Earnings release
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Contact: Investor Relations DaVita Inc. ir@davita.com DaVita Inc. 3rd Quarter 2026 Results Denver, Colorado, October 29, 2026 — DaVita Inc. (NYSE: DVA) announced financial and operating results for the quarter ended September 30, 2026. Financial and operating highlights for the quarter ended September 30, 2026: • Consolidated revenues were $3.578 billion. • Operating income was $499 million and adjusted operating income was $561 million. • Diluted earnings per share was $3.40 and adjusted diluted earnings per share was $3.82. • Operating cash flow was $519 million and free cash flow was $276 million. • Repurchased 0.6 million shares of the Company's common stock at an average price paid of $186.21 per share. Three months ended Nine months ended September 30, September 30, 2026 June 30, 2026 2026 2025 Net income attributable to DaVita Inc.: (dollars in millions, except per share data) Net income $ 223 $ 265 $ 686 $ 513 Diluted per share $ 3.40 $ 4.02 $ 10.27 $ 6.62 Adjusted net income $ 250 $ 265 $ 713 $ 576 Adjusted diluted per share $ 3.82 $ 4.02 $ 10.67 $ 7.44 (1) For definitions of non-GAAP financial measures, see the note titled "Note on Non-GAAP Financial Measures" and related reconciliations beginning on page 14. Three months ended Nine months ended September 30, September 30, 2026 June 30, 2026 2026 2025 Amount Margin Amount Margin Amount Margin Amount Margin Operating income (dollars in millions) Operating income $ 499 14.0 % $ 579 16.3 % $ 1,560 14.8 % $ 1,483 14.8 % Adjusted operating income $ 561 15.7 % $ 579 16.3 % $ 1,622 15.4 % $ 1,508 15.0 % (1) For definitions of non-GAAP financial measures, see the note titled "Note on Non-GAAP Financial Measures" and related reconciliations beginning on page 14. U.S. dialysis metrics: Volume: Total U.S. dialysis treatments for the third quarter of 2026 were 7,329,644, or an average of 92,780 treatments per day, representing a per day increase of 0.1% compared to the second quarter of 2026. Normalized non-acquired treatment growth in the third quarter of 2026 compared to the third quarter of 2025 was 0.4%. Three months ended Quarterchange Nine months ended Year to date changeSeptember 30,2026 June 30,2026 September 30,2026 September 30,2025 (dollars in millions, except per treatment data) Revenue per treatment $ 415.25 $ 415.87 $ (0.62) $ 416.22 $ 405.15 $ 11.07 Patient care costs per treatment $ 280.22 $ 277.40 $ 2.82 $ 279.24 $ 271.23 $ 8.01 General and administrative $ 316 $ 331 $ (15) $ 967 $ 917 $ 50 (1) (1) (1) 1
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Primary drivers of the changes in the table above were as follows: Revenue: The quarter change was primarily driven by normal fluctuations, partially offset by an increase in average reimbursement rates and improvements in payor mix. The year to date change was driven by typical annual rate increases and other normal fluctuations, partially offset by unfavorable changes in payor mix. Patient care costs: The quarter change was primarily due to increased medical supplies expenses. The year to date change was primarily driven by increased compensation expenses, medical supplies expense, insurance costs and health benefits expenses. General and administrative: The quarter change was primarily due to decreased professional fees. The year to date change was primarily driven by increases in IT-related costs and compensation expenses, partially offset by costs related to the cybersecurity incident experienced by the Company in 2025. Certain items impacting the quarter: Goodwill and other asset impairment charges. During the quarter ended September 30, 2026, we recognized non-cash goodwill and other asset impairment charges related to our business in China. The effect was a $62 million impairment charge within operating income, offset by a $1 million tax benefit and $34 million noncontrolling interest credit, resulting in a $27 million net income impact attributable to DaVita Inc. Share repurchases. During the three months ended September 30, 2026, we repurchased 0.6 million shares for $111 million, at an average price paid of $186.21 per share. Subsequent to September 30, 2026 through October 27, 2026, the Company has repurchased 0.5 million shares of our common stock for $87 million at an average price paid of $180.57 per share. Financial and operating metrics: Three months endedSeptember 30, Twelve months endedSeptember 30, 2026 2025 2026 2025 Cash flow: (dollars in millions) Operating cash flow $ 519 $ 842 $ 1,870 $ 1,893 Free cash flow $ 276 $ 604 $ 980 $ 996 (1) For definitions of non-GAAP financial measures, see the note titled "Note on Non-GAAP Financial Measures" and related reconciliations beginning on page 14. Three months endedSeptember 30, 2026 Nine months endedSeptember 30, 2026 Effective income tax rate on: Income 24.9 % 21.8 % Income attributable to DaVita Inc. 28.7 % 26.5 % Adjusted income attributable to DaVita Inc. 26.6 % 25.8 % (1) For definitions of non-GAAP financial measures, see the note titled "Note on Non-GAAP Financial Measures" and related reconciliations beginning on page 14. Center activity: As of September 30, 2026, we provided dialysis services to a total of approximately 298,100 patients at 3,269 outpatient dialysis centers, of which 2,671 centers were located in the United States and 598 centers were located in 14 countries outside of the United States. Integrated kidney care (IKC): As of September 30, 2026, we had approximately 80,800 patients in risk-based integrated care arrangements representing approximately $6.4 billion in annualized medical spend. We also had an additional 3,100 patients in other integrated care arrangements; we do not include the medical spend for these patients in this annualized medical spend estimate. For an additional description of these metrics, see footnote 5 in the "Supplemental Financial Data" table below. (1) (1) (1) 2
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Outlook: The following forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, including those described below, and actual results may vary materially from these forward-looking measures. We do not provide guidance for operating income or diluted net income per share attributable to DaVita Inc. or operating cash flow on a basis consistent with United States generally accepted accounting principles (GAAP) nor a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These current non-GAAP financial measures do not include certain items, including goodwill impairment charges and foreign currency fluctuations, which may be significant. The guidance for our effective income tax rate on adjusted income attributable to DaVita Inc. also excludes the amount of third-party owners' income and related taxes attributable to non-tax paying entities. Current 2026 guidance Prior 2026 guidance Low High Low High (dollars in millions, except per share data) Adjusted operating income $2,175 $2,250 $2,150 $2,250 Adjusted diluted net income per share attributable to DaVita Inc. $14.30 $15.20 $14.10 $15.20 Free cash flow $1,000 $1,250 $1,000 $1,250 The following table outlines normalized treatment days by quarter for 2025 and 2026. Normalized treatment days are adjusted for the mix of days of the week for each quarter and serve as a means to more readily compare calendar effects on each quarter's treatment volume. Normalized Treatment Days 2026 2025 Q1 76.5 76.9 Q2 78.0 78.0 Q3 79.2 78.8 Q4 78.8 79.5 Total 312.4 313.2 Certain columns, rows or percentages may not sum or recalculate due to the presentation of rounded numbers. We will be holding a conference call to discuss our results for the third quarter ended September 30, 2026, on October 29, 2026, at 5:00 p.m. Eastern Time. To join the conference call, please dial (877) 918-6630 from the U.S. or (517) 308-9042 from outside the U.S., and provide the operator the password "Earnings." This call is being webcast and can be accessed at the DaVita Investor Relations website investors.davita.com. A replay of the conference call will also be available at investors.davita.com. 3
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Forward looking statements DaVita Inc. and its representatives may from time to time make written and oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA), including statements in this release, filings with the Securities and Exchange Commission (SEC), reports to stockholders and in meetings with investors and analysts. All statements in this release, during the related presentation or other meetings, other than statements of historical fact, are forward-looking statements and as such are intended to be covered by the safe harbor for "forward-looking statements" provided by the PSLRA. These forward-looking statements could include, among other things, statements about our balance sheet and liquidity, our expenses, revenues, billings and collections, patient census, the impact of the cybersecurity incident experienced by the Company in 2025 (cyber incident), the impact of federal government policy changes or shutdowns on our business, including with respect to federal funding and reimbursement rates of Medicare, Medicare Advantage (MA), Medicaid and other government programs, availability or cost of supplies, including without limitation the impact of evolving trade policies and tariffs and any reduction in clinical and other supplies due to any disruptions experienced by third party vendors, including with respect to our ability to provide home dialysis services, treatment volumes, mix expectation, such as the percentage or number of patients under commercial insurance, including potential impacts to such mix as a result of U.S. administration policies, current macroeconomic, marketplace and labor market conditions, and overall impact on our patients and teammates, as well as other statements regarding our outlook, future operations, financial condition and prospects, capital allocation plans, expenses, cost saving initiatives, other strategic initiatives, use of contract labor, government and commercial payment rates, expectations related to value-based care (VBC), integrated kidney care (IKC), MA plan enrollment and our international operations, expectations regarding increased competition and marketplace changes, including those related to new or potential entrants in the dialysis and pre-dialysis marketplace and the potential impact of innovative technologies, drugs, or other treatments on the dialysis industry, and expectations regarding our share repurchase program. All statements in this release, other than statements of historical fact, are forward-looking statements. Without limiting the foregoing, statements including the words "expect," "intend," "will," "could," "plan," "anticipate," "believe," "forecast," "guidance," "outlook," "goals," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on DaVita's current expectations and are based solely on information available as of the date of this release. DaVita undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law. Actual future events and results could differ materially from any forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things: • external conditions, including those related to general economic, political and global health conditions, including without limitation, the impact of global events and political or governmental volatility, including in the Middle East and Ukraine; the impact of the domestic political environment and related developments on the current healthcare marketplace, our patients and on our business; the impact of infectious diseases or other adverse conditions on our financial condition, the chronic kidney disease population and our patient population; supply chain challenges and disruptions, including without limitation, with respect to certain key services, critical clinical supplies and equipment we obtain from third parties, and including any impacts on our supply chain and cost of supplies as a result of global events, natural disasters or evolving trade policies, including tariffs; the impact on our patients and industry of continued increased competition from dialysis providers and others, including new or potential entrants in the dialysis and pre-dialysis marketplace; the impact of new or innovative technologies, drugs, or other treatments, including our ability to successfully implement new technologies, treatments or therapies in our business such as those related to middle molecule toxin clearance; elevated teammate turnover or labor costs; and our ability to respond to challenging U.S. and global economic and marketplace conditions, including, among other things, our ability to successfully identify cost saving opportunities and execute on related strategic initiatives; • the concentration of profits generated by higher-paying commercial payor plans for which there is continued downward pressure on average realized payment rates; our ability to negotiate and maintain contracts with these payors on competitive terms or at all; a reduction in the number or percentage of our patients under commercial plans, including, without limitation, as a result of healthcare, immigration or other policies implemented by the U.S. administration, continuing legislative, regulatory or other efforts to restrict or prohibit the use and/or availability of charitable premium assistance, or as a result of payors implementing restrictive plan designs or resulting from negotiations with large commercial payors that we have in the past, and currently are, conducting on a concurrent basis; • risks arising from laws, regulations or requirements applicable to us or changes thereto, including, without limitation, the One Big Beautiful Bill Act and those related to trade policy, healthcare, charitable premium assistance, privacy, antitrust matters, and acquisition, merger, joint venture or similar transactions and/or labor matters, and potential impacts of changes in interpretation or enforcement thereof or related litigation impacting, among other things, coverage or reimbursement rates for our services or the number of patients enrolled in or that select higher-paying 4
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commercial plans, and the risk that we make incorrect assumptions about how our patients will respond to any such developments; • our ability to successfully implement our strategies with respect to IKC and VBC initiatives that may be impacted by, among other things, changes to the Comprehensive Kidney Care Contracting model and home based dialysis in the desired time frame and in a complex, dynamic and highly regulated environment; • a reduction in government payment rates under the Medicare End Stage Renal Disease program, state Medicaid or other government-based programs and the impact of the MA benchmark structure and adjustment methodologies; • our reliance on significant suppliers, service providers and other third party vendors to provide key support to our business operations and enable our provision of services to patients, including, among others, suppliers of certain pharmaceuticals, administrative or other services or critical clinical products; and risks resulting from a closure, reduction, disruption or transition in the services or products provided to us by such suppliers, service providers and third party vendors, which may, among other things, increase our costs or expenses; • our ability to successfully and cost-effectively maintain, operate or upgrade our information systems or those of third-party service providers upon which we rely and our ability to successfully and cost-effectively adopt or adapt to new technologies, treatments or therapies, including technologies that utilize artificial intelligence; • legal and compliance risks, such as compliance with complex, and at times, evolving government regulations and requirements, and with additional laws that may apply to our operations as we expand geographically or enter into new lines of business; • noncompliance by us or our business associates with any privacy or security laws or any security breach by us or a third party, such as the cyber incident, including, among other things, any such non-compliance or breach involving the misappropriation, loss or other unauthorized use or disclosure of confidential information; • our ability to attract, retain and motivate teammates, including key leadership personnel, our ability to manage potential disruptions to our business and operations, including potential work stoppages, and our ability to manage operating cost increases or productivity decreases that may be related to political unrest, legislative or other changes, union organizing activities, or volatility and uncertainty in the current challenging and highly competitive labor market that has experienced an ongoing nationwide shortage of skilled clinical personnel, among other things; • changes in practice patterns, pricing, or reimbursement and payment policies or processes related to pharmaceuticals, medical equipment or supplies, including with respect to oral phosphate binders, among other things; • our ability to develop and maintain relationships with physicians and hospitals, changing affiliation models for physicians, and the emergence of new models of care or other initiatives that, among other things, may erode our patient base and impact reimbursement rates; • our ability to complete and successfully integrate and operate acquisitions, mergers, dispositions, joint ventures or other strategic transactions on terms favorable to us or at all; and our ability to continue to successfully expand our operations and services in markets outside the United States, or to businesses or products outside of dialysis services; • the variability of our cash flows, including, without limitation, any extended billing or collections cycles that may be due to, among other things, defects or operational issues in our billing systems such as those experienced during the cyber incident, or defects or operational issues in the billing systems or services of third parties on which we rely; the risk that we may not be able to generate or access sufficient cash in the future to service our indebtedness or to fund our other liquidity needs; • the effects on us or others of natural or other disasters, public health crises or severe adverse weather events such as hurricanes, earthquakes, fires or flooding; • factors that may impact our ability to repurchase stock under our share repurchase program and the timing of any such stock repurchases, as well as any use by us of a considerable amount of available funds to repurchase stock; • our goals and disclosures related to sustainability matters, including, among other things, evolving regulatory requirements affecting environmental, social and governance standards, measurements and reporting requirements; and • the other risk factors, trends and uncertainties set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2026, and the risks and uncertainties discussed in any subsequent reports that we file or furnish with the SEC from time to time. The financial information presented in this release is unaudited and is subject to change as a result of subsequent events or adjustments, if any, arising prior to the filing of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026. 5
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DAVITA INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) (dollars and shares in thousands, except per share data) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Dialysis patient service revenues $ 3,408,266 $ 3,298,090 $ 10,047,440 $ 9,607,954 Other revenues 169,860 122,137 500,318 415,328 Total revenues 3,578,126 3,420,227 10,547,758 10,023,282 Operating expenses: Patient care costs 2,451,047 2,332,759 7,185,305 6,833,959 General and administrative 408,697 414,373 1,254,069 1,201,268 Depreciation and amortization 165,188 177,490 510,825 528,645 Equity investment income, net (8,237) (10,162) (24,765) (23,135) Goodwill and other asset impairment charges 62,176 — 62,176 — Total operating expenses 3,078,871 2,914,460 8,987,610 8,540,737 Operating income 499,255 505,767 1,560,148 1,482,545 Debt expense (150,016) (150,557) (445,403) (431,674) Debt extinguishment and modification costs — (5,150) (2,035) (5,150) Other income (loss), net 9,468 (41,257) 22,241 (81,657) Income before income taxes 358,707 308,803 1,134,951 964,064 Income tax expense 89,318 68,554 247,304 216,379 Net income 269,389 240,249 887,647 747,685 Less: Net income attributable to noncontrolling interests (46,458) (89,917) (201,789) (235,099) Net income attributable to DaVita Inc. $ 222,931 $ 150,332 $ 685,858 $ 512,586 Earnings per share attributable to DaVita Inc.: Basic net income $ 3.49 $ 2.09 $ 10.50 $ 6.77 Diluted net income $ 3.40 $ 2.04 $ 10.27 $ 6.62 Weighted average shares for earnings per share: Basic shares 63,835 72,075 65,322 75,768 Diluted shares 65,504 73,769 66,811 77,442 6
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DAVITA INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (dollars in thousands) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net income $ 269,389 $ 240,249 $ 887,647 $ 747,685 Other comprehensive income (loss), net of tax: Unrealized gains (losses) on interest rate cap agreements: Unrealized gains (losses) 26,777 (4,418) 34,729 (19,358) Reclassifications of net realized losses into net income 2,877 1,427 8,632 4,468 Unrealized (losses) gains on foreign currency translation (564) 24,669 49,961 209,526 Other comprehensive income 29,090 21,678 93,322 194,636 Total comprehensive income 298,479 261,927 980,969 942,321 Less: Comprehensive income attributable to noncontrolling interests(46,458) (89,917) (201,789) (235,099) Comprehensive income attributable to DaVita Inc. $ 252,021 $ 172,010 $ 779,180 $ 707,222 7
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DAVITA INC. CONSOLIDATED BALANCE SHEETS (unaudited) (dollars and shares in thousands, except per share data) September 30, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 495,629 $ 676,438 Restricted cash and equivalents 83,631 81,309 Short-term investments 70,673 24,303 Accounts receivable 2,509,014 2,414,690 Inventories 161,464 160,627 Contract assets and other receivables 565,459 494,414 Prepaid and other current assets 141,147 156,285 Income tax receivable 47,807 49,937 Total current assets 4,074,824 4,058,003 Property and equipment, net of accumulated depreciation of $6,985,414 and $6,602,134, respectively2,731,171 2,812,966 Operating lease right-of-use assets 2,434,212 2,397,179 Intangible assets, net of accumulated amortization of $39,378 and $37,751, respectively 221,070 222,125 Equity method and other investments 404,305 157,249 Long-term investments 38,382 40,966 Other long-term assets 364,506 246,520 Goodwill 7,548,042 7,545,095 $ 17,816,512 $ 17,480,103 LIABILITIES AND EQUITY Accounts payable $ 662,199 $ 696,148 Other liabilities 848,178 893,024 Accrued compensation and benefits 747,911 793,478 Current portion of operating lease liabilities 438,132 425,484 Current portion of long-term debt 112,491 109,201 Income tax payable 23,143 24,359 Due to related party 54,714 199,940 Total current liabilities 2,886,768 3,141,634 Long-term operating lease liabilities 2,185,179 2,175,658 Long-term debt 10,656,624 10,163,988 Other long-term liabilities 100,431 83,516 Deferred income taxes 861,693 756,869 Total liabilities 16,690,695 16,321,665 Commitments and contingencies Noncontrolling interests subject to put provisions 1,484,283 1,532,166 Equity: Preferred stock ($0.001 par value, 5,000 shares authorized; none issued) — — Common stock ($0.001 par value, 450,000 shares authorized; 69,237 shares issued and 63,400 shares outstanding at September 30, 2026, and 68,549 shares issued and outstanding at December 31, 2025) 69 69 Additional paid-in capital 53,979 — Accumulated earnings (deficit) 301,565 (328,428) Treasury stock (5,837 and zero shares, respectively) (917,239) (199,940) Accumulated other comprehensive loss (29,461) (122,783) Total DaVita Inc. shareholders' equity deficit (591,087) (651,082) Noncontrolling interests not subject to put provisions 232,621 277,354 Total equity deficit (358,466) (373,728) $ 17,816,512 $ 17,480,103 8
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DAVITA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (dollars in thousands) Nine months ended September 30, 2026 2025 Cash flows from operating activities: Net income $ 887,647 $ 747,685 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 510,825 528,645 Goodwill and other asset impairment charges 62,176 — Loss on extinguishment of debt — 4,253 Stock-based compensation expense 83,378 101,559 Deferred income taxes 91,207 68,989 Equity investment loss, net 887 91,532 Other non-cash losses, net 14,668 11,522 Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: Accounts receivable (67,585) (144,688) Inventories 1,103 913 Other current assets (50,210) (153,428) Other long-term assets (47,733) (21) Accounts payable (47,803) 97,879 Accrued compensation and benefits (64,671) 19,279 Other current liabilities (50,713) 16,462 Income taxes 453 (30,635) Other long-term liabilities 6,101 (14,172) Net cash provided by operating activities 1,329,730 1,345,774 Cash flows from investing activities: Additions of property and equipment (431,323) (430,434) Acquisitions (41,693) (118,337) Proceeds from asset and business sales 16,297 32,337 Purchase of debt investments held-to-maturity (66,788) (15,842) Purchase of other debt and equity investments (29,832) (3,352) Proceeds from debt investments held-to-maturity 17,020 38,051 Proceeds from sale of other debt and equity investments 4,382 6,706 Purchase of equity method investments (221,839) (2,466) Distributions from equity method investments 329 1,514 Net cash used in investing activities (753,447) (491,823) Cash flows from financing activities: Borrowings 3,511,331 4,672,170 Payments on long-term debt (3,021,008) (3,880,721) Deferred and debt related financing costs (10,602) (26,416) Purchase of treasury stock from related party (419,318) (430,286) Other purchases of treasury stock (450,862) (1,033,887) Distributions to noncontrolling interests (243,786) (232,721) Net proceeds from issuance of common stock under employee stock plans 14,509 17,583 Payment of tax withholdings on net share settlements of equity awards (68,968) (33,764) Contributions from noncontrolling interests 4,636 3,999 Proceeds from sales of additional noncontrolling interests — 169 Purchases of noncontrolling interests (70,593) (16,385) Net cash used in financing activities (754,661) (960,259) Effect of exchange rate changes on cash, cash equivalents and restricted cash (109) 21,897 Net decrease in cash, cash equivalents and restricted cash (178,487) (84,411) Cash, cash equivalents and restricted cash at beginning of the year 757,747 879,825 Cash, cash equivalents and restricted cash at end of the period $ 579,260 $ 795,414 9
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DAVITA INC. SUPPLEMENTAL FINANCIAL DATA (unaudited) (dollars in millions and shares in thousands, except per treatment and patient data) Three months ended Nine months endedSeptember 30, 2026September 30,2026 June 30,2026 1. Consolidated business metrics: Operating margin 14.0 % 16.3 % 14.8 % Adjusted operating margin excluding certain items 15.7 % 16.3 % 15.4 % General and administrative expenses as a percent of consolidated revenues 11.4 % 11.9 % 11.9 % Effective income tax rate on income 24.9 % 21.1 % 21.8 % Effective income tax rate on income attributable to DaVita Inc. 28.7 % 25.6 % 26.5 % Effective income tax rate on adjusted income attributable to DaVita Inc. 26.6 % 25.6 % 25.8 % 2. Summary of financial results: Revenues: U.S. dialysis patient services and other $ 3,050 $ 3,012 $ 9,004 Other—Ancillary services Integrated kidney care 144 162 422 Other U.S. ancillary 10 9 29 International dialysis patient service and other 398 386 1,156 552 557 1,606 Eliminations (24) (14) (62) Total consolidated revenues $ 3,578 $ 3,554 $ 10,548 Operating income (loss): U.S. dialysis $ 544 $ 538 $ 1,588 Other—Ancillary services Integrated kidney care 4 40 24 Other U.S. ancillary (6) (8) (20) International (16) 25 40 (19) 57 44 Corporate administrative support expenses (26) (16) (72) Total consolidated operating income $ 499 $ 579 $ 1,560 (1) (2) (1) (1) 10
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DAVITA INC. SUPPLEMENTAL FINANCIAL DATA - continued (unaudited) (dollars in millions and shares in thousands, except per treatment and patient data) Three months ended Nine months endedSeptember 30, 2026September 30,2026 June 30,2026 3. Summary of reportable segment financial results and metrics: U.S. dialysis Financial results Revenue: Dialysis patient service revenues $ 3,044 $ 3,005 $ 8,984 Other revenues 7 7 20 Total operating revenues 3,050 3,012 9,004 Operating expenses: Patient care costs 2,054 2,005 6,028 General and administrative 316 331 967 Depreciation and amortization 144 146 446 Equity investment income (8) (8) (25) Total operating expenses 2,506 2,474 7,416 Segment operating income $ 544 $ 538 $ 1,588 Metrics Volume: Treatments 7,329,644 7,226,600 21,585,769 Number of treatment days 79.0 78.0 233.7 Average treatments per day 92,780 92,649 92,365 Per day year-over-year change 1.2 % 0.6 % 0.5 % Number of normalized treatment days 79.2 78.0 233.7 Average treatments per normalized day 92,546 92,649 92,365 Per normalized day year-over-year change 0.7 % 0.6 % 0.5 % Normalized year-over-year non-acquired treatment growth 0.4 % 0.3 % Operating net revenues: Average patient service revenue per treatment $ 415.25 $ 415.87 $ 416.22 Expenses: Patient care costs per treatment $ 280.22 $ 277.40 $ 279.24 General and administrative expenses per treatment $ 43.14 $ 45.79 $ 44.79 Depreciation and amortization expense per treatment $ 19.70 $ 20.26 $ 20.66 Accounts receivable: Receivables $ 1,684 $ 1,719 DSO 51 52 4. IKC metrics: Patients per integrated care arrangement type: Risk-based 80,800 64,900 Other 3,100 5,700 Annualized aggregate risk based spend $ 6,400 $ 5,800 (3) (4) (5) (5) (5) 11
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DAVITA INC. SUPPLEMENTAL FINANCIAL DATA - continued (unaudited) (dollars in millions and shares in thousands, except per treatment and patient data) Three months ended Nine months ended September 30, 2026 September 30, 2026 June 30, 2026 5. Cash flow: Operating cash flow $ 519 $ 490 $ 1,330 Operating cash flow, last twelve months $ 1,870 $ 2,193 Free cash flow $ 276 $ 256 $ 672 Free cash flow, last twelve months $ 980 $ 1,308 Capital expenditures: Maintenance $ 112 $ 123 $ 309 Development $ 47 $ 47 $ 122 Acquisition expenditures $ 3 $ 5 $ 42 Proceeds from sale of self-developed properties $ 10 $ — $ 13 6. Debt and capital structure: Total debt $ 10,832 $ 10,848 Net debt, net of cash and cash equivalents $ 10,337 $ 10,179 Leverage ratio 3.38x 3.37x Weighted average effective interest rate: At end of the quarter 5.54 % 5.43 % On the senior secured credit facilities at end of the quarter 6.02 % 5.76 % Amount spent on share repurchases $ 111 $ 348 $ 863 Number of shares repurchased 594 2,238 5,837 Certain columns, rows or percentages may not sum or recalculate due to the presentation of rounded numbers. (1) These are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to their most comparable measure calculated and presented in accordance with GAAP, and for a definition of adjusted amounts, see attached reconciliation schedules. Adjusted operating income margin is adjusted operating income divided by consolidated revenues. (2) General and administrative expenses include certain corporate support, long-term incentive compensation and advocacy costs. (3) Normalized treatment days reflect treatment days adjusted to normalize for the mix of days of the week in a given quarter. (4) Normalized non-acquired treatment growth reflects year-over-year growth in treatment volume, adjusted to exclude acquisitions and other similar transactions, and further adjusted to normalize for the number and mix of treatment days in a given quarter versus the prior year quarter. (5) Integrated care metrics: The aggregate amount of medical spend associated with risk-based integrated care arrangements that we disclose includes both medical costs included in our reported expenses for certain risk-based arrangements (such as our SNPs), as well as the aggregate estimated benchmark amount above or below which we will incur profit or loss from value-based care (VBC) arrangements under which third-party medical costs are not included in our reported results. A number of our VBC contracts are subject to complex or novel patient attribution mechanics and benchmark adjustments, some of which are based on information not reported to us until periods after we report our quarterly results. As a result, our estimates of our patients under, and the dollar amount of, our value-based contracts remain subject to estimation uncertainty. (6) The debt amounts presented as of September 30, 2026 and June 30, 2026 exclude approximately $63.1 and $66.5, respectively, of debt discount, premium and other deferred financing costs related to our senior secured credit facilities and senior notes in effect or outstanding at that time. (7) This is a non-GAAP measure. See "Calculation of Leverage Ratio" in non-GAAP reconciliations. (1) (1) (6) (6) (7) 12
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DAVITA INC. RECONCILIATIONS FOR NON-GAAP MEASURES (unaudited) (dollars in millions) Calculation of the Leverage Ratio Under our amended senior secured credit facilities (the Amended Credit Agreement) dated June 8, 2026, the leverage ratio is defined as (a) all funded debt, minus unrestricted cash and cash equivalents (including short-term investments) divided by (b) "Consolidated EBITDA." The leverage ratio determines the interest rate margin payable by the Company for its Term Loan A-2 and revolving line of credit under the Amended Credit Agreement by establishing the margin over the base interest rate (SOFR plus credit spread adjustment) that is applicable. The calculation below is based on the last 12 months of "Consolidated EBITDA" and "Consolidated net debt" at the end of each reported period, each as defined in the credit agreement that was in effect at the end of each such period (the Applicable Credit Agreement). The calculation of "Consolidated EBITDA" below sets forth, among other things, certain pro forma adjustments described in the Applicable Credit Agreement, including, pro forma adjustments for acquisitions or divestitures that occurred during the period and certain projected net cost savings, expense reductions and cost synergies. These pro forma adjustments are determined according to specified criteria set forth in the Applicable Credit Agreement, and as a result, the total adjustments calculated may not be comparable to the Company's estimates for other purposes, including as operating performance measures. The Company's management believes the presentation of "Consolidated EBITDA" is useful to investors to enhance their understanding of the Company's leverage ratio under the Applicable Credit Agreement and should not be evaluated for any other purpose. The leverage ratio calculated by the Company is a non- GAAP measure and should not be considered a substitute for the ratio of total debt to operating income, determined in accordance with GAAP. The Company's calculation of its leverage ratio might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures of other companies. Twelve months ended September 30, 2026 June 30, 2026 Net income from continuing operations attributable to DaVita Inc. $ 895 $ 822 Income taxes 324 303 Interest expense 543 540 Depreciation and amortization 698 710 Impairment charges 62 — Net income attributable to noncontrolling interests 299 342 Stock-settled stock-based compensation 117 127 Debt extinguishment and modification costs 11 16 Expected cost savings and expense reductions 10 7 Other 84 149 Consolidated EBITDA $ 3,042 $ 3,018 September 30, 2026 June 30, 2026 Total debt, excluding debt discount and other deferred financing costs $ 10,832 $ 10,848 Less: Cash and cash equivalents including short-term investments (563) (685) Consolidated net debt $ 10,269 $ 10,162 Last twelve months Consolidated EBITDA $ 3,042 $ 3,018 Leverage ratio 3.38x 3.37x Maximum leverage ratio permitted under the Credit Agreement 5.00x 5.00x Certain columns or rows may not sum or recalculate due to the presentation of rounded numbers. (1) The debt amounts presented as of September 30, 2026 and June 30, 2026 exclude approximately $63.1 and $66.5, respectively, of debt discount, premium and other deferred financing costs related to our senior secured credit facilities and senior notes in effect or outstanding at that time. (2) This excludes amounts not readily convertible to cash related to the Company's non-qualified deferred compensation plans for all periods presented. (1) (2) 13
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DAVITA INC. RECONCILIATIONS FOR NON-GAAP MEASURES (unaudited) Note on Non-GAAP Financial Measures As used in this press release, the term "adjusted" refers to non-GAAP measures as follows, each as reconciled to its most comparable GAAP measure as presented in the non-GAAP reconciliations in the notes to this press release: (i) for income and expense measures, the term "adjusted" refers to operating performance measures that exclude certain items such as, but not limited to, cybersecurity costs, impairment charges, gains or losses on ownership changes, restructuring charges, accruals for legal matters, and debt extinguishment and modification costs; and (ii) the term "effective income tax rate on adjusted income attributable to DaVita Inc." represents the Company’s effective tax rate excluding applicable non-GAAP items and the tax associated with them as well as noncontrolling owners’ income, which primarily relates to non-tax paying entities. These non-GAAP or "adjusted" measures are presented because management believes these measures are useful adjuncts to GAAP results. However, these non-GAAP measures should not be considered alternatives to the corresponding measures determined under GAAP. Specifically, management uses adjusted operating income, adjusted net income attributable to DaVita Inc. and adjusted diluted net income per share attributable to DaVita Inc. to compare and evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe these non-GAAP measures also are useful to investors and analysts in evaluating our performance over time and relative to competitors, as well as in analyzing the underlying trends in our business. Furthermore, we believe these presentations enhance a user's understanding of our normal consolidated results by excluding certain items which we do not believe are indicative of our ordinary results of operations. As a result, adjusting for these amounts allows for comparison to our normalized prior period results. The effective income tax rate on adjusted income attributable to DaVita Inc. excludes noncontrolling owners' income and certain non- deductible and other charges which we do not believe are indicative of our ordinary results. Accordingly, we believe these adjusted effective income tax rates are useful to management, investors and analysts in evaluating our performance and establishing expectations for income taxes incurred on our ordinary results attributable to DaVita Inc. Finally, free cash flow represents net cash provided by operating activities less distributions to noncontrolling interests, development capital expenditures, and maintenance capital expenditures; plus contributions from noncontrolling interests and proceeds from the sale of self-developed properties. Management uses this measure to assess our ability to fund acquisitions and meet our debt service obligations and we believe this measure is equally useful to investors and analysts as an adjunct to cash flows from operating activities and other measures under GAAP. It is important to bear in mind that these non-GAAP "adjusted" measures are not measures of financial performance or liquidity under GAAP and should not be considered in isolation from, nor as substitutes for, their most comparable GAAP measures. The following tables provide reconciliations of the non-GAAP financial measures presented in this press release to their most comparable GAAP measures. 14
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DAVITA INC. RECONCILIATIONS FOR NON-GAAP MEASURES - continued (unaudited) (dollars in millions, except per share data) Adjusted net income and adjusted diluted net income per share attributable to DaVita Inc.: Three months ended Nine months ended September 30, 2026 June 30, 2026 September 30, 2026 September 30, 2025 Dollars Per share Dollars Per share Dollars Per share Dollars Per share Consolidated: Net income attributable to DaVita Inc. $ 223 $ 3.40 $ 265 $ 4.02 $ 686 $ 10.27 $ 513 $ 6.62 Goodwill and other asset impairments 62 0.95 — — 62 0.93 — — Goodwill and other asset impairmentsattributable to noncontrolling interests (34) (0.53) — — (34) (0.51) — — Cybersecurity incident-related charges — — — — — — 25 0.33 Other loss, net - Mozarc net loss — — — — — — 26 0.33 Income tax impact related to prior legal matter — — — — — — 19 0.24 Related income tax (1) (0.01) — — (1) (0.01) (6) (0.08) Adjusted net income attributable to DaVita Inc. $ 250 $ 3.82 $ 265 $ 4.02 $ 713 $ 10.67 $ 576 $ 7.44 Certain columns, rows or percentages may not sum or recalculate due to the presentation of rounded numbers. Adjusted operating income: Three months ended September 30, 2026 U.S.dialysis Ancillary services CorporateadministrationU.S. IKC U.S. Other International Total Consolidated Operating income (loss) $ 544 $ 4 $ (6) $ (16) $ (19) $ (26) $ 499 Goodwill and other asset impairments — — — 62 62 — 62 Adjusted operating income (loss) $ 544 $ 4 $ (6) $ 46 $ 44 $ (26) $ 561 Certain columns, rows or percentages may not sum or recalculate due to the presentation of rounded numbers. Nine months ended September 30, 2026 U.S.dialysis Ancillary services CorporateadministrationU.S. IKC U.S. Other International Total Consolidated Operating income (loss) $ 1,588 $ 24 $ (20) $ 40 $ 44 $ (72) $ 1,560 Goodwill and other asset impairments — — — 62 62 — 62 Adjusted operating income (loss) $ 1,588 $ 24 $ (20) $ 102 $ 106 $ (72) $ 1,622 Certain columns, rows or percentages may not sum or recalculate due to the presentation of rounded numbers. Nine months ended September 30, 2025 U.S. dialysis Ancillary services Corporate administration ConsolidatedU.S. IKC U.S. Other International Total Operating income (loss) $ 1,529 $ (24) $ (14) $ 93 $ 55 $ (101) $ 1,483 Cybersecurity incident-related charges 25 — — — — — 25 Adjusted operating income (loss) $ 1,554 $ (24) $ (14) $ 93 $ 55 $ (101) $ 1,508 Certain columns or rows may not sum or recalculate due to the presentation of rounded numbers (1) (1) (2) (3) (4) (1) (1) (2) 15
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DAVITA INC. RECONCILIATIONS FOR NON-GAAP MEASURES - continued (unaudited) (dollars in millions, except per share data) Effective income tax rates: Three months ended Nine months endedSeptember 30, 2026September 30,2026 June 30,2026 Effective income tax rates on income attributable to DaVita Inc.: Income before income taxes $ 359 $ 435 $ 1,135 Noncontrolling owners’ income primarily attributable to non-tax paying entities (46) (78) (202) Income before income taxes attributable to DaVita Inc. $ 313 $ 357 $ 933 Income tax expense $ 89 $ 92 $ 247 Income tax benefit (expense) attributable to noncontrolling interests 1 (1) — Income tax expense attributable to DaVita Inc. $ 90 $ 91 $ 247 Effective income tax rate on income attributable to DaVita Inc. 28.7 % 25.6 % 26.5 % Effective income tax rate on adjusted income attributable to DaVita Inc.: Income before income taxes $ 359 $ 435 $ 1,135 Goodwill and other asset impairments 62 — 62 Noncontrolling owners’ income primarily attributable to non-tax paying entities (46) (78) (202) Goodwill and other asset impairments attributable to noncontrolling interests (34) — (34) Adjusted income before income taxes attributable to DaVita Inc. $ 341 $ 357 $ 961 Income tax expense $ 89 $ 92 $ 247 Income tax benefit (expense) related to: Goodwill and other asset impairments 1 — 1 Noncontrolling interests 1 (1) — Income tax on adjusted income attributable to DaVita Inc. $ 90 $ 91 $ 248 Effective income tax rate on adjusted income attributable to DaVita Inc. 26.6 % 25.6 % 25.8 % Certain columns, rows or percentages may not sum or recalculate due to the presentation of rounded numbers. (1) (1) 16
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DAVITA INC. RECONCILIATIONS FOR NON-GAAP MEASURES - continued (unaudited) (dollars in millions, except per share data) Free cash flow: Three months ended Nine months endedSeptember 30, 2026September 30,2026 June 30,2026 September 30,2025 Net cash provided by operating activities $ 519 $ 490 $ 842 $ 1,330 Adjustments to reconcile net cash provided by operating activities to free cash flow: Distributions to noncontrolling interests (94) (64) (82) (244) Contributions from noncontrolling interests — — 1 5 Maintenance capital expenditures (112) (123) (119) (309) Development capital expenditures (47) (47) (47) (122) Proceeds from sale of self-developed properties 10 — 8 13 Free cash flow $ 276 $ 256 $ 604 $ 672 Certain columns or rows may not sum or recalculate due to the presentation of rounded numbers. Twelve months ended September 30,2026 June 30,2026 September 30,2025 Net cash provided by operating activities $ 1,870 $ 2,193 $ 1,893 Adjustments to reconcile net cash provided by operating activities to free cash flow: Distributions to noncontrolling interests (335) (323) (341) Contributions from noncontrolling interests 8 9 8 Maintenance capital expenditures (417) (424) (423) Development capital expenditures (160) (159) (178) Proceeds from sale of self-developed properties 14 12 36 Free cash flow $ 980 $ 1,308 $ 996 Certain columns or rows may not sum or recalculate due to the presentation of rounded numbers. (1) Represents non-cash goodwill and other asset impairment charges related to our business in China, of which a portion was allocated to noncontrolling interests. These charges are excluded from our non-GAAP metrics because they do not occur in or reflect the ordinary course of our ongoing business, are inherently unpredictable and are non-cash amounts, the exclusion of which facilitates comparison of historical, current and forecasted financial results. (2) Represents charges recognized to work to remediate a cybersecurity incident and restore systems following the occurrence of the incident in the second quarter of 2025. We have excluded these charges from our non-GAAP metrics as we do not believe they are indicative of our ordinary results of operations. (3) Represents non-cash impairment and restructuring charges included in other losses related to our equity investment in Mozarc Medical Holding LLC. This loss does not represent a normal and recurring cost of operating our business or generating returns from investments and may obscure analysis of underlying trends and financial performance. (4) Represents the write-down of a tax receivable related to a 2014 tax refund claim. The claim related to estimated tax expense associated with a legal matter previously presented as a non-GAAP adjustment. We have excluded this charge from our non-GAAP metrics because, among other things, we do not believe it is indicative of our ordinary results of operations because the charge is significant and may obscure analysis of underlying trends and financial performance of our current business. (5) Maintenance capital expenditures represent capital expenditures to maintain the productive capacity of the business and include those made for investments in information technology, dialysis center renovations, capital asset replacements, and any other capital expenditures that are not development or acquisition expenditures. (6) Development capital expenditures principally represent capital expenditures (other than acquisition expenditures) made to expand the productive capacity of the business and include those for new U.S. and international dialysis center developments, dialysis center expansions and relocations, and new or expanded contracted hospital operations. (5) (6) (5) (6) 17