DaVita HealthCare Partners (DVA) financial statements
DaVita HealthCare Partners reported revenue of $13.6B in fiscal 2025, up 3.8% a year over 9 years.
Net income was $747M and the operating margin 15.0%, against 20.9% in 2016.
Free cash flow was $1.3B, and the company returned $1.3B in net buybacks.
The diluted share count fell 63% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from DaVita HealthCare Partners's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.7B | $10.1B | $10.7B | $10.9B | $11.0B | $11.6B | $11.6B | $12.1B | $12.8B | $13.6B |
| Selling, general and admin | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $1.2B | $1.4B | $1.5B | $1.5B | $1.7B |
| Operating income | $2.0B | $1.8B | $1.5B | $1.6B | $1.7B | $1.8B | $1.3B | $1.6B | $2.1B | $2.0B |
| Interest expense | $414M | $431M | $487M | $444M | $304M | $285M | $357M | $399M | $470M | $580M |
| Pre-tax income | $1.6B | $1.4B | $1.0B | $1.2B | $1.3B | $1.5B | $966M | $1.2B | $1.5B | $1.3B |
| Income tax | $432M | $324M | $258M | $280M | $314M | $307M | $198M | $220M | $280M | $293M |
| Net income | $880M | $664M | $159M | $811M | $774M | $978M | $560M | $692M | $936M | $747M |
| EPS (diluted) | $4.29 | $3.47 | $0.92 | $5.27 | $6.31 | $8.90 | $5.85 | $7.42 | $10.73 | $9.84 |
| Diluted shares | 205M | 191M | 172M | 154M | 123M | 110M | 96M | 93M | 87M | 76M |
| Operating margin | 20.9% | 18.0% | 14.2% | 15.1% | 15.4% | 15.5% | 11.5% | 13.2% | 16.3% | 15.0% |
| Net margin | 9.0% | 6.6% | 1.5% | 7.4% | 7.0% | 8.4% | 4.8% | 5.7% | 7.3% | 5.5% |
Balance sheet
Fiscal years, from DaVita HealthCare Partners's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $982M | $541M | $326M | $1.1B | $345M | $484M | $322M | $392M | $846M | $701M |
| Receivables | $1.5B | $1.7B | $1.9B | $1.8B | $1.8B | $2.0B | $2.1B | $2.0B | $2.1B | $2.4B |
| Inventory | $160M | $182M | $107M | $98M | $112M | $107M | $109M | $143M | $135M | $161M |
| Total current assets | $4.0B | $8.8B | $8.4B | $3.7B | $3.1B | $3.2B | $3.2B | $3.1B | $3.7B | $4.1B |
| Property, plant and equipment | $2.9B | $3.1B | $3.4B | $3.5B | $3.5B | $3.5B | $3.3B | $3.1B | $2.9B | $2.8B |
| Goodwill | $6.0B | $6.6B | $6.8B | $6.8B | $6.9B | $7.0B | $7.1B | $7.1B | $7.4B | $7.5B |
| Total assets | $18.8B | $19.0B | $19.1B | $17.3B | $17.0B | $17.1B | $16.9B | $16.9B | $17.3B | $17.5B |
| Total current liabilities | $2.7B | $3.1B | $4.9B | $2.4B | $2.5B | $2.4B | $2.6B | $2.6B | $3.0B | $3.1B |
| Long-term debt | $8.9B | $9.2B | $8.2B | $8.0B | $7.9B | $8.7B | $8.7B | $8.3B | $9.2B | $10.2B |
| Total liabilities | $12.9B | $13.1B | $14.1B | $13.8B | $14.1B | $14.8B | $14.7B | $14.2B | $15.2B | $16.3B |
| Shareholders' equity | $4.6B | $4.7B | $3.7B | $2.1B | $1.4B | $756M | $712M | $1.1B | $121M | -$651M |
| Net debt | $8.3B | $8.6B | $7.8B | $6.9B | $7.6B | $8.3B | $8.4B | $7.9B | $8.4B | $9.5B |
Cash flow
Fiscal years, from DaVita HealthCare Partners's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.0B | $1.9B | $1.8B | $2.1B | $2.0B | $1.9B | $1.6B | $2.1B | $2.0B | $1.9B |
| Capital spending | $829M | $905M | $987M | $767M | $675M | $641M | $603M | $568M | $555M | $576M |
| Free cash flow | $1.1B | $1.0B | $785M | $1.3B | $1.3B | $1.3B | $961M | $1.5B | $1.5B | $1.3B |
| Stock-based compensation | $38M | $35M | $73M | $68M | $91M | $102M | $95M | $112M | $103M | $140M |
| Dividends paid | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Share buybacks (net) | -$1.1B | -$803M | -$1.2B | -$2.4B | -$1.5B | -$1.5B | -$802M | -$272M | -$1.4B | -$1.3B |
| Net borrowing | $52.0B | $51.0B | $59.9B | $38.5B | $4.0B | $1.6B | $2.4B | $2.5B | $6.6B | $5.6B |
| Free cash flow margin | 11.8% | 10.0% | 7.3% | 12.0% | 11.8% | 11.1% | 8.3% | 12.3% | 11.4% | 9.6% |
Questions
What was DaVita HealthCare Partners's revenue in 2025?
$13.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does DaVita HealthCare Partners generate?
$1.3B in fiscal 2025 (operating cash flow minus capital spending).
From DaVita HealthCare Partners's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.