DaVita Inc.

What the company is

• A leading kidney care provider focused on improving quality of life for patients through comprehensive care delivery worldwide.
• Core focus areas: U.S. dialysis services (outpatient, hospital inpatient, and home-based), integrated kidney care (IKC), and international dialysis operations plus related ancillary services.

Scale and footprint (as of December 31, 2025)

• U.S. dialysis centers
  • 2,657 outpatient dialysis centers in 46 states plus the District of Columbia.
  • 2,605 centers consolidated in the financial statements.
  • 52 nonconsolidated centers (49 with noncontrolling interests; 3 centers for which the company provides management/administrative services to third-party ownership).
• International operations
  • 585 outpatient dialysis centers in 14 countries outside the U.S.
  • Serving approximately 94,500 international patients.
• Integrated Kidney Care (IKC) and U.S. ancillary services
  • IKC patients in the U.S.: 66,000 patients in risk-based integrated care arrangements plus 9,400 patients in other integrated care arrangements (total IKC patients in the U.S. = 75,400).
  • U.S. ancillary services include clinical research (DaVita Clinical Research), transplant software (MedSleuth), and the venture group (DaVita Venture Group).
• Joint ventures and physicians
  • Joint ventures with controlling interests accounted for approximately 30% of U.S. dialysis revenues for the year ended December 31, 2025.
  • Nearly 5,200 nephrologists refer patients to DaVita’s outpatient dialysis centers.
  • Over 900 individual physicians and physician groups contracted to provide medical director services for dialysis centers.
• Overall patient reach
  • U.S. dialysis patients served: approximately 200,500 (as of December 31, 2025).
  • International patients: approximately 94,500 (as noted above).

Services and care model

• Outpatient hemodialysis: Primary modality, with centers staffed by nurses, patient care technicians, social workers, dietitians, biomedical technicians, and administrators.
• Hospital inpatient hemodialysis: Arranged on a per-treatment basis with hospitals.
• Home-based dialysis: Includes home hemodialysis (HHD) and peritoneal dialysis (CAPD/CCPD), with patient training and ongoing support.
• Peritoneal dialysis: CAPD and CCPD options for home patients.
• Kidney transplantation: Transplant-related services and coordination, with recognition of donor limitations and immunosuppressive therapy considerations.
• Integrated Kidney Care (IKC): Care management for CKD/ESKD patients under risk-based and other arrangements, participating in value-based contracts and CKCC-type models.
• Ancillary services: Clinical research (DCR), transplant software (MedSleuth), and venture investments (DVG).

Revenue and payor mix (year ended December 31, 2025)

• U.S. dialysis revenues: Approximately 86% of DaVita’s consolidated revenues.
• Payor mix for U.S. dialysis patient service revenues:
  • Medicare and Medicare Advantage plans: 57%
  • Medicaid and managed Medicaid plans: 7%
  • Other government-based programs: 3%
  • Total government-based programs: 68%
  • Commercial (including hospital dialysis services): 32%
• Medicare ESRD payment framework elements:
  • ESRD Prospective Payment System (PPS) bundled payments.
  • Quality Incentive Program (QIP) adjustments.
  • Transitional Drug Add-on Payment Adjustment (TDAPA) for certain newly bundled drugs.
  • A potential 2% rate reduction related to sequester/house-keeping measures.

Regulatory and program context

• The Medicare ESRD program is the primary reimbursement framework for dialysis services; bundled payments cover dialysis-related services and many related pharmaceuticals.
• Medicare Advantage plans reimburse at negotiated rates, which are often higher than traditional Medicare.
• IKC and CKCC-style models reflect the broader shift toward risk-based, value-based care for late-stage CKD and ESKD.

Discontinued operations

• DaVita Medical Group (DMG) was sold to Optum (a subsidiary of UnitedHealth Group) on June 19, 2019.
• DMG results are reported as discontinued operations for all periods in the consolidated statements.

Summary

DaVita operates a large, multi-faceted kidney care business centered on U.S. dialysis services, supported by integrated kidney care programs, international dialysis operations, and ancillary services. The company maintains a substantial physician network and joint-venture presence, with a payer mix dominated by government programs and a significant portion of revenue from commercial payors.