DaVita Inc. Revenue & Financials

DaVita reported FY2024 revenue of $12.816 billion, an increase of 5.6% from $12.140 billion in 2023. Operating income was $2.090 billion (16.3% margin), adjusted operating income was $1.981 billion (15.5% margin), and net income attributable to DaVita Inc. was $936.3 million (7.3% net margin). Diluted EPS was $10.73 and adjusted diluted EPS was $9.68. Revenue growth was driven by higher average patient service revenue per treatment, improved billing and collections processes, and international expansion. The company's cost structure reflects the labor and supply intensity of dialysis operations: patient care costs were $8.60 billion (67.1% of revenue), general and administrative expenses were $1.54 billion (12.0%), and depreciation and amortization was $723.9 million (5.6%). Interest expense was $470.5 million, reflecting the company's leveraged capital structure. Cash flow from operating activities was $2.022 billion, and free cash flow was $1.162 billion. Capital expenditures were $555.4 million, primarily for center development and equipment. Share repurchases totaled $1.38 billion (9.83 million shares at an average price of $140.06), reducing the share count by 9.3% year-over-year. The balance sheet carried $9.51 billion in total debt, $750 million in cash, and total assets of approximately $15 billion. The leverage ratio was 3.03x consolidated EBITDA, well within the covenant maximum of 5.00x. The 2025 guidance calls for adjusted operating income of $2.01 billion to $2.16 billion, adjusted EPS of $10.20 to $11.30, and free cash flow of $1.00 billion to $1.25 billion. Q1 2026 revenue was $3.42 billion with net income of $197.5 million. The stock trades at approximately $192.16 per share with a P/E ratio of 18.51x and a forward P/E of 13.24x.