DaVita Inc. reported third‑quarter 2025 results with total revenue of $3.42 billion, a 4.8% year‑over‑year increase. Operating income was $506 million and adjusted operating income rose to $517 million. Net income attributable to DaVita was $150.3 million, translating to diluted earnings per share of $2.04 and adjusted diluted EPS of $2.51, which fell short of analyst consensus estimates of $3.17 to $3.23 per share.
The quarter included a one‑time $11.7 million general and administrative charge related to a cybersecurity incident that began in April 2025. The charge was excluded from adjusted metrics, indicating that core operating performance remained resilient despite the disruption.
Sequentially, revenue was down from the $3.48 billion reported in Q2 2025, and net income fell from $199 million. Diluted EPS declined from $2.58 in Q2 2025 to $2.04, and adjusted diluted EPS dropped from $2.95 to $2.51. U.S. treatment volumes fell 1.5% year‑over‑year, driven by a severe flu season, Hurricane Helene, and the cyber incident. Operating margin contracted from 16.4% in Q3 2024 to 14.8% in Q3 2025, largely due to higher patient‑care costs and pharmaceutical expenses.
DaVita reaffirmed its 2025 outlook, narrowing the full‑year adjusted operating income guidance to $2.035 billion to $2.135 billion and adjusting the adjusted diluted EPS guidance to a tighter range. The company emphasized continued focus on cost discipline, revenue‑cycle improvements, and expansion of its Integrated Kidney Care and international segments.
International operations grew 36.2% year‑to‑date, while the U.S. Integrated Kidney Care business experienced a decline in revenues. The company generated free cash flow of $604 million in Q3 2025, refinanced its Term Loan B‑1, and repurchased shares. Berkshire Hathaway, which owns roughly 45% of DaVita, has been steadily reducing its stake throughout 2025.
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