DAVITA INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$13.6B
Gross margin	— not reported
Operating income	$2.0B
Net income	$746.8M
Diluted EPS	$9.84
Cash & equivalents	$676.4M
Total assets	$17.5B
Long-term debt	$10.2B

Key takeaway

DaVita's U.S. dialysis business remains dominant, generating about 86% of consolidated revenue from roughly 200,500 U.S. patients across 2,657 centers.

🔒 4 more takeaways in the full analysis

Beneath the surface

Net debt is significant despite the headline cash figure: cash of $676.4 million versus total debt carrying value of $10.34 billion leaves DaVita heavily leveraged, with debt exceeding cash by roughly $9.7 billion.

🔒 3 more insights a headline reader would miss