DaVita (DVA) Tops Q4 Revenue, EPS Estimates; Shares Jump 8.7%

DaVita Inc. (NYSE:DVA) reported stronger-than-expected Q4 2025 results on February 2, 2026, with revenue rising 9.9% year-over-year to $3.62 billion—3.2% above consensus—and non-GAAP EPS of $3.40, beating estimates by 6.5%. The stock surged 8.7% to $118.50 post-earnings. Revenue growth outpaced treatment volume, which remained flat over two years, indicating pricing power drove top-line gains. Operating margin held steady at 15.5%, down slightly from a year ago but consistent with its five-year average of 14.4%. While EPS grew at an 8.4% CAGR over five years, much of the per-share gain stemmed from a 38.5% reduction in shares outstanding via buybacks. Analysts project modest 1.9% revenue growth and 19.4% EPS growth over the next 12 months.