Davita (DVA) Q4 FY2023 earnings: revenue $3.1 billion, up 7.8% on the year

Davita Inc. (DVA) reported revenue of $3.1 billion for Q4 FY2023, the quarter ended 31 December 2023, up 7.8% on the same quarter a year earlier. Net income was $151 million, up 121.2% on the year, and diluted earnings per share $1.62. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue

$3.1 billion

+7.8% on the year · +0.8% on the quarter

Q1 FY2022Q4 FY2023

Operating margin

12.4%

8.8% a year earlier

Q1 FY2022Q4 FY2023

Net income

$151 million

+121.2% on the year · -38.9% on the quarter

Q1 FY2022Q4 FY2023

Diluted EPS

$1.62

+118.9% on the year · -38.2% on the quarter

Q1 FY2022Q4 FY2023

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2023	Q3 FY2023	Q4 FY2022	On the quarter	On the year
Revenue	3,146	3,121	2,917	+0.8%	+7.8%
Operating income	390	496	256	-21.4%	+52.2%
Operating margin	12.4%	15.9%	8.8%
Pre-tax income	289	378	147	-23.6%	+96.0%
Income tax	58.5	68.8	34.3	-15.0%	+70.4%
Effective tax rate	20.2%	18.2%	23.3%
Net income	151	247	68.1	-38.9%	+121.2%
Net margin	4.8%	7.9%	2.3%
Diluted EPS	$1.62	$2.62	$0.74	-38.2%	+118.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2023	Q3 FY2023	Q4 FY2022	On the quarter	On the year
Operating cash flow	485	661	344	-26.6%	+41.2%
Capital expenditure	159	137	194	+16.2%	-18.1%
Free cash flow	326	524	150	-37.8%	+117.9%
Free cash flow margin	10.4%	16.8%	5.1%
Cash from investing	-168	-140	-213
Cash from financing	-403	-395	-231
Depreciation and amortisation	186	188	183	-1.1%	+2.0%
Share-based compensation	30.1	27.1	17.5	+10.9%	+71.6%
Buybacks	272	0.0	0.0
Dividends paid	0.0	0.0	0.0
Diluted shares, weighted	93m	94m	92m	-1.3%	+0.9%
Shares outstanding at period end	89m	91m	90m	-2.8%	-1.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2023	Q3 FY2023	Q4 FY2022	On the quarter	On the year
Shareholders' equity	1,056	1,199	712	-11.9%	+48.3%
Non-controlling interest	188	180	164	+4.4%	+14.9%
Redeemable equity	1,499	1,445	1,349	+3.7%	+11.1%
Debt	8,392	8,394	8,924	-0.0%	-6.0%
Operating lease liabilities	2,330	2,342	2,503	-0.5%	-6.9%
Other liabilities	3,428	3,368	3,276	+1.8%	+4.6%
Total liabilities and equity	16,894	16,929	16,928	-0.2%	-0.2%
Fixed assets	3,074	3,097	3,256	-0.8%	-5.6%
Goodwill	7,113	7,088	7,077	+0.3%	+0.5%
Intangible assets	203	185	183	+9.6%	+11.2%
Investments	59.5	57.0	122	+4.3%	-51.2%
Cash and equivalents	380	449	244	-15.4%	+55.7%
Receivables	1,987	2,025	2,132	-1.9%	-6.8%
Inventory	143	110	109	+30.5%	+31.1%
Other assets	3,935	3,917	3,805	+0.5%	+3.4%
Total assets	16,894	16,929	16,928	-0.2%	-0.2%

Questions

What was Davita's revenue in Q4 FY2023?

Davita (DVA) reported revenue of $3.1 billion for Q4 FY2023, the quarter ended 31 December 2023, up 7.8% on the same quarter a year earlier.

How much did Davita earn in Q4 FY2023?

Net income for Q4 FY2023 was $151 million, up 121.2% on the year, and diluted earnings per share $1.62.

When did Davita report Q4 FY2023 results?

Davita filed its 10-K for the year that ended with the quarter on 14 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,944	2,818	2,927	2,949	2,917	2,873	3,000	3,121	3,146	3,071	3,187	3,264	3,295	3,224	3,380	3,420	3,620	3,416	3,554	3,578
Operating income	389	338	433	312	256	312	405	496	390	484	506	535	565	439	538	506	561	482	579	499
Operating margin	13%	12%	15%	11%	9%	11%	14%	16%	12%	16%	16%	16%	17%	14%	16%	15%	16%	14%	16%	14%
Pre-tax income	315	263	349	207	147	215	295	378	289	372	371	373	414	286	369	309	383	341	435	359
Tax rate	21%	22%	18%	21%	23%	20%	17%	18%	20%	18%	19%	21%	16%	19%	25%	22%	20%	19%	21%	25%
Net income	187	162	225	105	68.1	116	179	247	151	240	223	215	259	163	199	150	234	198	265	223
Net margin	6%	6%	8%	4%	2%	4%	6%	8%	5%	8%	7%	7%	8%	5%	6%	4%	6%	6%	7%	6%
Diluted EPS	$1.81	$1.61	$2.30	$1.13	$0.74	$1.25	$1.91	$2.62	$1.62	$2.65	$2.50	$2.50	$3.09	$2.00	$2.58	$2.04	$3.29	$2.87	$4.02	$3.40
Operating cash flow	530	322	188	711	344	463	450	661	485	-135	799	810	548	180	324	842	541	321	490	519
Capital expenditure	190	123	142	144	194	148	124	137	159	121	125	139	171	143	121	166	145	102	170	159
Free cash flow	340	199	45.8	567	150	315	326	524	326	-256	674	671	377	36.8	203	675	395	219	320	359
Buybacks	656	236	381	185	0.0	0.0	0.0	0.0	272	251	362	408	365	510	284	240	274	196	181	73.0
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a
Shares outstanding	97m	95m	92m	90m	90m	91m	91m	91m	89m	90m	85m	83m	81m	77m	74m	71m	69m	64m	64m	63m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2023, filed 14 February 2024: the filing.