The GAAP miss is largely driven by a non-cash China impairment, while adjusted results and raised guidance low-end suggest underlying operational strength. Watch for further details on the China impairment and any impact on international segment trajectory.
Price Chart
Executive Summary
DaVita reported Q3 2026 GAAP diluted EPS of $3.40 and adjusted diluted EPS of $3.82 on revenue of $3.578B. GAAP EPS missed the consensus estimate of $3.57, while revenue beat the $3.52B consensus. The company narrowed its 2026 adjusted operating income guidance range to $2,175M-$2,250M (from $2,150M-$2,250M) and raised the low end of adjusted EPS guidance to $14.30 (from $14.10), signaling modestly improved profitability expectations.
Key Financial Metrics
Key Facts
- Q3 2026 consolidated revenues of $3.578B, up 4.6% from $3.420B in Q3 2025.
- GAAP diluted EPS of $3.40 vs consensus $3.57 (miss).
- Adjusted diluted EPS of $3.82 vs consensus $3.57 (beat).
- Adjusted operating income of $561M (15.7% margin) vs $499M GAAP operating income (14.0% margin).
- Non-cash goodwill impairment charge of $62M related to China business reduced GAAP results.
- 2026 guidance: adjusted operating income raised to $2,175M-$2,250M; adjusted EPS low end raised to $14.30.
- Free cash flow of $276M in Q3, $980M trailing twelve months.
- Repurchased 0.6M shares for $111M in Q3; additional 0.5M shares for $87M through Oct 27.
- U.S. dialysis normalized non-acquired treatment growth of 0.4% year-over-year.
- Integrated kidney care risk-based patients grew to 80,800 from 64,900 in Q2 2026.
Financial Impact
GAAP EPS $3.40 missed consensus by $0.17 (4.8%); adjusted EPS $3.82 beat by $0.25 (7.0%). Revenue $3.578B beat consensus by $58M (1.6%).
Segment Breakdown
| Segment | Revenue |
|---|---|
| U.S. dialysis | $3.0B |
| Integrated kidney care | $144.0M |
| Other U.S. ancillary | $10.0M |
| International | $398.0M |
Risk Factors
- GAAP EPS miss of 4.8% vs consensus may pressure the stock near term.
- China goodwill impairment of $62M signals ongoing challenges in international operations.
- Patient care costs per treatment rose to $280.22 from $277.40 sequentially, pressuring margins.
- Leverage ratio increased slightly to 3.38x from 3.37x; weighted average interest rate rose to 5.54%.
- Free cash flow trailing twelve months declined to $980M from $1,308M in the prior period.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000927066-26-000132 |
| Document: dva-20261029.htm | 0000927066-26-000132 |
| Document: 0000927066-26-000132-index-headers.html | 0000927066-26-000132 |
| Document: 0000927066-26-000132-index.html | 0000927066-26-000132 |
| Document: 0000927066-26-000132.txt | 0000927066-26-000132 |
| 8-K Data (Synthetic) | 0000927066-26-000132 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Oct 29, 2026 3d ago | Press Release | $184.00 | awaiting T+60 | awaiting T+60 | $187.50 (+1.90%) |
Oct 23, 2026 9d ago | Institutional Cluster | $183.64 | awaiting T+60 | awaiting T+60 | $187.50 (+2.10%) |
Aug 4, 2026 12w ago | 8-K | $187.61 $193.31 | ▲ +3.04% | ▲ +3.10% | $187.50 (−0.06%) |
Jun 15, 2026 19w ago | Court Ruling | $208.98 $181.55 | ▼ −13.13% | ▼ −14.99% | $187.50 (−10.28%) |
Jun 8, 2026 20w ago | 8-K | $198.19 $178.83 | ▼ −9.77% | ▼ −13.58% | $187.50 (−5.39%) |
May 18, 2026 23w ago | Insider Cluster | $194.38 $179.17 | ▼ −7.82% | ▼ −13.84% | $187.50 (−3.54%) |
May 13, 2026 24w ago | Insider Cluster | $192.30 $183.48 | ▲ +4.59% | ▲ +7.91% | $187.50 (+2.49%) |
May 5, 2026 25w ago | 8-K | $191.76 $238.86 | ▲ +24.56% | ▲ +23.49% | $187.50 (−2.22%) |
US Market Status
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