--- title: "DaVita | 10-K: FY2025 Revenue Beats Estimate at USD 13.64 B" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/275658570.md" datetime: "2026-02-11T21:16:27.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275658570.md) - [en](https://longbridge.com/en/news/275658570.md) - [zh-HK](https://longbridge.com/zh-HK/news/275658570.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/275658570.md) | [English](https://longbridge.com/en/news/275658570.md) # DaVita | 10-K: FY2025 Revenue Beats Estimate at USD 13.64 B Revenue: As of FY2025, the actual value is USD 13.64 B, beating the estimate of USD 13.51 B. EPS: As of FY2025, the actual value is USD 9.84, missing the estimate of USD 10.03. EBIT: As of FY2025, the actual value is USD 2.624 B. #### Segment Revenue - Total consolidated revenues for DaVita Inc. increased by 6.5% to $13,643 million in 2025 from $12,816 million in 2024. - U.S. dialysis revenue increased by 3.5% to $11,793 million in 2025 from $11,391 million in 2024. - Other - Ancillary services revenue increased by 27.3% to $1,922 million in 2025 from $1,510 million in 2024. - Elimination of intersegment revenues was - $72 million in 2025, compared to - $86 million in 2024. - U.S. IKC revenue increased by 7.5% to $542 million in 2025 from $504 million in 2024. - U.S. other ancillary revenue increased by 17.2% to $34 million in 2025 from $29 million in 2024. - International revenue increased by 37.8% to $1,346 million in 2025 from $977 million in 2024. #### Operating Income - Total operating income decreased by 2.2% to $2,044 million in 2025 from $2,090 million in 2024. - U.S. dialysis operating income decreased by 1.7% to $2,084 million in 2025 from $2,121 million in 2024. - Other - Ancillary services operating income increased by 10.8% to $92 million in 2025 from $83 million in 2024. - Corporate administrative support costs increased by 17.7% to - $133 million in 2025 from - $113 million in 2024. - U.S. IKC operating income was $22 million in 2025, compared to - $18 million in 2024. - U.S. other ancillary operating loss was - $18 million in 2025, compared to - $26 million in 2024. - International operating income decreased by 29.9% to $89 million in 2025 from $127 million in 2024. #### Adjusted Operating Income (Non-GAAP) - Total adjusted operating income increased by 5.7% to $2,094 million in 2025 from $1,981 million in 2024. - U.S. dialysis adjusted operating income increased by 1.1% to $2,109 million in 2025 from $2,086 million in 2024. - Other - Ancillary services adjusted operating income increased significantly by 1,362.5% to $117 million in 2025 from $8 million in 2024. - Corporate administrative support costs were - $133 million in 2025, compared to - $113 million in 2024. - U.S. IKC adjusted operating income was $22 million in 2025, compared to - $18 million in 2024. - U.S. other ancillary adjusted operating loss was - $18 million in 2025, compared to - $26 million in 2024. - International adjusted operating income increased by 119.2% to $114 million in 2025 from $52 million in 2024. #### Operational Metrics - Dialysis treatments decreased by 1.1% to 28,733,980 in 2025 from 29,046,346 in 2024. - Average treatments per day decreased by 0.8% to 91,802 in 2025 from 92,534 in 2024. - Normalized non-acquired treatment growth was -0.8% in 2025. - Average patient service revenue per treatment increased by 4.7% to $409.56 in 2025 from $391.32 in 2024. - Patient care costs increased by 4.7% to $7,854 million in 2025 from $7,498 million in 2024. - Patient care costs per treatment increased by 5.9% to $273.34 in 2025 from $258.12 in 2024. - General and administrative expenses increased by 6.7% to $1,253 million in 2025 from $1,174 million in 2024. - Depreciation and amortization decreased by 4.2% to $633 million in 2025 from $661 million in 2024. - Equity investment income was - $32 million in 2025, compared to - $28 million in 2024. - Gain on changes in ownership interests was $0 in 2025, compared to - $35 million in 2024. - Cybersecurity incident-related charges for U.S. dialysis included $1.0 million in patient care charges and $24.2 million in general and administrative expenses during 2025. - U.S. dialysis accounts receivable were $1,610 million at December 31, 2025, representing approximately 49 days of revenue (DSO), down from $1,615 million and 52 DSO at December 31, 2024. - U.S. dialysis accounts receivable more than six months old represented approximately 18% of outstanding balances at December 31, 2025, compared to 23% at December 31, 2024. - Payor Mix for U.S. Dialysis Patient Service Revenues in 2025 included 57% from Medicare and Medicare Advantage plans, 7% from Medicaid and managed Medicaid plans, and 3% from other government-based programs, totaling 68% for government-based programs. - Commercial payors (including hospital dialysis services) accounted for 32% of U.S. Dialysis Patient Service Revenues in 2025. - Gain on changes in ownership interests in international operations was - $74 million in 2024. - Accruals for legal matters for international business was $25 million in 2025. #### Corporate-Level Charges - Debt expense increased by 23.4% to $580 million in 2025 from $470 million in 2024. - Debt extinguishment and modification costs were - $14 million in 2025, compared to - $20 million in 2024. - Weighted average effective interest rate on all debt was 5.51% in 2025, down from 5.68% in 2024. - Other loss, net increased by 47.1% to - $103 million in 2025 from - $70 million in 2024, primarily due to increased equity investment losses at Mozarc. - Effective income tax rate was 21.8% in 2025, compared to 18.3% in 2024. - Effective income tax rate from continuing operations attributable to DaVita Inc. was 29.1% in 2025, compared to 22.9% in 2024. - Net income attributable to noncontrolling interests increased by 5.7% to $332 million in 2025 from $314 million in 2024. #### Cash Flow - Net cash provided by operating activities was $1,887 million in 2025, a decrease from $2,022 million in 2024. - Free cash flow was $1,024 million in 2025, a decrease from $1,162 million in 2024. - Maintenance capital expenditures were - $412 million in 2025, compared to - $394 million in 2024. - Development capital expenditures were - $164 million in 2025, compared to - $162 million in 2024. - Acquisition expenditures were - $117 million in 2025, a decrease from - $246 million in 2024. - Debt proceeds (payments), net was $820 million in 2025, compared to $1,095 million in 2024. - Share repurchases amounted to - $1,793 million in 2025, compared to - $1,386 million in 2024. #### Unique Metrics - The number of U.S. outpatient dialysis centers operated was 2,657 as of December 31, 2025, unchanged from 2024. - The number of international outpatient dialysis centers operated was 585 as of December 31, 2025, up from 509 in 2024. - Total U.S. dialysis patients served was approximately 200,500 as of December 31, 2025. - International patients served was approximately 94,500 as of December 31, 2025. - U.S. IKC patients in risk-based integrated care arrangements were approximately 66,000, with an additional 9,400 in other integrated care arrangements as of December 31, 2025. - Total number of shares repurchased was 12,678,623 in 2025, compared to 9,832,705 in 2024. #### Outlook / Guidance For 2026, DaVita Inc. anticipates approximately flat U.S. dialysis treatment volumes but expects operating income growth due to revenue per treatment improvements from rate increases and improved collections, partially offset by the expiration of enhanced premium tax credits. The company projects an increase in operating costs per treatment due to inflation, mitigated by declining depreciation, amortization, and cyber incident-related costs, with phosphate binders expected to have a neutral impact on operating income year-over-year. Additionally, DaVita Inc. forecasts operating income growth in its international and integrated kidney care businesses, alongside a decrease in debt expense and positive other income in 2026 due to financing transactions and reduced losses from its Mozarc investment. ### 相關股票 - [DaVita (DVA.US)](https://longbridge.com/zh-HK/quote/DVA.US.md) ## 相關資訊與研究 - [Evaluating DaVita (DVA) After Prolonged Share Price Weakness And Undervalued Fair Value Estimate](https://longbridge.com/zh-HK/news/272864688.md) - [A Digital Guardian: AI-Powered Insights Bring Patients and Clinicians Closer](https://longbridge.com/zh-HK/news/281527100.md) - [ResMed Earnings Preview: What to Expect](https://longbridge.com/zh-HK/news/281019552.md) - [Why Jetro deal makes Sysco stock a great long-term pick](https://longbridge.com/zh-HK/news/281035693.md) - [Telehealth firm WeightWatchers' CEO departs company](https://longbridge.com/zh-HK/news/281657028.md)