The modest EPS and revenue beat combined with maintained guidance supports a constructive view. The aggressive share repurchase program ($348M in Q2) continues to drive EPS accretion. Monitor the Q3 earnings call for any impact from the new Term Loan B-2 on interest expense and leverage, and for updates on normalized treatment growth trends.
Price Chart
Executive Summary
DaVita reported Q2 2026 diluted EPS of $4.02 on consolidated revenues of $3.554B. The EPS beat the Street consensus of $4.01 by a marginal 0.25%, while revenue exceeded the $3.49B estimate by 1.8%. The company maintained its full-year 2026 guidance for adjusted operating income ($2.15B-$2.25B) and adjusted diluted EPS ($14.10-$15.20), signaling confidence in operational momentum despite a slight sequential decline in revenue per treatment.
Key Financial Metrics
Key Facts
- Q2 2026 diluted EPS of $4.02 vs consensus $4.01 (beat by 0.25%)
- Q2 2026 consolidated revenues of $3.554B vs consensus $3.49B (beat by 1.8%)
- Revenue grew 5.2% YoY from $3.380B in Q2 2025
- Operating income of $579M (16.3% margin) vs $538M (15.9%) in Q2 2025
- Full-year 2026 guidance maintained: adjusted operating income $2.15B-$2.25B, adjusted diluted EPS $14.10-$15.20
- Repurchased 2.2M shares for $348M in Q2; additional 0.2M shares for $37M post-quarter
- Incurred $500M incremental Term Loan B-2 tranche in June 2026
Financial Impact
Q2 EPS beat by $0.01 (0.25%) and revenue beat by $64M (1.8%) vs consensus; guidance unchanged
Risk Factors
- Slight sequential decline in revenue per treatment ($415.87 vs $417.59 in Q1 2026)
- Leverage ratio increased to 3.37x from 3.34x in Q1 2026 due to new debt
- Dependence on commercial payor mix and potential downward pressure on rates
- Normalized non-acquired treatment growth remains low at 0.3% YoY
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000927066-26-000105 |
| Document: dva-20260804.htm | 0000927066-26-000105 |
| Document: 0000927066-26-000105-index-headers.html | 0000927066-26-000105 |
| Document: 0000927066-26-000105-index.html | 0000927066-26-000105 |
| Document: 0000927066-26-000105.txt | 0000927066-26-000105 |
| 8-K Data (Synthetic) | 0000927066-26-000105 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K | $187.61 $178.83 | ▼ −4.68% | ▼ −4.08% | $178.69 (−4.75%) |
Jun 15, 2026 15w ago | Court Ruling | $209.75 $232.41 | ▲ +10.80% | ▲ +11.20% | $178.69 (−14.81%) |
Jun 8, 2026 16w ago | 8-K | $198.19 $234.31 | ▲ +18.22% | ▲ +16.78% | $178.69 (−9.84%) |
May 18, 2026 19w ago | Insider Cluster | $194.38 $208.98 | ▲ +7.51% | ▲ +5.25% | $178.69 (−8.07%) |
May 13, 2026 20w ago | Insider Cluster | $192.30 $208.66 | ▼ −8.51% | ▼ −9.37% | $178.69 (+7.08%) |
May 5, 2026 21w ago | 8-K | $191.76 $195.03 | ▲ +1.71% | ▼ −1.07% | $178.69 (−6.81%) |
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