One of the world's largest kidney-care providers, DaVita runs thousands of dialysis centers across the US and in over a dozen other countries, treating patients with failing kidneys. Born in 1994 as Total Renal Care, it was renamed DaVita in 2000 after near-collapse; the name comes from an Italian phrase meaning "to give life." Its employees call themselves "teammates" and the company "the Village," a culture built during a celebrated turnaround.
DaVita Q2 2026 EPS rose 55.8% to $4.02 as IKC swung to a $40M profit
returned to profit, swinging to $40M from a loss a quarter earlier. rose 5.2% to $3,554.1M and rose 55.8% to $4.02 as U.S. dialysis volume grew and per-treatment costs fell. The quarter reverses the pharma-cost drag of 2025, but sits at $10.7B.
Key takeaways
swung to a $40M from a $19M loss in Q1 2026, primarily from a net increase in , lifting consolidated operating income 20.1% sequentially to $579M.
U.S. dialysis increased 6.3% sequentially to $538M as treatments rose 2.8% and patient care cost per treatment fell 1.0% to $277.40 on seasonal payroll tax declines and lower pharmaceutical costs.
Consolidated rose 4.0% sequentially and 5.2% to $3,554.1M, with ancillary services revenue up 11.8% and U.S. dialysis revenue up 2.4%.
Section summaries
Management's Discussion and Analysis
DaVita Q2 2026 consolidated operating income rose 20.1% sequentially to $579M, driven by U.S. dialysis volume growth and a swing to profitability in IKC.
⌄
Consolidated revenues grew 4.0% sequentially to $3.554B, with up 2.4% on higher treatment volumes and revenue up 11.8%.
rose 55.8% to $4.02 and rose 33.1% to $265.4M; widened 0.4 points to 16.3%.
for H1 2026 reached $396M versus $112M a year earlier, helped by higher operating results and the prior year's cyber incident disruption clearing.
The company repurchased 5.2M shares for $761M in H1 2026 and had $1.435B available on its at June 30, 2026.
What changed
Q1 2026 flagged patient care costs after they reached $280.11; Q2 fell 1.0% sequentially to $277.40 on seasonal payroll tax and pharma cost declines.
dropped $74M in Q1 ancillary ; Q2 IKC swung to $40M profit on a net increase in shared savings.
Q1 2026 was $218.8M; H1 2026 totaled $396M, confirming post-incident recovery against the $112M year-ago H1.
rose to $10.5B in Q1 2026 and to $10.7B in Q2, up 5.8% , with $761M of buybacks in H1.
FY 2025 carried $25M in cyber charges and negative of -$373.7M; Q2 2026 equity was -$482.0M with no new cyber charges disclosed.
What to watch
U.S. dialysis patient care cost per treatment next quarter after Q2 fell to $277.40 to see if compensation and insurance costs resume climbing.
operating results after the $40M Q2 profit to see if hold.
Q3 2026 after H1 reached $396M to confirm recovery sustains.
and liquidity after it rose to $10.7B with $761M H1 buybacks and $1.435B available.
increased 6.3% sequentially to $538M, as a 2.8% rise in treatments and lower per-treatment offset a slight decline in per treatment.
patient care cost per treatment fell 1.0% sequentially to $277.40, driven by seasonal payroll tax declines, improved productivity, and lower pharmaceutical costs.
swung to a $40M from a $19M loss in Q1 2026, primarily due to a net increase in .
for the first half of 2026 surged to $396M from $112M a year ago, benefiting from higher operating results and favorable versus the prior year's cyber incident disruption.
The company repurchased 5.2M shares for $761M in H1 2026 and had $1.435B available on its as of June 30, 2026.
Quantitative and Qualitative Disclosures About Market Risk
Interest rate and foreign currency sensitivity There has been no material change in the nature of the Company's interest rate risks or foreign currency exchange risks from those described in Part II Item 7A, "Quantitative and Qualitative Disclosures about Market Risk" of our Ann…
⌄
Interest rate and foreign currency sensitivity
There has been no material change in the nature of the Company's interest rate risks or foreign currency exchange risks from those described in Part II Item 7A, "Quantitative and Qualitative Disclosures about Market Risk" of our Annual Report on Form 10-K for the year ended December 31, 2025.
The information required by this Part II, Item 1 is incorporated herein by reference to the information set forth under the caption "Commitments and contingencies" in Note 7 to the condensed consolidated financial statements included in this report.
⌄
The information required by this Part II, Item 1 is incorporated herein by reference to the information set forth under the caption "Commitments and contingencies" in Note 7 to the condensed consolidated financial statements included in this report.
There have been no material changes to the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K (2025 10-K) for the year ended December 31, 2025 filed with Securities and Exchange Commission. You should carefully consider the risks included in o…
⌄
There have been no material changes to the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K (2025 10-K) for the year ended December 31, 2025 filed with Securities and Exchange Commission. You should carefully consider the risks included in our 2025 10-K, together with all the other information in this Quarterly Report on Form 10-Q, including the forward-looking statements in Part I, Item 2 of this Quarterly Report on Form 10-Q under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations."