DaVita Inc. Revenue in 2025

DaVita Inc. reported $13.6B in revenue for fiscal year 2025. This represents a growth of 6.5% compared to the 2024 figure of $12.8B.

Operating income of $2.09 billion on $12.8 billion in revenue — a 16.3% margin — is the financial signature of a business that treats a chronic, non-elective condition with no effective alternative. Dialysis patients do not choose to reduce their treatment frequency because of high prices or economic downturns. That inelasticity produces stability, but the Medicare and Medicaid reimbursement system that governs roughly 90% of DaVita's U.S. Patient base also caps the upside. The revenue trajectory has been steady: $12.14 billion in 2023, $12.82 billion in 2024, with the 2025 figure running above $13.6 billion. Growth comes from a combination of new patient additions driven by the aging U.S. Population and the rising incidence of diabetes and hypertension, modest volume expansion in international markets, and incremental rate improvements negotiated with commercial payors. Net income of $936 million reflects the capital-intensive nature of the dialysis center model — equipment, nursing staff, facility costs per treatment are substantial. The $12.33 billion market capitalization values the business at roughly one times revenue, a multiple that reflects the regulated, slow-growth nature of the enterprise rather than any expectation of acceleration. The Integrated Kidney Care model — managing patients with earlier-stage kidney disease before they reach dialysis — represents the most credible path to changing DaVita's growth profile. If successful, it would shift the company from treating the disease's endpoint to managing its progression, which opens a much larger addressable patient population. The economics of that model are still being demonstrated.