DAVITA INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DAVITA INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,707	10,877	11,405	11,388	11,551	11,619	11,610	12,140	12,816	13,643
General and administrative	1,073	1,064	1,135	1,103	1,248	1,195	1,355	1,474	1,538	1,674
Operating income	2,030	1,813	1,526	1,643	1,695	1,797	1,339	1,603	2,090	2,044
Interest expense	394	406	462	420	283	267	339	374	435	540
Other non-operating income	7.51	17.7	10.1	29.3	16.8	6.38	-15.8	-19.2	-69.8	-103
Pre-tax income	1,623	1,400	1,048	1,195	1,318	1,518	966	1,177	1,530	1,347
Income tax	432	324	258	280	314	307	198	220	280	293
Income from continuing operations	1,032	901	624	707	783	978	547	692	936	722
Net income to minority interests	153	167	174	210	221	233	221	265	314	332
Net income	880	664	159	811	774	978	560	692	936	747
EBITDA	2,525	2,357	2,101	2,244	2,311	2,465	2,060	2,339	2,807	2,752
EPS, basic	4.36	3.52	0.93	5.29	6.46	9.30	6.03	7.62	11.02	10.06
EPS, diluted	4.29	3.47	0.92	5.27	6.31	8.90	5.85	7.42	10.73	9.84
Shares, basic (weighted)	202	189	171	153	120	105	93	90.8	85	74.2
Shares, diluted (weighted)	205	191	172	154	123	110	95.8	93.2	87.3	75.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	675	508	323	1,102	325	462	244	380	795	676
Short-term investments	307	32.8	2.94	11.6	20.1	22.3	77.7	11.6	51.1	24.3
Receivables	1,504	1,715	1,859	1,796	1,824	1,958	2,132	1,987	2,147	2,415
Inventory	160	182	107	97.9	112	107	109	143	135	161
Other current assets	99.5	112	112	66.9	76.4	72.5	78.8	103	123	156
Total current assets	3,995	8,771	8,424	3,690	3,149	3,168	3,155	3,138	3,746	4,058
Property, plant and equipment	2,864	3,149	3,394	3,473	3,522	3,480	3,256	3,074	2,941	2,813
Lease right-of-use assets			0	2,830	2,863	2,825	2,666	2,501	2,394	2,397
Goodwill	6,015	6,610	6,842	6,788	6,919	7,046	7,077	7,113	7,375	7,545
Intangible assets	73.5	114	119	136	167	178	183	203	197	222
Long-term investments	30	37.7	35.4	36.5	32.2	49.5	44.3	47.9	33.7	41
Other non-current assets	33.9	47.3	71.6	116	79.5	137	316	271	262	247
Total assets	18,756	18,975	19,110	17,311	16,989	17,121	16,928	16,894	17,285	17,480
Accounts payable	457	509	463	404	434	402	480	515	547	696
Accrued liabilities	707	616	659	695	686	660	693	753	800	793
Short-term debt	160	178	1,929	131	169	179	231	123	271	109
Total current liabilities	2,711	3,068	4,891	2,372	2,476	2,399	2,620	2,642	2,973	3,142
Long-term debt	8,945	9,158	8,173	7,978	7,917	8,729	8,693	8,268	9,176	10,164
Lease liabilities			0	2,724	2,739	2,673	2,503	2,330	2,210	2,176
Other non-current liabilities	317	365	451	161	150	119	105	183	170	83.5
Total liabilities	12,933	13,077	14,077	13,812	14,092	14,751	14,703	14,150	15,194	16,322
Total debt	9,105	9,336	10,102	8,108	8,086	8,908	8,924	8,392	9,447	10,273
Paid-in capital	1,027	1,043	995	749	597	540	607	510	286	0
Retained earnings	3,710	3,634	2,743	1,432	853	354	174	598	1,535	-328
Treasury stock	0	0	0	0	0	0		0	-1,389	-200
Other comprehensive income	-89.6	13.2	-34.9	-47.5	-66.2	-139	-69.2	-52.1	-311	-123
Shareholders' equity	4,648	4,690	3,703	2,133	1,384	756	712	1,056	121	-651
Minority interests	202	196	205	186	183	181	164	188	275	277
Total equity	4,850	4,886	3,908	2,319	1,567	936	876	1,244	396	-374
Total liabilities and equity	18,756	18,975	19,110	17,311	16,989	17,121	16,928	16,894	17,285	17,480
Shares outstanding	195	182	166	126	110	97.3	90.4	88.8	80.5	68.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,033	831	333	1,021	995	1,212	782	957	1,251	1,079
Depreciation and amortization	495	544	575	601	617	668	721	736	716	708
Stock-based compensation	38.3	35.1	73.1	67.9	91.5	102	95.4	112	103	140
Deferred income tax	52	-395	274	41.7	241	60.5	-75.7	-39.4	-57.8	86.6
Change in receivables	-152	-156	-81.2	-80	-21.1	-138	-148	172	-29.8	-211
Change in inventory	22.9	-18.6	73.5	10.2	-12.3	5.72	-0.76	-32.1	17.9	-20
Change in payables	11.9	26.9	-36	-84.5	37.2	-30.3	87.5	26.9	1.7	128
Cash from operations	1,972	1,913	1,772	2,072	1,979	1,931	1,565	2,059	2,022	1,887
Capital expenditures	-829	-905	-987	-767	-675	-641	-603	-568	-555	-576
Acquisitions	-564	-804	-183	-101	-182	-187	-57.3	-26.4	-246	-117
Cash from investing	-1,202	-1,365	-1,006	2,995	-825	-785	-630	-772	-771	-655
Debt issued	51,991	50,992	59,935	38,526	4,047	1,615	2,393	2,468	6,624	5,612
Stock issued	0	0	0	0	0	0	0	0	0	0
Share buybacks	-1,098	-803	-1,162	-2,384	-1,458	-1,539	-802	-272	-1,386	-1,308
Dividends paid			0	0	0	0	0	0	0	0
Cash from financing	-1,352	-766	-625	-4,696	-1,847	-1,083	-1,121	-1,170	-817	-1,375
Exchange rate effect	4.28	0.25
Net change in cash	-577	-218	137	369	-707	53.2	-216	126	415	-122
Free cash flow	1,143	1,008	785	1,306	1,304	1,289	961	1,491	1,467	1,311
Interest paid	407	425	489	473	326	279	351	388	423	515
Income taxes paid	339	387	92.5	158	155	210	344	268	388	177

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $178.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	15.2%	Operating income / revenue.
EBITDA margin	20.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.5%	Pre-tax income / revenue.
Net margin	6.0%	Net income / revenue.
FCF margin	11.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.7%	Cash from operations / revenue.
Effective tax rate	20.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	18.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.2%	Capital expenditures / revenue.
D&A / revenue	5.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-2.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-20.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-0.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-8.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-6.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-10.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-637.5%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-13.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-7.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-9.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.47x	Current assets / current liabilities.
Quick ratio	1.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / assets	60.9%	Total debt / total assets.
Liabilities / assets	93.9%	Total liabilities / total assets.
Net debt	$10.09B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.58x	Operating income / interest expense.
Working capital	$1.33B	Current assets - current liabilities.
Goodwill and intangibles / assets	44.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$8.58B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.79x	Revenue / average total assets.
Fixed asset turnover	5.10x	Revenue / average property, plant and equipment.
Receivables turnover	5.68x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
FCF conversion	190.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	26.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.82	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$211.97	Revenue / diluted weighted shares.
FCF per share	$24.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$33.18	Cash from operations / diluted weighted shares.
Book value per share	-$11.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$134.23	Tangible book value / shares outstanding.
Cash per share	$10.77	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	55.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.39B	Share price x shares outstanding.
Enterprise value	$21.48B	Market cap + total debt - cash - short-term investments.
P/E	13.4x	Market cap / net income. Only when net income is positive.
P/S	0.81x	Market cap / revenue.
P/FCF	7.07x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.19x	Market cap / cash from operations, when positive.
EV/Sales	1.53x	Enterprise value / revenue.
EV/EBIT	10.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.57x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.1%	Free cash flow / market cap.
Earnings yield	7.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	7.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.71x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DAVITA INC.'s revenue in fiscal 2025?

DAVITA INC. reported revenue of $13.64B for fiscal 2025, 6.5% higher than the year before.

Was DAVITA INC. profitable in fiscal 2025?

Yes. Net income was $746.8M, a net margin of 5.5%.

How much free cash flow did DAVITA INC. generate in fiscal 2025?

Cash from operations of $1.89B minus capital expenditures of $575.9M left free cash flow of $1.31B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to DAVITA INC.