DaVita - 10-Q quarterly report FY

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WatersChief Legal and Public Affairs 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 1-14106

DAVITA INC.


Delaware						51-0354549
(State of incorporation)						(I.R.S. Employer Identification No.)


2000 16th Street
Denver,	CO	80202

Telephone number (720) 631-2100

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading symbol(s):

Name of each exchange on which registered:

Common Stock, $0.001 par value

DVA

NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

As of May 5, 2026, the number of shares of the registrant’s common stock outstanding was approximately 64.2 million shares.

DAVITA INC.

INDEX

Page No.

PART I. FINANCIAL INFORMATION

Item 1.

Condensed Consolidated Financial Statements:

Consolidated Statements of Income for the three months ended March 3 1 , 202 6 and March 31, 2025

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and March 31, 2025

Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025

Consolidated Statements of Cash Flow for the three months ended March 3 1 , 202 6 and March 3 1 , 2025

Consolidated Statements of Equity for the three months ended March 31, 2026 and March 31, 2025

Notes to Condensed Consolidated Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Item 4.

Controls and Procedures

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Item 6.

Exhibits

Signature

DAVITA INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(dollars and shares in thousands, except per share data)


	Three months ended March 31,
	2026		2025
Dialysis patient service revenues	$	3,272,797	$	3,102,993
Other revenues	142,751		120,536
Total revenues	3,415,548		3,223,529
Operating expenses:
Patient care costs	2,342,257		2,239,660
General and administrative	421,914		374,090
Depreciation and amortization	177,829		176,451
Equity investment income, net	(8,344)		(5,609)


Total operating expenses	2,933,656		2,784,592
Operating income	481,892		438,937
Debt expense	(145,131)		(135,055)

Other income (loss), net	4,473		(17,549)
Income before income taxes	341,234		286,333
Income tax expense	66,199		54,117


Net income	275,035		232,216
Less: Net income attributable to noncontrolling interests	(77,505)		(69,299)
Net income attributable to DaVita Inc.	$	197,530	$	162,917

Earnings per share attributable to DaVita Inc.:

Basic net income	$	2.93	$	2.05

Diluted net income	$	2.87	$	2.00

Weighted average shares for earnings per share:
Basic shares	67,390		79,368
Diluted shares	68,875		81,275

See notes to condensed consolidated financial statements.

DAVITA INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(dollars in thousands)


	Three months ended March 31,
	2026		2025
Net income	$	275,035	$	232,216
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on interest rate cap agreements:
Unrealized gains (losses)	5,154		(8,535)
Reclassifications of net realized losses into net income	2,877		1,507
Unrealized gains on foreign currency translation	27,793		90,856
Other comprehensive income	35,824		83,828
Total comprehensive income	310,859		316,044
Less: Comprehensive income attributable to noncontrolling interests	(77,505)		(69,299)
Comprehensive income attributable to DaVita Inc.	$	233,354	$	246,745

See notes to condensed consolidated financial statements.

DAVITA INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(dollars and shares in thousands, except per share data)


	March 31, 2026		December 31, 2025
ASSETS
Cash and cash equivalents	$	644,243	$	676,438
Restricted cash and equivalents	82,160		81,309
Short-term investments	22,303		24,303
Accounts receivable	2,459,355		2,414,690
Inventories	141,613		160,627
Contract assets and other receivables	517,653		494,414
Prepaid and other current assets	159,576		156,285
Income tax receivable	35,780		49,937
Total current assets	4,062,683		4,058,003
Property and equipment, net of accumulated depreciation of $6,751,314 and $6,602,134, respectively	2,754,754		2,812,966
Operating lease right-of-use assets	2,396,698		2,397,179
Intangible assets, net of accumulated amortization of $36,748 and $37,751, respectively	229,020		222,125
Equity method and other investments	167,441		157,249
Long-term investments	39,469		40,966
Other long-term assets	266,987		246,520
Goodwill	7,582,313		7,545,095
	$	17,499,365	$	17,480,103
LIABILITIES AND EQUITY
Accounts payable	$	691,256	$	696,148
Other liabilities	799,377		893,024
Accrued compensation and benefits	708,037		793,478
Current portion of operating lease liabilities	432,219		425,484
Current portion of long-term debt	112,653		109,201
Income tax payable	37,417		24,359
Due to related party	86,500		199,940
Total current liabilities	2,867,459		3,141,634
Long-term operating lease liabilities	2,162,372		2,175,658
Long-term debt	10,513,597		10,163,988
Other long-term liabilities	88,853		83,516
Deferred income taxes	818,918		756,869
Total liabilities	16,451,199		16,321,665
Commitments and contingencies
Noncontrolling interests subject to put provisions	1,524,505		1,532,166
Equity:
Preferred stock ($0.001 par value, 5,000 shares authorized; none issued)	—		—
Common stock ($0.001 par value, 450,000 shares authorized; 69,190 shares issued and 66,185 outstanding at March 31, 2026, respectively, and 68,549 shares issued and outstanding at December 31, 2025)	69		69
Additional paid-in capital	—		—
Accumulated deficit	(179,242)		(328,428)
Treasury stock (3,005 and zero shares, respectively)	(489,364)		(199,940)
Accumulated other comprehensive loss	(86,959)		(122,783)
Total DaVita Inc. shareholders' equity deficit	(755,496)		(651,082)
Noncontrolling interests not subject to put provisions	279,157		277,354
Total equity deficit	(476,339)		(373,728)
	$	17,499,365	$	17,480,103

See notes to condensed consolidated financial statements.

DAVITA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(dollars in thousands)


	Three months ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	275,035	$	232,216
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	177,829		176,451


Stock-based compensation expense	28,160		29,759
Deferred income taxes	54,798		4,335
Equity investment (income) loss, net	(30)		20,262

Other non-cash losses, net	6,706		7,137
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Accounts receivable	(29,751)		(155,276)
Inventories	20,277		(14,772)
Other current assets	(22,772)		(41,087)
Other long-term assets	(2,571)		13,026
Accounts payable	(23,774)		46,195
Accrued compensation and benefits	(88,343)		(128,194)
Other current liabilities	(96,903)		(39,394)
Income taxes	27,125		39,829
Other long-term liabilities	(4,955)		(10,478)
Net cash provided by operating activities	320,831		180,009
Cash flows from investing activities:
Additions of property and equipment	(102,018)		(143,258)
Acquisitions	(33,924)		(10,243)
Proceeds from asset and business sales	3,721		10,674
Purchase of debt investments held-to-maturity	(290)		(26,894)
Purchase of other debt and equity investments	(9,655)		(2,471)
Proceeds from debt investments held-to-maturity	942		3,080
Proceeds from sale of other debt and equity investments	4,332		5,662

Purchase of equity method investments	(2,308)		—
Distributions from equity method investments	109		1,312

Net cash used in investing activities	(139,091)		(162,138)
Cash flows from financing activities:
Borrowings	1,263,179		633,189
Payments on long-term debt	(917,087)		(345,965)
Deferred and debt related financing costs	(2,882)		(6,411)
Purchase of treasury stock from related party	(199,940)		(31,684)
Other purchases of treasury stock	(196,371)		(510,161)
Distributions to noncontrolling interests	(85,440)		(93,022)
Net proceeds from issuance of common stock under employee stock plans	2,386		4,937

Payment of tax withholdings on net share settlements of equity awards	(63,155)		(30,214)
Contributions from noncontrolling interests	4,049		2,169

Purchases of noncontrolling interests	(18,082)		(5,378)
Net cash used in financing activities	(213,343)		(382,540)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	259		9,417
Net decrease in cash, cash equivalents and restricted cash	(31,344)		(355,252)
Cash, cash equivalents and restricted cash at beginning of the year	757,747		879,825
Cash, cash equivalents and restricted cash at end of the period	$	726,403	$	524,573

See notes to condensed consolidated financial statements.

DAVITA INC.

CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)

(dollars and shares in thousands)


	Three months ended March 31, 2026
	Non- controlling interests subject to put provisions		DaVita Inc. shareholders’ equity deficit														Non- controlling interests not subject to put provisions

			Common stock			Additional paid-in capital		Accumulated deficit		Treasury stock			Accumulated other comprehensive loss
			Shares	Amount						Shares	Amount				Total
Balance at December 31, 2025	$	1,532,166	68,549	$	69	$	—	$	(328,428)	—	$	(199,940)	$	(122,783)	$	(651,082)	$	277,354
Comprehensive income:
Net income	50,138							197,530							197,530		27,367

Other comprehensive income													35,824		35,824

Stock award plan			641			(27,234)		(35,921)							(63,155)
Stock-settled stock-based compensation expense						26,606									26,606
Changes in noncontrolling interest from:
Distributions	(55,685)																(29,755)
Contributions	2,504																1,545
Acquisitions and divestitures																	2,646
Partial purchases	(13,042)					628		(3,999)							(3,371)
Fair value remeasurements	8,424							(8,424)							(8,424)


Purchase of treasury stock										(3,005)	(402,864)				(402,864)
Share purchase obligation											113,440				113,440
Balance at March 31, 2026	$	1,524,505	69,190	$	69	$	—	$	(179,242)	(3,005)	$	(489,364)	$	(86,959)	$	(755,496)	$	279,157


	Three months ended March 31, 2025
	Non- controlling interests subject to put provisions		DaVita Inc. shareholders’ equity (deficit)														Non- controlling interests not subject to put provisions

			Common stock			Additional paid-in capital		Retained earnings		Treasury stock			Accumulated other comprehensive loss		Total
			Shares	Amount						Shares	Amount
Balance at December 31, 2024	$	1,695,483	90,369	$	90	$	286,270	$	1,534,630	(9,833)	$	(1,389,072)	$	(310,796)	$	121,122	$	274,746
Comprehensive income:
Net income	45,230							162,917							162,917		24,069

Other comprehensive Income													83,828		83,828

Stock award plan			401	1		(30,165)									(30,164)
Stock-settled stock-based compensation expense						29,369									29,369
Changes in noncontrolling interest from:
Distributions	(61,321)																(31,701)
Contributions	1,951																218
Acquisitions and divestitures	4,354					682									682		(6,783)
Partial purchases	(5,865)
Fair value remeasurements	(13,311)					13,311									13,311
Purchase of treasury stock										(3,660)	(550,222)				(550,222)
Share purchase Obligation											(97,944)				(97,944)

Balance at March 31, 2025	$	1,666,521	90,770	$	91	$	299,467	$	1,697,547	(13,493)	$	(2,037,238)	$	(226,968)	$	(267,101)	$	260,549

See notes to condensed consolidated financial statements.

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(dollars and shares in thousands, except per share data)

Unless otherwise indicated in this Quarterly Report on Form 10-Q, "the Company", "we", "us", "our" and similar terms refer to DaVita Inc. and its consolidated subsidiaries.

1. Condensed consolidated interim financial statements

The unaudited condensed consolidated interim financial statements included in this report are prepared by the Company. In the opinion of management, all adjustments necessary for a fair presentation of the results of operations are reflected in these condensed consolidated interim financial statements. All significant intercompany accounts and transactions have been eliminated. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities, contingencies, and noncontrolling interests subject to put provisions. The most significant estimates and assumptions underlying these financial statements and accompanying notes generally involve revenue recognition and accounts receivable, certain fair value estimates, accounting for income taxes, and loss contingencies. The results of operations reflected in these interim financial statements may not necessarily be indicative of annual operating results. These condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (2025 10-K). Prior period classifications conform to the current period presentation.

2. Revenue recognition

The following tables summarize the Company's segment revenues by primary payor source:


	Three months ended March 31, 2026						Three months ended March 31, 2025
	U.S. dialysis		Other — Ancillary services		Consolidated		U.S. dialysis		Other — Ancillary services		Consolidated
Dialysis patient service revenues:
Medicare and Medicare Advantage	$	1,675,413	$		$	1,675,413	$	1,609,018	$		$	1,609,018
Medicaid and Managed Medicaid	212,830				212,830		206,509				206,509
Other government	92,940		248,179		341,119		76,746		209,747		286,493
Commercial	954,243		109,664		1,063,907		924,888		87,819		1,012,707
Other revenues:
Medicare and Medicare Advantage			108,506		108,506				98,954		98,954
Medicaid and Managed Medicaid			—		—				2		2
Commercial			3,648		3,648				2,701		2,701
Other(1)	6,275		27,610		33,885		6,008		15,599		21,607
Eliminations of intersegment revenues	(20,472)		(3,288)		(23,760)		(11,734)		(2,728)		(14,462)
Total	$	2,921,229	$	494,319	$	3,415,548	$	2,811,435	$	412,094	$	3,223,529

(1) Consists primarily of management service fees in the Company's U.S. dialysis business and research fees, management fees, and other non-patient service revenues in the Other - ancillary services businesses.

There are significant uncertainties associated with estimating revenue, many of which take several years to resolve. These estimates are subject to ongoing insurance coverage changes, geographic coverage differences, differing interpretations of contract coverage and other payor issues, as well as patient issues, including determination of applicable primary and secondary coverage, changes in patient insurance coverage and coordination of benefits. As these estimates are refined over time, both positive and negative adjustments to revenue are recognized in the current period.

Measurements of revenue for the Company's integrated kidney care (IKC) risk-based arrangements are complex, sensitive to a number of key inputs, and require meaningful estimates for a number of factors, including but not limited to member alignment data, third-party medical claims expense, outcomes on various quality metrics, and ultimate risk adjustment factor scores. Information and other measurement limitations on these factors may constrain revenue recognition for a risk-based arrangement until a period after the Company's performance obligations have been met. For its IKC business, the Company recognized revenues for performance obligations satisfied in previous years of $35,477 and $28,463 during the three months ended March 31, 2026 and 2025, respectively. The delay in recognition of these amounts resulted predominantly from measurement limitations and recognition constraints on the Company's value-based care contracts with health plans, many of

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

which are complex. Recognition of revenue from the Company's government Comprehensive Kidney Care Contracting program also has certain constraints for plan years 2025 and 2026.

Customer contract assets. The carrying value of customer contract assets, which are included in contract assets and other receivables and other long-term assets on the Company’s consolidated balance sheet, was $354,329 and $310,541 as of March 31, 2026 and December 31, 2025, respectively.

3. Earnings per share

Basic earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of common shares outstanding. Weighted average common shares outstanding include restricted stock unit awards that are no longer subject to forfeiture because the recipients have satisfied either their explicit vesting terms or retirement eligibility requirements.

Diluted earnings per share includes the dilutive effect of outstanding stock-settled stock appreciation rights and unvested stock units as computed under the treasury stock method.

The reconciliations of the numerators and denominators used to calculate basic and diluted earnings per share were as follows:


	Three months ended March 31,
	2026		2025


Net income attributable to DaVita Inc.	$	197,530	$	162,917

Weighted average shares outstanding:
Basic shares	67,390		79,368
Assumed incremental from stock plans	1,485		1,907
Diluted shares	68,875		81,275



Basic net income per share attributable to DaVita Inc.	$	2.93	$	2.05



Diluted net income per share attributable to DaVita Inc.	$	2.87	$	2.00

Anti-dilutive stock-settled awards excluded from calculation(1)	392		187

(1)Shares associated with stock plans excluded from the diluted denominator calculation because they were anti-dilutive under the treasury stock method.

4. Short-term and long-term investments

The Company’s short-term and long-term investments, consisting of debt instruments classified as held-to-maturity and equity investments with readily determinable fair values or redemption values, were as follows:


	March 31, 2026						December 31, 2025
	Debt securities		Equity securities		Total		Debt securities		Equity securities		Total
Certificates of deposit, bonds and other	$	23,915	$	—	$	23,915	$	24,320	$	—	$	24,320
Investments in mutual funds	—		37,857		37,857		—		40,949		40,949
	$	23,915	$	37,857	$	61,772	$	24,320	$	40,949	$	65,269
Short-term investments	$	19,403	$	2,900	$	22,303	$	19,903	$	4,400	$	24,303
Long-term investments	4,512		34,957		39,469		4,417		36,549		40,966
	$	23,915	$	37,857	$	61,772	$	24,320	$	40,949	$	65,269

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

5. Goodwill

Changes in the carrying value of goodwill by reportable segment were as follows:


	U.S. dialysis		Other — Ancillary services		Consolidated
Balance at December 31, 2024	$	6,517,220	$	857,996	$	7,375,216
Acquisitions	10,396		61,288		71,684


Foreign currency and other adjustments	—		98,195		98,195
Balance at December 31, 2025	6,527,616		1,017,479		7,545,095

Acquisitions	21,098		9,542		30,640

Foreign currency and other adjustments	—		6,578		6,578
Balance at March 31, 2026	$	6,548,714	$	1,033,599	$	7,582,313

Balance at March 31, 2026:
Goodwill	$	6,548,714	$	1,187,860	$	7,736,574
Accumulated impairment charges	—		(154,261)		(154,261)
	$	6,548,714	$	1,033,599	$	7,582,313

The Company did not recognize any goodwill impairment charges during the three months ended March 31, 2026 and 2025.

None of the Company's various reporting units were considered at risk of significant goodwill impairment as of March 31, 2026.

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

6. Long-term debt

Long-term debt comprised the following:


						As of March 31, 2026
	March 31, 2026		December 31, 2025		Maturity date	Interest rate		Estimated fair value(1)
Senior Secured Credit Facilities:
Term Loan A-2(2)	$	1,987,500	$	2,000,000	11/24/2030	SOFR + 1.50%		$	1,982,531
Term Loan B-2	1,863,864		1,868,559		5/9/2031	SOFR + 1.75%		$	1,866,194
Revolving line of credit(2)	375,000		—		11/24/2030	SOFR + 1.50%		$	375,000
Senior Notes:
4.625% Senior Notes	2,750,000		2,750,000		6/1/2030	4.625	%	$	2,640,000
3.75% Senior Notes	1,500,000		1,500,000		2/15/2031	3.75	%	$	1,372,500
6.875% Senior Notes	1,000,000		1,000,000		9/1/2032	6.875	%	$	1,020,000
6.75% Senior Notes	1,000,000		1,000,000		7/15/2033	6.75	%	$	1,015,000
Acquisition obligations and other notes payable(3)	41,181		40,904		2026-2038	4.73	%	$	41,181
Financing lease obligations(4)	176,784		185,120		2027-2039	4.37	%
Total debt principal outstanding	10,694,329		10,344,583
Discount, premium and deferred financing costs	(68,079)		(71,394)
	10,626,250		10,273,189
Less current portion	(112,653)		(109,201)
	$	10,513,597	$	10,163,988

(1)See Note 11 for discussion of the Company's fair value estimates.

(2)Outstanding Term Loan A-2 and revolving line of credit balances are due on November 24, 2030, unless any of the 4.625% senior notes due 2030 (the 4.625% Senior Notes) remain outstanding 91 days prior to the 4.625% Senior Notes maturity date, in which case the outstanding Term Loan A-2 and revolving line of credit balances become due at that 91 day date (March 2, 2030).

(3)The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current fixed and variable interest rate components in effect as of March 31, 2026.

(4)Financing lease obligations are measured at their approximate present values at inception. The interest rate presented is the weighted average discount rate embedded in financing leases outstanding.

During the first three months of 2026, the Company made regularly scheduled principal payments under its senior secured credit facilities totaling $12,500 on Term Loan A-2 and $4,695 on Term Loan B-2.

As of March 31, 2026, the effective portion of the Company's interest rate cap agreements, as detailed in the table below, have the economic effect of capping the Company's maximum exposure to SOFR variable interest rate changes on equivalent amounts of the Company's floating rate debt, including all of Term Loan B-2 and a portion of Term Loan A-2. The remaining $351,364 outstanding principal balance of Term Loan A-2 and $375,000 balance outstanding on the revolving line of credit are subject to SOFR-based interest rate volatility. These cap agreements are designated as cash flow hedges and, as a result, changes in their fair values are reported in other comprehensive income. The original premiums paid for the caps are amortized to debt expense on a straight-line basis over the term of each cap agreement starting from its effective date. These cap agreements do not contain credit risk-contingent features.

During the first quarter of 2026, the Company entered into several forward interest rate cap agreements, detailed in the table below, that have the economic effect of capping the Company's exposure to SOFR variable interest rate changes on specific portions of the Company's floating rate debt (2026 cap agreements). These 2026 cap agreements are designated as cash flow hedges and, as a result, changes in their fair values will be reported in other comprehensive income. These 2026 cap agreements do not contain credit-risk contingent features and become effective and expire as described in the table below.

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

The following table summarizes the Company’s interest rate cap agreements outstanding as of March 31, 2026:


Year cap agreements executed	Initial notional amount		SOFR maximum rate	Approximate effective date	Maturity date	Notional amount effective through December 31
						2026		2027		2028		2029
2023	$	500,000	4.50%	6/30/2024	12/31/2026	$	500,000
2023	$	750,000	4.00%	12/31/2024	12/31/2026	$	500,000
2024	$	1,750,000	4.50%(1)	12/31/2025	12/31/2027	$	1,750,000	$	1,000,000
2024	$	750,000	4.00%(2)	12/31/2025	12/31/2027	$	750,000	$	500,000
2025	$	1,000,000	4.50%(3)	12/31/2026	12/31/2028			$	1,000,000	$	750,000
2025	$	1,000,000	4.25%(4)	12/31/2026	12/31/2028			$	1,000,000	$	1,000,000
2025	$	1,750,000	4.25%	12/31/2027	12/31/2028					$	1,750,000
2025	$	1,000,000	4.50%	12/31/2028	12/31/2029							$	1,000,000
2026	$	750,000	4.75%	12/31/2028	12/31/2029							$	750,000
Total notional coverage						$	3,500,000	$	3,500,000	$	3,500,000	$	1,750,000
Weighted average strike rate						4.32%		4.46%		4.43%		4.61%

(1)Effective December 31, 2026, the maximum rate of 4.50% increases to 4.75% for these interest rate caps.

(2)Effective December 31, 2026, the maximum rate of 4.00% increases to 4.25% for these interest rate caps.

(3)Effective December 31, 2027, the maximum rate of 4.50% increases to 4.75% for these interest rate caps.

(4)Effective December 31, 2027, the maximum rate of 4.25% increases to 4.50% for these interest rate caps.

See Note 9 for further details on amounts reclassified from accumulated other comprehensive loss and recorded as debt expense (offset) related to the Company’s interest rate cap agreements for the three months ended March 31, 2026 and 2025. See Note 11 for discussion of the Company's fair value estimates.

As a result of the variable rate cap from the Company's 2023 interest rate cap agreements, the Company’s weighted average effective interest rate on its senior secured credit facilities at the end of the first quarter of 2026 was 5.79%, based on the current margins in effect for its senior secured credit facilities as of March 31, 2026, as detailed in the table above.

The Company’s weighted average effective interest rate on all debt, including the effect of interest rate caps and amortization of debt discount, premium and deferred financing costs was 5.44% and 5.65% as of March 31, 2026 and March 31, 2025, respectively.

As of March 31, 2026, the Company had $1,125,000 available and $375,000 drawn on its $1,500,000 revolving line of credit under its senior secured credit facilities. Credit available under this revolving line of credit is reduced by the amount of any letters of credit outstanding under the facility, of which there were none as of March 31, 2026. The Company also had letters of credit of approximately $206,716 outstanding under a separate bilateral secured letter of credit facility as of March 31, 2026.

7. Commitments and contingencies

The Company operates in a highly regulated industry and is a party to, or has the potential to be a party to, various lawsuits, demands, claims, qui tam suits, governmental investigations and audits (including, without limitation, investigations or other actions resulting from its obligation to self-report suspected violations of law) and other legal proceedings, including, without limitation, those described below. The Company records accruals for certain legal proceedings and regulatory matters to the extent that the Company determines an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. As of March 31, 2026 and December 31, 2025, each of the Company’s recorded accruals with respect to legal proceedings and regulatory matters were immaterial. While these accruals reflect the Company’s best estimate of the probable loss for those matters as of the dates of those accruals, the recorded amounts may differ materially from the actual amount of the losses for those matters, and any anticipated third party recoveries for any such losses may not ultimately be recoverable. Additionally, in some cases, no estimate of the possible loss or range of loss in excess of amounts accrued, if any, can be made because of the inherently unpredictable nature of legal proceedings and regulatory matters, which also may be impacted by various factors, including, without limitation, that they may involve indeterminate claims for monetary damages or may involve

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

fines, penalties or non-monetary remedies; present novel legal theories or legal uncertainties; involve disputed facts; represent a shift in regulatory policy; are in the early stages of the proceedings; or may result in a change of business practices. Further, there may be various levels of judicial review available to the Company in connection with any such proceeding.

The following is a description of certain lawsuits, claims, governmental investigations and audits and other legal proceedings to which the Company is subject.

Certain Governmental Inquiries and Related Proceedings

2020 U.S. Attorney New Jersey Investigation: In March 2020, the U.S. Attorney’s Office, District of New Jersey served the Company with a subpoena and a Civil Investigative Demand (CID) relating to an investigation being conducted by that office and the U.S. Attorney’s Office, Eastern District of Pennsylvania. The subpoena and CID request information on several topics, including certain of the Company’s joint venture arrangements with physicians and physician groups, medical director agreements, and compliance with its five-year Corporate Integrity Agreement, the term of which expired October 22, 2019. In November 2022, the Company learned that, on April 1, 2022, the U.S. Attorney’s Office for the District of New Jersey notified the U.S. District Court for the District of New Jersey of its decision not to elect to intervene in the matter of U.S. ex rel. Doe v. DaVita Inc. and filed a Stipulation of Dismissal. On April 13, 2022, the U.S. District Court for the District of New Jersey dismissed the case without prejudice. On October 12, 2022, the U.S. Attorney’s Office for the Eastern District of Pennsylvania notified the U.S. District Court, Eastern District of Pennsylvania, of its decision not to elect to intervene at this time in the matter of U.S. ex rel. Bayne v. DaVita Inc., et al. The court then unsealed an amended complaint, which alleges violations of federal and state False Claims Acts, by order dated October 14, 2022. On November 8, 2023, the private party relator filed a fourth amended complaint. On November 29, 2023, the Company filed a motion to dismiss the fourth amended complaint. On April 29, 2025, the Court denied the Company’s motion to dismiss. On July 21, 2025, the Company answered the complaint. The Company disputes the allegations in the complaint and intends to defend this action accordingly.

2020 California Department of Insurance Investigation: In April 2020, the California Department of Insurance (CDI) sent the Company an Investigative Subpoena relating to an investigation being conducted by that office. CDI issued a superseding subpoena in September 2020 and an additional subpoena in September 2021. Those subpoenas request information on a number of topics, including but not limited to the Company’s communications with patients about insurance plans and financial assistance from the American Kidney Fund (AKF), analyses of the potential impact of patients’ decisions to change insurance providers, and documents relating to donations or contributions to the AKF. The Company is continuing to cooperate with CDI in this investigation.

2023 District of Columbia Office of Attorney General Investigation: In January 2023, the Office of the Attorney General for the District of Columbia issued a CID to the Company in connection with an antitrust investigation into the AKF. The CID covers the period from January 1, 2016 to the present. The CID requests information on a number of topics, including but not limited to the Company’s communications with the AKF, documents relating to donations to the AKF, and communications with patients, providers, and insurers regarding the AKF. The Company is cooperating with the government in this investigation.

2024 Federal Trade Commission Investigation: In April 2024, the Company received from the Federal Trade Commission (FTC) two CIDs in connection with an industry investigation under Section 5 of the Federal Trade Commission Act regarding the acquisition of medical director services and provision of dialysis services. The CIDs cover the period from January 1, 2016 to the present and generally seek information relating to restrictive covenants, such as non-competes, with physicians. The Company is cooperating with the government in this investigation.

* * *

Although the Company cannot predict whether or when proceedings might be initiated or when these matters may be resolved (other than as may be described above), it is not unusual for inquiries such as these to continue for a considerable period of time through the various phases of document and witness requests and ongoing discussions with regulators and to develop over the course of time. In addition to the inquiries and proceedings specifically identified above, the Company frequently is subject to other inquiries by state or federal government agencies. Negative findings or terms and conditions that the Company might agree to accept could result in, among other things, substantial financial penalties or awards against the Company, substantial payments made by the Company, harm to the Company’s reputation, required changes to the Company’s business practices, an impact on the Company's various relationships and/or contracts related to the Company's business,

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

exclusion from future participation in the Medicare, Medicaid and other federal health care programs and, if criminal proceedings were initiated against the Company, members of its board of directors or management, possible criminal penalties, any of which could have a material adverse effect on the Company.

Other Proceedings

2021 Antitrust Indictment and Putative Class Action Suit: On July 14, 2021, an indictment was returned by a grand jury in the U.S. District Court, District of Colorado against the Company and its former chief executive officer in the matter of U.S. v. DaVita Inc., et al. alleging that purported agreements entered into by DaVita's former chief executive officer not to solicit senior-level employees violated Section 1 of the Sherman Act. On April 15, 2022, a jury returned a verdict in the Company’s favor, acquitting both the Company and its former chief executive officer on all counts. On April 20, 2022, the court entered judgments of acquittal and closed the case. On August 9, 2021, DaVita Inc. and its former chief executive officer were added as defendants in a consolidated putative class action complaint in the matter of In re Outpatient Medical Center Employee Antitrust Litigation in the U.S. District Court, Northern District of Illinois. This class action complaint asserts that the defendants violated Section 1 of the Sherman Act and seeks to bring an action on behalf of certain groups of individuals employed by the Company. On October 27, 2024, the plaintiffs filed a Third Amended Complaint, seeking to bring an action on behalf of certain groups of individuals employed by the Company between March 2008 and January 2021, to which the Company responded on December 20, 2024. On September 15, 2025, the plaintiffs filed a motion to certify the class. The Company disputes the allegations in the class action complaint and the motion to certify the class, as well as the asserted violations of the Sherman Act, and intends to defend this action accordingly.

Additionally, from time to time the Company is subject to other lawsuits, demands, claims, governmental investigations and audits and legal proceedings that arise due to the nature of its business, including, without limitation, contractual disputes, such as with payors, suppliers and others, employee-related matters and professional and general liability claims. From time to time, the Company also initiates litigation or other legal proceedings as a plaintiff arising out of contracts or other matters.

* * *

Other than as may be described above, the Company cannot predict the ultimate outcomes of the various legal proceedings and regulatory matters to which the Company is or may be subject from time to time, including those described in this Note 7, or the timing of their resolution or the ultimate losses or impact of developments in those matters, which could have a material adverse effect on the Company’s revenues, earnings and cash flows. Further, any legal proceedings or regulatory matters involving the Company, whether meritorious or not, are time consuming, and often require management’s attention and result in significant legal expense, and may result in the diversion of significant operational resources, may impact the Company's various relationships and/or contracts related to the Company's business or otherwise harm the Company’s business, results of operations, financial condition, cash flows or reputation.

Other commitments

On February 2, 2026, the Company signed a definitive agreement to acquire a noncontrolling minority interest in Elara Caring, a leading national provider of skilled home health, hospice, behavioral health, and personal care services for approximately $200,000. The closing of the transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to occur mid-year 2026.

8. Shareholders' equity

Stock-based compensation

During the three months ended March 31, 2026, the Company granted 628 stock-settled restricted and performance stock units with an aggregate grant-date fair value of $96,970. Additionally, the Company granted 98 stock-settled stock appreciation rights with an aggregate grant-date fair value of $5,460.

As of March 31, 2026, the Company had $184,269 in total estimated but unrecognized stock-based compensation expense under the Company's equity compensation and employee stock purchase plans. The Company expects to recognize this expense over a weighted average remaining period of 1.4 years.

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

Share repurchases

The following table summarizes the Company's common stock repurchases during the three months ended March 31, 2026:


	Three months ended March 31, 2026
	Shares repurchased	Amount paid(1)		Average amount(2)
Open market repurchases:	1,346	$	202,924	$	149.90
Berkshire repurchases:	1,658	199,940		$	120.56
Total repurchases:	3,005	$	402,864	$	133.70

(1)Includes commissions and excise tax, as applicable. The excise tax is recorded as part of the cost basis of treasury shares repurchased and, as such, is included in stockholders’ equity.

(2)Excludes commissions and excise tax.

Subsequent to March 31, 2026 through May 5, 2026, the Company repurchased 2,007 shares of its common stock for $301,811 at an average price paid of $149.81 per share, inclusive of the shares repurchased from Berkshire Hathaway Inc. as discussed below.

The Company is authorized to make share repurchases pursuant to prior Board authorizations. This authorization allows the Company to make purchases from time to time in the open market or in privately negotiated transactions, including without limitation, through accelerated share repurchase transactions, derivative transactions, tender offers, Rule 10b5-1 plans or any combination of the foregoing, depending upon market conditions and other considerations.

As of May 5, 2026, the Company has a total of $1,455,685, excluding excise taxes, available under current authorizations for additional share repurchases. Although these share repurchase authorizations do not have an expiration date, the Company remains subject to share repurchase limitations, including under the terms of its senior secured credit facilities.

Berkshire share repurchase agreement

Pursuant to the April 30, 2024 share repurchase agreement with Berkshire Hathaway Inc. on behalf of itself and its affiliates (collectively, Berkshire), the Company had a repurchase obligation at March 31, 2026 to purchase shares from Berkshire for $86,500 in the aggregate, recorded as a payable and classified as due to related party on the Company's consolidated balance sheet. Subsequent to March 31, 2026, as the Company continued open market share repurchases, the obligation to Berkshire increased. On May 1, 2026, the Company settled the Berkshire repurchase obligation in total for 1,220 shares of common stock for $182,865, at an average price paid of $149.84 per share.

See Note 18 to the Company's consolidated financial statements included in the 2025 10-K for further discussion of the Company’s relationship with Berkshire and the share repurchase agreement.

9. Accumulated other comprehensive loss


	Three months ended March 31, 2026						Three months ended March 31, 2025
	Interest rate cap agreements		Foreign currency translation adjustments		Accumulated other comprehensive loss		Interest rate cap agreements		Defined benefit pension plan		Foreign currency translation adjustments		Accumulated other comprehensive loss
Beginning balance	$	(22,398)	$	(100,385)	$	(122,783)	$	(8,557)	$	46	$	(302,285)	$	(310,796)
Unrealized gains (losses)	6,867		27,793		34,660		(11,373)		—		90,856		79,483
Related income tax	(1,713)		—		(1,713)		2,838		—		—		2,838
	5,154		27,793		32,947		(8,535)		—		90,856		82,321
Reclassification into net income	3,834		—		3,834		2,009		—		—		2,009
Related income tax	(957)		—		(957)		(502)		—		—		(502)
	2,877		—		2,877		1,507		—		—		1,507
Ending balance	$	(14,367)	$	(72,592)	$	(86,959)	$	(15,585)	$	46	$	(211,429)	$	(226,968)

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

The interest rate cap agreement net realized losses reclassified into net income are recorded as debt expense in the corresponding consolidated statements of income. See Note 6 for further details.

10. Variable interest entities (VIEs)

At March 31, 2026, these condensed consolidated financial statements include total assets of VIEs of $602,328 and total liabilities and noncontrolling interests of VIEs to third parties of $228,092. There have been no material changes in the nature of the Company's arrangements with VIEs or its judgments concerning them from those described in Note 22 to the Company's consolidated financial statements included in the 2025 10-K.

11. Fair values of financial instruments

The Company measures the fair value of certain assets and noncontrolling interests subject to put provisions (redeemable equity interests classified as temporary equity) based upon certain valuation techniques that include observable or unobservable inputs and assumptions that market participants would use in pricing these assets, temporary equity and commitments. The Company has also classified assets and temporary equities that are measured at fair value on a recurring basis into the appropriate fair value hierarchy levels as defined by the Financial Accounting Standards Board (FASB).

The following table summarizes the Company’s assets and temporary equities measured at fair value on a recurring basis as of March 31, 2026:


	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Investments in equity securities	$	37,857	$	37,857
Interest rate cap agreements	$	21,305			$	21,305


Temporary equity:
Noncontrolling interests subject to put provisions	$	1,524,505					$	1,524,505

Investments in equity securities represent investments in various open-ended registered investment companies (mutual funds) and are recorded at fair value estimated based on reported market prices or redemption prices, as applicable. See Note 4 for further discussion.

Interest rate cap agreements, which are classified in other long-term assets on the Company's consolidated balance sheet, are recorded at fair value estimated from valuation models utilizing the income approach and commonly accepted valuation techniques that use inputs from closing prices for similar assets and liabilities in active markets as well as other relevant observable market inputs at quoted intervals such as current interest rates, forward yield curves, implied volatility and credit default swap pricing. The Company does not believe the ultimate amount that could be realized upon settlement of these interest rate cap agreements would be materially different from the fair value estimates currently reported. See Note 6 for further discussion.

The estimated fair value of noncontrolling interests subject to put provisions is based principally on the higher of either estimated liquidation value of net assets or a multiple of earnings for each subject dialysis partnership, based on historical earnings, revenue mix, and other performance indicators that can affect future results. The multiples used for these valuations are derived from observed ownership transactions for dialysis businesses between unrelated parties in the U.S. in recent years, and the specific valuation multiple applied to each dialysis partnership is principally determined by its recent and expected revenue mix and contribution margin. As of March 31, 2026, an increase or decrease in the weighted average multiple used in these valuations of one times EBITDA would change the estimated fair value of these noncontrolling interests by approximately $225,000. See Notes 16 and 23 to the Company's consolidated financial statements included in the 2025 10-K for further discussion of the Company’s methodology for estimating the fair value of noncontrolling interests subject to put obligations. For a reconciliation of changes in noncontrolling interests subject to put provisions for the three months ended March 31, 2026, see the consolidated statements of equity.

The Company's fair value estimates for its senior secured credit facilities are based upon quoted bid and ask prices for these instruments, a level 2 input. For the Company's senior notes, fair value estimates are based on market level 1 inputs. For

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

acquisition obligations and other notes payable, the carrying values presented approximate their estimated fair values, based on estimates of their present values typically using level 2 interest rate inputs. See Note 6 for further discussion of the Company's debt.

Other financial instruments consist primarily of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, investments in debt securities, accounts payable, other accrued liabilities and lease liabilities. The balances of financial instruments other than lease liabilities are presented in these condensed consolidated financial statements at March 31, 2026 at their approximate fair values due to the short-term nature of their settlements.

12. Segment reporting

The Company’s separate operating segments include its U.S. dialysis and related lab services business (its U.S. dialysis business), its U.S. integrated kidney care business, its U.S. other ancillary services and its operations in each foreign jurisdiction (collectively, its ancillary services). The Company also maintains a corporate administrative support function.

The Company’s operating segments have been defined based on the separate financial information that is regularly produced and reviewed by the Company’s chief operating decision maker, its Chief Executive Officer, in making decisions about allocating resources to and assessing the financial performance of the Company’s various operating lines of business. The chief operating decision maker does not review total assets by segment to make decisions regarding resources; therefore, the total assets by segment disclosure has not been included.

Currently, the U.S. dialysis and related lab services business qualifies as a separately reportable segment, and all other operating segments have been combined and disclosed in the other segments category. See Note 24 to the Company's consolidated financial statements included in the 2025 10-K for further description of how the Company determines and measures results for its operating segments.

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

The following is a summary of segment revenues, segment operating margin, and a reconciliation of segment operating margin to consolidated income before income taxes:


	Three months ended March 31,
	2026		2025
Segment revenues:
U.S. dialysis
Patient service revenues:
External sources	$	2,914,954	$	2,805,427
Intersegment revenues	20,472		11,734
U.S. dialysis patient service revenues	2,935,426		2,817,161
Other revenues
External sources	6,275		6,008

Total U.S. dialysis revenues	2,941,701		2,823,169
Other—Ancillary services
Patient service revenues	357,843		297,566
Other external sources	136,476		114,528
Intersegment revenues	3,288		2,728
Total ancillary services	497,607		414,822
Total net segment revenues	3,439,308		3,237,991
Elimination of intersegment revenues	(23,760)		(14,462)
Consolidated revenues	$	3,415,548	$	3,223,529
Significant segment expenses:
U.S. dialysis
Patient care costs	$	1,969,056	$	1,913,428
General and administrative	319,772		282,679
Depreciation and amortization	155,170		156,899
Other segment items(1)	(8,264)		(5,609)
U.S. dialysis segment expenses	2,435,734		2,347,397
Segment operating margin:
U.S. dialysis	505,967		475,772
Other—Ancillary services(2)	5,832		(2,809)
Total segment operating margin	511,799		472,963
Reconciliation of segment operating income to consolidated income before income taxes:
Corporate administrative support	(29,907)		(34,026)
Consolidated operating income	481,892		438,937
Debt expense	(145,131)		(135,055)

Other income (loss), net	4,473		(17,549)
Income from continuing operations before income taxes	$	341,234	$	286,333

(1)Other segment items for the Company's U.S. dialysis segment include equity income from nonconsolidated joint ventures for all periods presented.

(2)Includes depreciation and amortization of $22,659 and $19,552 for the three months ended March 31, 2026 and 2025, respectively.

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

Expenditures for property and equipment by reportable segment were as follows:


	Three months ended March 31,
		2026		2025
U.S. dialysis		$	88,441	$	113,591
Other—Ancillary services		13,577		29,667
		$	102,018	$	143,258

13. New accounting standards

New standards not yet adopted

In November 2024, the Financial Accounting Standards Board issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires disaggregated disclosure of income statement expenses, including purchases of inventory, employee compensation, depreciation, and amortization. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The amendments in this ASU may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently assessing the effect this guidance may have on its consolidated financial statements.

In September 2025, the Financial Accounting Standards Board issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use software (Subtopic 350-40), which requires capitalization of software costs when management has authorized and committed to funding a software project and it is probable that the project will be completed and used as intended. The amendments in this ASU are effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. The amendments in the ASU may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently assessing the effect this guidance may have on its consolidated financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-looking statements

This Quarterly Report on Form 10-Q, including this Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that are forward-looking statements within the meaning of the federal securities laws and as such are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements could include, among other things, statements about our balance sheet and liquidity, our expenses, revenues, billings and collections, patient census, the impact of the cybersecurity incident experienced by the Company in 2025 (cyber incident), the impact of the One Big Beautiful Bill Act (OBBBA) and federal government policy changes or shutdowns on our business, including with respect to federal funding and reimbursement rates of Medicare, Medicare Advantage (MA), Medicaid and other government programs, availability or cost of supplies, including without limitation the impact of evolving trade policies and tariffs and any reduction in clinical and other supplies due to any disruptions experienced by third party vendors, including with respect to our ability to provide home dialysis services, treatment volumes, mix expectation, such as the percentage or number of patients under commercial insurance, including potential impacts to such mix as a result of U.S. administration policies, current macroeconomic, marketplace and labor market conditions, and overall impact on our patients and teammates, as well as other statements regarding our future operations, financial condition and prospects, capital allocation plans, expenses, cost saving initiatives, other strategic initiatives, use of contract labor, government and commercial payment rates, expectations related to value-based care (VBC), integrated kidney care (IKC), MA plan enrollment and our international operations, expectations regarding increased competition and marketplace changes, including those related to new or potential entrants in the dialysis and pre-dialysis marketplace and the potential impact of innovative technologies, drugs, or other treatments on the dialysis industry, and expectations regarding our share repurchase program. All statements in this report, other than statements of historical fact, are forward-looking statements. Without limiting the foregoing, statements including the words "expect," "intend," "will," "could," "plan," "anticipate," "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on DaVita's current expectations and are based solely on information available as of the date of this report. DaVita undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law. Actual future events and results could differ materially from any forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things:

•external conditions, including those related to general economic, political and global health conditions, including without limitation, the impact of global events and political or governmental volatility, including in the Middle East; the impact of the domestic political environment and related developments on the current healthcare marketplace, our patients and on our business; the impact of infectious diseases or other adverse conditions on our financial condition, the chronic kidney disease population and our patient population; supply chain challenges and disruptions, including without limitation with respect to certain key services, critical clinical supplies and equipment we obtain from third parties, and including any impacts on our supply chain and cost of supplies as a result of global events, natural disasters or evolving trade policies, including tariffs; the impact on our patients and industry of continued increased competition from dialysis providers and others, including new or potential entrants in the dialysis and pre-dialysis marketplace; the impact of new or innovative technologies, drugs, or other treatments, including our ability to successfully implement new technologies, treatments or therapies in our business such as those related to middle molecule toxin clearance; elevated teammate turnover or labor costs; and our ability to respond to challenging U.S. and global economic and marketplace conditions, including, among other things, our ability to successfully identify cost saving opportunities;

•the concentration of profits generated by higher-paying commercial payor plans for which there is continued downward pressure on average realized payment rates; our ability to negotiate and maintain contracts with these payors on competitive terms or at all; a reduction in the number or percentage of our patients under commercial plans, including, without limitation, as a result of healthcare, immigration or other policies implemented by the U.S. administration, continuing legislative efforts to restrict or prohibit the use and/or availability of charitable premium assistance, or as a result of payors implementing restrictive plan designs or resulting from negotiations with large commercial payors that we have in the past, and currently are, conducting on a concurrent basis;

•risks arising from laws, regulations or requirements applicable to us or changes thereto, including, without limitation, OBBBA and those related to trade policy, healthcare, privacy, antitrust matters, and acquisition, merger, joint venture or similar transactions and/or labor matters, and potential impacts of changes in interpretation or enforcement thereof or related litigation impacting, among other things, coverage or reimbursement rates for our services or the number of patients enrolled in or that select higher-paying commercial plans, and the risk that we make incorrect assumptions about how our patients will respond to any such developments;

•our ability to successfully implement our strategies with respect to IKC and VBC initiatives that may be impacted by, among other things, changes to the Comprehensive Kidney Care Contracting model and home based dialysis in the desired time frame and in a complex, dynamic and highly regulated environment;

•a reduction in government payment rates under the Medicare End Stage Renal Disease program, state Medicaid or other government-based programs and the impact of the MA benchmark structure and adjustment methodologies;

•our reliance on significant suppliers, service providers and other third party vendors to provide key support to our business operations and enable our provision of services to patients, including, among others, suppliers of certain pharmaceuticals, administrative or other services or critical clinical products; and risks resulting from a closure, reduction or other disruption in the services or products provided to us by such suppliers, service providers and third party vendors;

•our ability to successfully maintain, operate or upgrade our information systems or those of third-party service providers upon which we rely and our ability to successfully adopt or adapt to new technologies, treatments or therapies, including technologies that utilize artificial intelligence;

•legal and compliance risks, such as compliance with complex, and at times, evolving government regulations and requirements, and with additional laws that may apply to our operations as we expand geographically or enter into new lines of business;

•noncompliance by us or our business associates with any privacy or security laws or any security breach by us or a third party, such as the cyber incident, including, among other things, any such non-compliance or breach involving the misappropriation, loss or other unauthorized use or disclosure of confidential information;

•our ability to attract, retain and motivate teammates, including key leadership personnel, our ability to manage potential disruptions to our business and operations, including potential work stoppages, and our ability to manage operating cost increases or productivity decreases that may be related to political unrest, legislative or other changes, union organizing activities, or volatility and uncertainty in the current challenging and highly competitive labor market that has experienced an ongoing nationwide shortage of skilled clinical personnel, among other things;

•changes in practice patterns, pricing, or reimbursement and payment policies or processes related to pharmaceuticals, medical equipment or supplies, including with respect to oral phosphate binders, among other things;

•our ability to develop and maintain relationships with physicians and hospitals, changing affiliation models for physicians, and the emergence of new models of care or other initiatives that, among other things, may erode our patient base and impact reimbursement rates;

•our ability to complete and successfully integrate and operate acquisitions, mergers, dispositions, joint ventures or other strategic transactions on terms favorable to us or at all; and our ability to continue to successfully expand our operations and services in markets outside the United States, or to businesses or products outside of dialysis services;

•the variability of our cash flows, including, without limitation, any extended billing or collections cycles that may be due to, among other things, defects or operational issues in our billing systems such as those experienced during the cyber incident, or defects or operational issues in the billing systems or services of third parties on which we rely; the risk that we may not be able to generate or access sufficient cash in the future to service our indebtedness or to fund our other liquidity needs;

•the effects on us or others of natural or other disasters, public health crises or severe adverse weather events such as hurricanes, earthquakes, fires or flooding;

•factors that may impact our ability to repurchase stock under our share repurchase program and the timing of any such stock repurchases, as well as any use by us of a considerable amount of available funds to repurchase stock;

•our goals and disclosures related to sustainability matters, including, among other things, evolving regulatory requirements affecting environmental, social and governance standards, measurements and reporting requirements; and

•the other risk factors, trends and uncertainties set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 10-K), and the risks and uncertainties discussed in any subsequent reports that we file or furnish with the Securities and Exchange Commission (SEC) from time to time.

The following should be read in conjunction with our condensed consolidated financial statements.

Company Overview

Our principal business is to provide dialysis and related lab services to patients in the United States, which we refer to as our U.S. dialysis business. We also operate our U.S. integrated kidney care (IKC) business, our U.S. other ancillary services, and our international operations, which we collectively refer to as our ancillary services, as well as our corporate administrative support functions. Our U.S. dialysis business is a leading provider of kidney dialysis services in the U.S. for patients suffering from chronic kidney failure, also known as end stage renal disease (ESRD) or end stage kidney disease (ESKD).

We assess our revenue and operating performance for our U.S. dialysis business based upon several principal metrics including, among others, treatment volume, revenue per treatment and patient care costs. Each of these metrics may be impacted by a number of factors that change from period to period and over time. For example, treatment volumes may be impacted by, among other things, mortality levels, missed treatment rates and admission rates. Revenue per treatment may be impacted by, among other things, rate changes, mix of patients with commercial plans and government programs as primary payor, timing of collections and seasonal factors such as patients meeting health plan co-insurance and deductibles. Patient care costs may be impacted by, among other things, labor market conditions and cost trends in pharmaceuticals and other medical supplies. We have set forth a discussion of such factors below, and we believe that information related to changes in these metrics from period to period allows investors to assess the performance of the business.

General Economic, Political and Global Health Conditions

We continue to be impacted by external conditions, including, but not limited to, those related to general economic, political and global health conditions and changing population or demographic trends. These conditions can impact our business in a variety of ways, including, among other things, by affecting our patient census, treatment volumes, revenues, results of operations and operating and other costs. Certain of these impacts could be further intensified by global events such as the ongoing conflicts in the Middle East and Ukraine that have continued to drive sociopolitical, geopolitical and economic uncertainty; severe weather events and other natural disasters; the impact of healthcare, immigration, trade and other policies implemented by the U.S. administration; and the impact of federal government shutdowns. These conditions are generally outside of our control, cannot reasonably be predicted and are interrelated or have interdependent complex consequences. As a result, the ultimate impact of these conditions on our business over time will depend on a myriad of future developments and is highly uncertain and difficult to predict. For additional discussion of general economic, marketplace and global health conditions that could impact our business, see Part I Item 1. "Business" and Part I Item 1A. "Risk Factors" in our 2025 10-K.

In the first quarter of 2026, treatment per day volumes were flat compared to the fourth quarter of 2025. Total treatment volumes in the first quarter were ahead of expectations due to, among other things, better than expected patient census that was primarily driven by lower than expected mortality and higher patient transfers partially offset by lower than expected new admissions. Mortality levels over time may be influenced by a number of factors, among other things, the impact of infectious diseases on our patient population and the availability and use of vaccines, treatments and therapies. Changes in these mortality rates, particularly in the ESKD and CKD populations, may in turn impact admission rates, treatment volumes, future revenues and non-acquired growth, among other things, and the magnitude of these cumulative impacts could have a material adverse impact on our results of operations, financial condition and cash flows. For additional detail on these risks, see the discussion in Part I Item 1A. "Risk Factors" of our 2025 10-K.

Global economic conditions and political and regulatory developments, including, among other things, ongoing inflationary pressures and U.S. administration policies have increased, and may continue to increase, our expenses. For example, staffing and labor costs have increased during the year, due to, among other factors, the continuation of inflationary conditions. While the cumulative impact of any increased staffing, labor, and supply costs and other expenses could be material, we have seen lower than expected labor-related costs due to, among other things, productivity improvements and we expect these efficiencies to continue throughout the year. Our industry has also experienced increased union organizing activities. For example, union petitions have been filed at a number of our clinics in California. While we have won some elections, we are in different stages of the voting process and have been subject to legal challenges. For additional details on the risks related to rising labor costs and union organizing activities, see the discussion in Part I Item 1A. "Risk Factors" of our 2025 10-K under the headings, "Our business is labor intensive..." and "Global health conditions, changing population or demographic trends, severe weather events or natural disasters and general economic and political conditions..."

We believe that the aforementioned developments and general economic, political and global health conditions will continue to impact the Company in the future. Their ultimate impact depends on future developments that are highly uncertain and difficult to predict.

Financial Results

The discussion below includes analysis of our financial condition and results of operations for the three months ended March 31, 2026 compared to the three months ended December 31, 2025, and the year-to-date periods for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Consolidated results of operations

The following tables summarize our revenues, operating income (loss) and adjusted operating income (loss) by line of business. See the discussion of our results for each line of business following the tables. When multiple drivers are identified in the following discussion of results, they are listed in order of magnitude:


	Three months ended				Q1 2026 vs. Q4 2025
	March 31, 2026		December 31, 2025		Amount		Percent
	(dollars in millions)
Revenues:
U.S. dialysis	$	2,942	$	3,076	$	(134)	(4.4)	%
Other — Ancillary services	498		567		(69)		(12.2)	%
Elimination of intersegment revenues	(24)		(23)		(1)		(4.3)	%
Total consolidated revenues	$	3,416	$	3,620	$	(204)	(5.6)	%

Operating income (loss):
U.S. dialysis	$	506	$	556	$	(50)	(9.0)	%
Other — Ancillary services	6		37		(31)		(83.8)	%
Corporate administrative support	(30)		(32)		2		6.3	%
Operating income	$	482	$	561	$	(79)	(14.1)	%

Adjusted operating income (loss)(1):
U.S. dialysis	$	506	$	556	$	(50)	(9.0)	%
Other — Ancillary services	6		62		(56)		(90.3)	%
Corporate administrative support	(30)		(32)		2		6.3	%
Adjusted operating income	$	482	$	586	$	(104)	(17.7)	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

(1)For a reconciliation of adjusted operating income (loss) by reportable segment, see the "Reconciliations of Non-GAAP measures" section below.


	Three months ended				YTD Q1 2026 vs. YTD Q1 2025
	March 31, 2026		March 31, 2025		Amount		Percent
	(dollars in millions)
Revenues:
U.S. dialysis	$	2,942	$	2,823	$	119	4.2	%
Other — Ancillary services	498		415		83		20.0	%
Elimination of intersegment revenues	(24)		(14)		(10)		(71.4)	%
Total consolidated revenues	$	3,416	$	3,224	$	192	6.0	%

Operating income (loss):
U.S. dialysis	$	506	$	476	$	30	6.3	%
Other — Ancillary services	6		(3)		9		300.0	%
Corporate administrative support	(30)		(34)		4		11.8	%
Operating income	$	482	$	439	$	43	9.8	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

U.S. dialysis results of operations

Treatment volume:


	Three months ended				Q1 2026 vs. Q4 2025
	March 31, 2026		December 31, 2025		Amount	Percent
Dialysis treatments	7,029,525		7,264,520		(234,995)	(3.2)	%
Average treatments per day	91,650		91,608		42	—	%
Treatment days	76.7		79.3		(2.6)	(3.3)	%
Average treatments per normalized day	91,889		91,378		511	0.6	%
Number of normalized treatment days(1)	76.5		79.5		(3.0)	(3.8)	%
Normalized non-acquired treatment growth(2)	0.1	%	(0.6)	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

(1)Normalized treatment days reflect treatment days adjusted to normalize for the mix of days of the week in a given period.

(2)Normalized non-acquired treatment growth reflects year over year growth in treatment volume, adjusted to exclude acquisitions and other similar transactions, and further adjusted to normalize for the number and mix of treatment days in a given quarter versus the prior year quarter.


	Three months ended		YTD Q1 2026 vs. YTD Q1 2025
	March 31, 2026	March 31, 2025	Amount	Percent
Dialysis treatments	7,029,525	7,040,519	(10,994)	(0.2)	%
Average treatments per day	91,650	91,793	(143)	(0.2)	%
Treatment days	76.7	76.7	—	—	%
Average treatments per normalized day	91,889	91,554	335	0.4	%
Number of normalized treatment days(1)	76.5	76.9	(0.4)	(0.5)	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

(1)Normalized treatment days reflect treatment days adjusted to normalize for the mix of days of the week in a given quarter.

Our U.S. dialysis operating revenues and expenses are directly driven by treatment volume. The decrease in our U.S. dialysis treatments for the first quarter of 2026 from the fourth quarter of 2025 was primarily driven by a decrease in treatment days, partially offset by increased patient count. The decrease in our U.S. dialysis treatments for the three months ended March 31, 2026 from the three months ended March 31, 2025 was primarily driven by a decline in average treatments per day due to mix of treatments days.

Revenues:


	Three months ended				Q1 2026 vs. Q4 2025
	March 31, 2026		December 31, 2025		Amount		Percent
	(dollars in millions, except per treatment data)
Total revenues	$	2,942	$	3,076	$	(134)	(4.4)	%
Average patient service revenue per treatment	$	417.59	$	422.60	$	(5.01)	(1.2)	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.


	Three months ended				YTD Q1 2026 vs. YTD Q1 2025
	March 31, 2026		March 31, 2025		Amount		Percent
	(dollars in millions, except per treatment data)
Total revenues	$	2,942	$	2,823	$	119	4.2	%
Average patient service revenue per treatment	$	417.59	$	400.14	$	17.45	4.4	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

U.S. dialysis average patient service revenue per treatment for the first quarter of 2026 compared to the fourth quarter of 2025 decreased driven by a seasonal decline from co-insurance and deductibles and other normal fluctuations, partially offset by increases in average reimbursement rates, including Medicare base rate and other annual rate increases.

U.S. dialysis average patient service revenue per treatment for the three months ended March 31, 2026 increased compared to the three months ended March 31, 2025 primarily driven by an increase in average reimbursement rates from normal annual increases, including Medicare base rate, and other normal fluctuations.

Operating expenses and charges:


	Three months ended				Q1 2026 vs. Q4 2025
	March 31, 2026		December 31, 2025		Amount		Percent
	(dollars in millions, except per treatment data)
Patient care costs	$	1,969	$	2,031	$	(62)	(3.1)	%
General and administrative	320		336		(16)		(4.8)	%
Depreciation and amortization	155		163		(8)		(4.9)	%
Equity investment income	(8)		(10)		2		20.0	%

Total operating expenses and charges	$	2,436	$	2,521	$	(85)	(3.4)	%
Patient care costs per treatment	$	280.11	$	279.60	$	0.51	0.2	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.


	Three months ended				YTD Q1 2026 vs. YTD Q1 2025
	March 31, 2026		March 31, 2025		Amount		Percent
	(dollars in millions, except per treatment data)
Patient care costs	$	1,969	$	1,913	$	56	2.9	%
General and administrative	320		283		37		13.1	%
Depreciation and amortization	155		157		(2)		(1.3)	%
Equity investment income	(8)		(6)		(2)		(33.3)	%

Total operating expenses and charges	$	2,436	$	2,347	$	89	3.8	%
Patient care costs per treatment	$	280.11	$	271.77	$	8.34	3.1	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

Patient care costs. U.S. dialysis patient care costs per treatment for the first quarter of 2026 increased from the fourth quarter of 2025 primarily due to increased compensation expense, including increased wage rates, as well as increased insurance costs. These increases were partially offset by decreases in health benefits expense and pharmaceutical costs.

U.S. dialysis patient care costs per treatment for the three months ended March 31, 2026 increased from the three months ended March 31, 2025 primarily due to increased compensation expenses, including increased wage rates, as well as increases in insurance costs and medical supplies expense.

General and administrative expenses. U.S. dialysis general and administrative expenses in the first quarter of 2026 decreased from the fourth quarter of 2025 primarily due to decreased professional fees and health benefits expense, partially offset by increased compensation expenses.

U.S. dialysis general and administrative expenses for the three months ended March 31, 2026 increased from the three months ended March 31, 2025 due to increases in IT-related costs and compensation expenses, including increased wage rates.

Depreciation and amortization. Depreciation and amortization expense is directly impacted by the number of our dialysis centers and the information technology that we develop and acquire. U.S. dialysis depreciation and amortization expenses in the first quarter of 2026 decreased compared to the fourth quarter of 2025 primarily due to higher depreciation expense in the fourth quarter for certain leasehold improvements.

U.S. dialysis depreciation and amortization expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 decreased primarily due to fully depreciated assets.

Equity investment income. U.S. dialysis equity investment income for the first quarter of 2026 decreased compared to the fourth quarter of 2025 due to decreased profitability at certain nonconsolidated dialysis partnerships. Equity investment income for the three months ended March 31, 2026 increased compared to the three months ended March 31, 2025 due to increased profitability at certain nonconsolidated dialysis partnerships.

Operating income:


	Three months ended				Q1 2026 vs. Q4 2025
	March 31, 2026		December 31, 2025		Amount		Percent
	(dollars in millions)
Operating income	$	506	$	556	$	(50)	(9.0)	%


	Three months ended				YTD Q1 2026 vs. YTD Q1 2025
	March 31, 2026		March 31, 2025		Amount		Percent
	(dollars in millions)
Operating income	$	506	$	476	$	30	6.3	%

U.S. dialysis operating income for the first quarter of 2026 decreased compared to the fourth quarter of 2025 as a result of all factors discussed above.

U.S. dialysis operating income for the three months ended March 31, 2026 increased compared to the three months ended March 31, 2025 as a result of all factors discussed above.

Other—Ancillary services

Our other operations include ancillary services that are primarily aligned with our core business of providing dialysis services to our network of patients. As of March 31, 2026, these consisted principally of our U.S. IKC business, certain U.S. other ancillary businesses (including our clinical research programs, transplant software business, and venture investment group), and our international operations.

As of March 31, 2026, DaVita IKC provided integrated care and disease management services to approximately 62,600 patients in risk-based integrated care arrangements and to an additional 6,300 patients in other integrated care arrangements. We also expect to add additional service offerings to our business and pursue additional strategic initiatives in the future as circumstances warrant, which could include, among other things, healthcare services not related to kidney disease.

For a discussion of the risks related to IKC and our ancillary services, see the discussion in the risk factors in Part I Item 1A. "Risk Factors" of our 2025 10-K under the headings, "We invest in strategic and operational initiatives to maintain our business and expand our capabilities in a complex, evolving and highly regulated environment..." and "If we are not able to successfully implement our strategy with respect to our integrated kidney care and value-based care initiatives..."

As of March 31, 2026, our international dialysis business owned or operated 596 outpatient dialysis centers located in 14 countries outside of the United States.

Ancillary services results of operations


	Three months ended				Q1 2026 vs. Q4 2025
	March 31, 2026		December 31, 2025		Amount		Percent
	(dollars in millions)
Revenues:
U.S. IKC	$	116	$	190	$	(74)	(38.9)	%
U.S. other ancillary	10		10		—		—	%
International	372		367		5		1.4	%
Total ancillary services revenues	$	498	$	567	$	(69)	(12.2)	%

Operating income (loss):
U.S. IKC	$	(19)	$	46	$	(65)	(141.3)	%
U.S. other ancillary	(6)		(4)		(2)		(50.0)	%
International	30		(4)		34		850.0	%
Total ancillary services operating income	$	6	$	37	$	(31)	(83.8)	%

Adjusted operating (loss) income(1):
U.S. IKC	$	(19)	$	46	$	(65)	(141.3)	%
U.S. other ancillary	(6)		(4)		(2)		(50.0)	%
International	30		21		9		42.9	%
Total ancillary services adjusted operating income	$	6	$	62	$	(56)	(90.3)	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

(1)For a reconciliation of adjusted operating income by reportable segment, see the “Reconciliations of Non-GAAP measures” section below.


	Three months ended				YTD Q1 2026 vs. YTD Q1 2025
	March 31, 2026		March 31, 2025		Amount		Percent
	(dollars in millions)
Revenues:
U.S. IKC	$	116	$	105	$	11	10.5	%
U.S. other ancillary	10		7		3		42.9	%
International	372		302		70		23.2	%
Total ancillary services revenues	$	498	$	415	$	83	20.0	%

Operating income (loss):
U.S. IKC	$	(19)	$	(29)	$	10	34.5	%
U.S. other ancillary	(6)		(4)		(2)		(50.0)	%
International	30		30		—		—	%
Total ancillary services operating income (loss):	$	6	$	(3)	$	9	300.0	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

Items impacting operating income

Accruals for legal matters. During the fourth quarter of 2025, we recorded a charge of $25 million for a legal matter within our international line of business.

Operating income (loss): and adjusted operating income (loss):

IKC operating loss for the first quarter of 2026 compared to operating income for the fourth quarter of 2025 was primarily driven by a net decrease in shared savings. IKC operating loss for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 decreased, primarily due to a net increase in shared savings.

U.S. other ancillary services operating loss for the first quarter of 2026 remained relatively flat compared to the fourth quarter of 2025. U.S. other ancillary services operating loss for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was impacted by a reduction of the earn-out obligations related to our transplant software business in the first quarter of 2025.

International operating results for the first quarter of 2026 compared to the fourth quarter of 2025 were impacted by a legal accrual in 2025, as described above. International operating results and adjusted operating results were impacted by charges in the fourth quarter of 2025 for balances deemed uncollectible and average reimbursement rate increases in the first quarter of 2026 in certain countries. International operating income for the three months ended March 31, 2026 was relatively flat compared to the three months ended March 31, 2025, primarily due to acquired treatment growth, offset by increased compensation expenses.

Corporate administrative support


	Three months ended				Q1 2026 vs. Q4 2025
	March 31, 2026		December 31, 2025		Amount		Percent
	(dollars in millions)
Corporate administrative support	$	(30)	$	(32)	$	2	6.3	%


	Three months ended				YTD Q1 2026 vs. YTD Q1 2025
	March 31, 2026		March 31, 2025		Amount		Percent
	(dollars in millions)
Corporate administrative support	$	(30)	$	(34)	$	4	11.8	%

Corporate administrative support expenses for the first quarter of 2026 compared to the fourth quarter of 2025 decreased primarily due to decreased long-term incentive compensation, partially offset by increased professional fees. Corporate administrative support expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 decreased primarily due to decreased professional fees.

Corporate-level charges


	Three months ended						Q1 2026 vs. Q4 2025
	March 31, 2026			December 31, 2025			Amount		Percent
	(dollars in millions)
Debt expense	$	145		$	148		$	(3)	(2.0)	%
Debt extinguishment and modification costs	$	—		$	9		$	(9)	(100.0)	%
Weighted average effective interest rate(1)	5.44		%	5.51		%			(0.07)	%
Other income (loss), net	$	4		$	(21)		$	25	119.0	%
Effective income tax rate from continuing operations	19.4		%	20.0		%			(0.6)	%
Effective income tax rate from continuing operations attributable to DaVita Inc.(2)	25.1		%	27.7		%			(2.6)	%
Net income attributable to noncontrolling interests	$	78		$	97		$	(19)	(19.6)	%

(1)Represents our overall weighted average effective interest rate on all debt, including the effect of interest rate caps and amortization of debt discount, premium and deferred financing charges as of the dates presented.

(2)For a reconciliation of our effective income tax rate from continuing operations attributable to DaVita Inc., see the "Reconciliations of Non-GAAP measures" section below.


	Three months ended						YTD Q1 2026 vs. YTD Q1 2025
	March 31, 2026			March 31, 2025			Amount		Percent
	(dollars in millions)
Debt expense	$	145		$	135		$	10	7.4	%

Weighted average effective interest rate(1)	5.44		%	5.65		%			(0.21)	%
Other income (loss), net	$	4		$	(18)		$	22	122.2	%
Effective income tax rate from continuing operations	19.4		%	18.9		%			0.5	%
Effective income tax rate from continuing operations attributable to DaVita Inc.(2)	25.1		%	24.9		%			0.2	%
Net income attributable to noncontrolling interests	$	78		$	69		$	9	13.0	%

(2)For a reconciliation of our effective income tax rate from continuing operations attributable to DaVita Inc., see the "Reconciliations of Non-GAAP measures" section below.

Debt expense

Debt expense for the first quarter of 2026 compared to the fourth quarter of 2025 decreased due to decreased weighted average effective interest rates, partially offset by increased borrowing activity on our revolving line of credit. Debt expense for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 increased primarily due to an increase in our long-term debt balance related to the issuance of the 6.75% senior notes due 2033 in the second quarter of 2025, partially offset by decreased weighted average effective interest rates.

Debt extinguishment and modification costs

The three months ended December 31, 2025 included debt extinguishment and modification costs of $9 million composed partially of fees incurred in connection with the Term Loan A-2 refinancing transaction and partially of deferred financing costs written off for the extinguishment of Term Loan A-1 and prior revolving credit facility.

Other income (loss), net

Other income for the first quarter of 2026 compared to loss for the fourth quarter of 2025 was impacted by equity investment losses in the fourth quarter of 2025 at Mozarc Medical Holding LLC (Mozarc) which included impairment and restructuring charges. Other income for the three months ended March 31, 2026 compared to other loss for the three months ended March 31, 2025 was impacted by equity investment losses at Mozarc recognized in the first quarter of 2025 and decreased net losses on other investments.

Provision for income taxes

The effective income tax rate from continuing operations and the effective income tax rate from continuing operations attributable to DaVita Inc. decreased for the first quarter of 2026 compared to the fourth quarter of 2025 primarily due to a reduction in the impact of valuation allowances and nondeductible executive comp, partially offset by larger discrete benefits recognized in the fourth quarter of 2025 primarily related to the release of reserves that expired under the statute of limitations. Additionally, our effective income tax rate from continuing operations was also impacted by the portion of earnings attributable to our non-controlling interests.

The effective income tax rate from continuing operations and the effective income tax rate from continuing operations attributable to DaVita Inc. for the three months ended March 31, 2026 increased compared to the three months ended March 31, 2025 primarily due to a reduction in discrete benefits recognized in the quarter as a percentage of earnings. Discrete items include benefits recognized in each period for stock-based compensation partially offset by an uncertain tax position recognized in the first quarter of 2026.

Net income attributable to noncontrolling interests

The decrease in net income attributable to noncontrolling interests for the first quarter of 2026 from the fourth quarter of 2025 was due to decreased profitability at certain U.S. dialysis partnerships. The increase in net income attributable to noncontrolling interests for the three months ended March 31, 2026 from the three months ended March 31, 2025 was due to increased profitability at certain U.S. dialysis partnerships.

U.S. dialysis accounts receivable

Our U.S. dialysis accounts receivable balances at March 31, 2026 and December 31, 2025 were $1.695 billion and $1.610 billion, respectively, representing approximately 52 days and 49 days of revenue outstanding (DSO), respectively. The increase in DSO is primarily due to timing of collections. Our DSO calculation is based on the current quarter’s average revenues per day. There were no significant changes from the fourth quarter of 2025 to the first quarter of 2026 in the carrying value of accounts receivable outstanding over one year old.

Liquidity and capital resources

The following table summarizes our major sources and uses of cash, cash equivalents and restricted cash:


	Three months ended March 31,				YTD Q1 2026 vs. YTD Q1 2025
	2026		2025		Amount		Percent
	(dollars in millions and shares in thousands)
Net cash provided by operating activities:
Net income	$	275	$	232	$	43	18.5	%
Non-cash items in net income	267		238		29		12.2	%
Other working capital changes	(214)		(293)		79		27.0	%
Other	(8)		3		(11)		(366.7)	%
	$	321	$	180	$	141	78.3	%

Net cash used in investing activities:

Maintenance capital expenditures(1)	$	(74)	$	(95)	$	21	22.1	%
Development capital expenditures(2)	(28)		(48)		20		41.7	%
Acquisition expenditures	(34)		(10)		(24)		(240.0)	%
Proceeds from sale of self-developed properties	2		9		(7)		(77.8)	%

Other	(5)		(18)		13		72.2	%
	$	(139)	$	(162)	$	23	14.2	%

Net cash used in financing activities:
Debt issuances, net	$	346	$	287	$	59	20.6	%
Deferred and debt-related financing costs	(3)		(6)		3		50.0	%
Distributions to noncontrolling interests	(85)		(93)		8		8.6	%
Contributions from noncontrolling interests	4		2		2		100.0	%
Stock award exercises and other share issuances	(61)		(25)		(36)		(144.0)	%
Share repurchases	(396)		(542)		146		26.9	%
Other	(18)		(5)		(13)		(260.0)	%
	$	(213)	$	(383)	$	170	44.4	%

Total number of shares repurchased	3,005		3,660		(655)		(17.9)	%
Free cash flow(3)	$	140	$	(45)	$	185	411.1	%

Certain columns or rows may not sum due to the presentation of rounded numbers.

(1)Maintenance capital expenditures represent capital expenditures to maintain the productive capacity of the business and include those made for investments in information technology, dialysis center renovations, capital asset replacements, and any other capital expenditures that are not development or acquisition expenditures.

(2)Development capital expenditures principally represent capital expenditures (other than acquisition expenditures) made to expand the productive capacity of the business and include those for new U.S. and international dialysis center developments, dialysis center expansions and relocations, and new or expanded contracted hospital operations.

(3)For a reconciliation of our free cash flow, see the "Reconciliations of Non-GAAP measures" section below.

Consolidated cash flows

Consolidated cash flows from operating activities during the three months ended March 31, 2026 increased compared to the three months ended March 31, 2025. The increase was principally due to changes in working capital as well as an increase in operating results.

Free cash flow during the three months ended March 31, 2026 increased as compared to the three months ended March 31, 2025 primarily due to an increase in net cash provided by operating activities, as described above, and decreases in capital expenditures.

Significant sources of cash during the period included net draws on our revolving line of credit of $375 million. Significant uses of cash included regularly scheduled principal payments under our senior secured credit facilities totaling approximately $13 million on our Term Loan A-2 and $5 million on Term Loan B-2, as well as additional required payments under other debt arrangements. In addition, during the three months ended March 31, 2026 we used cash to repurchase 3.0 million shares of our common stock.

By comparison, the same period in 2025 included net draws on our revolving line of credit of $425 million. Significant uses of cash during the three months ended March 31, 2025 included the repayment of $93 million in interest-free funding made available by UnitedHealth Group and its affiliates following the cybersecurity breach that affected Change Healthcare during the first quarter of 2024, regularly scheduled principal payments under our senior secured credit facilities totaling approximately $30 million on our Term Loan A-1 and $4 million on Term Loan B-1, and additional required payments under other debt arrangements. In addition, during the three months ended March 31, 2025 we used cash to repurchase 3.7 million shares of our common stock.

Dialysis center footprint

The table below shows the footprint of our dialysis operations by number of dialysis centers owned or operated:


	U.S.		International
	Three months ended March 31,		Three months ended March 31,
	2026	2025	2026	2025
Number of centers operated at beginning of period	2,657	2,657	585	509
Acquired centers	7	1	9	1
Developed centers	2	6	1	—
Net change in non-owned managed or administered centers(1)	—	1	2	4
Sold and closed centers(2)	—	(3)	(1)	(2)
Closed centers(3)	—	(1)	—	—
Number of centers operated at end of period	2,666	2,661	596	512

(1)Represents the change in the number of dialysis centers which we manage or provide administrative services to but in which we own a noncontrolling equity interest or which are wholly-owned by third parties.

(2)Represents dialysis centers that were sold and/or closed for which the majority of patients were not retained.

(3)Represents dialysis centers that were closed for which the majority of patients were retained and transferred to one of our other existing outpatient dialysis centers.

Available liquidity

As of March 31, 2026, we had $1.125 billion available and $375 million drawn on our $1.5 billion revolving line of credit under our senior secured credit facilities. Credit available under this revolving line of credit is reduced by the amount of any letters of credit outstanding thereunder, of which there were none as of March 31, 2026. We separately had approximately $207 million in letters of credit outstanding under a separate bilateral secured letter of credit facility.

See Note 6 to the condensed consolidated financial statements for components of our long-term debt and their interest rates.

We believe that our cash flow from operations and other sources of liquidity, including from amounts available under our senior secured credit facilities and our access to the capital markets, will be sufficient to fund our scheduled debt service under the terms of our debt agreements and other obligations for the foreseeable future, including the next 12 months. From time to time, depending on market conditions, our capital requirements and the availability of financing, among other things, we may seek to refinance our existing debt and may incur additional indebtedness. Our primary recurrent sources of liquidity are cash from operations and cash from borrowings, which are subject to general, economic, financial, competitive, regulatory and other factors that are beyond our control, as described in Part I Item 1A. "Risk Factors" of our 2025 10-K.

Reconciliations of Non-GAAP measures

The following tables provide reconciliations of adjusted operating income (loss) to operating income (loss) as presented on a U.S. generally accepted accounting principles (GAAP) basis for our U.S. dialysis reportable segment as well as for our U.S. IKC business, our U.S. other ancillary services, our international business, and for our total ancillary services which combines them and is disclosed as our other segments category, in addition to our corporate administrative support.

These non-GAAP or "adjusted" measures are presented because management believes these measures are useful adjuncts to, but not alternatives for, our GAAP results. Specifically, management uses adjusted operating income (loss) to compare and evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe this non-GAAP measure is also useful to investors and analysts in evaluating our performance over time and relative to competitors, as well as in analyzing the underlying trends in our business. We also believe this presentation enhances a user's understanding of our normal operating income by excluding certain items which we do not believe are indicative of our ordinary results of operations.

In addition, our effective income tax rate on income from continuing operations attributable to DaVita Inc. excludes noncontrolling owners' income, which primarily relates to non-tax paying entities. We believe this adjusted effective income tax rate from continuing operations is useful to management, investors and analysts in evaluating our performance and establishing expectations for income taxes incurred on our ordinary results attributable to DaVita Inc.

Finally, our free cash flow represents net cash provided by operating activities less distributions to noncontrolling interests, development capital expenditures, and maintenance capital expenditures; plus contributions from noncontrolling interests and proceeds from the sale of self-developed properties. Management uses this measure to assess our ability to fund acquisitions and meet our debt service obligations and we believe this measure is equally useful to investors and analysts as an adjunct to cash flows from operating activities and other measures under GAAP.

It is important to bear in mind that these non-GAAP "adjusted" measures are not measures of financial performance under GAAP and should not be considered in isolation from, nor as substitutes for, their most comparable GAAP measures.


	Three months ended March 31, 2026
	U.S. dialysis		Ancillary services								Corporate administration		Consolidated
			U.S. IKC		U.S. Other		International		Total
	(dollars in millions)
Operating income (loss)	$	506	$	(19)	$	(6)	$	30	$	6	$	(30)	$	482


Adjusted operating income (loss)	$	506	$	(19)	$	(6)	$	30	$	6	$	(30)	$	482


	Three months ended December 31, 2025
	U.S. dialysis		Ancillary services								Corporate administration		Consolidated
			U.S. IKC		U.S. Other		International		Total
	(dollars in millions)
Operating income (loss)	$	556	$	46	$	(4)	$	(4)	$	37	$	(32)	$	561
Legal contingency accrual(1)	—		—		—		25		25		—		25





Adjusted operating income (loss)	$	556	$	46	$	(4)	$	21	$	62	$	(32)	$	586


	Three months ended March 31, 2025
	U.S. dialysis		Ancillary services								Corporate administration		Consolidated
			U.S. IKC		U.S. Other		International		Total
	(dollars in millions)
Operating income (loss)	$	476	$	(29)	$	(4)	$	30	$	(3)	$	(34)	$	439


Adjusted operating income (loss)	$	476	$	(29)	$	(4)	$	30	$	(3)	$	(34)	$	439

Certain columns or rows in the above tables may not sum due to the presentation of rounded numbers.

(1)Represents an accrual for potential third-party judgment costs for certain legal matters. We have excluded this charge from our non-GAAP metrics because, among other things, we do not believe it is indicative of our ordinary results of operations because the charge is significant and may obscure analysis of underlying trends and financial performance of our current business.


	Three months ended
	March 31, 2026			December 31, 2025			March 31, 2025
	(dollars in millions)
Income from continuing operations before income taxes	$	341		$	383		$	286
Less: Noncontrolling owners' income primarily attributable to non-tax paying entities	(78)			(93)			(69)
Income from continuing operations before income taxes attributable to DaVita Inc.	$	264		$	290		$	217
Income tax expense for continuing operations	$	66		$	77		$	54
Less: Income tax attributable to noncontrolling interests	—			4			—
Income tax expense from continuing operations attributable to DaVita Inc.	$	66		$	80		$	54
Effective income tax rate on income from continuing operations attributable to DaVita Inc.	25.1		%	27.7		%	24.9		%

Certain columns or rows may not sum or recalculate due to the presentation of rounded numbers.


	Three months ended
	March 31, 2026		March 31, 2025
	(dollars in millions)
Net cash provided by operating activities	$	321	$	180
Adjustments to reconcile net cash provided by operating activities to free cash flow:
Distributions to noncontrolling interests	(85)		(93)
Contributions from noncontrolling interests	4		2
Maintenance capital expenditures	(74)		(95)
Development capital expenditures	(28)		(48)
Proceeds from sale of self-developed properties	2		9
Free cash flow	$	140	$	(45)

Certain columns or rows may not sum due to the presentation of rounded numbers.

Off-balance sheet arrangements and aggregate contractual obligations

In addition to the debt obligations and operating lease liabilities reflected on our balance sheet, we have certain potential commitments associated with letters of credit, working capital funding or other financing, if necessary, to certain nonconsolidated businesses that we manage and in which we own a noncontrolling equity interest or which are wholly-owned by third parties. We also have agreed to future investments in particular equity method and other investments if certain milestones are achieved or capital calls are made, as applicable. Additionally, see Note 7 to the condensed consolidated financial statements for discussion on commitments related to our agreement to acquire a noncontrolling minority interest in Elara Caring. For additional information, see Note 16 to the consolidated financial statements included in our 2025 10-K.

We also have potential obligations to purchase the noncontrolling interests held by third parties in many of our majority-owned dialysis partnerships and other nonconsolidated entities. These obligations are in the form of put provisions that are exercisable at the third-party owners’ discretion within specified periods as outlined in each specific put provision. For additional information on these obligations and how we measure and report them, see Note 11 to the condensed consolidated financial statements included in this report and Notes 16 and 23 to the consolidated financial statements included in our 2025 10-K.

For information on the maturities and other terms of our long-term debt, see Note 6 to the condensed consolidated financial statements.

As of March 31, 2026, we have outstanding letters of credit in the aggregate amount of approximately $207 million under a bilateral secured letter of credit facility separate from our senior secured credit facilities.

As of March 31, 2026, we have outstanding purchase agreements with various suppliers to purchase set amounts of dialysis equipment, parts, pharmaceuticals, supplies and technology services. If we fail to meet the minimum purchase commitments under these contracts during any year, we are required to pay the difference to the supplier, as described further in Note 16 to the Company's consolidated financial statements included in our 2025 10-K.

New Accounting Standards

See discussion of new accounting standards in Note 13 to the condensed consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Interest rate and foreign currency sensitivity

There has been no material change in the nature of the Company's interest rate risks or foreign currency exchange risks from those described in Part II Item 7A, "Quantitative and Qualitative Disclosures about Market Risk" of our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As required by Exchange Act Rule 13a-15(b), our management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), conducted an evaluation of the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rule 13a-15(e), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of March 31, 2026.

Changes in Internal Control over Financial Reporting

In connection with the evaluation required by Exchange Act Rule 13a-15(d), our management, including our CEO and CFO, concluded that no changes in our internal control over financial reporting occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.

OTHER INFORMATION

Item 1. Legal Proceedings

The information required by this Part II, Item 1 is incorporated herein by reference to the information set forth under the caption "Commitments and contingencies" in Note 7 to the condensed consolidated financial statements included in this report.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K (2025 10-K) for the year ended December 31, 2025 filed with Securities and Exchange Commission. You should carefully consider the risks included in our 2025 10-K, together with all the other information in this Quarterly Report on Form 10-Q, including the forward-looking statements in Part I, Item 2 of this Quarterly Report on Form 10-Q under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations."

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Share repurchases

The following table summarizes our repurchases of our common stock during the first quarter of 2026:


Period	Total number of shares purchased	Average price paid per share(1)		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs
	(dollars and shares in thousands, except per share data)
January 1-31, 2026	1,658	$	120.56	1,658	$	1,958,191
February 1-28, 2026	522	$	146.22	522	$	1,881,841
March 1-31, 2026	825	$	152.22	825	$	1,756,319
	3,005	$	133.70	3,005

(1)Excludes commissions and excise tax.

The Company is authorized to make share repurchases pursuant to prior Board authorizations. These authorizations allow the Company to make purchases from time to time in the open market or in privately negotiated transactions, including without limitation, through accelerated share repurchase transactions, derivative transactions, tender offers, Rule 10b5-1 plans or any combination of the foregoing, depending upon market conditions and other considerations.

As of May 5, 2026, we had approximately $1,456 million, excluding excise taxes, available under current repurchase authorizations for additional share repurchases. Although these share repurchase authorizations do not have an expiration date, we remain subject to share repurchase limitations including under our current senior secured credit facilities.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Director and Officer Trading Arrangements

None of the Company's directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of SEC Regulation S-K) during the quarter ended March 31, 2026, except as described in the table below:

Name and Title

Date Adopted

Type of Trading Arrangement(1)

Nature of Trading Arrangement

Duration of Trading
Arrangement

Aggregate Number of Securities

Kathleen A. Waters,

Chief Legal and Public

Affairs Officer

March 16, 2026

Rule 10b5-1

Trading

Arrangement

Sale

June 15, 2026 to November 15,

2026, or such earlier date upon

which all transactions are

completed or expire without

execution

Up to 6,455

(1)The trading arrangement marked as a “Rule 10b5-1 trading arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.

Item 6. Exhibits


Exhibit
Number

10.1						DaVita Inc. Amended and Restated Non-Employee Director Compensation Policy. ü

31.1						Certification of the Chief Executive Officer, dated May 5, 2026, pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. ü

31.2						Certification of the Chief Financial Officer, dated May 5, 2026, pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. ü

32.1						Certification of the Chief Executive Officer, dated May 5, 2026, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. ü

32.2						Certification of the Chief Financial Officer, dated May 5, 2026, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. ü

101.INS						XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. ü

101.SCH						Inline XBRL Taxonomy Extension Schema Document. ü

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document. ü

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document. ü

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document. ü

101.PRE						Inline XBRL Taxonomy Extension Presentation, Linkbase Document. ü

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). ü


ü			Included in this filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			DAVITA INC.

			BY:						/s/ CHRISTOPHER M. BERRY
									Christopher M. Berry
									Chief Accounting Officer*

Date: May 5, 2026


*			Mr. Berry has signed both on behalf of the Registrant as a duly authorized officer and as the Registrant’s principal accounting officer.

DaVita - 10-Q quarterly report FY

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