DVA · DaVita Inc.

DaVita Inc. announced financial results for the first quarter ended March 31, 2026, demonstrating continued operational execution. Consolidated revenues were $3.416 billion, driving operating income of $482 million and a 14.1% operating margin. This represents an improvement from the 13.6% margin in the prior year quarter, although down from 15.5% in the sequential quarter. CEO Javier Rodriguez attributed the performance to clinical excellence and operating rigor. Diluted EPS from continuing operations was $2.87, increasing from $2.00 in the same period last year. U.S. dialysis treatments averaged 91,650 per day, with normalized non-acquired treatment growth of 0.1% compared to Q1 2025. Revenue per treatment increased year-over-year to $417.59, driven by higher average reimbursement rates including Medicare base rate increases. Patient care costs per treatment rose to $280.11, primarily due to increased compensation and insurance costs. The company generated $321 million in operating cash flow and $140 million in free cash flow. Capital allocation remained active with the repurchase of 3.0 million shares for $403 million during the quarter, plus an additional 2.0 million shares repurchased subsequent to quarter-end. Management raised full-year 2026 guidance for adjusted operating income to a range of $2,150 million to $2,250 million, up from the prior range of $2,085 million to $2,235 million. Adjusted diluted EPS guidance was also updated to $14.10-$15.20 from $13.60-$15.00.