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Mar 31
DaVita Q1 2025 Earnings Report
DaVita delivered solid Q1 2025 results with steady revenues and disciplined cost controls, though free cash flow turned negative.
Key Takeaways
DaVita generated $3.224 billion in revenue and $162.9 million in net income in Q1 2025. The company maintained strong operating margins and EPS, while managing rising patient care costs and share repurchases.
Q1 2025 revenue reached $3.224 billion, up from $3.071 billion YoY.
EPS held strong at $2.00, matching adjusted EPS.
Free cash flow was negative $45 million, impacted by capex and distributions.
U.S. dialysis segment contributed the bulk of revenue with solid operating margins.
DaVita
DaVita
DaVita Revenue by Segment
DaVita Revenue by Geographic Location
Forward Guidance
DaVita expects steady performance in 2025, with adjusted net income per share between $10.20 and $11.30 and free cash flow ranging from $1.0B to $1.25B.
Positive Outlook
- Guides adjusted EPS between $10.20–$11.30 for FY 2025.
- Free cash flow forecast of $1.0B–$1.25B suggests healthy liquidity.
- U.S. dialysis operations maintain strong margins.
- IKC segment positioned for longer-term growth in value-based care.
- Effective cost controls and admin savings helped maintain margins.
Challenges Ahead
- Free cash flow turned negative in Q1 2025.
- Dialysis treatment volume declined YoY.
- Rising patient care costs due to phosphate binders and labor.
- International income contribution dropped vs Q4.
- Adjusted operating income was flat despite higher revenues.
Revenue & Expenses
Visualization of income flow from segment revenue to net income