DVA DAVITA INC.

Overview and Growth

Fiscal 2025 results for DAVITA INC. combined $13.64B of revenue with net income of $746.80M and an operating cash inflow of $1.89B. Revenue of $13.64B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 6.5% from $12.82B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were $9.84, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $10.73 in fiscal 2024, the current result was 8.3% lower. Total assets stood at $17.48B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.78x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operations produced $2.04B of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 15.0% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $746.80M for the fiscal year. Measured against reported revenue, net income produced a 5.5% margin after operating costs and the remaining recognized items. Pretax income was $1.35B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 9.9%, relating income before taxes directly to revenue. The reported income-tax provision was $293.11M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 21.8%, without assuming a statutory-rate comparison. The net-income-to-assets relationship measured 4.3%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

At period end, the $17.48B asset base was financed through $16.32B of liabilities and -$373.73M of equity. With total equity at -$373.73M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. At period end, current assets of $4.06B compared with current liabilities of $3.14B, defining the company’s short-term resource position. At 1.29x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $676.44M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 21.5%, excluding receivables and other current assets. Relative to total assets, liabilities measured 93.4%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 3.9%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 1.1% higher than fiscal 2024 assets of $17.29B, measuring the company’s own balance-sheet change. Reported equity changed 194.4% from $395.87M in fiscal 2024, placing the current capital base lower year over year. The reported cash balance changed 14.9% from $794.93M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $1.89B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 2.53x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $575.86M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 30.5% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $1.31B, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 9.6%, showing how much sales converted into cash after investment. Free cash flow equaled 7.5% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.