.7%
- −887.8 pp YoY
- Operating cash flow
- $1.9B
- −6.7% YoY
Source: XBRL data from the DaVita (DVA) FY2025 10-K on SEC EDGAR. USD.
DaVita FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Providing kidney care services with significant revenues from commercial insurance and government programs like Medicare, Medicaid, and Veterans Affairs
- New emphasis: Expansion in integrated kidney care offerings including home-based dialysis, U.S. integrated kidney care business, and ancillary services
- Strategic shift: Increased focus on negotiating private payor contracts amid downward reimbursement pressures and evolving value-based care models
- Quantitative metric: Approximately 200,500 U.S. dialysis patients managed, with commercial payors generating nearly all profit from dialysis treatment
- Noteworthy risk: Severe 2024 supply chain disruption from a natural disaster caused increased expenses and slowed growth in home dialysis business
Management Discussion & Analysis
- Forward-looking risks include reimbursement rate declines, patient mix shifts, and increased competition pressures
- Cybersecurity incident in 2025 noted, impacting billing systems and cash flow variability risks
- Capital allocation plans discussed in general terms; no specific buyback, dividend, or capex amounts provided
- Management highlights regulatory, market, supply chain, labor, and technology risks affecting future operations and growth
Risk Factors
- Legal risk: accrual for potential third-party judgment costs of $25 million for unspecified legal matters
- Macroeconomic exposure: $10.16 billion long-term debt principal maturity with $5.29 billion due after 2030
- Operational risk: revenue estimating risk up to 1% of revenue, impacting ~5% of U.S. dialysis operating income due to complex payor billing
- Competitive risk: goodwill impairment triggered by changes in reimbursement structure or market conditions affecting segments
- Financial risk: $1.53 billion potential cash obligations from put provisions for noncontrolling interests in dialysis partnerships
Generated from the filing text; verify against the original. How to read a 10-K
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