Davita (DVA) Q4 FY2025 earnings: revenue $3.6 billion, up 9.9% on the year
Davita Inc. (DVA) reported revenue of $3.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.9% on the same quarter a year earlier. Net income was $234 million, down 9.7% on the year, and diluted earnings per share $3.29. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.
Revenue
$3.6 billion
+9.9% on the year · +5.8% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
15.5%
17.2% a year earlier
Q1 FY2024Q4 FY2025
Net income
$234 million
-9.7% on the year · +55.8% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$3.29
+6.5% on the year · +61.3% on the quarter
Q1 FY2024Q4 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 4 new.
Revenue grew in quarter and year: Q4 total revenues were $3.620 billion, up from $3.295 billion a year earlier. Full-year revenues were $13.643 billion, against $12.816 billion in 2024.
Adjusted EPS above GAAP EPS: Adjusted diluted EPS from continuing operations was $3.40 in Q4 and $10.78 for the year, against $9.68 in 2024. GAAP diluted EPS from continuing operations was $2.94 in Q4 and $9.51 for the year.
Treatments steady, per day slightly lower: U.S. dialysis treatments were 7,264,520 in Q4, an average of 91,608 per day, down (0.1)% from Q3.
$ million except per share. Read moreFourth 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 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
541
842
548
-35.7%
-1.3%
Capital expenditure
145
166
171
-12.4%
-14.8%
Free cash flow
395
675
377
-41.5%
+4.9%
Free cash flow margin
10.9%
19.7%
11.4%
Cash from investing
-163
-263
-248
Cash from financing
-415
-582
-565
Depreciation and amortisation
180
177
167
+1.2%
+7.8%
Share-based compensation
38.4
39.0
27.4
-1.5%
+40.1%
Buybacks
274
240
365
+14.3%
-24.9%
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
71m
74m
84m
-3.4%
-15.0%
Shares outstanding at period end
69m
71m
81m
-3.4%
-14.9%
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 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
-651
-572
121
Non-controlling interest
277
268
275
+3.6%
+0.9%
Redeemable equity
1,532
1,645
1,695
-6.9%
-9.6%
Debt
10,273
10,247
9,447
+0.3%
+8.7%
Operating lease liabilities
2,176
2,100
2,210
+3.6%
-1.5%
Other liabilities
3,873
3,869
3,537
+0.1%
+9.5%
Total liabilities and equity
17,480
17,556
17,285
-0.4%
+1.1%
Fixed assets
2,813
2,853
2,941
-1.4%
-4.4%
Goodwill
7,545
7,544
7,375
+0.0%
+2.3%
Intangible assets
222
220
197
+1.1%
+12.5%
Investments
65.3
70.7
84.7
-7.6%
-23.0%
Cash and equivalents
676
706
795
-4.2%
-14.9%
Receivables
2,415
2,333
2,147
+3.5%
+12.5%
Inventory
161
139
135
+15.5%
+19.4%
Other assets
3,583
3,690
3,611
-2.9%
-0.8%
Total assets
17,480
17,556
17,285
-0.4%
+1.1%
Questions
What was Davita's revenue in Q4 FY2025?
Davita (DVA) reported revenue of $3.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.9% on the same quarter a year earlier.
How much did Davita earn in Q4 FY2025?
Net income for Q4 FY2025 was $234 million, down 9.7% on the year, and diluted earnings per share $3.29.
When did Davita report Q4 FY2025 results?
Davita filed its 10-K for the year that ended with the quarter on 11 February 2026; the fourth quarter is the year less the first three.
Each quarter as filed, linked to its filing. Read more* 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 2025, filed 11 February 2026: the filing.