DVA US S&P 500Russell 1000 Earnings call
DaVita (DVA) · Q2 2026 results and valuation
Share price: $183.50 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 5 May 2026
Net income up 34.4% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+34.4%
Net income vs Q1 2026
Outlook given
Net income 265.4M vs 197.5M
Revenue +4.1%
Against the same quarter last year (Q2 2025) it is +33.1%, so it is not just seasonal.
2 · How management spoke
Restrained
Less upbeat than 71% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
The number of patients relying on less effective over-the-counter options such as TUMS has reduced by more than 50% this quarter.
Valuation
Is DaVita undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 5.5% growth a year (3-year revenue growth), the model's fair value is $198.14 a share — the stock trades 7% below it. Today's price assumes 4.9% growth a year.
Current price
$183.50
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+4.9% for 10 yrs
Fair value / share
$198.14
Buy below
$148.60
Price vs fair value
Undervalued 7%
Price vs buy-below price
Overvalued 23%
Read between the lines
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Guidance
DVA expects year-over-year patient care cost growth to slow in the back half, similar to revenue per treatment, which could improve profitability.
Source quote
“Similar to the dynamic in revenue per treatment, we expect year-over-year growth in patient care costs to decelerate in the back half of the year, driven by decreasing...”
-
Guidance
DVA now expects 2026 total treatment growth near the top end of its prior guidance, showing rising confidence in full-year volumes.
Source quote
“Our confidence in our treatment volume trajectory for the year continues to grow, and we now expect 2026 growth in total treatments near the top end of our previous...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Second, compared to the first quarter, revenue per treatment declined as we expected, reflecting lower commercial mix from declining ACA enrollment and lower sequential revenue contribution from phosphate binders.”
“It's a powerful example of how the right policy, combined with strong clinical execution can expand access to better care and improve long-term patient health.”
“That said, the recent FDA approval of new expanded HD dialyzer from NIPRO represents an important milestone that should materially improve both market supply and economics.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 3.55B | 3.42B | +4.1% | 3.38B | +5.2% |
| Operating income | 579.0M | 481.9M | +20.2% | 537.8M | +7.7% |
| Net income | 265.4M | 197.5M | +34.4% | 199.3M | +33.1% |
| EPS | 4.02 | 2.87 | +40.1% | 2.58 | +55.8% |
| P/E today 14.7 | 18.3 | 14.4 | +3.9 | 14.0 | +4.3 |
Topics
Most discussed now
- New Because DaVita's clinical and financial objectives are so aligned, this progress directly supports its volume growth.
- As a reminder, DaVita's treatment volume expectations are for nominal treatment growth.
- Largely the result of the new patient mix coming in lower.
- The $70 million impact is a combination of the anniversary effect or the annualizing effect of the mix loss in...
- By delivering new middle molecule technology to its patients and physicians, DaVita is advancing the standard of care to sustain...
Faded since Q1 2026
- Fading DaVita is increasing its full year volume forecast to 25 to 50 basis points.
- Fading Revenue per treatment declined approximately $5 sequentially, primarily as a result of the typical first quarter headwind from patient-pay…
- Fading If you look at the last 5 years CAGR on DaVita's total cost, which includes patient care costs, depreciation and...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Material agreement; New financial obligation; Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K