EarningsQ2 2026 Earnings Report
MX:DVA Q2 2026 EPS Results
Actual EPS$68.93
Consensus EPS$66.56
Beat/MissBeat by +$2.37
One Year Ago EPS$50.58
MX:DVA Q2 2026 Revenue Results
Actual Revenue$60.94B
Expected Revenue$59.95B
Beat/MissBeat by +$990.00M
YoY Revenue Growth+5.17%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
MX:DVA Upcoming Earnings
DaVita's next earnings date is estimated for October 23, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:DVA Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a balanced picture: clear clinical progress (phosphate binder transition, MOTheR results, expanded HD supply and deployment) and solid near-term financials (Q2 OI, EPS, free cash flow, buybacks, leverage within target) support confidence in the strategy. However, near-term revenue-per-treatment pressure, ACA-related commercial mix headwinds (~$40M in 2026, ~$70M in 2027), elevated patient care cost growth YTD (>3%), and some operational noise (missed treatments, smaller Fresenius pickup) temper upside and create uncertainty for margin expansion in the back half of the year and into 2027.Company Guidance
Solid Q2 Financial Results
Adjusted operating income of $579 million, adjusted EPS of $4.02, and free cash flow of $256 million in Q2 2026, with enterprise OI up about 5% year-over-year.
Treatment Volume Growth Accelerating
U.S. dialysis treatments increased 56 basis points year-over-year (0.56%) in Q2; company now expects 2026 treatment growth near the top end of prior guidance (25–50 bps).
Guidance Reconfirmed
Full-year 2026 guidance reconfirmed with midpoint adjusted operating income of $2.2 billion and midpoint adjusted EPS of $14.65; anticipate Q3→Q4 sequential OI increase of $50M–$100M (IKC timing driver).
Clinical Progress — Phosphate Binder Transition
Successful transition of phosphate binders into the Medicare dialysis bundle reduced reliance on OTC options by more than 50%; CMS reduced its phosphate binder spend estimate by nearly $500 million.
Clinical Breakthrough — MOTheR Trial & Expanded HD
MOTheR trial showed expanded HD (medium cutoff dialyzer) is non-inferior to HDF on composite endpoint (all-cause mortality + major CV events); DaVita secured supply (NIPRO) and expects to deploy expanded HD broadly without major capital investment.
Capital Allocation and Balance Sheet Discipline
Repurchased 2.2 million shares in Q2 plus 183k post-quarter; year-to-date buybacks ~$785 million; closed $200 million minority investment in Elara Caring; leverage ratio 3.37x consolidated EBITDA (within 3.0–3.5x target).
International and IKC Contributions
International adjusted operating income $25 million in Q2 (in line); IKC delivered ~$40 million of adjusted operating income above expectations in the quarter; management expects ~+$20 million each from International and IKC to full-year enterprise OI growth.
Operational Cost Leverage in Quarter
Patient care cost per treatment declined ~$3 sequentially driven by operating leverage on labor and lower phosphate binder costs; total cost-per-treatment full-year growth forecast narrowed to 1.25%–2.25%.
MX:DVA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed