DaVita Q3 2025 Earnings: Missed EPS, Cost Pressures & Policy Risks

Описание: DaVita Inc reported its Q3 2025 earnings with revenue rising 4.8% year-over-year to $3.42 billion, but adjusted EPS missed expectations at $2.51 versus the $3.17 consensus, causing a sharp 6.2% stock drop. The quarter was marked by volume headwinds from a severe flu season, Hurricane Helene disruptions, and a cyber incident affecting patient admissions. Increased patient care costs, especially from wages and phosphate binders, squeezed margins despite a slight rise in revenue per treatment. Management maintained full-year guidance midpoints and highlighted ongoing investments in clinical and IT infrastructure aimed at long-term efficiency.

The earnings call emphasized steady execution amid challenging conditions, including cost pressures and a 1.5% decline in U.S. dialysis treatments per day. DaVita refinanced its debt with a $1.9 billion term loan and aggressively repurchased 3.3 million shares in Q3, partly managing Berkshire Hathaways 45% ownership stake. The company is navigating complex payer mix dynamics and policy uncertainties, notably the potential expiration of premium tax credits (PTCs), which could cost up to $120 million in operating income over three years. This looming policy risk and the timing of value-based care program payments add earnings volatility heading into 2026.

Investors face a critical decision between trusting managements steady outlook and the markets cautious reaction to cost increases and earnings misses. The key 2026 catalysts include Q4 revenue acceleration, resolution of aged claim collections, and policy developments around Medicare Advantage and PTCs. DaVitas research into innovative dialysis methods targeting middle molecule clearance could improve patient outcomes over the long term, supporting volume recovery. This episode decodes the financials, operational challenges, and strategic moves shaping DaVitas path forward in a volatile healthcare landscape.

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