[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","l1ul7g34oa2cmld6esi1920ww","revision",6,"title","达维塔公司2026年第三季度财报发布","originalTitle","DAVITA INC. (0000927066) (Filer)","summary","达维塔公司发布2026年第三季度财报，营收35.78亿美元，同比增长0.7%；运营收入4.99亿美元，同比下降13.8%。公司披露商誉减值损失6200万美元，面临多项法律和监管调查，并提及未来运营风险。","reason","DaVita Inc. 2026年第三季度财报显示营收增长，但运营收入下降，同时面临商誉减值和法律风险。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-29T21:03:13.000Z","discoveredAt","2026-10-29T22:26:45.191Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",74,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","feQHZLvwZTPY",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","416c620b-9fa7-4b0f-a18c-6be7cfa08bec","达维塔公司发布2026年第三季度财报",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q


☒	根据《1934 年证券交易法》第 13 条或第 15(d) 条的季度报告

截至 2026 年 9 月 30 日的季度

或


☐	根据《1934 年证券交易法》第 13 条或第 15(d) 条的过渡报告

从 ___________ 至 ___________ 的过渡期

委员会文件编号：1-14106

$\"logoa33.jpg\"$

DAVITA 公司


特拉华州		51-0354549
(注册成立州)		(I.R.S. 雇主识别号码)


2000 16th Street
丹佛,	科罗拉多州	80202

电话号码 (720) 631-2100

根据《法案》第 12(b) 条注册的证券：

每类证券的名称：

交易代码：

每种证券的注册交易所名称：

普通股，面值 0.001 美元

DVA

纽约证券交易所

通过复选框表明注册人（1）是否已提交根据《1934 年证券交易法》第 13 条或第 15(d) 条在前 12 个月内（或注册人需要提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去 90 天内受到此类提交要求的约束。是 ☒ 否 ☐

通过复选框表明注册人是否在前 12 个月内（或注册人需要提交此类文件的较短期间）根据 S-T 规则 405（本章第 232.405 条）提交了所有要求提交的交互式数据文件。是 ☒ 否 ☐

通过复选框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小的报告公司，还是新兴成长公司。请参见《交易法》第 12b-2 条中对“大型加速提交者”、“加速提交者”、“较小的报告公司”和“新兴成长公司”的定义。


大型加速提交者	☒	加速提交者	☐

非加速提交者	☐	较小的报告公司	☐

新兴成长公司	☐

如果是一家新兴成长公司，请通过复选框表明注册人是否选择不使用《交易法》第 13(a) 条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过复选框表明注册人是否为壳公司（根据《交易法》第 12b-2 条的定义）是 ☐ 否 ☒

截至 2026 年 10 月 27 日，注册人普通股的流通股数量约为 6290 万股。

DAVITA 公司

索引

页码 No.

第一部分。财务信息

项目 1。

合并财务报表（摘要）：

截至 2026 年 9 月 30 日及 2025 年 9 月 30 日的三个月和九个月合并损益表

截至 2025 年 9 月 30 日

2026年9月30日及2025年9月30日止三个月及九个月的综合全面收益表

2026年9月30日及2025年12月31日的综合资产负债表

2026年9月30日及2025年9月30日止九个月的综合现金流量表

2026年9月30日及

2025年9月30日止三个月及九个月的综合权益变动表

项目 2。

项目 3。

项目 4。

第二部分。其他信息

项目 1。

项目 1A。

项目 2。

项目 3。

项目 4。

项目 5。

项目 6。

DAVITA 公司

综合损益表

(未经审计)

(金额和股份数以千为单位，每股数据除外)


	截至2026年9月30日的三个月		截至2026年9月30日的九个月
	2026		2025		2026		2025
透析患者服务收入	$	3,408,266			$	3,298,090		$	10,047,440	$	9,607,954
其他收入	169,860			122,137			500,318		415,328
总收入	3,578,126			3,420,227			10,547,758		10,023,282
运营费用：
患者护理成本	2,451,047			2,332,759			7,185,305		6,833,959
一般及行政费用	408,697			414,373			1,254,069		1,201,268
折旧和摊销	165,188			177,490			510,825		528,645
股权投资净收益	(8,237)			(10,162)			(24,765)		(23,135)

商誉及其他资产减值费用	62,176			—			62,176		—
总运营费用	3,078,871			2,914,460			8,987,610		8,540,737
运营收入	499,255			505,767			1,560,148		1,482,545
债务费用	(150,016)			(150,557)			(445,403)		(431,674)
债务清偿和修改费用	—			(5,150)			(2,035)		(5,150)
其他净收入（损失）	9,468			(41,257)			22,241		(81,657)
税前收入	358,707			308,803			1,134,951		964,064
所得税费用	89,318			68,554			247,304		216,379


净收入	269,389			240,249			887,647		747,685
减：归属于非控制性权益的净收入	(46,458)			(89,917)			(201,789)		(235,099)
归属于DAVITA公司的净收入	$	222,931			$	150,332		$	685,858	$	512,586

归属于DAVITA公司的每股收益：

基本净收入	$	3.49			$	2.09		$	10.50	$	6.77

稀释净收入	$	3.40			$	2.04		$	10.27	$	6.62

每股收益的加权平均股份数：
基本股份数	63,835			72,075			65,322		75,768
稀释股份数	65,504			73,769			66,811		77,442

参见简要综合财务报表附注.

DAVITA 公司

综合全面收益表

(未经审计)

(金额以千为单位)


	截至2026年9月30日的三个月		截至2026年9月30日的九个月
	2026		2025		2026		2025
净收入	$	269,389			$	240,249		$	887,647	$	747,685
其他全面收益（损失），税后：
利率上限协议的未实现收益（损失）：
未实现收益（损失）	26,777			(4,418)			34,729		(19,358)
将净已实现损失重新分类至净收入	2,877			1,427			8,632		4,468
外币折算的未实现（损失）收益	(564)			24,669			49,961		209,526
其他综合收益	29,090			21,678			93,322		194,636
综合收益总额	298,479			261,927			980,969		942,321
减：归属于非控制性权益的综合收益	(46,458)			(89,917)			(201,789)		(235,099)
归属于达维塔公司的综合收益	$	252,021			$	172,010		$	779,180	$	707,222

参见简要合并财务报表附注。

达维塔公司

合并资产负债表

（未经审计）

（金额和股份数以千为单位，每股数据除外）


	2026年9月30日		2025年12月31日
资产
现金及现金等价物	$	495,629			$	676,438
受限现金及等价物	83,631			81,309
短期投资	70,673			24,303
应收账款	2,509,014			2,414,690
存货	161,464			160,627
合同资产和其他应收款	565,459			494,414
预付及其他流动资产	141,147			156,285
应交税款	47,807			49,937
流动资产合计	4,074,824			4,058,003
净有形资产，累计折旧分别为6,985,414和6,602,134	2,731,171			2,812,966
经营租赁使用权资产	2,434,212			2,397,179
无形资产，累计摊销分别为39,378和37,751	221,070			222,125
权益法及其他投资	404,305			157,249
长期投资	38,382			40,966
其他长期资产	364,506			246,520
商誉	7,548,042			7,545,095
	$	17,816,512			$	17,480,103
负债及权益
应付账款	$	662,199			$	696,148
其他负债	848,178			893,024
应计薪酬和福利	747,911			793,478
经营租赁负债的当期部分	438,132			425,484
长期债务的当期部分	112,491			109,201
应交税款	23,143			24,359
应付关联方	54,714			199,940
流动负债合计	2,886,768			3,141,634
长期经营租赁负债	2,185,179			2,175,658
长期债务	10,656,624			10,163,988
其他长期负债	100,431			83,516
递延所得税负债	861,693			756,869
总负债	16,690,695			16,321,665
承诺和或有事项
受出售条款约束的非控制性权益	1,484,283			1,532,166
权益：
优先股（面值0.001美元，授权5,000股；未发行）	—			—
普通股（面值0.001美元，授权450,000股；截至2026年9月30日已发行69,237股及流通63,400股，截至2025年12月31日已发行68,549股及流通）	69			69
额外实收资本	53,979			—
累计收益（亏损）	301,565			(328,428)
库藏股（分别为5,837股和零股）	(917,239)			(199,940)
累计其他综合损失	(29,461)			(122,783)
达维塔公司股东权益赤字总额	(591,087)			(651,082)
不受出售条款约束的非控制性权益	232,621			277,354
权益赤字总额	(358,466)			(373,728)
	$	17,816,512			$	17,480,103

参见简要合并财务报表附注。

达维塔公司

合并现金流量表

（未经审计）

（金额以千为单位）


	截至2026年9月30日的九个月
	2026		2025
经营活动产生的现金流量：
净利润	$	887,647			$	747,685
调整项目以将净利润调节为经营活动产生的净现金：
折旧和摊销	510,825			528,645
商誉及其他资产减值费用	62,176			—
债务注销损失	—			4,253
基于股票的薪酬费用	83,378			101,559
递延所得税	91,207			68,989
权益投资损失，净额	887			91,532

其他非现金损失，净额	14,668			11,522
经营性资产和负债变动，扣除收购和出售的影响：
应收账款	(67,585)			(144,688)
存货	1,103			913
其他流动资产	(50,210)			(153,428)
其他长期资产	(47,733)			(21)
应付账款	(47,803)			97,879
应计薪酬和福利	(64,671)			19,279
其他流动负债	(50,713)			16,462
所得税	453			(30,635)
其他长期负债	6,101			(14,172)
经营活动产生的净现金	1,329,730			1,345,774
投资活动产生的现金流量：
固定资产增加	(431,323)			(430,434)
收购	(41,693)			(118,337)
资产和业务出售所得	16,297			32,337
购买持有至到期的债务投资	(66,788)			(15,842)
购买其他债务和权益投资	(29,832)			(3,352)
持有至到期债务投资的所得	17,020			38,051
其他债务和权益投资出售所得	4,382			6,706

购买权益法投资	(221,839)			(2,466)
权益法投资的分红	329			1,514

投资活动使用的净现金	(753,447)			(491,823)
融资活动产生的现金流量：
借款	3,511,331			4,672,170
长期债务还款	(3,021,008)			(3,880,721)
递延和债务相关融资费用	(10,602)			(26,416)
从关联方购买库藏股票	(419,318)			(430,286)
其他库藏股票购买	(450,862)			(1,033,887)
向非控股权益的分配	(243,786)			(232,721)
员工股票计划下普通股发行的净所得	14,509			17,583

支付股权奖励净股结算的税款	(68,968)			(33,764)
非控股权益的投入	4,636			3,999
出售额外非控股权益所得	—			169
购买非控股权益	(70,593)			(16,385)
融资活动使用的净现金	(754,661)			(960,259)
汇率变动对现金、现金等价物和受限现金的影响	(109)			21,897
现金、现金等价物和受限现金的净减少额	(178,487)			(84,411)
年初现金、现金等价物和受限现金	757,747			879,825
期末现金、现金等价物和受限现金	$	579,260			$	795,414

参见简要合并财务报表的附注。

DAVITA INC.

合并所有者权益表

（未经审计）

（金额和股份数以千为单位）


	截至2026年9月30日的三个月
	受卖出权条款约束的非控股权益		DaVita Inc.股东权益赤字		不受卖出权条款约束的非控股权益

		普通股		额外支付的资本		累计收益（赤字）		库藏股票		累计其他综合损失
		股份数		金额				股份数		金额			总计
2026年6月30日余额	$	1,561,416			69,198			$	69			$	—			$	81,233			(5,243)		$	(787,847)	$	(58,551)	$	(765,096)	$	283,118
综合收益：
净利润	53,849									222,931									222,931		(7,391)

其他综合收益															29,090			29,090

股票奖励计划			39			—			(5,064)											(5,064)
以股票结算的股权激励费用							28,327											28,327
非控股权益变动来源：
分配	(62,146)																			(31,748)
投入	380																			17
收购和出售																			(850)
部分购买	(40,054)									(2,599)									(2,599)		(8,882)
公允价值重新计量	(30,805)							30,805											30,805
购买库藏股票											(594)			(111,191)					(111,191)
股份购买义务变动													(18,201)					(18,201)
其他	1,643							(89)											(89)		(1,643)


2026年9月30日余额	$	1,484,283			69,237			$	69			$	53,979			$	301,565			(5,837)		$	(917,239)	$	(29,461)	$	(591,087)	$	232,621


	截至2026年9月30日的九个月
受卖出权条款约束的非控股权益		DaVita Inc.股东权益赤字		非控股权益不受卖出权条款约束

	普通股		额外实收资本		累计（亏损）收益		库藏股		累计其他综合损失		总计
	股数		金额				股数		金额
2025年12月31日余额	$	1,532,166			68,549			$	69			$	—			$	(328,428)			—			$	(199,940)	$	(122,783)	$	(651,082)	$	277,354
综合收益：
净收益	157,619									685,858									685,858			44,170

其他综合收益															93,322			93,322

股票奖励计划			688			—			(32,956)			(35,921)									(68,877)
以股票结算的股票薪酬费用							78,384											78,384
非控股权益变动来源：
分配	(161,872)																			(81,914)
出资	2,885																			1,751
收购和出售																			1,785
部分购买	(53,212)							348			(6,598)									(6,250)			(8,882)
公允价值重新计量	5,054							8,292			(13,346)									(5,054)
购买库藏股											(5,837)			(862,525)					(862,525)
股份购买义务变动													145,226					145,226
其他	1,643							(89)											(89)			(1,643)

2026年9月30日余额	$	1,484,283			69,237			$	69			$	53,979			$	301,565			(5,837)			$	(917,239)	$	(29,461)	$	(591,087)	$	232,621

DAVITA INC.

合并所有者权益表——（续）

（未经审计）

（千美元和千股）


	截至2025年9月30日的三个月
	受卖出权条款约束的非控股权益		达维塔公司股东权益赤字		不受卖出权条款约束的非控股权益

		普通股		额外实收资本		留存收益		库藏股		累计其他综合损失
		股数		金额				股数		金额			总计
2025年6月30日余额	$	1,660,990			90,777			$	91			$	356,884			$	1,896,884			(16,560)		$	(2,485,654)	$	(137,838)	$	(369,633)	$	261,666
综合收益：
净收益	57,407									150,332									150,332		32,510
其他综合收益															21,678			21,678

股票奖励计划			34			—			(3,288)											(3,288)
以股票结算的股票薪酬费用							38,721											38,721
非控股权益变动来源：
分配	(54,367)																			(27,267)
出资	688																			733

部分购买	(7,586)							(2,710)											(2,710)
公允价值重新计量	(12,178)							12,178											12,178
购买库藏股											(3,274)			(465,141)					(465,141)
股份购买义务变动													45,989					45,989

2025年9月30日余额	$	1,644,954			90,811			$	91			$	401,785			$	2,047,216			(19,834)		$	(2,904,806)	$	(116,160)	$	(571,874)	$	267,642


	截至2025年9月30日的九个月
受卖出权条款约束的非控股权益		达维塔公司股东权益（赤字）		不受卖出权条款约束的非控股权益

	普通股		额外实收资本		留存收益		库藏股		累计其他综合损失		总计
	股数		金额				股数		金额
2024年12月31日余额	$	1,695,483			90,369			$	90			$	286,270			$	1,534,630			(9,833)		$	(1,389,072)	$	(310,796)	$	121,122	$	274,746
综合收益：
净收益	157,031									512,586									512,586		78,068
其他综合收益															194,636			194,636

股票奖励计划			442			1			(33,765)											(33,764)
以股票结算的股票薪酬费用							100,575											100,575
非控股权益变动来源：
分配	(150,954)																			(81,767)
出资	3,048																			951
收购和出售	4,545							(15)											(15)		(4,356)
部分购买	(13,451)							(2,028)											(2,028)
公允价值重新计量	(50,748)							50,748											50,748
购买库藏股											(10,001)			(1,461,387)					(1,461,387)
股份购买义务变动													(54,347)					(54,347)

2025年9月30日余额	$	1,644,954			90,811			$	91			$	401,785			$	2,047,216			(19,834)		$	(2,904,806)	$	(116,160)	$	(571,874)	$	267,642

参见简要合并财务报表附注。

DAVITA INC.

合并中期财务报表的备注

(未经审计)

(金额和股份以千为单位，除非另有说明)

除非在本季度10-Q报告中另有说明，\"公司\"、\"我们\"、\"我们\"和类似的术语指的是DaVita Inc.及其合并的子公司。

1. 合并中期财务报表

本报告中包含的未经审计的合并中期财务报表由公司编制。根据管理层的意见，所有为公允列示经营成果所必需的调整均已反映在这些合并中期财务报表中。所有重大的内部账户和交易均已抵销。编制这些财务报表需要管理层做出估计和假设，这些估计和假设会影响所报告的收入、费用、资产、负债、或有事项和受置权条款约束的非控权益的金额。这些财务报表和附注中所依据的最重要的估计和假设通常涉及收入确认和应收账款、某些公允价值估计、所得税会计和损失或有事项。这些中期财务报表中反映的经营成果可能不一定代表年度经营结果。应结合公司截至2025年12月31日的年度报告10-K（2025年10-K）中包含的经审计的合并财务报表和相关附注阅读这些合并中期财务报表。前期的分类符合本期的披露。

2. 收入确认

以下表格总结了公司按主要付款人来源划分的部门收入：


	截至2026年9月30日的三个月		截至2025年9月30日的三个月
	美国透析		其他——辅助服务		合并		美国透析		其他——辅助服务		合并
透析患者服务收入：
医疗保险和医疗保险优势	$	1,756,098			$		$	1,756,098			$	1,715,224			$		$	1,715,224
医疗补助和管理医疗补助	228,173					228,173			214,658					214,658
其他政府	89,887			252,760			342,647			86,996			237,627			324,623
商业	969,474			133,882			1,103,356			956,887			98,630			1,055,517
其他收入：
医疗保险和医疗保险优势			137,027			137,027					85,877			85,877

商业			4,265			4,265					3,762			3,762
其他(1)	6,846			23,832			30,678			6,275			28,994			35,269
内部收入抵销	(22,008)			(2,110)			(24,118)			(11,932)			(2,771)			(14,703)
总计	$	3,028,470			$	549,656			$	3,578,126			$	2,968,108			$	452,119	$	3,420,227

DAVITA INC.

合并中期财务报表的备注—(继续)

(未经审计)

(金额和股份以千为单位，除非另有说明)


	截至2026年9月30日的九个月		截至2025年9月30日的九个月
	美国透析		其他——辅助服务		合并		美国透析		其他——辅助服务		合并
透析患者服务收入：
医疗保险和医疗保险优势	$	5,180,801			$		$	5,180,801			$	4,983,850			$		$	4,983,850
医疗补助和管理医疗补助	667,947					667,947			638,865					638,865
其他政府	271,675			737,316			1,008,991			246,846			672,928			919,774
商业	2,863,944			379,598			3,243,542			2,828,790			277,057			3,105,847
其他收入：
医疗保险和医疗保险优势			397,776			397,776					324,981			324,981
医疗补助和管理医疗补助			—			—					2			2
商业			14,153			14,153					14,786			14,786
其他(1)	19,636			77,238			96,874			18,248			65,647			83,895
段间收入的消除	(53,841)			(8,485)			(62,326)			(40,382)			(8,336)			(48,718)
总计	$	8,950,162			$	1,597,596			$	10,547,758			$	8,676,217			$	1,347,065	$	10,023,282

(1) 主要由公司美国透析业务中的管理服务费以及其它辅助服务业务中的研究费、管理费和其他非患者服务收入组成。

估计收入存在重大不确定性，其中许多需要数年时间才能解决。这些估计受持续的保险覆盖变化、地理覆盖差异、合同覆盖的不同解释和其他付款人问题以及患者问题的影响，包括确定适用的主要和次要保险、患者保险覆盖的变化以及福利协调。随着这些估计随时间的推移而完善，会在当期确认正负调整。

对公司综合肾脏护理（IKC）基于风险的安排的收入进行衡量很复杂，对许多关键输入因素非常敏感，并且需要对多个因素进行有意义的估计，包括但不限于成员对齐数据、第三方医疗索赔费用、各种质量指标的结果以及最终风险调整因子评分。这些因素的信息和其他测量限制可能会在公司履行义务之后的一段时间内限制基于风险的安排的收入确认。

对于其IKC业务，公司在截至2026年9月30日的九个月和2025年同期，分别确认了之前年度履行义务的收入137,520和103,741。这些金额的确认延迟主要来自于公司与健康计划的价值基础护理合同的测量限制和确认约束，其中许多合同很复杂。公司政府综合肾脏护理合同计划在2025年和2026年计划年度的收入确认也存在某些约束。

客户合同资产。截至2026年9月30日和2025年12月31日，客户合同资产的账面价值（包括在公司合并资产负债表中的合同资产和其他应收款及其他长期资产中）分别为386,724和310,541。

DAVITA INC。

简要合并财务报表的附注—（续）

（未审计）

（金额和股份以千为单位，除非每股数据外）

3. 每股收益

基本每股收益是通过将归属于公司的净利润除以加权平均流通普通股数计算得出。加权平均流通普通股数包括不再受没收限制的限制性股票单位奖励，因为受益人已满足其明确的归属条款或退休资格要求。

稀释每股收益包括根据库存股票法计算的未实现股票增值权和未实现股票单位的稀释影响。

计算基本每股收益和稀释每股收益所使用的分子和分母的调节如下：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025


达维塔公司归属于股东的净收入	$	222,931			$	150,332		$	685,858	$	512,586

加权平均流通股数：
基本股	63,835			72,075			65,322		75,768
从股票计划中假设的增量股	1,669			1,694			1,489		1,674
稀释股	65,504			73,769			66,811		77,442



归属于达维塔公司基本每股净收益	$	3.49			$	2.09		$	10.50	$	6.77



归属于达维塔公司稀释每股净收益	$	3.40			$	2.04		$	10.27	$	6.62

未计入计算的反稀释股票结算奖励(1)	1			98			165		184

(1)由于按照库存股票法它们具有反稀释性，因此与股票计划相关的股份被排除在稀释性分母计算之外。

4. 短期和长期投资

公司短期和长期投资，包括分类为持有至到期的债务工具和具有可确定公允价值或赎回价值的权益投资，如下所示：


	2026年9月30日		2025年12月31日
	债务证券		权益证券		总计		债务证券	权益证券		总计
存款证、债券和其他	$	67,173			$	—		$	67,173		$	24,320		$	—	$	24,320
共同基金投资	—			41,882			41,882		—		40,949		40,949
	$	67,173			$	41,882		$	109,055		$	24,320		$	40,949	$	65,269
短期投资	$	67,173			$	3,500		$	70,673		$	19,903		$	4,400	$	24,303
长期投资	—			38,382			38,382		4,417		36,549		40,966
	$	67,173			$	41,882		$	109,055		$	24,320		$	40,949	$	65,269

达维塔公司

简明合并财务报表附注—（续）

（未经审计）

（金额和股份以千为单位，每股数据除外）

5. 权益法和其他投资

公司对某些其他医疗保健和医疗相关企业的私人证券保持权益法和其他少量投资，如下所示：


	2026年9月30日		2025年12月31日

权益法合伙企业	$	354,789			$	133,486
调整成本法和其他投资	49,516			23,763
	$	404,305			$	157,249

在截至2026年9月30日和2025年9月30日的九个月内，公司从其在非合并透析合伙企业的权益法投资中分别确认了24,765和23,135的权益投资收益。在截至2026年9月30日和2025年9月30日的九个月内，公司还从其他企业的权益法投资中确认了其他收入（损失）净额中的1,345和（95,013）的权益投资收益（损失）。

2026年7月20日生效，公司以现金支付200,000美元（经某些常规交割后调整）收购了Elara Caring的非控制性少数股权，Elara Caring是一家领先的全国性提供熟练家庭医疗、临终关怀、行为健康和个人护理服务的公司。从该投资中确认的权益法收益或损失在一个月的滞后后计入其他收入（损失）净额。

6. 商誉

按报告分部列示的商誉账面价值变动如下：


	美国透析		其他—辅助服务		合并总计
2024年12月31日余额	$	6,517,220			$	857,996		$	7,375,216
收购	10,396			61,288			71,684


外币和其他调整	—			98,195			98,195
2025年12月31日余额	6,527,616			1,017,479			7,545,095
收购	25,903			24,106			50,009

减值费用	—			(57,104)			(57,104)
外币和其他调整	—			10,042			10,042
2026年9月30日余额	$	6,553,519			$	994,523		$	7,548,042

2026年9月30日余额：
商誉	$	6,553,519			$	1,204,478		$	7,757,997
累计减值费用	—			(209,955)			(209,955)
	$	6,553,519			$	994,523		$	7,548,042

合并财务报表附注13中描述的公司所有经营分部，均作为商誉减值评估的单一报告单元。

公司对其报告单元进行年度商誉减值评估，评估时间分布在全年各阶段，包括第三季度。

截至2026年9月30日的三个月内，公司在中国报告单元确认了57,104美元的商誉减值费用，其中31,597美元分配给非控股权益。该减值费用主要源于非肾脏医疗服务领域不利报销率变化及相应的运营发展。中国报告单元的估计公允价值是依据现金流折现预测采用收益法确定的。

DAVITA INC.

合并财务报表附注——（续）

（未审计）

（金额及股数以千计，每股数据除外）

患者人数、运营利润率、报销率或其他不利变化，或预期未来现金流或估值假设的进一步变化，可能导致中国报告单元在未来产生额外的商誉减值费用，截至2026年9月30日，该单元仍面临商誉减值风险：


报告单元	2026年9月30日商誉余额		账面金额覆盖率(1)	敏感性
折现率(2)	运营利润(3)
China	$	42,930		—	%	(9.6)	%	(2.2)	%

(1)报告单元估计公允价值超过其最新评估日账面金额的差额。

(2)折现率在最新评估日增加100个基点对估计公允价值的潜在影响。

(3)运营利润在最新评估日持续、长期减少300个基点对估计公允价值的潜在影响。

截至2026年9月30日的九个月内，公司进行了其他各种年度减值评估，未显示其他减值。除上述描述外，截至2026年9月30日，公司的其他各种报告单元均未被视为面临重大商誉减值风险。

7. 长期债务

长期债务包括以下内容：


							截至2026年9月30日
	2026年9月30日 2026年		2025年12月31日		到期日		利率	估计公允价值(1)
高级担保信贷安排：
定期贷款A-2(2)	$	1,962,500			$	2,000,000		11/24/2030		SOFR + 1.50%		$	1,955,141
定期贷款B-2	2,351,956			1,868,559			5/9/2031	SOFR + 1.75%		$	2,343,136
循环信贷额度(2)	80,000			—			11/24/2030	SOFR + 1.50%		$	80,000
高级票据：
4.625%高级票据	2,750,000			2,750,000			6/1/2030	4.625	%		$	2,564,375
3.75%高级票据	1,500,000			1,500,000			2/15/2031	3.75	%		$	1,327,500
6.875%高级票据	1,000,000			1,000,000			9/1/2032	6.875	%		$	991,250
6.75%高级票据	1,000,000			1,000,000			7/15/2033	6.75	%		$	980,000
收购义务及其他应付票据(3)	36,176			40,904			2026-2038	5.16	%		$	36,176
融资租赁义务(4)	151,611			185,120			2027-2039	4.26	%
债务本金总额	10,832,243			10,344,583
折价、溢价及递延融资成本	(63,128)			(71,394)
	10,769,115			10,273,189
剩余部分	(112,491)			(109,201)
	$	10,656,624			$	10,163,988

(1)关于公司公允价值估值的讨论，请参阅附注 12。

(2)未偿付的 A-2 定期贷款和循环信贷余额将于 2030 年 11 月 24 日到期，除非 4.625% 2030 年到期的优先票据（4.625% Senior Notes）在到期日前的 91 天内仍未偿付，在这种情况下，未偿付的 A-2 定期贷款和循环信贷余额将于该 91 天日期（2030 年 3 月 2 日）到期。

(3)列示的收购义务和其他应付票据的利率是其加权平均利率，基于截至 2026 年 9 月 30 日生效的当前固定利率和浮动利率组成部分计算得出。

(4)融资租赁义务以其初始确认时的近似现值计量。列示的利率是嵌入在未偿付融资租赁中的加权平均折现率。

DAVITA INC.

简明合并财务报表附注——（续）

(未审计)

(金额和股数以千计，每股数据除外)

2026 年 9 月 30 日长期债务的预定到期日如下：


2026 年（剩余年份）	$	31,412
2027	$	112,997
2028	$	160,357
2029	$	146,939
2030	$	4,570,280
2031	$	3,765,117
此后	$	2,045,141

2026 年 6 月 8 日（第九修正案生效日），公司与信贷协议签订了第九修正案（第九修正案）。第九修正案修改了信贷协议，以在其 B-2 定期贷款上增加 500,000 美元的额外本金金额。公司使用该交易的净收益偿还其循环信贷余额及相关应计利息和费用的一部分。B-2 定期贷款要求从 2026 年 6 月 30 日开始按季度支付本金，金额为第九修正案生效日未偿付的 B-2 定期贷款本金总额的 0.25%，余额将于 2031 年 5 月 9 日到期。由于第九修正案，公司在 2026 年第二季度确认了 2,035 美元的债务清偿和修改成本，其中包括为此交易产生的费用。

2026 年前九个月，公司在高级担保信贷安排下进行了定期本金支付，总额为 37,500 美元用于 A-2 定期贷款，16,603 美元用于 B-2 定期贷款。

截至 2026 年 9 月 30 日，公司利率上限协议的有效部分（详见下表）对等金额的公司浮动利率债务（包括所有 B-2 定期贷款和部分 A-2 定期贷款）具有限制公司对 SOFR 浮动利率变化最大敞口的经济效应。A-2 定期贷款剩余的 814,456 美元未偿付本金余额和循环信贷的 80,000 美元余额受基于 SOFR 的利率波动影响。公司的利率上限协议指定为现金流量套期，因此，其公允价值的变化在其他综合收益中列报。上限协议的原始溢价在各自协议期限内的有效日期起按直线法摊销至债务费用。这些上限协议不包含信用风险 contingent features。

下表总结了截至2026年9月30日公司未偿利率上限协议：


执行年份上限协议	名义本金金额		SOFR 最高利率		约生效日期		到期日		名义本金金额有效至12月31日
				2026		2027		2028		2029		2030
2023	$	500,000			4.50%		6/30/2024		12/31/2026		$	500,000
2023	$	750,000			4.00%		12/31/2024		12/31/2026		$	500,000
2024	$	1,750,000			4.50%(1)		12/31/2025		12/31/2027		$	1,750,000			$	1,000,000
2024	$	750,000			4.00%(2)		12/31/2025		12/31/2027		$	750,000			$	500,000
2025	$	1,000,000			4.50%(3)		12/31/2026		12/31/2028				$	1,000,000			$	750,000
2025	$	1,000,000			4.25%(4)		12/31/2026		12/31/2028				$	1,000,000			$	1,000,000
2025	$	1,750,000			4.25%		12/31/2027		12/31/2028						$	1,750,000
2025	$	1,000,000			4.50%		12/31/2028		12/31/2029								$	1,000,000
2026	$	1,500,000			4.75%		12/31/2028		12/31/2029								$	1,500,000
2026	$	500,000			5.25%		12/31/2028		12/31/2030								$	500,000	$	500,000
名义本金总覆盖额	$	3,500,000			$	3,500,000			$	3,500,000			$	3,000,000			$	500,000
加权平均执行利率	4.32%		4.46%		4.43%		4.75%		5.25%

(1)自2026年12月31日起，这些利率上限的最高利率从4.50%提高至4.75%。

(2)自2026年12月31日起，这些利率上限的最高利率从4.00%提高至4.25%。

(3)自2027年12月31日起，这些利率上限的最高利率从4.50%提高至4.75%。

(4)自2027年12月31日起，这些利率上限的最高利率从4.25%提高至4.50%。

DAVITA INC.

简明合并财务报表附注——（续）

(未审计)

(单位：千美元和千股，每股数据除外)

有关截至2026年和2025年9月30日的三个月和九个月期间，公司利率上限协议相关的从累计其他综合收益重新分类并记录为债务费用（抵销）的金额详情，请参阅附注10。有关公司公允价值估值的讨论，请参阅附注12。

由于公司2023年利率上限协议的浮动利率上限，截至2026年第三季度末，其高级担保信贷工具的加权平均有效利率为6.02%，这是基于截至2026年9月30日其高级担保信贷工具当前生效的利差，如上表所述。

截至2026年9月30日，公司所有债务（包括利率上限的影响和债务折价、溢价及递延融资成本的摊销）的加权平均有效利率为5.54%。

截至2026年9月30日，公司在其高级担保信贷工具下的1,500,000美元循环信贷额度中，有1,420,000美元可用，80,000美元已提款。该循环信贷额度下的可用信贷金额会减去该额度下任何未偿信用证金额，截至2026年9月30日，未偿信用证金额为零。截至2026年9月30日，公司还在单独的双边担保信用证额度下有约184,758美元的信用证未偿。

8. 承诺与或有事项

该公司在一个高度监管的行业中运营，是各种诉讼、索赔、举报人诉讼、政府调查和审计（包括但不限于因其报告涉嫌违法的义务而导致的调查或其他行动）以及其他法律程序的当事方或潜在当事方，包括但不限于下述内容。公司对某些法律程序和监管事项记录了准备金，前提是公司确定不利结果可能发生且损失金额可以合理估计。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，公司就法律程序和监管事项记录的每项准备金均不重大。虽然这些准备金反映了公司在记录这些准备金之日对这些事项可能损失的最好估计，但记录金额可能与这些事项的实际损失金额存在重大差异，且任何预期的第三方对这些损失的追偿可能最终无法收回。此外，在某些情况下，由于法律程序和监管事项本身固有的不可预测性，这些事项还可能受到各种因素的影响，包括但不限于它们可能涉及不确定的金钱损害索赔，或可能涉及罚款、处罚或非金钱救济；提出新颖的法律理论或法律不确定性；涉及争议事实；代表监管政策的转变；处于程序早期阶段；或可能导致商业惯例的改变。此外，公司可能就任何此类程序获得各种层级的司法审查。

下述是对公司所涉某些诉讼、索赔、政府调查和审计以及其他法律程序的描述。

某些政府调查及相关程序

2020 年新泽西州美国检察官调查: 2020 年 3 月，美国新泽西州司法区检察官办公室向公司发出传票和民事调查令（CID），涉及该办公室与美国宾夕法尼亚州东部司法区检察官办公室正在进行的调查。传票和 CID 要求提供有关多个主题的信息，包括公司与医生及医生团体的某些合资安排、医疗总监协议，以及其五年期企业诚信协议的合规情况，该协议期限于 2019 年 10 月 22 日到期。2022 年 11 月，公司获悉，2022 年 4 月 1 日，美国新泽西州司法区检察官办公室已通知美国新泽西州地区法院，决定不介入美国诉 Doe 公司案的事项，并提交了撤诉协议。2022 年 4 月 13 日，美国新泽西州地区法院对该案作出无罪驳回。2022 年 10 月 12 日，美国宾夕法尼亚州东部司法区检察官办公室通知美国宾夕法尼亚州东部地区法院，决定暂不介入美国诉 Bayne 公司案的事项。随后，法院根据 2022 年 10 月 14 日的命令解封了一份修订后的起诉书，该起诉书指控违反联邦和州的虚假申报法。2023 年 11 月 8 日，私人举报人提交了第四次修订后的起诉书。2023 年 11 月 29 日，公司提交了驳回第四次修订后起诉书的动议。在

DAVITA 公司

简要合并财务报表的附注—（续）

（未审）

（金额和股份以千为单位，除非另有说明）

2025年4月29日，法院驳回了公司的驳回动议。2025年7月21日，公司对诉状作出了回应。公司对诉状中的指控有异议，并打算相应地进行辩护。

2020年加利福尼亚州保险局调查：2020年4月，加利福尼亚州保险局（CDI）向公司发出了一项调查传票，涉及该机构正在进行的调查。CDI于2020年9月发出了一份补充传票，并于2021年9月发出了一份额外的传票。这些传票要求提供多个主题的信息，包括但不限于公司与患者关于保险计划的沟通情况以及来自美国肾脏基金（AKF）的财务援助、患者更换保险公司的决定可能产生的影响分析，以及与向AKF捐赠或资助相关的文件。公司正在继续配合CDI的调查。

2023年哥伦比亚特区总检察长办公室调查: 2023年1月，哥伦比亚特区总检察长办公室就针对AKF的反垄断调查向公司发出了传票（CID）。该传票涵盖的时间段为2016年1月1日至现在。传票要求提供多个主题的信息，包括但不限于公司与AKF的沟通记录、与AKF相关的捐赠文件，以及与患者、供应商和保险公司关于AKF的沟通记录。公司正在配合政府的此次调查。

2024年联邦贸易委员会调查: 2024年4月，公司收到了联邦贸易委员会（FTC）的两份传票（CID），这是根据《联邦贸易委员会法》第5条对医疗总监服务收购和透析服务提供的行业调查的一部分。传票涵盖的时间段为2016年1月1日至现在，通常要求提供与医生的限制性条款（如竞业禁止条款）相关的信息。公司正在配合政府的此次调查。

* * *

尽管公司无法预测这些事项是否会启动诉讼或何时可能解决（除上述情况外），但此类调查通常会持续相当长的时间，经过文件和证人请求的各个阶段以及与监管机构的持续讨论，并随着时间的推移而发展。除了上述明确提到的调查和诉讼外，公司经常还会受到州或联邦政府机构的其他调查。公司可能同意接受的负面结论或条款和条件可能导致，除其他事项外，对公司的重大财务处罚或赔偿，公司需支付的大量款项，对公司声誉的损害，对公司业务实践的强制性更改，对公司各种与业务相关的关系和/或合同的影响，以及被排除在未来参与医疗保险、医疗补助和其他联邦医疗保健计划的资格，如果对公司提起刑事诉讼，或对公司的董事会成员或管理层提起刑事诉讼，可能会导致刑事处罚，所有这些都可能对该公司产生重大不利影响。

其他诉讼

2021 年反垄断起诉及可能的集体诉讼: 2021 年 7 月 14 日，美国科罗拉多州地区法院的一个大陪审团对该公司及其前首席执行官提起起诉，案件编号为 U.S. v. DaVita Inc., et al.，指控该公司前首席执行官签署的所谓协议，不招揽高级员工，违反了《谢尔曼反托拉斯法》第 1 条。2022 年 4 月 15 日，陪审团作出有利于公司的裁决，对该公司及其前首席执行官的所有指控均宣告无罪。2022 年 4 月 20 日，法院作出无罪判决并结案。2021 年 8 月 9 日，DaVita Inc. 及其前首席执行官在伊利诺伊州北部地区法院的 In re Outpatient Medical Center Employee Antitrust Litigation 案件中被加入为被告。该集体诉讼指控被告违反了《谢尔曼反托拉斯法》，并代表某些由该公司雇佣的个人群体提起诉讼。2024 年 10 月 27 日，原告提交了第三次修订的诉状，要求代表 2008 年 3 月至 2021 年 1 月期间由该公司雇佣的某些个人群体提起诉讼，公司于 2024 年 12 月 20 日作出回应。2025 年 9 月 15 日，原告提交了要求认定集体诉讼的动议。在

DAVITA INC.

简要合并财务报表的附注—（续）

（未经审计）

（金额和股份以千为单位，除非另有说明）

2026 年 6 月 10 日，法院驳回了原告要求认定集体诉讼的动议。公司对集体诉讼中的指控以及所声称的违反《谢尔曼反托拉斯法》的行为提出异议，并打算据此进行辩护。

此外，公司偶尔会面临其他诉讼、要求、索赔、政府调查和审计以及法律程序，这些是由于其业务性质而产生的，包括但不限于合同纠纷，例如与付款人、供应商和其他方的纠纷、与员工相关的事项以及专业和一般责任索赔。公司偶尔也会作为原告，就合同或其他事项提起诉讼或其他法律程序。

* * *

除上述情况外，公司无法预测其可能随时涉及的各种法律程序和监管事项的最终结果，包括本注释第 8 条中所述的事项，也无法预测其解决时间或这些事项中发展可能带来的最终损失或影响，这可能对公司的收入、收益和现金流产生重大不利影响。此外，无论是否合理，涉及公司的任何法律程序或监管事项都会耗费大量时间，通常需要管理层的关注并导致重大法律费用，还可能导致大量运营资源的转移，可能影响公司与业务相关的各种关系和/或合同，或以其他方式损害公司的业务、经营成果、财务状况、现金流或声誉。

9. 股东权益

基于股票的薪酬

截至2026年9月30日的九个月期间，公司授予了735份以股票结算的限制性股票和业绩股票单位，总授予日公允价值为118,130美元。此外，公司还授予了98份以股票结算的股票增值权，总授予日公允价值为5,460美元。

截至2026年9月30日，公司根据其股权激励和员工股票购买计划，预计尚未确认的基于股票的薪酬费用总额为165,363美元。公司预计将在1.4年的加权平均剩余期限内确认该费用。

股票回购

下表总结了公司截至2026年9月30日的三个月和九个月期间的普通股回购情况：


	截至2026年9月30日的三个月	截至2026年9月30日的九个月
	回购的股份数量	支付的金额(1)		平均金额(2)	回购的股份数量		支付的金额(1)	平均金额(2)
场内回购：	411		$	74,678		$	180.27		2,775		$	443,207			$	158.49
伯克希尔回购：	183		36,513		$	199.55		3,062		419,318			$	136.95
总回购：	594		$	111,191		$	186.21		5,837		$	862,525			$	147.19

(1)包括适用的佣金和消费税。消费税作为回购的库藏股成本基础进行记录，因此计入股东权益。

(2)不包括佣金和消费税。

截至2026年9月30日之后至2026年10月27日，公司以每股平均支付180.57美元的价格回购了479股普通股，总计支付86,703美元，包括从伯克希尔哈撒韦公司回购的股份，如下文所述。

公司根据之前董事会的授权有权进行股票回购。该授权允许公司在适当的时候在公开市场或私下协商交易中进行购买，包括但不限于加速股票回购交易、衍生品交易、要约收购、Rule 10b5-1计划或上述任何组合，具体取决于市场状况和其他考虑因素。

DAVITA INC.

简明合并财务报表的附注—（继续）

（未审计）

（金额和股份数量以千为单位，除非另有说明）

截至2026年10月27日，公司根据现行授权，扣除消费税后，可用于进一步股票回购的总额为1,212,423美元。尽管这些股票回购授权没有到期日，但公司仍受股票回购限制，包括根据其高级担保信贷设施的条款。

伯克希尔股票回购协议

根据与伯克希尔哈撒韦公司（Berkshire Hathaway Inc.）于2024年4月30日签订的股份回购协议（伯克希尔哈撒韦公司及其关联方的共同协议，统称为伯克希尔哈撒韦公司），公司在2026年9月30日有义务从伯克希尔哈撒韦公司购买总计54,714美元的股份，在公司合并资产负债表中作为应付账款并归类为关联方应付款。2026年9月30日之后，随着公司继续进行公开市场股份回购，对伯克希尔哈撒韦公司的义务有所增加。2026年10月27日，公司以每股180.43美元的平均价格，用383股普通股支付了总计69,026美元，从而全额清偿了伯克希尔哈撒韦公司的股份回购义务。

有关公司与伯克希尔哈撒韦公司关系及股份回购协议的进一步讨论，请参见公司2025年10-K文件中包含的合并财务报表的第18号附注。

10. 其他综合亏损


	截至2026年9月30日的三个月		截至2026年9月30日的九个月
	利率上限协议		外币折算调整		其他综合亏损		利率上限协议	外币折算调整		其他综合亏损
期初余额	$	(8,691)			$	(49,860)		$	(58,551)		$	(22,398)		$	(100,385)	$	(122,783)
未实现损益	35,679			(564)			35,115		46,275		49,961		96,236
相关所得税	(8,902)			—			(8,902)		(11,546)		—		(11,546)
	26,777			(564)			26,213		34,729		49,961		84,690
转入净利润的重分类	3,834			—			3,834		11,501		—		11,501
相关所得税	(957)			—			(957)		(2,869)		—		(2,869)
	2,877			—			2,877		8,632		—		8,632
期末余额	$	20,963			$	(50,424)		$	(29,461)		$	20,963		$	(50,424)	$	(29,461)


	截至2025年9月30日的三个月		截至2025年9月30日的九个月
	设定受益养老金计划		利率上限协议		外币折算调整		其他综合亏损	设定受益养老金计划		利率上限协议	外币折算调整		其他综合亏损
期初余额	$	46			$	(20,456)		$	(117,428)		$	(137,838)			$	46		$	(8,557)	$	(302,285)	$	(310,796)
未实现损益	—			(5,886)			24,669		18,783		—			(25,792)			209,526		183,734
相关所得税	—			1,468			—		1,468		—			6,434			—		6,434
	—			(4,418)			24,669		20,251		—			(19,358)			209,526		190,168
转入净利润的重分类	—			1,901			—		1,901		—			5,953			—		5,953
相关所得税	—			(474)			—		(474)		—			(1,485)			—		(1,485)
	—			1,427			—		1,427		—			4,468			—		4,468
期末余额	$	46			$	(23,447)		$	(92,759)		$	(116,160)			$	46		$	(23,447)	$	(92,759)	$	(116,160)

利率上限协议的净实现损失转入净利润的金额在相应的合并损益表中作为债务费用（抵减）记录。详见第7号附注以获取更多细节。

11. 可变利益实体（VIEs）

截至2026年9月30日，这些简明合并财务报表包括VIEs的总资产为794,532美元，以及VIEs对第三方的总负债和非控制性权益为172,851美元。自公司2025年10-K文件中包含的合并财务报表的第22号附注中描述的公司与VIEs的安排及其判断以来，公司与VIEs的安排性质或其判断没有重大变化。

DAVITA INC.

简明合并财务报表附注—（续）

（未经审计）

（金额和股份数量以千为单位，除非另有说明）

12. 金融工具的公允价值

该公司根据某些估值技术对某些资产和非控制性权益（具有卖出权的可赎回权益，归类为临时权益）进行公允价值计量，这些技术包括市场参与者在定价这些资产、临时权益和承诺时会使用的可观测或不可观测的输入和假设。

下表总结了截至2026年9月30日，该公司定期以公允价值计量的资产和临时权益：


	总计		活跃市场中相同资产的报价 (第1级)	其他显著可观测输入 (第2级)		显著不可观测输入 (第3级)
资产：
权益证券投资	$	41,882		$	41,882
利率上限协议	$	66,650					$	66,650


临时权益：
具有卖出权的非控制性权益	$	1,484,283							$	1,484,283

权益证券投资代表对各种开放式注册投资公司（共同基金）的投资，按公允价值记录，该价值基于报告的市场价格或赎回价格（适用时）。详见注释4。

利率上限协议在公司的合并资产负债表中归类为其他长期资产，按公允价值记录，该价值通过使用收益法的估值模型估算，并使用来自活跃市场中类似资产和负债的收盘价以及其他相关可观测市场输入（如当前利率、远期收益率曲线、隐含波动率和信用违约互换定价）在报价时间间隔内的输入。公司认为，这些利率上限协议在结算时可能实现的最终金额与目前报告的公允价值估计不会有重大差异。详见注释7。

The estimated fair value of noncontrolling interests subject to put provisions is based principally on the higher of either estimated liquidation value of net assets or a multiple of earnings for each subject dialysis partnership, based on historical earnings, revenue mix, and other performance indicators that can affect future results. The multiples used for these valuations are derived from observed ownership transactions for dialysis businesses between unrelated parties in the U.S. in recent years, and the specific valuation multiple applied to each dialysis partnership is principally determined by its recent and expected revenue mix and contribution margin. As of September 30, 2026, an increase or decrease in the weighted average multiple used in these valuations of one times EBITDA would change the estimated fair value of these noncontrolling interests by approximately $220,000. See Notes 16 and 23 to the Company's consolidated financial statements included in the 2025 10-K for further discussion of the Company’s methodology for estimating the fair value of noncontrolling interests subject to put obligations. For a reconciliation of changes in noncontrolling interests subject to put provisions for the three and nine months ended September 30, 2026, see the consolidated statements of equity.

The Company's fair value estimates for its senior secured credit facilities are based upon quoted bid and ask prices for these instruments, a level 2 input. For the Company's senior notes, fair value estimates are based on market level 1 inputs. For acquisition obligations and other notes payable, the carrying values presented approximate their estimated fair values, based on estimates of their present values typically using level 2 interest rate inputs. See Note 7 for further discussion of the Company's debt.

Other financial instruments consist primarily of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, investments in debt securities, accounts payable, other accrued liabilities and lease liabilities. The balances of financial instruments other than lease liabilities are presented in these condensed consolidated financial statements at September 30, 2026 at their approximate fair values due to the short-term nature of their settlements.

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

13. Segment reporting

The Company’s separate operating segments include its U.S. dialysis and related lab services business (its U.S. dialysis business), its U.S. integrated kidney care business, its U.S. other ancillary services and its operations in each foreign jurisdiction (collectively, its ancillary services). The Company also maintains a corporate administrative support function.

The Company’s operating segments have been defined based on the separate financial information that is regularly produced and reviewed by the Company’s chief operating decision maker, its Chief Executive Officer, in making decisions about allocating resources to and assessing the financial performance of the Company’s various operating lines of business. The chief operating decision maker does not review total assets by segment to make decisions regarding resources; therefore, the total assets by segment disclosure has not been included.

Currently, the U.S. dialysis and related lab services business qualifies as a separately reportable segment, and all other operating segments have been combined and disclosed in the other segments category. See Note 24 to the Company's consolidated financial statements included in the 2025 10-K for further description of how the Company determines and measures results for its operating segments.

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

The following is a summary of segment revenues, segment operating margin, and a reconciliation of segment operating margin to consolidated income before income taxes:


	Three months ended September 30,		Nine months ended September 30,
	2026		2025		2026		2025
Segment revenues:
U.S. dialysis
Patient service revenues:
External sources	$	3,021,624			$	2,961,833		$	8,930,526	$	8,657,969
Intersegment revenues	22,008			11,932			53,841		40,382
U.S. dialysis patient service revenues	3,043,632			2,973,765			8,984,367		8,698,351
Other revenues
External sources	6,846			6,275			19,636		18,248

Total U.S. dialysis revenues	3,050,478			2,980,040			9,004,003		8,716,599
Other—Ancillary services
Patient service revenues	386,642			336,257			1,116,914		949,985
Other external sources	163,014			115,862			480,682		397,080
Intersegment revenues	2,110			2,771			8,485		8,336
Total ancillary services	551,766			454,890			1,606,081		1,355,401
Total net segment revenues	3,602,244			3,434,930			10,610,084		10,072,000
Elimination of intersegment revenues	(24,118)			(14,703)			(62,326)		(48,718)
Consolidated revenues	$	3,578,126			$	3,420,227		$	10,547,758	$	10,023,282
Significant segment expenses:
U.S. dialysis
Patient care costs	$	2,053,888			$	1,981,180		$	6,027,638	$	5,823,070
General and administrative	316,178			322,355			966,843		917,124
Depreciation and amortization	144,360			156,242			445,991		469,923
Other segment items(1)	(8,127)			(9,850)			(24,592)		(22,247)
U.S. dialysis segment expenses	2,506,299			2,449,927			7,415,880		7,187,870
Segment operating margin:
U.S. dialysis	544,179			530,113			1,588,123		1,528,729
Other—Ancillary services(2)	(18,644)			1,219			44,238		55,125
Total segment operating margin	525,535			531,332			1,632,361		1,583,854
Reconciliation of segment operating income to consolidated income before income taxes:
Corporate administrative support	(26,280)			(25,565)			(72,213)		(101,309)
Consolidated operating income	499,255			505,767			1,560,148		1,482,545
Debt expense	(150,016)			(150,557)			(445,403)		(431,674)
Debt extinguishment and modification costs	—			(5,150)			(2,035)		(5,150)
Other income (loss), net	9,468			(41,257)			22,241		(81,657)
Income before income taxes	$	358,707			$	308,803		$	1,134,951	$	964,064

(1)Other segment items for the Company's U.S. dialysis segment include equity income from nonconsolidated joint ventures for all periods presented.

(2)Includes depreciation and amortization of $20,828 and $21,249 for the three months ended September 30, 2026 and 2025, respectively, and $64,834 and $58,723 for the nine months ended September 30, 2026 and 2025, respectively.

DAVITA INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(unaudited)

(dollars and shares in thousands, except per share data)

Expenditures for property and equipment by reportable segment were as follows:


	Nine months ended September 30,
		2026		2025
U.S. dialysis		$	355,773			$	349,646
Other—Ancillary services		75,550			80,788
		$	431,323			$	430,434

14. New accounting standards

New standards not yet adopted

In November 2024, the Financial Accounting Standards Board issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires disaggregated disclosure of income statement expenses, including purchases of inventory, employee compensation, depreciation, and amortization. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The amendments in this ASU may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently assessing the effect this guidance may have on its consolidated financial statements.

In September 2025, the Financial Accounting Standards Board issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use software (Subtopic 350-40), which requires capitalization of software costs when management has authorized and committed to funding a software project and it is probable that the project will be completed and used as intended. The amendments in this ASU are effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. The amendments in the ASU may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently assessing the effect this guidance may have on its consolidated financial statements.

In May 2026, the Financial Accounting Standards Board issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which requires environmental credits intended for compliance or exchange to be recognized as assets and initially measured at cost, while costs for credits intended for voluntary use are expensed as incurred. Additionally, the guidance establishes impairment assessment models based on intended use and requires environmental credit obligation liabilities to be recognized based on the credits needed to settle the obligation. The amendments in this ASU are effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. The amendments in this ASU must be applied using a modified retrospective approach, and early adoption is permitted. The Company is currently assessing the effect this guidance may have on its consolidated financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-looking statements

This Quarterly Report on Form 10-Q, including this Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that are forward-looking statements within the meaning of the federal securities laws and as such are intended to be covered by the safe harbor for \"forward-looking statements\" provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements could include, among other things, statements about our balance sheet and liquidity, our expenses, revenues, billings and collections, patient census, the impact of the cybersecurity incident experienced by the Company in 2025 (cyber incident), the impact of federal government policy changes or shutdowns on our business, including with respect to federal funding and reimbursement rates of Medicare, Medicare Advantage (MA), Medicaid and other government programs, availability or cost of supplies, including without limitation the impact of evolving trade policies and tariffs and any reduction in clinical and other supplies due to any disruptions experienced by third party vendors, including with respect to our ability to provide home dialysis services, treatment volumes, mix expectation, such as the percentage or number of patients under commercial insurance, including potential impacts to such mix as a result of U.S. administration policies, current macroeconomic, marketplace and labor market conditions, and overall impact on our patients and teammates, as well as other statements regarding our future operations, financial condition and prospects, capital allocation plans, expenses, cost saving initiatives, other strategic initiatives, use of contract labor, government and commercial payment rates, expectations related to value-based care (VBC), integrated kidney care (IKC), MA plan enrollment and our international operations, expectations regarding increased competition and marketplace changes, including those related to new or potential entrants in the dialysis and pre-dialysis marketplace and the potential impact of innovative technologies, drugs, or other treatments on the dialysis industry, and expectations regarding our share repurchase program. All statements in this report, other than statements of historical fact, are forward-looking statements. Without limiting the foregoing, statements including the words \"expect,\" \"intend,\" \"will,\" \"could,\" \"plan,\" \"anticipate,\" \"believe\" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on DaVita's current expectations and are based solely on information available as of the date of this report. DaVita undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law. Actual future events and results could differ materially from any forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things:

•external conditions, including those related to general economic, political and global health conditions, including without limitation, the impact of global events and political or governmental volatility, including in the Middle East and Ukraine; the impact of the domestic political environment and related developments on the current healthcare marketplace, our patients and on our business; the impact of infectious diseases or other adverse conditions on our financial condition, the chronic kidney disease population and our patient population; supply chain challenges and disruptions, including without limitation with respect to certain key services, critical clinical supplies and equipment we obtain from third parties, and including any impacts on our supply chain and cost of supplies as a result of global events, natural disasters or evolving trade policies, including tariffs; the impact on our patients and industry of continued increased competition from dialysis providers and others, including new or potential entrants in the dialysis and pre-dialysis marketplace; the impact of new or innovative technologies, drugs, or other treatments, including our ability to successfully implement new technologies, treatments or therapies in our business such as those related to middle molecule toxin clearance; elevated teammate turnover or labor costs; and our ability to respond to challenging U.S. and global economic and marketplace conditions, including, among other things, our ability to successfully identify cost saving opportunities and execute on related strategic initiatives;

•the concentration of profits generated by higher-paying commercial payor plans for which there is continued downward pressure on average realized payment rates; our ability to negotiate and maintain contracts with these payors on competitive terms or at all; a reduction in the number or percentage of our patients under commercial plans, including, without limitation, as a result of healthcare, immigration or other policies implemented by the U.S. administration, continuing legislative, regulatory or other efforts to restrict or prohibit the use and/or availability of charitable premium assistance, or as a result of payors implementing restrictive plan designs or resulting from negotiations with large commercial payors that we have in the past, and currently are, conducting on a concurrent basis;

•risks arising from laws, regulations or requirements applicable to us or changes thereto, including, without limitation, the One Big Beautiful Bill Act and those related to trade policy, healthcare, charitable premium assistance, privacy, antitrust matters, and acquisition, merger, joint venture or similar transactions and/or labor matters, and potential impacts of changes in interpretation or enforcement thereof or related litigation impacting, among other things, coverage or reimbursement rates for our services or the number of patients enrolled in or that select higher-paying commercial plans, and the risk that we make incorrect assumptions about how our patients will respond to any such developments;

•our ability to successfully implement our strategies with respect to IKC and VBC initiatives that may be impacted by, among other things, changes to the Comprehensive Kidney Care Contracting model and home based dialysis, in the desired time frame and in a complex, dynamic and highly regulated environment;

•a reduction in government payment rates under the Medicare End Stage Renal Disease program, state Medicaid or other government-based programs and the impact of the MA benchmark structure and adjustment methodologies;

•our reliance on significant suppliers, service providers and other third party vendors to provide key support to our business operations and enable our provision of services to patients, including, among others, suppliers of certain pharmaceuticals, administrative or other services or critical clinical products; and risks resulting from a closure, reduction, disruption or transition in the services or products provided to us by such suppliers, service providers and third party vendors, which may, among other things, increase our costs or expenses;

•our ability to successfully and cost-effectively maintain, operate or upgrade our information systems or those of third-party service providers upon which we rely and our ability to successfully and cost-effectively adopt or adapt to new technologies, treatments or therapies, including technologies that utilize artificial intelligence;

•legal and compliance risks, such as compliance with complex, and at times, evolving government regulations and requirements, and with additional laws that may apply to our operations as we expand geographically or enter into new lines of business;

•noncompliance by us or our business associates with any privacy or security laws or any security breach by us or a third party, such as the cyber incident, including, among other things, any such non-compliance or breach involving the misappropriation, loss or other unauthorized use or disclosure of confidential information;

•our ability to attract, retain and motivate teammates, including key leadership personnel, our ability to manage potential disruptions to our business and operations, including potential work stoppages, and our ability to manage operating cost increases or productivity decreases that may be related to political unrest, legislative or other changes, union organizing activities, or volatility and uncertainty in the current challenging and highly competitive labor market that has experienced an ongoing nationwide shortage of skilled clinical personnel, among other things;

•changes in practice patterns, pricing, or reimbursement and payment policies or processes related to pharmaceuticals, medical equipment or supplies, including with respect to oral phosphate binders, among other things;

•our ability to develop and maintain relationships with physicians and hospitals, changing affiliation models for physicians, and the emergence of new models of care or other initiatives that, among other things, may erode our patient base and impact reimbursement rates;

•our ability to complete and successfully integrate and operate acquisitions, mergers, dispositions, joint ventures or other strategic transactions on terms favorable to us or at all; and our ability to continue to successfully expand our operations and services in markets outside the United States, or to businesses or products outside of dialysis services;

•the variability of our cash flows, including, without limitation, any extended billing or collections cycles that may be due to, among other things, defects or operational issues in our billing systems such as those experienced during the cyber incident, or defects or operational issues in the billing systems or services of third parties on which we rely; the risk that we may not be able to generate or access sufficient cash in the future to service our indebtedness or to fund our other liquidity needs;

•the effects on us or others of natural or other disasters, public health crises or severe adverse weather events such as hurricanes, earthquakes, fires or flooding;

•factors that may impact our ability to repurchase stock under our share repurchase program and the timing of any such stock repurchases, as well as any use by us of a considerable amount of available funds to repurchase stock;

•our goals and disclosures related to sustainability matters, including, among other things, evolving regulatory requirements affecting environmental, social and governance standards, measurements and reporting requirements; and

•the other risk factors, trends and uncertainties set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 10-K) and Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2026, and the risks and uncertainties discussed in any subsequent reports that we file or furnish with the Securities and Exchange Commission (SEC) from time to time.

The following should be read in conjunction with our condensed consolidated financial statements.

Company Overview

Our principal business is to provide dialysis and related lab services to patients in the United States, which we refer to as our U.S. dialysis business. We also operate our U.S. integrated kidney care (IKC) business, our U.S. other ancillary services, and our international operations, which we collectively refer to as our ancillary services, as well as our corporate administrative support functions. Our U.S. dialysis business is a leading provider of kidney dialysis services in the U.S. for patients suffering from chronic kidney failure, also known as end stage renal disease (ESRD) or end stage kidney disease (ESKD).

We assess our revenue and operating performance for our U.S. dialysis business based upon several principal metrics including, among others, treatment volume, revenue per treatment and patient care costs. Each of these metrics may be impacted by a number of factors that change from period to period and over time. For example, treatment volumes may be impacted by, among other things, mortality levels, missed treatment rates and admission rates. Revenue per treatment may be impacted by, among other things, rate changes, mix of patients with commercial plans and government programs as primary payor, timing of collections and seasonal factors such as patients meeting health plan co-insurance and deductibles. Patient care costs may be impacted by, among other things, labor market conditions and cost trends in pharmaceuticals and other medical supplies. We have set forth a discussion of certain of such factors below, and we believe that information related to changes in these metrics from period to period allows investors to assess the performance of the business.

We have been and expect to continue to be impacted by external conditions, including, but not limited to, those related to general economic, political and global health conditions and changing population or demographic trends. These conditions can impact our business in a variety of ways, including, among other things, by affecting our patient census, treatment volumes, revenues, results of operations and operating and other costs. Certain of these impacts could be further intensified by global events such as the ongoing conflicts in the Middle East and Ukraine that have continued to drive sociopolitical, geopolitical and economic uncertainty; severe weather events and other natural disasters; and the impact of healthcare, immigration, trade and other policies implemented by federal, state and local governments. These conditions are generally outside of our control, cannot reasonably be predicted and are interrelated or have interdependent complex consequences. As a result, the ultimate impact of these conditions on our business over time will depend on a myriad of future developments and is highly uncertain and difficult to predict. For additional discussion of general economic, marketplace and global health conditions that could impact our business, see Part I Item 1. \"Business\" and Part I Item 1A. \"Risk Factors\" in our 2025 10-K.

In the third quarter of 2026, treatment per day volumes increased compared to the third quarter of 2025 primarily driven by patient census increases that were partially offset by a slight increase in missed treatment rates. As noted above, treatment volumes may be impacted by a number of factors including mortality levels, and these levels may be influenced by several factors such as the impact of infectious diseases on our patient population. Adverse changes in mortality rates, particularly in the ESKD and CKD populations, could adversely impact treatment volumes, admission rates, future revenues and non-acquired growth, among other things, and the magnitude of these cumulative impacts could have a material adverse impact on our results of operations, financial condition and cash flows. For additional detail on these risks, see the discussion in Part I Item 1A. \"Risk Factors\" of our 2025 10-K. Mortality levels may also be influenced by the availability and use of vaccines, treatments and therapies. New technologies or treatments such as those that clear middle molecules from the blood may, among other things, reduce mortality as compared to standard dialysis treatments. Two current treatment pathways that provide middle molecule clearance are expanded hemodialysis (expanded HD) and hemodiafiltration (HDF). We have been working to expand patient access to these therapies as may be prescribed by their physician, and we expect to offer expanded HD to the vast majority of our eligible patients in November. As part of this initiative, we have dedicated resources to securing supply and training our clinical teammates, and we expect to incur costs associated with supplier transitions, among other things. For additional detail on middle molecule treatments, see the discussion in Part I Item 1. “Business” of our 2025 10-K.

Global economic conditions and political and regulatory developments, including, among other things, ongoing inflationary pressures and U.S., state and local administration policies and actions have increased, and may continue to increase, our expenses and may have an impact on our revenue per treatment. For example, the decision to let enhanced premium tax credits expire at the end of 2025 has had an adverse impact on enrollment in the Affordable Care Act exchanges and our commercial mix, which in turn adversely impacts our revenue per treatment, among other things. Future policy changes that further affect commercial, including exchange, enrollment could place additional pressure on our commercial mix and revenue per treatment. These global economic conditions and political and regulatory developments also continue to exert pressure on our staffing and labor costs, which have increased year over year due to, among other factors, the continuation of inflationary conditions. While the cumulative impact of any increased staffing, labor, and supply costs and other expenses could be material, we have experienced productivity improvements and we expect these efficiencies to continue throughout the year. Our industry has also experienced increased union organizing activities. For example, union petitions have been filed at a number of our clinics in California. We have had different results with elections and are in different stages with elections and legal challenges. For additional details on the risks related to rising labor costs and union organizing activities, see the discussion in Part I Item

1A. \"Risk Factors\" of our 2025 10-K under the headings, \"Our business is labor intensive...\" and \"Global health conditions, changing population or demographic trends, severe weather events or natural disasters and general economic and political conditions...\"

We have continued to invest in new technologies across our business to help modernize our technology platform and strengthen our capabilities. Over the past few years we have accelerated this investment while maintaining overall general and administrative cost discipline. In future periods, we expect to continue this overall cost discipline while decelerating the growth of the technology portion of that spend.

Legislative and Regulatory Developments

On October 20, 2026, the Department of Health and Human Services (HHS) released a 2026 Kidney Care National Plan (Plan) with three principles: (i) promote competition in the kidney marketplace; (ii) address structural impediments to transplantation; and (iii) move further upstream to prevent kidney deterioration. The Plan sets forth policy recommendations to achieve these ambitious policy principles. The Plan references and builds from the Executive Order “Advancing American Kidney Heath” issued in 2019 that directed HHS to undertake initiatives to prevent kidney failure, expand patient choice in dialysis modality and transplant access, and reform the transplant system. We will monitor Plan-related developments and guidance from HHS in order to evaluate the Plan’s potential ultimate impact.

To the extent the Plan or other government action changes the complex and dynamic regulatory environment in which we operate or otherwise impacts the reimbursement ecosystem, such changes can alter the regulatory framework of the healthcare marketplace and shape the competitive landscape for our current dialysis and ancillary businesses as well as for comprehensive and integrated kidney care markets. Such changes may require us to shift strategic priorities and initiatives to successfully compete. Considerable uncertainty exists surrounding the continued development of the Plan and any potential regulatory or policy changes to the healthcare regulatory and legislative environment, including changes that may impact our operations, healthcare access or the availability and affordability of commercial insurance over time, among other things. For additional detail on risks associated with legal, regulatory or policy changes, see the discussion in Part I Item 1A. \"Risk Factors\" of our 2025 Form 10-K under the headings \"Our business is subject to a complex set of governmental laws, regulations and other requirements...;\" \"We are subject to risks associated with our participation in government healthcare programs\"; and “If we are unable to compete successfully…”

Financial Results

The discussion below includes analysis of our financial condition and results of operations for the three months ended September 30, 2026 compared to the three months ended June 30, 2026, and the year-to-date periods for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Consolidated results of operations

The following tables summarize our revenues, operating income (loss) and adjusted operating income (loss) by line of business. See the discussion of our results for each line of business following the tables. When multiple drivers are identified in the following discussion of results, they are listed in order of magnitude:


	Three months ended		Q3 2026 vs. Q2 2026
	September 30, 2026		June 30, 2026		Amount		Percent
	(dollars in millions)
Revenues:
U.S. dialysis	$	3,050			$	3,012		$	38		1.3	%
Other — Ancillary services	552			557			(5)		(0.9)	%
Elimination of intersegment revenues	(24)			(14)			(10)		(71.4)	%
Total consolidated revenues	$	3,578			$	3,554		$	24		0.7	%

Operating income (loss):
U.S. dialysis	$	544			$	538		$	6		1.1	%
Other — Ancillary services	(19)			57			(76)		(133.3)	%
Corporate administrative support	(26)			(16)			(10)		(62.5)	%
Operating income	$	499			$	579		$	(80)		(13.8)	%

Adjusted operating income (loss)(1):
U.S. dialysis	$	544			$	538		$	6		1.1	%
Other — Ancillary services	44			57			(13)		(22.8)	%
Corporate administrative support	(26)			(16)			(10)		(62.5)	%
Adjusted operating income	$	561			$	579		$	(18)		(3.1)	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.


	Nine months ended		YTD Q3 2026 vs. YTD Q3 2025
	September 30, 2026		September 30, 2025		Amount		Percent
	(dollars in millions)
Revenues:
U.S. dialysis	$	9,004			$	8,717		$	287		3.3	%
Other — Ancillary services	1,606			1,355			251		18.5	%
Elimination of intersegment revenues	(62)			(49)			(13)		(26.5)	%
Total consolidated revenues	$	10,548			$	10,023		$	525		5.2	%

Operating income (loss):
U.S. dialysis	$	1,588			$	1,529		$	59		3.9	%
Other — Ancillary services	44			55			(11)		(20.0)	%
Corporate administrative support	(72)			(101)			29		28.7	%
Operating income	$	1,560			$	1,483		$	77		5.2	%

Adjusted operating income (loss)(1):
U.S. dialysis	$	1,588			$	1,554		$	34		2.2	%
Other — Ancillary services	106			55			51		92.7	%
Corporate administrative support	(72)			(101)			29		28.7	%
Adjusted operating income	$	1,622			$	1,508		$	114		7.6	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

(1)For a reconciliation of adjusted operating income (loss) by reportable segment, see the \"Reconciliations of Non-GAAP measures\" section below.

U.S. dialysis results of operations

Treatment volume:


	Three months ended		Q3 2026 vs. Q2 2026
	September 30, 2026		June 30, 2026		Amount	Percent
Dialysis treatments	7,329,644			7,226,600		103,044	1.4	%
Treatment days	79.0			78.0		1.0	1.3	%
Average treatments per day	92,780			92,649		131	0.1	%
Number of normalized treatment days(1)	79.2			78.0		1.2	1.5	%
Average treatments per normalized day	92,546			92,649		(103)	(0.1)	%
Normalized non-acquired treatment growth(2)	0.4	%		0.3	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

(1)Normalized treatment days reflect treatment days adjusted to normalize for the mix of days of the week in a given period.

(2)Normalized non-acquired treatment growth reflects year over year growth in treatment volume, adjusted to exclude acquisitions and other similar transactions, and further adjusted to normalize for the number and mix of treatment days in a given quarter versus the prior year quarter.


	Nine months ended	YTD Q3 2026 vs. YTD Q3 2025
	September 30, 2026	September 30, 2025		Amount	Percent
Dialysis treatments	21,585,769		21,469,460		116,309	0.5	%
Treatment days	233.7		233.7		—	—	%
Average treatments per day	92,365		91,868		497	0.5	%
Number of normalized treatment days(1)	233.7		233.7		—	—	%
Average treatments per normalized day	92,365		91,868		497	0.5	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

(1)Normalized treatment days reflect treatment days adjusted to normalize for the mix of days of the week in a given quarter.

Our U.S. dialysis operating revenues and expenses are directly driven by treatment volume. The increase in our U.S. dialysis treatments for the third quarter of 2026 from the second quarter of 2026 was primarily driven by an increase in treatment days. The increase in our U.S. dialysis treatments for the nine months ended September 30, 2026 from the nine months ended September 30, 2025 was primarily driven by an increase in patient count.

Revenues:


	Three months ended		Q3 2026 vs. Q2 2026
	September 30, 2026		June 30, 2026	Amount		Percent
	(dollars in millions, except per treatment data)
Total revenues	$	3,050		$	3,012		$	38	1.3	%
Average patient service revenue per treatment	$	415.25		$	415.87		$	(0.62)	(0.1)	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.


	Nine months ended		YTD Q3 2026 vs. YTD Q3 2025
	September 30, 2026		September 30, 2025	Amount		Percent
	(dollars in millions, except per treatment data)
Total revenues	$	9,004		$	8,717		$	287	3.3	%
Average patient service revenue per treatment	$	416.22		$	405.15		$	11.07	2.7	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

U.S. dialysis average patient service revenue per treatment for the third quarter of 2026 decreased compared to the second quarter of 2026 primarily driven by normal fluctuations partially offset by increases in average reimbursement rates and improvements in payor mix.

U.S. dialysis average patient service revenue per treatment for the nine months ended September 30, 2026 increased compared to the nine months ended September 30, 2025 primarily driven by Medicare base rate and other annual rate increases and other normal fluctuations, partially offset by unfavorable changes in payor mix.

On October 28, 2026, Centers for Medicare & Medicaid Services (CMS) issued a final rule to update the Medicare ESRD Prospective Payment System (PPS) rate and policies for calendar year 2027. CMS estimates that the overall impact of the proposed rule will increase ESRD freestanding facilities’ average reimbursement by 2.7% in 2027 which includes a proposed increase to account for the incorporation of phosphate binders into the ESRD PPS base rate, and is also subject to quarterly updates of the post Transitional Drug Add-on Payment Adjustment reimbursement of certain pharmaceuticals.

Operating expenses and charges:


	Three months ended		Q3 2026 vs. Q2 2026
	September 30, 2026		June 30, 2026		Amount		Percent
	(dollars in millions, except per treatment data)
Patient care costs	$	2,054			$	2,005		$	49		2.4	%
General and administrative	316			331			(15)		(4.5)	%
Depreciation and amortization	144			146			(2)		(1.4)	%
Equity investment income	(8)			(8)			—		—	%

Total operating expenses and charges	$	2,506			$	2,474		$	32		1.3	%
Patient care costs per treatment	$	280.22			$	277.40		$	2.82		1.0	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.


	Nine months ended		YTD Q3 2026 vs. YTD Q3 2025
	September 30, 2026		September 30, 2025		Amount		Percent
	(dollars in millions, except per treatment data)
Patient care costs	$	6,028			$	5,823		$	205		3.5	%
General and administrative	967			917			50		5.5	%
Depreciation and amortization	446			470			(24)		(5.1)	%
Equity investment income	(25)			(22)			(3)		(13.6)	%

Total operating expenses and charges	$	7,416			$	7,188		$	228		3.2	%
Patient care costs per treatment	$	279.24			$	271.23		$	8.01		3.0	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

Charges impacting operating income - Cybersecurity incident-related charges. During the second quarter of 2025, we experienced a cybersecurity incident that impacted certain elements of our network and resulted in a temporary disruption of our operations. As a result of our efforts to remediate the incident and restore systems with the assistance of third-party cybersecurity professionals, we incurred general and administrative charges of approximately $12 million during the third quarter of 2025. During the nine months ended September 30, 2025, we incurred patient care costs of approximately $1 million and general and administrative expenses of approximately $24 million related to the incident. These costs do not include the impact related to business interruption on our results.

Patient care costs. U.S. dialysis patient care costs per treatment for the third quarter of 2026 increased from the second quarter of 2026 primarily due to increased medical supplies expenses.

U.S. dialysis patient care costs per treatment for the nine months ended September 30, 2026 increased from the nine months ended September 30, 2025 primarily due to increased compensation expenses, including increased wage rates, as well as increases in medical supplies expense, insurance costs and health benefits expense.

General and administrative expenses. U.S. dialysis general and administrative expenses in the third quarter of 2026 decreased from the second quarter of 2026 primarily due to decreased professional fees.

U.S. dialysis general and administrative expenses for the nine months ended September 30, 2026 increased from the nine months ended September 30, 2025 due to increases in IT-related costs and compensation expenses, including increased wage rates, partially offset by costs related to the cybersecurity incident, as described above.

Depreciation and amortization. U.S. dialysis depreciation and amortization expenses in the third quarter of 2026 decreased compared to the second quarter of 2026 primarily due to lower depreciation expense in the third quarter for certain leasehold improvements.

U.S. dialysis depreciation and amortization expenses for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 decreased primarily due to fully depreciated assets.

Equity investment income. U.S. dialysis equity investment income for the third quarter of 2026 was flat compared to the second quarter of 2026. Equity investment income for the nine months ended September 30, 2026 increased compared to the nine months ended September 30, 2025 due to increased profitability at certain nonconsolidated dialysis partnerships.

Operating income:


	Three months ended		Q3 2026 vs. Q2 2026
	September 30, 2026		June 30, 2026	Amount		Percent
	(dollars in millions)
Operating income	$	544		$	538		$	6	1.1	%


	Nine months ended		YTD Q3 2026 vs. YTD Q3 2025
	September 30, 2026		September 30, 2025	Amount		Percent
	(dollars in millions)
Operating income	$	1,588		$	1,529		$	59	3.9	%
Adjusted operating income(1)	$	1,588		$	1,554		$	34	2.2	%

(1)For a reconciliation of adjusted operating income by reportable segment, see the \"Reconciliations of Non-GAAP measures\" section below.

U.S. dialysis operating income for the third quarter of 2026 increased compared to the second quarter of 2026 as a result of all factors discussed above.

For the nine months ended September 30, 2026, U.S. dialysis operating income and adjusted operating income both increased compared to the nine months ended September 30, 2025, due to the factors discussed above. Operating income was impacted by the cybersecurity incident-related charges in 2025, as described above.

Other—Ancillary services

Our other operations include ancillary services that are primarily aligned with our core business of providing dialysis services to our network of patients. As of September 30, 2026, these consisted principally of our U.S. IKC business, certain U.S. other ancillary businesses (including our clinical research programs, transplant software business, medical device company and venture investment group), and our international operations.

As of September 30, 2026, DaVita IKC provided integrated care and disease management services to approximately 80,800 patients in risk-based integrated care arrangements and to an additional 3,100 patients in other integrated care arrangements. We also expect to incorporate additional service offerings to our business and pursue additional strategic initiatives in the future as circumstances warrant, which could include, among other things, healthcare services not related to kidney disease.

For a discussion of the risks related to IKC and our ancillary services, see the discussion in the risk factors in Part I Item 1A. \"Risk Factors\" of our 2025 10-K under the heading, \"We invest in strategic and operational initiatives to maintain our business and expand our capabilities in a complex, evolving and highly regulated environment...\"

As of September 30, 2026, our international dialysis business owned or operated 598 outpatient dialysis centers located in 14 countries outside of the United States.

Ancillary services results of operations


	Three months ended		Q3 2026 vs. Q2 2026
	September 30, 2026		June 30, 2026		Amount		Percent
	(dollars in millions)
Revenues:
U.S. IKC	$	144			$	162		$	(18)		(11.1)	%
U.S. other ancillary	10			9			1		11.1	%
International	398			386			12		3.1	%
Total ancillary services revenues	$	552			$	557		$	(5)		(0.9)	%

Operating (loss) income
U.S. IKC	$	4			$	40		$	(36)		(90.0)	%
U.S. other ancillary	(6)			(8)			2		25.0	%
International	(16)			25			(41)		(164.0)	%
Total ancillary services operating income	$	(19)			$	57		$	(76)		(133.3)	%

Adjusted operating (loss) income(1):
U.S. IKC	$	4			$	40		$	(36)		(90.0)	%
U.S. other ancillary	(6)			(8)			2		25.0	%
International	46			25			21		84.0	%
Total ancillary services adjusted operating income	$	44			$	57		$	(13)		(22.8)	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

(1)For a reconciliation of adjusted operating income by reportable segment, see the \"Reconciliations of Non-GAAP measures\" section below.


	Nine months ended		YTD Q3 2026 vs. YTD Q3 2025
	September 30, 2026		September 30, 2025		Amount		Percent
	(dollars in millions)
Revenues:
U.S. IKC	$	422			$	352		$	70		19.9	%
U.S. other ancillary	29			24			5		20.8	%
International	1,156			979			177		18.1	%
Total ancillary services revenues	$	1,606			$	1,355		$	251		18.5	%

Operating income (loss):
U.S. IKC	$	24			$	(24)		$	48		200.0	%
U.S. other ancillary	(20)			(14)			(6)		(42.9)	%
International	40			93			(53)		(57.0)	%
Total ancillary services operating income	$	44			$	55		$	(11)		(20.0)	%

Adjusted operating income (loss)(1):
U.S. IKC	$	24			$	(24)		$	48		200.0	%
U.S. other ancillary	(20)			(14)			(6)		(42.9)	%
International	102			93			9		9.7	%
Total ancillary services adjusted operating income	$	106			$	55		$	51		92.7	%

Certain columns, rows or percentages may not sum due to the presentation of rounded numbers.

(1)For a reconciliation of adjusted operating income by reportable segment, see the \"Reconciliations of Non-GAAP measures\" section below.

Charges impacting operating income - Goodwill and other asset impairment charges. During the third quarter of 2026, we recognized goodwill and other asset impairment charges of $62 million related to our business in China. These charges resulted from a reduction in the estimated fair value of the business driven primarily by adverse reimbursement rate changes and corresponding operating developments across non-renal hospital services.

Operating (loss) income and adjusted operating (loss) income

IKC operating income for the third quarter of 2026 decreased compared to the second quarter of 2026 primarily driven by a net decrease in shared savings. IKC operating income for the nine months ended September 30, 2026 compared to operating loss for the nine months ended September 30, 2025 was impacted by a net increase in shared savings, partially offset by decreased revenues from, and increased medical claims expense related to, our special needs plans.

U.S. other ancillary services operating loss for the third quarter of 2026 remained relatively flat compared to the second quarter of 2026. U.S. other ancillary services operating loss for the nine months ended September 30, 2026 increased compared to the nine months ended September 30, 2025 primarily due to increased operating losses in our medical device company and a reduction of the earn-out obligations related to our transplant software business in the first quarter of 2025.

International operating results were impacted by goodwill and other asset impairment charges incurred in the third quarter of 2026, as described above. International operating income and adjusted operating income for the third quarter of 2026 compared to the second quarter of 2026 were impacted by increased treatment days in the third quarter, a gain on sale of divested centers recognized in the third quarter compared to a loss recognized in the second quarter and average reimbursement rate increases in certain countries. International operating income and adjusted operating income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 were impacted by non-acquired and acquired treatment growth and average reimbursement rate increases in certain countries, partially offset by favorable changes in the fair value of contingent consideration associated with a prior acquisition recognized in the second quarter of 2025.

Corporate administrative support


	Three months ended		Q3 2026 vs. Q2 2026
	September 30, 2026		June 30, 2026	Amount		Percent
	(dollars in millions)
Corporate administrative support	$	(26)		$	(16)		$	(10)	(62.5)	%


	Nine months ended		YTD Q3 2026 vs. YTD Q3 2025
	September 30, 2026		September 30, 2025	Amount		Percent
	(dollars in millions)
Corporate administrative support	$	(72)		$	(101)		$	29	28.7	%

Corporate administrative support expenses for the third quarter of 2026 compared to the second quarter of 2026 increased primarily due to increased professional fees. Corporate administrative support expenses for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 decreased primarily due to decreased long-term incentive compensation and professional fees.

Corporate-level charges


	Three months ended		Q3 2026 vs. Q2 2026
	September 30, 2026		June 30, 2026		Amount		Percent
	(dollars in millions)
Debt expense	$	150			$	150		$	—	—	%
Debt extinguishment and modification costs	$	—			$	2		$	(2)	(100.0)	%
Weighted average effective interest rate(1)	5.54	%		5.43	%			0.11	%
Other income, net	$	9			$	8		$	1	12.5	%
Effective income tax rate	24.9	%		21.1	%			3.8	%
Effective income tax rate attributable to DaVita Inc.(2)	28.7	%		25.6	%			3.1	%
Net income attributable to noncontrolling interests	$	46			$	78		$	(32)	(41.0)	%

(1)Represents our overall weighted average effective interest rate on all debt, including the effect of interest rate caps and amortization of debt discount, premium and deferred financing charges as of the dates presented.

(2)For a reconciliation of our effective income tax rate attributable to DaVita Inc., see the \"Reconciliations of Non-GAAP measures\" section below.


	Nine months ended		YTD Q3 2026 vs. YTD Q3 2025
	September 30, 2026		September 30, 2025		Amount		Percent
	(dollars in millions)
Debt expense	$	445			$	432		$	13	3.0	%
Debt extinguishment and modification costs	$	2			$	5		$	(3)	(60.0)	%
Weighted average effective interest rate(1)	5.54	%		5.70	%			(0.16)	%
Other income (loss), net	$	22			$	(82)		$	104	126.8	%
Effective income tax rate	21.8	%		22.4	%			(0.6)	%
Effective income tax rate attributable to DaVita Inc.(2)	26.5	%		29.6	%			(3.1)	%
Net income attributable to noncontrolling interests	$	202			$	235		$	(33)	(14.0)	%

(2)For a reconciliation of our effective income tax rate attributable to DaVita Inc., see the \"Reconciliations of Non-GAAP measures\" section below.

Debt expense

Debt expense for the third quarter of 2026 remained relatively flat compared to the second quarter of 2026. Debt expense for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 increased primarily due to an increase in our long-term debt balance related to the issuance of the 6.75% senior notes due 2033 in the second quarter of 2025, partially offset by decreased weighted average effective interest rates.

Debt extinguishment and modification costs

The three months ended June 30, 2026 and nine months ended September 30, 2026 included debt extinguishment and modification costs of $2 million composed of fees incurred in connection with the Term Loan B-2 incremental transaction that occurred in June 2026. Comparatively, the nine months ended September 30, 2025 included debt extinguishment and modification costs of $5 million composed partially of fees incurred in connection with the Term Loan B-2 transaction and partially of deferred financing costs and original issue discount written off for the extinguishment of Term Loan B-1 and partial repayment of Term Loan A-1.

Other income (loss), net

Other income for the third quarter of 2026 decreased compared to the second quarter of 2026, primarily due to gains on foreign currency transactions, partially offset by decreased net income on investments. Other income for the nine months ended September 30, 2026 compared to other loss for the nine months ended September 30, 2025 was impacted by equity investment losses at Mozarc Medical Holding LLC recognized in 2025.

Provision for income taxes

The effective income tax rate and the effective income tax rate attributable to DaVita Inc. increased for the third quarter of 2026 compared to the second quarter of 2026 primarily due to a non-deductible goodwill impairment charge recognized in the third quarter and benefits recognized in the second quarter related to the purchase of renewable energy credits.

The effective income tax rate and the effective income tax rate attributable to DaVita Inc. for the nine months ended September 30, 2026 decreased compared to the nine months ended September 30, 2025 primarily due to the write-down of a 2014 tax refund claim recognized in the second quarter of 2025, partially offset by a non-deductible goodwill impairment charge recognized in the third quarter of 2026.

Net income attributable to noncontrolling interests

The decrease in net income attributable to noncontrolling interests for the third quarter of 2026 compared to the second quarter of 2026, and for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, was driven primarily by $34 million of goodwill and other asset impairments attributable to minority interests in our China business, as described above, partially offset by increased profitability at certain U.S. dialysis partnerships.

U.S. dialysis accounts receivable

Our U.S. dialysis accounts receivable balances at September 30, 2026 and December 31, 2025 were $1.684 billion and $1.610 billion, respectively, representing approximately 51 days and 49 days of revenue outstanding (DSO), respectively. The increase in DSO is primarily due to timing of collections. Our DSO calculation is based on the current quarter’s average revenues per day. There were no significant changes from the second quarter of 2026 to the third quarter of 2026 in the carrying value of accounts receivable outstanding over one year old.

Liquidity and capital resources

The following table summarizes our major sources and uses of cash, cash equivalents and restricted cash:


	Nine months ended September 30,		YTD Q3 2026 vs. YTD Q3 2025
	2026		2025		Amount		Percent
	(dollars in millions and shares in thousands)
Net cash provided by operating activities:
Net income	$	888			$	748		$	140		18.7	%
Non-cash items in net income	763			807			(44)		(5.5)	%
Other working capital changes	(279)			(194)			(85)		(43.8)	%
Other	(42)			(14)			(28)		(200.0)	%
	$	1,330			$	1,346		$	(16)		(1.2)	%

Net cash used in investing activities:

Maintenance capital expenditures(1)	$	(309)			$	(304)		$	(5)		(1.6)	%
Development capital expenditures(2)	(122)			(126)			4		3.2	%
Acquisition expenditures	(42)			(118)			76		64.4	%
Proceeds from sale of self-developed properties	13			29			(16)		(55.2)	%

Other	(293)			28			(321)		(1,146.4)	%
	$	(753)			$	(492)		$	(261)		(53.0)	%

Net cash used in financing activities:
Debt issuances, net	$	490			$	788		$	(298)		(37.8)	%
Deferred and debt-related financing costs	(11)			(26)			15		57.7	%
Distributions to noncontrolling interests	(244)			(233)			(11)		(4.7)	%
Contributions from noncontrolling interests	5			4			1		25.0	%
Stock award exercises and other share issuances	(54)			(16)			(38)		(237.5)	%
Share repurchases	(870)			(1,464)			594		40.6	%
Other	(71)			(13)			(58)		(446.2)	%
	$	(755)			$	(960)		$	205		21.4	%

Total number of shares repurchased	5,837			10,001			(4,164)		(41.6)	%
Free cash flow(3)	$	672			$	716		$	(44)		(6.1)	%

Certain columns or rows may not sum due to the presentation of rounded numbers.

(1)Maintenance capital expenditures represent capital expenditures to maintain the productive capacity of the business and include those made for investments in information technology, dialysis center renovations, capital asset replacements, and any other capital expenditures that are not development or acquisition expenditures.

(2)Development capital expenditures principally represent capital expenditures (other than acquisition expenditures) made to expand the productive capacity of the business and include those for new U.S. and international dialysis center developments, dialysis center expansions and relocations, and new or expanded contracted hospital operations.

(3)For a reconciliation of our free cash flow, see the \"Reconciliations of Non-GAAP measures\" section below.

Consolidated cash flows

Consolidated cash flows from operating activities during the nine months ended September 30, 2026 decreased compared to the nine months ended September 30, 2025. The decrease was principally from changes in working capital items partially offset by an increase in operating results.

Free cash flow during the nine months ended September 30, 2026 decreased as compared to the nine months ended September 30, 2025 primarily due to a decrease in net cash provided by operating activities, as described above, as well as a decrease in proceeds from sale of self-developed properties and an increase in distributions to noncontrolling interest.

Significant sources of cash during the period included the incurrence of an incremental Term Loan B-2 tranche in the aggregate principal amount of $500 million and net draws on our revolving line of credit of $80 million. Significant uses of cash included regularly scheduled principal payments under our senior secured credit facilities totaling approximately $38 million on our Term Loan A-2 and $17 million on Term Loan B-2, as well as additional required payments under other debt arrangements. In addition, during the nine months ended September 30, 2026 we used cash to repurchase 5.8 million shares of our common stock.

By comparison, the same period in 2025 included the refinancing of Term Loan B-1 with a secured Term Loan B-2 facility in the aggregate principal amount of $1,878 million and issuance of the 6.75% Senior Notes in the amount of $1,000 million. Significant uses of cash during the nine months ended September 30, 2025 included the pay-off of the remaining principal balance outstanding on our Term Loan B-1 in the amount of $1,628 million, principal prepayment on our Term Loan A-1 in the amount of $250 million and repayment of $93 million in interest-free funding made available by UnitedHealth Group and its affiliates following the cybersecurity breach that affected Change Healthcare, a subsidiary of UnitedHealth Group, during the first quarter of 2025, regularly scheduled principal payments under our senior secured credit facilities totaling approximately $59 million on our Term Loan A-1, $8 million on Term Loan B-1 and $5 million on Term Loan B-2, as well as additional required payments under other debt arrangements. We also recognized financing cash outflows of $12 million in deferred financing costs related to the 6.75% Senior Notes transaction, as well as $13 million in cap premium fees for our 2025 forward interest rate cap agreements. In addition, during the nine months ended September 30, 2025 we used cash to repurchase 10.0 million shares of our common stock.

Dialysis center footprint

The table below shows the footprint of our dialysis operations by number of dialysis centers owned or operated:


	U.S.	International
	Nine months ended September 30,
	2026	2025		2026	2025
Number of centers operated at beginning of period	2,657		2,657		585	509
Acquired centers	10		2		15	59
Developed centers	7		12		3	6
Net change in non-owned managed or administered centers(1)	2		—		6	27
Sold and closed centers(2)	(2)		(3)		(8)	(13)
Closed centers(3)	(3)		(6)		(3)	(3)
Number of centers operated at end of period	2,671		2,662		598	585

(1)Represents the change in the number of dialysis centers which we manage or provide administrative services to but in which we own a noncontrolling equity interest or which are wholly-owned by third parties.

(2)Represents dialysis centers that were sold and/or closed for which the majority of patients were not retained.

(3)Represents dialysis centers that were closed for which the majority of patients were retained and transferred to one of our other existing outpatient dialysis centers.

Available liquidity

As of September 30, 2026, we had $1.42 billion available and $80 million drawn on our $1.5 billion revolving line of credit under our senior secured credit facilities. Credit available under this revolving line of credit is reduced by the amount of any letters of credit outstanding thereunder, of which there were none as of September 30, 2026. We separately had approximately $185 million in letters of credit outstanding under a separate bilateral secured letter of credit facility.

See Note 7 to the condensed consolidated financial statements for components of our long-term debt and their interest rates.

We believe that our cash flow from operations and other sources of liquidity, including from amounts available under our senior secured credit facilities and our access to the capital markets, will be sufficient to fund our scheduled debt service under the terms of our debt agreements and other obligations for the foreseeable future, including the next 12 months. From time to time, depending on market conditions, our capital requirements and the availability of financing, among other things, we may seek to refinance our existing debt and may incur additional indebtedness. Our primary recurrent sources of liquidity are cash from operations and cash from borrowings, which are subject to general, economic, financial, competitive, regulatory and other factors that are beyond our control, as described in Part I Item 1A. \"Risk Factors\" of our 2025 10-K.

Reconciliations of Non-GAAP measures

The following tables provide reconciliations of adjusted operating income (loss) to operating income (loss) as presented on a U.S. generally accepted accounting principles (GAAP) basis for our U.S. dialysis reportable segment as well as for our U.S. IKC business, our U.S. other ancillary services, our international business, and for our total ancillary services which combines them and is disclosed as our other segments category, in addition to our corporate administrative support.

These non-GAAP or \"adjusted\" measures are presented because management believes these measures are useful adjuncts to, but not alternatives for, our GAAP results. Specifically, management uses adjusted operating income (loss) to compare and evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe this non-GAAP measure is also useful to investors and analysts in evaluating our performance over time and relative to competitors, as well as in analyzing the underlying trends in our business. We also believe this presentation enhances a user's understanding of our normal operating income by excluding certain items which we do not believe are indicative of our ordinary results of operations.

In addition, our effective income tax rate on income attributable to DaVita Inc. excludes noncontrolling owners' income, which primarily relates to non-tax paying entities. We believe this adjusted effective income tax rate is useful to management, investors and analysts in evaluating our performance and establishing expectations for income taxes incurred on our ordinary results attributable to DaVita Inc.

Finally, our free cash flow represents net cash provided by operating activities less distributions to noncontrolling interests, development capital expenditures, and maintenance capital expenditures; plus contributions from noncontrolling interests and proceeds from the sale of self-developed properties. Management uses this measure to assess our ability to fund acquisitions and meet our debt service obligations and we believe this measure is equally useful to investors and analysts as an adjunct to cash flows from operating activities and other measures under GAAP.

It is important to bear in mind that these non-GAAP \"adjusted\" measures are not measures of financial performance under GAAP and should not be considered in isolation from, nor as substitutes for, their most comparable GAAP measures.

There were no non-GAAP adjustments for the three months ended June 30, 2026.


	Three months ended September 30, 2026
	U.S. dialysis		Ancillary services		Corporate administration		Consolidated
		U.S. IKC		U.S. Other		International		Total
	(dollars in millions)
Operating income (loss)	$	544			$	4			$	(6)	$	(16)		$	(19)		$	(26)	$	499
Goodwill and other asset impairments(1)	—			—			—			62	62		—			62

Adjusted operating income (loss)	$	544			$	4			$	(6)	$	46		$	44		$	(26)	$	561


	Nine months ended September 30, 2026
	U.S. dialysis		Ancillary services		Corporate administration		Consolidated
		U.S. IKC		U.S. Other		International		Total
	(dollars in millions)
Operating income (loss)	$	1,588			$	24			$	(20)	$	40		$	44		$	(72)	$	1,560
Goodwill and other asset impairments(1)	—			—			—			62	62		—			62

Adjusted operating income (loss)	$	1,588			$	24			$	(20)	$	102		$	106		$	(72)	$	1,622


	Nine months ended September 30, 2025
	U.S. dialysis		Ancillary services		Corporate administration		Consolidated
		U.S. IKC		U.S. Other		International		Total
	(dollars in millions)
Operating income (loss)	$	1,529			$	(24)			$	(14)	$	93		$	55		$	(101)	$	1,483
Cybersecurity incident-related charges(2)	25			—			—			—	—		—			25

Adjusted operating income (loss)	$	1,554			$	(24)			$	(14)	$	93		$	55		$	(101)	$	1,508

Certain columns or rows in the above tables may not sum due to the presentation of rounded numbers.

(1)Represents non-cash goodwill and other asset impairment charges related to our business in China. These charges are excluded from our non-GAAP metrics because they do not occur in or reflect the ordinary course of our ongoing business, are inherently unpredictable and are non-cash amounts, the exclusion of which facilitates comparison of historical, current and forecasted financial results.

(2)Represents charges recognized to remediate a cybersecurity incident and restore systems during the second quarter of 2025. We have excluded these charges from our non-GAAP metrics as we do not believe they are indicative of our ordinary results of operations. See additional discussion above under the heading \"Cybersecurity incident-related charges\" within \"U.S. dialysis results of operations\".


	Three months ended		Nine months ended
	September 30, 2026		June 30, 2026		September 30, 2026		September 30, 2025
	(dollars in millions)
Income before income taxes	$	359			$	435			$	1,135		$	964
Noncontrolling owners' income primarily attributable to non-tax paying entities	(46)			(78)			(202)			(236)
Income before income taxes attributable to DaVita Inc.	$	313			$	357			$	933		$	729
Income tax expense	$	89			$	92			$	247		$	216
Income tax benefit (expense) attributable to noncontrolling interests	1			(1)			—			—
Income tax expense attributable to DaVita Inc.	$	90			$	91			$	247		$	216
Effective income tax rate on income attributable to DaVita Inc.	28.7	%		25.6	%		26.5	%		29.6	%

Certain columns or rows may not sum or recalculate due to the presentation of rounded numbers.


	Nine months ended
	September 30, 2026		September 30, 2025
	(dollars in millions)
Net cash provided by operating activities	$	1,330			$	1,346
Adjustments to reconcile net cash provided by operating activities to free cash flow:
Distributions to noncontrolling interests	(244)			(233)
Contributions from noncontrolling interests	5			4
Maintenance capital expenditures	(309)			(304)
Development capital expenditures	(122)			(126)
Proceeds from sale of self-developed properties	13			29
Free cash flow	$	672			$	716

Certain columns or rows may not sum due to the presentation of rounded numbers.

Off-balance sheet arrangements and aggregate contractual obligations

In addition to the debt obligations and operating lease liabilities reflected on our balance sheet, we have certain potential commitments associated with letters of credit, working capital funding or other financing, if necessary, to certain nonconsolidated businesses that we manage and in which we own a noncontrolling equity interest or which are wholly-owned by third parties. We also have agreed to future investments in particular equity method and other investments if certain milestones are achieved or capital calls are made, as applicable. For additional information, see Note 16 to the consolidated financial statements included in our 2025 10-K.

We also have potential obligations to purchase the noncontrolling interests held by third parties in many of our majority-owned dialysis partnerships and other nonconsolidated entities. These obligations are in the form of put provisions that are exercisable at the third-party owners’ discretion within specified periods as outlined in each specific put provision. For additional information on these obligations and how we measure and report them, see Note 12 to the condensed consolidated financial statements included in this report and Notes 16 and 23 to the consolidated financial statements included in our 2025 10-K.

For information on the maturities and other terms of our long-term debt and outstanding letters of credit, see Note 7 to the condensed consolidated financial statements.

As of September 30, 2026, we have outstanding purchase agreements with various suppliers to purchase set amounts of dialysis equipment, parts, pharmaceuticals, supplies and technology services. If we fail to meet the minimum purchase commitments under these contracts during any year, we are required to pay the difference to the supplier, as described further in Note 16 to the consolidated financial statements included in our 2025 10-K.

New Accounting Standards

See discussion of new accounting standards in Note 14 to the condensed consolidated financial statements.

Item 3. 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 Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As required by Exchange Act Rule 13a-15(b), our management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), conducted an evaluation of the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rule 13a-15(e), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of September 30, 2026.

Changes in Internal Control over Financial Reporting

In connection with the evaluation required by Exchange Act Rule 13a-15(d), our management, including our CEO and CFO, concluded that no changes in our internal control over financial reporting occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.

OTHER INFORMATION

Item 1. Legal Proceedings

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 8 to the condensed consolidated financial statements included in this report.

Item 1A. Risk Factors

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.\"

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Share repurchases

The following table summarizes our repurchases of our common stock during the third quarter of 2026:


Period	Total number of shares purchased	Average price paid per share(1)		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs
	(dollars and shares in thousands, except per share data)
July 1-31, 2026	183		$	199.55		183	$	1,372,960
August 1-31, 2026	180		$	177.46		180	$	1,340,955
September 1-30, 2026	231		$	182.46		231	$	1,298,950
	594		$	186.21		594

(1)Excludes commissions and excise tax.

The Company is authorized to make share repurchases pursuant to prior Board authorizations. These authorizations allow the Company to make purchases from time to time in the open market or in privately negotiated transactions, including without limitation, through accelerated share repurchase transactions, derivative transactions, tender offers, Rule 10b5-1 plans or any combination of the foregoing, depending upon market conditions and other considerations.

As of October 27, 2026, we had approximately $1,212 million, excluding excise taxes, available under current repurchase authorizations for additional share repurchases. Although these share repurchase authorizations do not have an expiration date, we remain subject to share repurchase limitations including under our current senior secured credit facilities.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Director and Officer Trading Arrangements

None of the Company's directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of SEC Regulation S-K) during the quarter ended September 30, 2026, except as described in the table below:

Name and Title

Date Adopted

Type of Trading Arrangement(1)

Nature of Trading Arrangement

Duration of Trading
Arrangement

Aggregate Number of Securities

Javier Rodriguez,

Chief Executive Officer

September 7, 2026

Rule 10b5-1

Trading

Arrangement

Sale

December 8, 2026 to August 26,

2027, or such earlier date upon

which all transactions are

completed or expire without

execution

Up to 115,810

(1)The trading arrangement marked as a “Rule 10b5-1 trading arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.

Item 6. Exhibits


Exhibit
Number

31.1		Certification of the Chief Executive Officer, dated October 29, 2026, pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. ü

31.2		Certification of the Chief Financial Officer, dated October 29, 2026, pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. ü

32.1		Certification of the Chief Executive Officer, dated October 29, 2026, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. ü

32.2		Certification of the Chief Financial Officer, dated October 29, 2026, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. ü

101.INS		XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. ü

101.SCH		Inline XBRL Taxonomy Extension Schema Document. ü

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document. ü

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document. ü

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document. ü

101.PRE		Inline XBRL Taxonomy Extension Presentation, Linkbase Document. ü

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). ü


ü	Included in this filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	DAVITA INC.

	BY:		/s/ CHRISTOPHER M. BERRY
			Christopher M. Berry
			Chief Accounting Officer*

Date: October 29, 2026


*	Mr. Berry has signed both on behalf of the Registrant as a duly authorized officer and as the Registrant’s principal accounting officer.

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