The earnings call presented a mixed picture with strong cost management and financial performance exceeding expectations, despite challenges from a recent cyber incident and elevated mortality rates. While DaVita demonstrated resilience and strategic progress, there are ongoing issues with treatment volumes and adherence to new pharmaceutical protocols.

Company Guidance -

Q3 2025

During DaVita's second quarter 2025 earnings call, the company provided guidance for the remainder of the year, reaffirming their adjusted operating income target of $2.01 billion to $2.16 billion and an adjusted earnings per share range of $10.20 to $11.30. Despite the challenges posed by a recent cyber incident, which incurred $13 million in discrete costs and impacted treatment volumes and revenue per treatment, DaVita remains confident in achieving their long-term financial targets. They also reported a second-quarter adjusted operating income of $551 million and adjusted earnings per share of $2.95. The company noted a decline in U.S. treatments per day by 1.1% year-over-year, with treatment volume expected to decline by 75 to 100 basis points for the full year. However, DaVita highlighted strong cost management, particularly in patient care costs, which helped offset the volume decline. They attributed part of their resilience to their ongoing investment in technology and IT systems, alongside strategic cost-saving measures. Looking forward, DaVita is optimistic about leveraging new technologies and drug classes to enhance patient outcomes and anticipates a return to 2% annual treatment growth over time.

Financial Performance Exceeds Expectations

Adjusted operating income and adjusted earnings per share came in slightly ahead of expectations, demonstrating the company's ability to manage costs and deliver on financial commitments.

Successful Cost Management

Improved labor productivity and cost management contributed to a decline in patient care costs per treatment by approximately $3.50 sequentially.

Resilience Amid Cyber Incident

Despite the cyber incident, DaVita maintained uninterrupted patient care and expects limited ongoing financial impact.

Progress in Clinical Innovation

The company is optimistic about the potential of new technologies and pharmaceuticals, such as GLP-1s and SGLT2s, to improve patient outcomes and lower mortality.

International Expansion

Completion of the fourth and final Latin American acquisition related to clinics in Brazil, contributing positively to international adjusted operating income.

Share Repurchase and Debt Management

Repurchased 5.8 million shares and managed debt effectively by raising $1 billion of senior unsecured debt and reducing interest rates on term loans.

DaVita (DVA) Earnings, Revenues Date & History

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DVA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	3.23 / -	2.59	―	―	―
Aug 05, 2025	2025 (Q2)	2.77 / 2.95	2.59	13.90% (+0.36)	―
May 12, 2025	2025 (Q1)	1.95 / 2.00	2.38	-15.97% (-0.38)	―
Feb 13, 2025	2024 (Q4)	2.13 / 2.24	1.87	19.79% (+0.37)	―
Oct 29, 2024	2024 (Q3)	2.72 / 2.59	2.85	-9.12% (-0.26)	―
Aug 06, 2024	2024 (Q2)	2.59 / 2.59	2.08	24.52% (+0.51)	―
May 02, 2024	2024 (Q1)	1.95 / 2.38	1.58	50.63% (+0.80)	―
Feb 13, 2024	2023 (Q4)	1.63 / 1.87	1.11	68.47% (+0.76)	―
Nov 07, 2023	2023 (Q3)	2.01 / 2.85	1.45	96.55% (+1.40)	―
Aug 03, 2023	2023 (Q2)	1.71 / 2.08	2.3	-9.57% (-0.22)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DVA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	$140.52	$127.81	-9.04%
May 12, 2025	$144.43	$143.98	-0.31%
Feb 13, 2025	$177.06	$157.42	-11.09%
Oct 29, 2024	$158.31	$141.22	-10.80%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.