DaVita (DVA) 10-K risk factor changes: FY2025 vs FY2024

Please read the cautionary notice regarding forward-looking statements in Item 7 of Part II of this Annual Report on Form 10-K under the heading "Management’s Discussion and Analysis of Financial Condition and Results of Operations." These forward-looking statements involve risks and uncertainties, including those discussed below, [removed: which] [added: and if any of the following risks or uncertainties develop into actual events or if the circumstances described in the risk or uncertainties occur or continue to occur, they] could [added: individually or in the aggregate,] have a material adverse effect on our business, cash flows, financial condition, results of operations and/or [added: could materially harm our] reputation.

Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial could also have a material adverse effect on our business, cash flows, financial condition, results of operations and/or [added: could materially harm our] reputation.*

[removed: *Risks] [added: Risks] Related to the Operation of our [removed: Business*][added: Business]

- [the complex set of governmental laws, regulations and other requirements that impact us, including potential changes [removed: thereto](#if6ba8dc5b26140f49e5fc4e21f5168f4_67);][added: thereto](#i5530797da61a4f098d777a6f3d570a82_67);]

- [the various lawsuits, demands, [removed: claims,](#if6ba8dc5b26140f49e5fc4e21f5168f4_73)] [added: claims,](#i5530797da61a4f098d777a6f3d570a82_73)] *[qui [removed: tam](#if6ba8dc5b26140f49e5fc4e21f5168f4_73)*] [added: tam](#i5530797da61a4f098d777a6f3d570a82_73)*] [suits, governmental investigations and audits and other legal matters that we may be subject to from time to [removed: time](#if6ba8dc5b26140f49e5fc4e21f5168f4_73);][added: time](#i5530797da61a4f098d777a6f3d570a82_73);]

- [our ability to successfully implement our [removed: strategy] [added: strategic and operational initiatives, including] with respect to integrated kidney care, value-based care and home-based [removed: dialysis](#if6ba8dc5b26140f49e5fc4e21f5168f4_79);][added: dialysis](#i5530797da61a4f098d777a6f3d570a82_2804);]

- [our ability to comply with complex privacy and information security laws that impact us and/or our ability to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity [removed: attacks](#if6ba8dc5b26140f49e5fc4e21f5168f4_91);][added: attacks](#i5530797da61a4f098d777a6f3d570a82_106);]

- [our ability to establish and maintain supplier and service provider relationships that meet our needs at cost-effective prices or at prices that allow for adequate reimbursement as applicable, our ability to access new technology or superior products in a cost-effective manner and our increasing reliance on third party service [removed: providers](#if6ba8dc5b26140f49e5fc4e21f5168f4_94);][added: providers](#i5530797da61a4f098d777a6f3d570a82_91);]

- [changes in clinical practices, payment rates or regulations impacting pharmaceuticals and/or [removed: devices](#if6ba8dc5b26140f49e5fc4e21f5168f4_97);][added: devices](#i5530797da61a4f098d777a6f3d570a82_94);]

- [our ability to compete successfully, including, without limitation, implementing our growth strategy and/or retaining patients and physicians willing to serve as medical [removed: directors](#if6ba8dc5b26140f49e5fc4e21f5168f4_100);][added: directors](#i5530797da61a4f098d777a6f3d570a82_97);]

- [political, economic, legal, operational and other risks as we expand our operations and offer our services in markets outside of the U.S., and utilizing third-party suppliers and service providers operating outside of the [removed: U.S.](#if6ba8dc5b26140f49e5fc4e21f5168f4_106);][added: U.S.](#i5530797da61a4f098d777a6f3d570a82_103);]

- [our ability to effectively maintain, operate or upgrade our information systems or those of third-party service providers upon which we rely, including, without limitation, our clinical, billing and collections systems, and our ability to adhere to federal and state data sharing and access requirements and [removed: regulations](#if6ba8dc5b26140f49e5fc4e21f5168f4_109);][added: regulations, and successfully adopt or adapt to new technologies](#i5530797da61a4f098d777a6f3d570a82_2810);]

- [our acquisitions, mergers, joint ventures, noncontrolling interest investments or [removed: dispositions](#if6ba8dc5b26140f49e5fc4e21f5168f4_112);][added: dispositions](#i5530797da61a4f098d777a6f3d570a82_109);]

- [our goals and disclosures related to environmental, social and governance (ESG) [removed: matters](#if6ba8dc5b26140f49e5fc4e21f5168f4_118);][added: matters](#i5530797da61a4f098d777a6f3d570a82_115);]

- [our ability to appropriately estimate the amount of dialysis revenues and related refund [removed: liabilities](#if6ba8dc5b26140f49e5fc4e21f5168f4_121);][added: liabilities](#i5530797da61a4f098d777a6f3d570a82_118);]

[removed: *General Risks*][added: General Risks]

- [our current or future level of indebtedness, including, without limitation, our ability to generate cash to service our indebtedness and for other intended purposes and our ability to maintain compliance with debt [removed: covenants](#if6ba8dc5b26140f49e5fc4e21f5168f4_127);][added: covenants](#i5530797da61a4f098d777a6f3d570a82_124);]

- [changes in tax laws, regulations and interpretations or challenges to our tax [removed: positions](#if6ba8dc5b26140f49e5fc4e21f5168f4_130);][added: positions](#i5530797da61a4f098d777a6f3d570a82_127);]

- [liability claims for damages and other expenses that are not covered by insurance or exceed our existing insurance [removed: coverage](#if6ba8dc5b26140f49e5fc4e21f5168f4_136);][added: coverage](#i5530797da61a4f098d777a6f3d570a82_133);]

- [our ability to successfully maintain an effective internal control over financial [removed: reporting](#if6ba8dc5b26140f49e5fc4e21f5168f4_139);] [added: reporting](#i5530797da61a4f098d777a6f3d570a82_136);] and

- [provisions in our organizational documents, our compensation programs and policies and certain requirements under Delaware law that may deter changes of control or make it more difficult for our stockholders to change the composition of our Board of Directors and take other corporate actions that our stockholders would otherwise determine to be in their best [removed: interests](#if6ba8dc5b26140f49e5fc4e21f5168f4_142).][added: interests](#i5530797da61a4f098d777a6f3d570a82_139).]

[removed: The] [added: As a result, the] ultimate impact of these [removed: and other] conditions on our business over time [removed: depends] [added: will depend] on [added: a myriad of] future developments [removed: that are] [added: and is] highly uncertain and difficult to predict.

[removed: For example, union petitions] [added: While we] have [removed: been filed in nine of our clinics in California and eight of these] [added: won some elections, we] are in different stages of the voting process and have been subject to legal challenges.

[removed: The impact of the pandemic on our patient population combined with cost inflation trends and the failure of government reimbursement rates to keep pace with these cost trends have put pressure on our existing cost structure, and we] [added: We] expect that certain of those increased costs will persist [added: in the near term] as inflationary and supply chain pressures and challenging labor market conditions continue.

[removed: Prolonged strain on global supply chains, including as] [added: If these conditions continue for] a [removed: result] [added: prolonged period] of [removed: trade disputes, geopolitical instability, fluctuations in foreign currency exchange rates] [added: time] or [removed: regulatory requirements] [added: if new adverse conditions emerge, we] may [removed: result in] [added: experience increased labor and supply costs at a rate that outpaces Medicare or any other rate increases we may receive, and we may experience] equipment and clinical supply shortages, disruptions, delays or associated price increases that could impact our ability to provide dialysis services or the cost of providing those [removed: services,] [added: services or adversely impact our ability to execute on our other strategic initiatives,] among other things.

[removed: Moreover,] [added: For example,] to the extent that [removed: monetary policies, tariffs,] [added: general elevated inflationary] or other [removed: factors impacting structural costs over the long term have contributed to or may in the future contribute to inflationary pressures,] [added: wage pressures continue,] this may in turn [removed: continue to] increase our labor and supply costs at a rate that outpaces [removed: the Medicare] [added: Medicare,] or any other rate increases we may receive.

There can be no assurance that we will be able to continue to successfully execute these [removed: initiatives or] [added: initiatives,] that they will achieve expectations or succeed in helping offset the impact of these challenging [removed: conditions.][added: conditions or that any mitigation efforts are possible.]

Any failure on our part to [added: implement potential initiatives to mitigate these pressures,] adjust our business [removed: and] operations in this [removed: manner, to adjust to other marketplace developments or dynamics or to appropriately implement these initiatives] [added: manner] in accordance with applicable legal, regulatory or compliance requirements [added: or to adjust to other marketplace developments or dynamics,] could adversely impact our ability to provide dialysis services or the cost of providing those [removed: services,] [added: services to our patients,] among other things, and ultimately could have a material adverse effect on our business, [removed: reputation,] results of operations, financial condition and cash [removed: flows.][added: flows and could materially harm our reputation.]

[removed: Any potential] [added: If adverse economic conditions lead to a] period of extended or increased job losses in the [removed: U.S. as a result of adverse economic conditions, including economic deterioration or changes in immigration regulations,] [added: U.S., it] could ultimately result in a smaller percentage of our patients being covered by an employer group health [removed: plan and] [added: plan,] a larger percentage being covered by lower-paying government insurance programs or being [removed: uninsured.][added: uninsured or underinsured, and an increase in uncollectible accounts independent of whether general economic conditions subsequently improve.]

[removed: In] [added: Depending on] the [removed: event] [added: extent of] a [removed: material] reduction in the share of our patients covered by commercial insurance [removed: plans occurs,] [added: plans,] it [removed: would] [added: could] have a material adverse impact on our business, results of operations, financial condition and cash flows.

The extent of these effects will depend upon, among other things, the extent and duration of any [added: economic deterioration or potential recession and any resultant] increased unemployment levels for our patient population, [removed: any economic deterioration or potential recession;] and [removed: patients’] [added: the] ability [added: of our patients] to retain existing insurance and their individual choices with respect to their coverage, all of which are highly uncertain and difficult to predict.

[removed: These] [added: If these adverse economic conditions persist or remain uncertain for an extended period of time, and associated adverse] impacts [removed: could] [added: on our revenues and financial results may be material and may in turn] lead us to incur future charges to recognize impairment in the carrying amount of our goodwill and other intangible [removed: assets, which could have a material adverse effect on our business, results of operations and financial condition.][added: assets.]

Any or all of [removed: these economic] [added: the external] conditions or [removed: developments,] [added: developments discussed above,] as well as other consequences of these conditions or developments, [removed: some] [added: many] of which are beyond our control and none of which we can reasonably predict, could have a material adverse effect on our patients, teammates, physician partners, suppliers, business, results of operations, financial condition and/or cash flows or materially harm our reputation.

Our business is subject to a complex set of governmental laws, regulations and other requirements and any failure to adhere to those requirements, or any changes in those [removed: requirements,] [added: requirements or in federal or state legislation or regulations,] could have a material adverse effect on our business, [removed: results of operations, financial condition] and [removed: cash flows, could materially harm our stock price,] [added: operations,] and in some circumstances, could materially harm our reputation.

We operate in a complex regulatory environment with an extensive and evolving set of federal, state and local governmental laws, regulations and other [removed: requirements] [added: requirements, including executive orders,] that apply to [removed: us.][added: us and shape the competitive environment in which we operate.]

These laws, regulations and other requirements are promulgated and overseen by a number of different legislative, regulatory, administrative, and quasi-regulatory bodies, each of which may have [added: evolving priorities and] varying interpretations, judgments or related guidance.

[removed: As such,] [added: Each of these laws, regulations and other requirements are continuously changing, and] we utilize considerable resources on an ongoing basis to monitor, assess and respond to applicable legislative, regulatory and administrative [removed: requirements, but there is no guarantee that we will be successful in our efforts to adhere to all of these] requirements.

If any of our personnel, representatives, third party [removed: vendors,] [added: vendors] or operations are [removed: alleged] [added: found] to [removed: have violated] [added: violate any of] these or other laws, regulations or requirements, we could [removed: experience material harm to our reputation and stock price, and it] [added: suffer severe consequences that] could [removed: impact our relationships and/or contracts related to] [added: have a material adverse effect on] our business, [removed: among other things.][added: results of operation, financial condition and cash flows.]

[removed: If any] [added: Any] of [removed: our personnel, representatives, third party vendors or operations are found to violate] these [removed: or other laws, regulations or requirements, we could suffer additional severe consequences that] [added: risks] could have a material adverse effect on our business, results of operations, financial condition and cash flows, [removed: including, among others:][added: and could materially harm our reputation.]

Any future penalties, sanctions or other consequences could be more severe in certain circumstances if [removed: the OIG or a similar] [added: any] regulatory authority determines that we knowingly or repeatedly failed to comply with laws, regulations or requirements that apply to our business.

Risk Related to External Conditions

- [global health](#i5530797da61a4f098d777a6f3d570a82_2724) [conditions,](#i5530797da61a4f098d777a6f3d570a82_2724) [changing](#i5530797da61a4f098d777a6f3d570a82_2724) [population](#i5530797da61a4f098d777a6f3d570a82_2724) [or demographic trend](#i5530797da61a4f098d777a6f3d570a82_2724)[s, severe weather o](#i5530797da61a4f098d777a6f3d570a82_2724)[r natural](#i5530797da61a4f098d777a6f3d570a82_2724) [disasters an](#i5530797da61a4f098d777a6f3d570a82_2724)[d general economic and pol](#i5530797da61a4f098d777a6f3d570a82_2724)[itical conditions](#i5530797da61a4f098d777a6f3d570a82_2724)[;](#i5530797da61a4f098d777a6f3d570a82_2724)

- [our participation in government healthcare programs, including Medicare, Medicare Advantage, Medicaid and the Department of Veterans Affairs](#i5530797da61a4f098d777a6f3d570a82_82);

- [our business is labor intensive and we may experience increases in labor costs, our ability to attract and retain key leadership talent or employees, or union organizing activities](#i5530797da61a4f098d777a6f3d570a82_85);

Risks Related to Competition, Business Strategy Growth, Information Systems and New Technologies

Risks Related to External Conditions

Global health conditions, changing population or demographic trends, severe weather events or natural disasters and general economic and political conditions, all of which are highly uncertain and difficult to predict, could have a material adverse impact on our business.

We continue to be impacted by external conditions, including, but not limited to, those related to general economic, political and global health conditions, changing population or demographic trends and severe weather events or natural disasters.

These conditions can impact our business in a variety of ways, including, among other things, by affecting our patient census, treatment volumes and operating and other costs as further set forth below.

These conditions are generally outside of our control and none of which we can reasonably predict and are interrelated or have interdependent complex consequences.

We continue to invest in initiatives designed to help mitigate cost and volume pressures that may develop, including as a result of these external conditions or developments.

*Global health conditions and changing population or demographic trends*

Global health conditions may adversely impact our patient census and treatment volumes.

For example, severe flu seasons and the ongoing incidence of other infectious diseases such as COVID-19 in recent years have driven elevated mortality in our patient population, which has in turn had a negative impact on treatment volume.

The negative perception of vaccinations in the U.S. has exacerbated these risks.

To the extent that these and other global health conditions such as any future severe flu seasons, global health crises, pandemics or epidemics drive sustained elevated mortality levels in the overall ESKD or CKD populations, we may experience adverse impacts on our new-to-dialysis admission rates, treatment volumes,

future revenues and non-acquired growth, among other things.

Other trends in health conditions and changing population or demographic trends may also impact overall ESKD growth rates and our associated treatment volumes, including, among others, the growth and aging of the U.S. population, changing U.S. immigration levels, the availability of transplant opportunities, incidence rates for diseases that cause kidney failure such as diabetes and hypertension, or growth rates of minority populations with higher-than-average incidence rates of ESKD.

*Severe weather events or natural disasters*

Severe weather events or natural or other disasters such as hurricanes, earthquakes, fires or flooding that damage, destroy or limit access to our facilities or impact our key suppliers or service providers could adversely impact our operations.

In the past, such severe weather events or natural disasters impacting us or our suppliers have adversely impacted our patient census and treatment volumes and led to increased costs including, among other things, supply costs.

If we experience such events or natural disasters in the future, we may face similar or greater risks, including among other things, potential limitations on our ability to admit new patients or provide dialysis treatments or clinical laboratory services, or potential threats to the safety of our teammates or patients at any of those locations.

Such events may also require substantial expenditures and recovery time or could lead us to face other adverse consequences, including, without limitation, the potential loss of data, including protected health information (PHI) or personally identifiable information (PII), or subject us to compliance or regulatory investigations.

Severe weather events or natural disasters could also strain global supply chains to the extent such events result in equipment and clinical supply shortages, disruptions, delays or associated price increases.

Because we are a nationwide provider, certain of our facilities, clinics or key suppliers are in areas that may be more susceptible to such effects and risks.

These effects and risks may be further intensified by what has been documented as an increased risk of severe weather events.

These increased costs may include, without limitation, costs for energy, supplies of water, or pharmaceuticals or other supplies necessary to the operations of our clinics.

*General economic conditions*

Certain economic conditions, including, among others, geopolitical and global economic volatility and instability, inflationary conditions and interest rate volatility, fluctuations in foreign currency exchange rates or regulatory requirements, trade disputes, labor supply shortages and other challenging labor market conditions have continued to put pressure on our existing cost structure, including among other things, staffing, labor and supply costs.

*Political conditions*

Political conditions may create additional risk and further intensify the impacts described above, including, among other things, global conflicts, as well as the changing U.S. political conditions that have driven changes in trade, tariff, monetary, healthcare, immigration and other policies by governmental authorities in the United States and across the globe.

For example, the current administration in the United States has implemented policies and issued guidance that include: tariff and trade policies that have led to increased volatility in the global trade market; staff reduction policies at key agencies such as the Department of Health and Human Services and the Centers for Medicare & Medicaid Services (CMS) that may among other things, result in delays in Medicare enrollment, coverage verification, licensing and credentialing approval and may limit the availability of administrative and legal support that, among other things, delays claims resolution or similar processes; immigration policies that may adversely impact the labor market and treatment volume to the extent that such policies adversely impact access and availability to healthcare; and health policies and guidance related to the availability, use and adherence of vaccines, treatments and therapies; and other changes that may impact new-to-dialysis admission rates, treatment volumes, future revenues and non-acquired growth, among other things.

Such changes may require us to shift strategic priorities and initiatives to successfully compete.

These changes may take the form of executive orders, presidential memoranda, legislative, regulatory and administrative developments and judicial proceedings, and may therefore be subject to evolving priorities and interpretations over time.

As a result, considerable uncertainty exists surrounding the continued development of the healthcare regulatory and legislative environment including access to healthcare and the availability and affordability of commercial insurance over time.

As an example, while the ACA and subsequent COVID-era legislation, including the enhanced premium tax credits offered for ACA exchange enrollment, resulted in an increasing number of patients with health insurance, recent

legislative and executive action such as the One Big Beautiful Bill Act (OBBBA) or the decision to let those enhanced premium tax credits expire at the end of 2025 may ultimately decrease the number of patients with access to health insurance, including Medicare and Medicaid.

We have invested significant resources to adapt to any such changes or developments in the healthcare marketplace, and subsequent modifications, terminations or other developments may require additional investment or result in losses.

More broadly, changes to the overall business and regulatory landscape, including, for example, changes related to the antitrust and competitive environment, also may require us to evaluate and adapt our operations or otherwise impact our business and ability to grow through acquisitions.

Legislative and regulatory initiatives may also have an impact on our business.

- [external conditions, including those related to general economic, marketplace and global health conditions, including, among other things, conditions that may impact treatment volumes or the rate of growth of our ESKD patient population;](#if6ba8dc5b26140f49e5fc4e21f5168f4_64)

- [changes in federal and state legislation or regulations;](#if6ba8dc5b26140f49e5fc4e21f5168f4_70)

- [the number or percentage of patients with higher-paying commercial insurance, the average rates that commercial payors pay us, any restrictions in plan designs or other contractual terms, including, without limitation, the scope and duration of coverage and in-network benefits](#if6ba8dc5b26140f49e5fc4e21f5168f4_76);

- [changes in the structure of and payment rates under government-based programs](#if6ba8dc5b26140f49e5fc4e21f5168f4_85);

- [increases in labor costs, including, without limitation, due to shortages, changes in certification requirements and/or higher than normal turnover rates in skilled clinical personnel; currently pending or future governmental laws, rules, regulations or initiatives; our ability to attract and retain key leadership talent or employees; or union organizing activities or other legislative or other changes](#if6ba8dc5b26140f49e5fc4e21f5168f4_88);

- [our U.S. integrated kidney care, U.S. other ancillary services and our international operations and our ability to expand within markets or to new markets, or invest in new products or services](#if6ba8dc5b26140f49e5fc4e21f5168f4_103);

- [if our joint ventures were found to violate the law;](#if6ba8dc5b26140f49e5fc4e21f5168f4_115)

- [the effects of natural or other disasters, political instability, public health crises or adverse weather events such as hurricanes, earthquakes, fires or flooding](#if6ba8dc5b26140f49e5fc4e21f5168f4_133);

External conditions, including those related to general economic, marketplace and global health conditions, have impacted and will continue to impact our business and cost structure in a variety of ways, and these and other uncontrollable events may in the future impact the rate of growth of our patient population and our ability to grow the business.

There can be no assurance that we will be able to successfully execute cost savings or other initiatives in a manner that will offset the impact of these conditions, which could result in a material adverse impact on us.

We continue to be impacted by external conditions, including those related to general economic, marketplace and global health conditions, many of which are interrelated, including, among other things, inflation, interest rate volatility, labor market conditions, wage pressure, supply chain challenges, increased mortality rates of our patients and other ESKD and CKD patients, and the potential application of innovative technologies, drugs or other treatments.

Certain of these impacts could be further intensified by concurrent global events such as the ongoing conflicts between Russia and Ukraine and in Israel, Gaza and the surrounding areas, severe weather events and other natural disasters, such as Hurricane Helene, Hurricane Milton and the recent wildfires in California, and the impact of policies implemented by the new administration in the United States.

These global events continue to drive sociopolitical and economic uncertainty across the globe and may further impact supply chain challenges and macroeconomic conditions and trade relationships, among other things.

We have experienced and expect to continue to experience a negative impact on revenue and treatment volume due to, among other things, elevated mortality rates of our patients in comparison to the periods prior to the COVID-19 pandemic and the associated impact on our patient census.

Treatment volumes during the year have been and we expect may continue to be adversely impacted by higher than expected missed treatment rates, which during the second half of 2024 were driven primarily by severe weather events.

In addition, new-to-dialysis admission rates, treatment volumes, future revenues and non-acquired growth, among other things, could continue to be negatively impacted over time to the extent that the ESKD and CKD populations experience sustained elevated mortality levels, including, among other things, due to the availability and use of vaccines, treatments and therapies.

As described below in the risk factor under the heading, "*If we are unable to compete successfully...*", certain other events beyond our control could also impact the rate of growth of our ESKD patient population.

Any such impact would be magnified to the extent it also resulted in a lower number of patients with commercial insurance or a lower percentage of patients under commercial insurance relative to government-based programs.

Ongoing global economic conditions and political and regulatory developments, such as general labor, supply chain and inflationary pressures have also increased, and will likely continue to increase, our expenses, including among other things, staffing, labor and supply costs.

Our business is labor intensive and our financial and operating results have been and continue to be sensitive to variations in labor-related costs and productivity.

We have historically faced and expect to continue to face difficulties in hiring and retaining caregivers due in part to a nationwide shortage of clinical personnel, which may be exacerbated with more limitations on immigration in the United States.

We expect certain of these increased staffing and labor costs to continue, due to, among other factors, the continuation of a challenging labor market.

The cumulative impact of these increased costs could be material.

In addition, potential staffing shortages or other potential developments or disruptions related to our teammates, if material, could ultimately lead to the unplanned closures of certain centers or adversely impact clinical operations, or may otherwise have a material adverse impact on our ability to provide dialysis services or the cost of providing those services, among other things.

Our industry has also experienced increased union organizing activities.

For further discussion of the risks related to rising labor costs and union organizing activities, see the risk factor under the heading, "*Our business is labor intensive..."*

Prolonged geopolitical or global economic volatility, uncertainty, trade disputes, labor supply shortages and other challenging labor market conditions could have an adverse impact on our growth and ability to execute on our other strategic initiatives and a material adverse impact on our labor costs, among other things.

In our value-based care and other programs where we assume financial accountability for total patient cost, an increase in our underlying staffing and labor expenses could have an impact on total cost of care.

This increase may in turn impact the profitability of those programs relative to their respective funding.

We invested in and implemented cost savings initiatives designed to help mitigate these cost and volume pressures.

These included, among other things, identified cost savings related to the achievement of general and administrative cost efficiencies through ongoing initiatives, including, among others, those that increase our use of third party service providers to perform certain activities.

These opportunities and investments also included, among others, initiatives relating to clinic optimization, capacity utilization improvement and procurement opportunities, as well as investment in revenue cycle management.

We incurred charges in connection with the continued implementation of these initiatives.

Deterioration in economic conditions, whether driven by macroeconomic conditions, global events, domestic political or governmental volatility or other events beyond our control, including the aforementioned inflationary and labor market pressures, changes in domestic policies, volatility and uncertainty, as well as potential volatility in the global trade markets or interest rates, could have a material adverse effect on our business, results of operations, financial condition and cash flows.

Among other things, the potential decline in federal and state tax revenues that may result from a deterioration in economic conditions or political initiatives targeted at reducing government spending may create additional pressures to government sponsored programs.

In addition, the potential expiration at the end of 2025 of premium

tax credits available for patients who purchase health insurance on marketplaces developed under the ACA for may similarly lead to a smaller percentage of patients being covered by a commercial insurance plan.

Declining economic conditions or political or other pressures that drive increased focus on healthcare costs may lead employers to select more restrictive commercial plans with lower reimbursement rates.

To the extent that payors are negatively impacted by a decline in the economy, we may experience further pressure on commercial rates, a slowdown in collections and a reduction in the amounts we expect to collect.

For additional information on risks regarding the potential impact of decreases to the percentage or number of our patients with commercial insurance, see the risk factor under the heading "*If the number or percentage of patients with higher-paying commercial insurance declines...*"

These forward-looking statements could include, among other things, statements about our balance sheet and liquidity, our expenses, revenues, billings and collections, patient census, [added: the impact of the cybersecurity incident experienced by the Company in 2025, the potential impact of the One Big Beautiful Bill Act (OBBBA) and federal government policy changes or shutdowns, including with respect to federal funding and reimbursement rates of Medicare, Medicare Advantage, Medicaid and other government programs,] availability or cost of supplies, including without limitation the impact of [added: 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, [removed: the effects on us and our operations] [added: including potential impacts to such mix as a result] of [removed: any interruptions in key functions performed by our third party service providers or suppliers,] [added: 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 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), Medicare Advantage (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 [removed: stock] [added: share] repurchase program.

*•external conditions, including those related to general economic, [removed: marketplace] [added: political] and global health conditions, including without limitation, the impact of global events and political or governmental volatility; the impact of the domestic political environment and related developments on the current healthcare marketplace, our patients and on our [removed: business;] [added: business, including without limitation, developments related to domestic policy initiatives and guidance or potential government shutdowns;] the continuing impact of [removed: the COVID-19 pandemic] [added: infectious diseases] on [removed: our financial condition and] the chronic kidney disease [removed: (CKD)] population and our patient population; supply chain challenges and disruptions, including without [removed: limitation] [added: 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 [added: and cost of supplies] as a result of natural [removed: disasters;] [added: disasters or evolving trade policies, including tariffs;] the potential impact [added: on our patients and industry] of new or potential entrants in the dialysis and pre-dialysis marketplace and [removed: potential impact of] innovative technologies, drugs, or other [removed: treatments on our patients and industry;] [added: treatments;] elevated teammate turnover or labor costs; the impact of continued increased competition from dialysis providers and others; 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;*

*•the concentration of profits generated by higher-paying commercial payor plans for which there is continued downward pressure on average realized payment rates; [added: 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 [added: healthcare, immigration or other policies implemented by the U.S. administration,] continuing legislative efforts to restrict or prohibit the use and/or availability of charitable premium assistance, [removed: or] as a result of payors implementing restrictive plan [removed: designs;*][added: 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 [removed: potential changes in or new] laws, regulations or requirements applicable to [removed: us,] [added: us or changes thereto,] including, without limitation, [added: the OBBBA and] those related to [added: trade policy,] healthcare, 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 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 [removed: our strategies] [added: strategic and operational initiatives in a complex, evolving and highly regulated environment, including, without limitation,] with respect to IKC and VBC initiatives and home based [removed: dialysis in the desired time frame and in a complex, dynamic and highly regulated environment;*][added: dialysis;*]

*•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 [removed: structure;*][added: 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 [removed: closure,*][added: closure, reduction or other disruption in the services or products provided to us by such suppliers, service providers and third party vendors;*]

*•noncompliance by us or our business associates with any privacy or security laws or any security breach by us or a third party, [added: such as the cybersecurity incident experienced by the Company in 2025,] 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, and our ability to manage potential disruptions to our business and operations, including potential work stoppages, operating cost increases or productivity decreases whether due to union organizing activities, [added: political unrest or] legislative or other changes, demand for labor, volatility and uncertainty in the labor market, the current challenging and highly competitive labor market conditions, including due to the ongoing nationwide shortage of skilled clinical personnel, or other reasons;*

*•changes in [removed: pharmaceutical] practice [removed: patterns,] [added: patterns related to pharmaceuticals, medical equipment or supplies,] reimbursement and payment policies and processes, or [removed: pharmaceutical] pricing, including with respect to oral phosphate binders, among other things;*

*•the variability of our cash flows, including, without limitation, any extended billing or collections cycles including, without limitation, due to defects or operational issues in our billing [removed: systems] [added: systems, the impact of the cybersecurity incident experienced by the Company in 2025] or [added: 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;*

*•factors that may impact our ability to repurchase stock under our [removed: stock] [added: 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 [removed: environmental, social and governance (ESG)] [added: sustainability] matters, including, among other things, evolving regulatory requirements affecting [removed: ESG] [added: environmental, social and governance] standards, measurements and reporting requirements*; *and*

Operational and financial highlights for [removed: 2024] [added: 2025] include, among other things:

- U.S. dialysis revenue growth of [removed: 4.2%] [added: 3.5%] from an increase in average patient services revenue per treatment of [removed: $13.88;][added: $18.24;]

*•*revenue growth of [removed: 16.2%] [added: 27.3%] in our other ancillary businesses, primarily in our international operations;

- operating income of [removed: $2,090] [added: $2,044] million and adjusted operating income of [removed: $1,981] [added: $2,094] million;

- operating cash flows of [removed: $2,022] [added: $1,887] million and free cash flows of [removed: $1,162] [added: $1,024] million;

- repurchase of [removed: 9,832,705] [added: 12,678,623] shares of our common stock for aggregate consideration of [removed: $1,389] [added: $1,788] million, and a [removed: 9.3%] [added: 14.9% net] reduction in our outstanding share count year-over-year;

- we purchased an additional [removed: $2,500] [added: $4,750] million notional amount of forward interest rate caps to shield our exposure to significant interest rate increases through [removed: 2027;] [added: 2029;] and

- leverage ratio, as a multiple of Consolidated EBITDA, each as defined by our credit agreement, remained within our target range of 3.0x to 3.5x throughout [removed: 2024.][added: 2025.]

- a net increase in consolidated patient growth of [removed: 12.4%, with flat patient growth] [added: 4.9%, primarily driven by 17.6%] in [removed: U.S. dialysis and 62.6%] international patient growth as of December 31, [removed: 2024;][added: 2025; and]

[removed: - continued patient growth in] [added: As of December 31, 2025, DaVita] IKC [added: provided integrated care and disease management services] to [removed: 70,400] [added: approximately 66,000] patients in risk-based integrated care arrangements and [added: to] an additional [removed: 11,600] [added: 9,400] patients in other integrated care arrangements.

We expect an increase in costs per treatment due to [removed: the oral phosphate binders and] inflationary increases in labor and other costs, partially offset by a [added: continued] decline in [removed: center closure costs.][added: depreciation and amortization costs as well as a decline in costs associated with the cyber incident.]

[removed: In 2025, we] [added: We] also expect operating [added: income] growth in our international business [removed: as we continue our expansion in international markets] and [removed: we expect results in] our [removed: 2025] integrated kidney care [removed: business to be consistent with 2024.][added: business.]

We expect a [removed: continued increase] [added: decrease] in debt expense in [removed: 2025] [added: 2026] due in part to the financing transactions announced in [removed: 2024 and the expiration of our 2019 interest cap agreements in 2024] [added: 2025,] as described below.

Finally, considerable uncertainty remains surrounding the continued implementation and development of the various governmental laws, regulations and other requirements that may impact our business, including the extent to [removed: the] which such developments impact the behavior of other health care market participants such as payors, employers, charitable organizations and government agencies.

The discussion below includes analysis of our financial condition and results of operations for the years ended December 31, [removed: 2024] [added: 2025] compared to December 31, [removed: 2023.][added: 2024.]

Our Annual Report on Form 10-K for the year ended December 31, [added: 2024, includes a discussion and analysis of our financial condition and results of operations for the year ended December 31,] 2023, [added: in its Part II Item 7, "*Management's Discussion and Analysis of Financial Condition and Results of Operations.*"]

General Economic, [removed: Marketplace] [added: Political] and Global Health [removed: Conditions; Legal and Regulatory Developments][added: Conditions]

For additional discussion of [removed: general economic, marketplace and global health] [added: these external] conditions [removed: that could] [added: and the] impact [added: they may have on] our business, see Part I Item 1.

The following table summarizes our revenues, operating income [removed: (loss)] and adjusted operating income [removed: (loss)] by line of business.

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Amount | | | | | | Percent | | |

| Other - Ancillary services | | | [removed: 1,510] [added: 1,922] | | | | | | [removed: 1,299] [added: 1,510] | | | | | | [removed: 211] [added: 412] | | | | | | [removed: 16.2] [added: 27.3] | | % |

| Elimination of intersegment revenues | | | [removed: (86)] [added: (72)] | | | | | | [removed: (96)] [added: (86)] | | | | | | [removed: 10] [added: 14] | | | | | | [removed: 10.4] [added: 16.3] | | % |

| Total consolidated revenues | | | $ | [removed: 12,816] [added: 13,643] | | | | | $ | [removed: 12,140] [added: 12,816] | | | | | $ | [removed: 676] [added: 827] | | | | | [removed: 5.6] [added: 6.5] | | % |

| [removed: Operating] [added: Operating] income [removed: (loss):] [added: (loss):] | | | | | | | | | | | | | | | | | | | | | | | |

| Other - Ancillary services | | | [removed: 83] [added: 92] | | | | | | [removed: (9)] [added: 83] | | | | | | [removed: 92] [added: 9] | | | | | | [removed: 1,022.2] [added: 10.8] | | % |

| Corporate administrative support | | | [removed: (113)] [added: (133)] | | | | | | [removed: (163)] [added: (113)] | | | | | | [removed: 50] [added: (20)] | | | | | | [removed: 30.7] [added: (17.7)] | | % |

| [removed: Adjusted] [added: Adjusted] operating income [removed: (loss):(1)] [added: (loss)(2):] | | | | | | | | | | | | | | | | | | | | | | | |

*•our ability to successfully maintain, operate or upgrade our information systems or those of third-party service providers upon which we rely and our ability to successfully adopt or adapt to new technologies, treatments or therapies;*

- entry into a new Term Loan A-2 facility in the aggregate principal amount of $2,000 million and a revolving line of credit in an aggregate principal amount up to $1,500 million, and entry into a new Term Loan B-2 facility in the aggregate principal amount of $1,878 million.

A portion of the proceeds from these transactions was used to pay-off the principal balances outstanding on our Term Loan A-1 and Term Loan B-1;

- issuance of an aggregate principal amount of $1,000 million of 6.75% senior notes due 2033;

- a net increase of 76 international dialysis centers primarily from acquisitions.

We assess our revenue and operating performance for our U.S. dialysis business based upon several principal metrics including, among others, treatment volume, revenue per treatment and patient care costs.

Each of these metrics may be impacted by a number of factors that change from period to period and over time.

In 2026 in our U.S. dialysis business, we expect approximately flat treatment volumes due to the net impact of a number of factors.

These include, among other things, mortality levels that remain elevated relative to pre-pandemic periods, but assuming a slight improvement in flu impact compared to 2025; and admissions levels consistent with 2025 excluding the impact of the recent cyber incident.

We expect operating income growth resulting from revenue per treatment improvements, primarily driven by rate increases and improvements in collections efforts impacted by the cyber incident, partially offset by the expiration of enhanced premium tax credits for exchange plans.

In addition, we expect the impact of phosphate binders on operating income to be approximately flat year-over-year.

We expect positive other income in 2026 as the result of decreased losses from our investment of Mozarc Medical Holding LLC (Mozarc).

On June 19, 2019, we completed the sale of our prior DaVita Medical Group (DMG) business to a subsidiary of Optum, Inc., a subsidiary of UnitedHealth Group Inc. The effects of the DMG sale have been reported in discontinued operations for all periods presented and DMG is not included below in this Management's Discussion and Analysis.

We continue to be impacted by external conditions, including, but not limited to, those related to general economic, political and global health conditions, changing population or demographic trends and severe weather events or natural disasters.

These conditions can impact our business in a variety of ways, including, among other things, by affecting our patient census, treatment volumes, revenues, results of operations and operating and other costs.

These conditions are generally outside of our control and none of which we can reasonably predict and are interrelated or have interdependent complex consequences.

As a result, the ultimate impact of these conditions on our business over time will depend on a myriad of future developments and is highly uncertain and difficult to predict.

| U.S. dialysis | | | $ | 11,793 | | | | | $ | 11,391 | | | | | $ | 402 | | | | | 3.5 | | % |

| U.S. dialysis | | | $ | 2,084 | | | | | $ | 2,121 | | | | | $ | (37) | | | | | (1.7) | | % |

| Operating income | | | $ | 2,044 | | | | | $ | 2,090 | | | | | $ | (46) | | | | | (2.2) | | % |

| U.S. dialysis | | | $ | 2,109 | | | | | $ | 2,086 | | | | | $ | 23 | | | | | 1.1 | | % |

The TDAPA period currently is set to expire at the end of 2026.

"*Risk Factors"* under the heading "*Our business is subject to a complex set of governmental laws, regulations and other requirements...*"

| | | | 2025 | | | | | | 2024 | | | | | | Amount | | | | | | Percent | | |

| Dialysis treatments | | | 28,733,980 | | | | | | 29,046,346 | | | | | | (312,366) | | | | | | (1.1) | | % |

| Treatment days | | | 313.0 | | | | | | 313.9 | | | | | | (0.9) | | | | | | (0.3) | | % |

| Average treatments per normalized day | | | 91,743 | | | | | | 92,563 | | | | | | (820) | | | | | | (0.9) | | % |

| Number of normalized treatment days(1) | | | 313.2 | | | | | | 313.8 | | | | | | (0.6) | | | | | | (0.2) | | % |

(1)Normalized treatment days reflect treatment days adjusted to normalize for the mix of days of the week in a given period.

The decrease in our U.S. dialysis treatments in 2025 was primarily driven by a decrease in average treatments per day due to higher mortality and missed treatments from a more severe flu season, as well as fewer treatment days.

| | | | 2025 | | | | | | 2024 | | | | | | Amount | | | | | | Percent | | |

| Total revenues | | | $ | 11,793 | | | | | $ | 11,391 | | | | | $ | 402 | | | | | 3.5 | | % |

| | | | 2025 | | | | | | 2024 | | | | | | Amount | | | | | | Percent | | |

*Cybersecurity incident-related charges.* During the second quarter of 2025, we experienced a cybersecurity incident that impacted certain elements of our network and resulted in a temporary disruption of our operations, as described above.

As a result of our efforts to remediate the incident and restore systems with the assistance of third-party cybersecurity professionals, we incurred patient care charges of approximately $1.0 million and general and administrative expenses of approximately $24.2 million during the year ended December 31, 2025.

These costs do not include the impact related to business interruption on our results.

Other drivers of this increase include increased medical supplies expense and health benefits expense.

These increases were partially offset by decreased center closure costs.

| | | | 2025 | | | | | | 2024 | | | | | | Amount | | | | | | Percent | | |

| Operating income | | | $ | 2,084 | | | | | $ | 2,121 | | | | | $ | (37) | | | | | (1.7) | | % |

*reduction or other disruption in the services or products provided to us by such suppliers, service providers and third party vendors;*

- entered into an amendment to our senior secured credit agreement which extended the maturity date of a portion of our Term Loan B-1 in the aggregate principal amount of $1,640 million.

We further amended the senior secured credit agreement to incur an incremental Term Loan A-1 tranche in the aggregate principal amount of $1,100 million and issued an aggregate principal amount of $1,000 million of 6.875% senior notes due 2032.

A portion of the proceeds of these transactions was used to repay the Term Loan B-1 maturing in 2026 of approximately $950 million;

- a net decrease of 18 U.S. dialysis centers as we continued to improve center capacity utilization, as well as a net increase of 142 international dialysis centers from acquisitions; and

In 2025, we expect relatively flat year-over-year treatment volumes due to a number of factors.

These include, among other things, elevated mortality levels relative to pre-pandemic levels; the continued impact of missed treatment rates, which in recent years have been impacted by increased hospitalizations and the prevalence of severe weather events; and the impact of the supply disruption affecting our home dialysis supplies.

We expect operating income growth resulting from revenue per treatment improvements, primarily driven by rate increases, the net impact of our continued improvements in our billing and collections process, mix improvement and the incorporation of oral phosphate binder reimbursement into the bundle, as described below.

includes a discussion and analysis of our financial condition and results of operations for the year ended December 31, 2022, in its Part II Item 7, "*Management's Discussion and Analysis of Financial Condition and Results of Operations.*"

As noted above and described below, developments in general economic, marketplace and global health conditions have directly and indirectly impacted the Company and in the future could have a material adverse impact on our patients, teammates, physician partners, suppliers, business, operations, reputation, financial condition, results of operations, share price, cash flows and/or liquidity.

Many of these external factors and conditions are interrelated, including, among other things, inflation, interest rate volatility, and other economic conditions, labor market conditions, wage pressure, the increased mortality rates of our patients and other ESKD or CKD patients, supply chain challenges and the potential impact and application of innovative technologies, drugs or other treatments.

Certain of these impacts could be further intensified by concurrent global events, which have continued to drive sociopolitical, geopolitical and economic uncertainty; severe weather events and other natural disasters, which have impacted national supply chain challenges; the impact of new policies implemented by the new administration in the United States, which have affected certain government sponsored programs, among other things.

*Operational and Financial Impacts*

On a full year basis, we experienced a negative impact on revenue and treatment volume due to, among other things, continued elevated mortality rates of our patients in comparison to the periods prior to the COVID-19 pandemic and the associated impact on our patient census, missed treatments driven by severe weather events and the impact of a temporary pause in home dialysis starts that resulted from the closure of one of our supplier's facilities.

Treatment volumes during the year were also adversely impacted by continued elevated missed treatment rates, which during 2024 were driven primarily by severe weather events.

New-to-dialysis admission rates, treatment volumes, future revenues and non-acquired growth, among other things, could continue to be negatively impacted over time to the extent that the ESKD and CKD populations experience sustained elevated mortality levels.

These mortality levels could be influenced by, among other things, the availability and use of vaccines, treatments and therapies.

As described in Part I Item 1A.

"*Risk Factors,*" the magnitude of these cumulative impacts could have a material adverse impact on our results of operations, financial condition and cash flows.

Ongoing global economic conditions and political and regulatory developments, such as general labor, supply chain and inflationary pressures have increased, and will likely continue to increase, our expenses, including, among others, staffing, labor and supply costs.

We have also experienced service disruptions relating to key business functions and supply chain shortages with respect to certain of our equipment and clinical supplies, including critical clinical and other supplies.

Certain of these disruptions related to external conditions, such as the aforementioned severe weather event that impacted our supply chain for key products as well as the cybersecurity incident at Change Healthcare (CHC) that impacted our billing operations.

"*Risk Factors*" under the heading, "*If certain of our supplier and service providers…*", any disruption involving such suppliers could materially impact our operations and require significant resources or operational changes in response.

We expect certain of these increased staffing and labor costs to continue into 2025, due to, among other factors, the continuation of inflationary conditions and a challenging healthcare labor market.

The cumulative impact of these increased costs could be material.

During 2024, our industry also continued to experience increased union organizing activities.

For example, union petitions have been filed in nine of our clinics in California and eight of these petitions are in different stages of the voting process and have been subject to legal challenges.

For additional details on the risks related to rising labor costs and union organizing activities, see the discussion in Part I Item 1A.

"*Risk Factors*" under the headings, "*Our business is labor intensive..."* and *"External conditions, including those related to general economic, marketplace and global health conditions..."*

*Legal and Regulatory Developments*

As noted above, the Federal Trade Commission (FTC) published in the federal register a final rule that would generally ban all post-employment personal service non-compete clauses with employees and prohibit employers from enforcing existing non-compete clauses in contracts with workers, with limited exceptions.

Even though the rule has been enjoined, many state legislatures continue to introduce legislation that seeks to place limitations on restrictive covenants with workers.

For additional details on federal and state regulations or future federal or state regulations and the potential impact on our business, see the

discussion in Part I Item 1.

"*Business*" under the heading "*U.S. Dialysis Business"* and Part I Item 1A.

"*Risk Factors*" under the heading, "*Changes in federal and state legislation and regulations..."*

*Change Healthcare*

As noted above and previously reported, due to a cybersecurity breach that affected CHC, a subsidiary of UnitedHealth Group Incorporated (United) that serves as an intermediary for processing the vast majority of our payment claims for domestic commercial and government payors, we temporarily suspended all claims processing activity with CHC (CHC Outage), primarily during a period of time during the first and second quarters of 2024, which impacted our cash flows.

We have since resumed claims submissions and billing processes through CHC’s information technology systems and as of the date of this filing, through a combination of CHC's platform and certain alternate billing processes, we are current on our primary claims submissions.

However, the CHC Outage, and the resultant delay in claims submissions, led to an increase in our days sales outstanding (DSO), among other things.

Under this model, with all else held constant, it is estimated that such an increase would have reduced net income by approximately [removed: $4.2] [added: $5.3] million, [removed: $4.8] [added: $4.2] million, and [removed: $21.4] [added: $4.8] million, net of tax and the effect of our interest rate caps, for the years ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] respectively.

While our business is predominantly conducted in the U.S., we have [removed: developing] operations in [removed: 13] [added: 14] other countries as well.

Our international operations constitute approximately [removed: 14%] [added: 17%] of our consolidated assets and approximately [removed: 8%] [added: 10%] of our consolidated revenues for the year ended December 31, [removed: 2024,] [added: 2025,] with no single country constituting more than [removed: 4%] [added: 5%] of consolidated assets.

In addition, our unrealized foreign currency translation [removed: (losses)] gains [added: (losses)] were approximately 9.9%, [removed: 5.5%,] [added: (9.9)%,] and [removed: 2.2%] [added: 5.5%] of our consolidated operating income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively.

As such, through December 31, [removed: 2024,] [added: 2025,] we have not engaged in transactions to hedge the exposure of our international transactions or net investments to foreign currency risk.

As a comprehensive kidney care provider, we have been a leader in clinical quality and innovation for [added: more than] 25 years.

We care for patients at every stage and setting along their kidney health journey–from [removed: earlier diagnosis and prevention through supporting] [added: slowing] the [removed: transplant process.][added: progression of kidney disease to helping support transplantation.]

This includes ensuring they are supported at home, in our dialysis centers, in the hospital [removed: and/or] [added: and in] skilled nursing facilities.

In addition, as of December 31, [removed: 2024,] [added: 2025,] our international operations provided dialysis and administrative services to a total of [removed: 509] [added: 585] outpatient dialysis centers located in [removed: 13] [added: 14] countries outside of the U.S., serving approximately [removed: 80,300] [added: 94,500] patients.

Finally, our U.S. integrated kidney care (IKC) business provided integrated care and disease management services to [removed: 70,400] [added: 66,000] patients in risk-based integrated care arrangements and to an additional [removed: 11,600] [added: 9,400] patients in other integrated care arrangements across the United States as of December 31, [removed: 2024.][added: 2025.]

According to the most recently published data, for the [removed: ten] [added: eleven] most recently reported years, we have continued as an industry leader in the Centers for Medicare & Medicaid Services’ (CMS) Quality Incentive Program (QIP), which promotes high quality services in outpatient dialysis facilities treating patients with ESKD.

In addition, according to the most recently published data, for the [removed: nine] [added: ten] most recently reported years, we have also continued as an industry leader under CMS’ Five-Star Quality Rating System (Star Rating), which rates eligible dialysis centers based on the quality of outcomes to help patients, their families, and caregivers make more informed decisions about where patients receive care.

In addition to our teammates at our dialysis facilities, [removed: as of December 31, 2024,] [added: both] our domestic [added: and our international] Chief Medical [removed: Officer leads a team] [added: Officers lead comprehensive teams] of [removed: 23] nephrologists in our physician leadership [removed: team] [added: teams] as part of our domestic [added: and international] Office of the Chief Medical Officer [removed: (OCMO).][added: (OCMO), respectively.]

We also have a Physician Council that serves as an advisory body to senior management, which [removed: was] [added: is] composed of [removed: 10] [added: numerous] physicians with extensive experience in clinical practice and [removed: five] [added: several] Group Medical [removed: Directors as of December 31, 2024.][added: Directors.]

Among other arrangements, our IKC business has percent-of-premium arrangements in several Medicare Advantage ESRD Chronic Special Needs Plans [added: (C-SNPs)] and is an active participant in [removed: CMMI’s] [added: the Center for Medicare and Medicaid Innovation's (CMMI's)] Comprehensive Kidney Care Contracting (CKCC) model that seeks to manage the care of late stage CKD and ESKD patients to delay the progression of kidney disease, promote home dialysis when appropriate, and incentivize transplants.

As of December 31, [removed: 2024,] [added: 2025,] we provided [removed: dialysis, administrative and related laboratory services] [added: outpatient hemodialysis] in the U.S. through a network of 2,657 outpatient dialysis centers in 46 states and the District of [removed: Columbia, serving a total of approximately 200,800 patients.][added: Columbia.]

Based on the most recent [removed: 2024] [added: 2025] annual data report from the United States Renal Data System (USRDS), there were over [removed: 554,000] [added: 557,000] ESKD dialysis patients in the U.S. in [removed: 2022.][added: 2023.]

The underlying ESKD dialysis patient population grew at an approximate compound annual rate of [removed: 3.3%] [added: 1.8%] from [removed: 2012] [added: 2013] to [removed: 2022] [added: 2023] and [removed: 3.4%] [added: 0.2%] from [removed: 2017] [added: 2018] to [removed: 2022] [added: 2023] as compared to [removed: a decline] [added: an increase] in annual growth of [removed: 0.4%] [added: 0.5%] from [removed: 2021] [added: 2022] to [removed: 2022.][added: 2023.]

In general, a number of factors may impact ESKD growth rates, including, among others, mortality rates for dialysis patients or CKD patients, the growth and aging of the U.S. population, [removed: limitations on] [added: changing] immigration [removed: in] [added: levels into] the U.S., transplant rates, incidence rates for diseases that cause kidney failure such as diabetes and hypertension, growth rates of minority populations with [removed: higher than average] [added: higher-than-average] incidence rates of ESKD or other [removed: changes] [added: reductions] in demand for dialysis treatments over time, including for [added: example, as a result of the introduction of certain innovative technologies, drugs, treatments or therapies, such as the glucagon-like peptide 1 (GLP-1) receptor agonist or SGLT2 inhibitors.]

Certain of these factors, in particular mortality rates for dialysis or CKD patients, have been impacted by [added: global health conditions, including severe flu seasons and] the [removed: COVID-19 pandemic.][added: ongoing incidence of other infectious diseases such as COVID-19.]

[removed: The toxins,] [added: Toxins,] salt and excess fluids from the blood cross the membrane into the fluid, allowing cleansed blood to return back into the patient’s body.

CMS, through CMMI, also subsequently released the framework for certain [removed: proposed and existing voluntary and mandatory] payment models, including [removed: ESRD Treatment Choices Model (ETC)] [added: the CKCC] model, which would adjust payment incentives to encourage kidney transplants.

Each center has an administrator, [removed: often] [added: in some instances this is] a registered nurse, who supervises the day-to-day operations of the center and its staff.

As of December 31, [removed: 2024,] [added: 2025,] we have contracts to provide hospital inpatient dialysis services to patients in approximately [removed: 760] [added: 740] hospitals throughout the U.S. We render these services based on a contracted per-treatment fee that is individually negotiated with each hospital.

According to the most recent annual data report from the USRDS, in [removed: 2022] [added: 2023] approximately [removed: 14%] [added: 15%] of ESKD dialysis patients in the U.S. utilized home-based dialysis.

The following graph summarizes our U.S. dialysis treatments by modality and U.S. dialysis patient service revenues by modality for the year ended December 31, [removed: 2024.][added: 2025.]

[removed: ][added: ]

The vast majority of these tests are performed for our ESKD patients throughout the U.S. These tests are performed for [added: a variety of reasons, including to monitor a patient’s ESKD condition, including the adequacy of dialysis, as well as other medical conditions of the patient.]

Our U.S. dialysis revenues represent approximately [removed: 88%] [added: 86%] of our consolidated revenues for the year ended December 31, [removed: 2024.][added: 2025.]

Our U.S. dialysis revenues are derived primarily from our core business of providing dialysis services and related laboratory services and, to a lesser extent, the administration of [removed: pharmaceuticals] [added: pharmaceuticals,] and management fees generated from providing management and administrative services to certain outpatient dialysis centers, as discussed above.

The following table summarizes our U.S. dialysis revenues by payor source for U.S. dialysis patient service revenues for the year ended December 31, [removed: 2024:][added: 2025:]

| Medicare and Medicare Advantage plans | | | [removed: 56] [added: 57] | | % | [removed: | | |]

| Medicaid and managed Medicaid plans | | | [removed: 8] [added: 7] | | % | [removed: | | |]

| Other government-based programs | | | 3 | | % | [removed: | | |]

| Total government-based programs | | | [removed: 67] [added: 68] | | % | [removed: | | |]

| Commercial (including hospital dialysis services) | | | [removed: 33] [added: 32] | | % | [removed: | | |]

| Total U.S. dialysis patient service revenues | | | 100 | | % | [removed: | | |]

For patients with Medicare coverage, all ESRD payments for dialysis treatments are made under a single bundled payment rate that provides a fixed payment rate to encompass all goods and services provided during the dialysis treatment that are related to the dialysis treatment, including certain pharmaceuticals, such as erythropoiesis-stimulating agents (ESAs), calcimimetics, vitamin D [removed: analogs, oral-only renal phosphate binders] [added: analogs] and iron supplements, irrespective of the level of pharmaceuticals administered to the patient or additional services performed.

For the year ended December 31, [removed: 2024,] [added: 2025,] approximately 89% of our total U.S. dialysis patients were covered under some form of government-based program, with approximately [removed: 74%] [added: 73%] of our total U.S. dialysis patients covered under Medicare and Medicare Advantage plans.

Under this bundled payment rate system, known as the ESRD Prospective Payment System (PPS), the payments to a dialysis facility may be reduced by as much as 2% based on the facility’s performance in specified quality measures set annually by CMS through its [removed: QIP.][added: ESRD Quality Incentive Program (QIP).]

[removed: Absent action by Congress, the ESRD PPS base rate is updated annually by an inflation adjustment] based on historical data and forecasts that may create a lag between these adjustments and actual inflationary increase.

In November [removed: 2024,] [added: 2025,] CMS issued a final rule to update the Medicare ESRD PPS payment rate and policies for calendar year [removed: 2025.][added: 2026.]

Among other things, the final rule updated both the ESRD and Acute Kidney Injury (AKI) dialysis payment rate for renal dialysis services furnished by ESRD [removed: facilities, extended payment for dialysis in a home setting for AKI,] [added: facilities] and outlined requirements for the ESRD QIP.

CMS estimates that the overall impact of the rule will increase ESRD [added: freestanding] facilities' average reimbursement by [removed: a productivity-adjusted market basket increase of] 2.2%.

CMS releases an annual MA notice that includes, among other things, a MA payment rate for MA plans [added: for ESRD patients] and updates certain policies associated with risk adjustments.

On June 19, 2019, we completed the sale of our prior DaVita Medical Group (DMG) business, a patient and physician-focused integrated healthcare delivery and management company, to a subsidiary of Optum, Inc., a subsidiary of UnitedHealth Group, Inc. As a result, the DMG business has been classified as discontinued operations and its results of operations are reported as discontinued operations for all periods presented in the consolidated financial statements included in this report.

For financial information related to DMG, see Note 21 to the consolidated financial statements included in this report.

As of December 31, 2025, we provided dialysis, administrative and related laboratory services to a total of approximately 200,500 patients.

Recent studies relating to removing middle molecule toxins from the blood show promise of improved clinical outcomes, and there are currently two treatment pathways for achieving improved middle molecule clearance.

First, hemodiafiltration (HDF) combines hemodialysis (diffusion) and hemofiltration (convection) to remove a wide range of toxins, particularly middle-sized molecules from the blood.

Second, is expanded hemodialysis that uses medium cut-off dialyzers to similarly enhance clearance of middle molecules.

We and other dialysis providers are evaluating the use of these modalities in the U.S.

Certain columns may not sum or recalculate due to the presentation of rounded numbers

Absent action by Congress, the ESRD PPS base rate is updated annually by an inflation adjustment

The TDAPA period currently is set to expire at the end of 2026.

"*Risk Factors*" under the headings *"Our business is subject to a complex set of governmental laws, regulations and other requirements...;"* and *"We are subject to risks associated with our participation in government healthcare programs."*

Although commercial

applicable.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| Brazil | | | 127 | | |

| Panama | | | 16 | | |

| | | | 585 | | |

Despite these efforts, there is no guarantee that we will be successful in our efforts to adhere to all of these requirements and there is no assurance that we will be able to accurately predict the nature, timing, or extent of any changes to these laws, regulations or requirements, or the impact of such changes on the markets in which we conduct business.

Because the healthcare sector, including the dialysis industry, is regularly subject to negative publicity, the announcement or other public disclosure of governmental allegations or investigations and any associated adverse media coverage and political debate, regardless of merit, regarding the dialysis industry generally, or the U.S. healthcare system or DaVita in particular, may adversely affect our reputation and stock price and could impact our relationships and/or contracts related to our business, among other things.

In addition, under an existing Executive Order, the current administration seeks the right to pursue remedies under the FCA for violations of civil rights laws implicated by inappropriate diversity, equity and inclusion programs.

These state privacy and data

"*Risk Factors*" under the heading "*If we fail to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks..*." and Part I Item 1C.

These models, which were aimed to prevent or delay the need for dialysis and encourage kidney transplantation, included the mandatory ESRD Treatment Choices (ETC) model, and the voluntary Kidney Care First (KCF) and CKCC payment models.

CMS subsequently terminated the ETC and KCF models as of December 31, 2025.

CMS also announced it will extend the CKCC program by one year to end on December 31, 2027.

"*Risk Factors*" under the headings "*We invest in strategic and operational initiatives to maintain our business and expand our capabilities...;*" and "*If we are unable to compete successfully...*"

*Healthcare Reform, ACA and Related Regulatory and Legal Developments*: As a result of changes to the regulatory framework of the healthcare marketplace described above, considerable uncertainty exists surrounding the continued development of the healthcare regulatory and legislative environment including access to healthcare and the availability and affordability of commercial insurance over time.

For example, while the ACA and subsequent COVID-era legislation resulted in an increasing number of patients with health insurance, recent legislative and executive actions such as the "One Big Beautiful Bill Act" (OBBBA) or the decision to let enhanced premium tax credits expire at the end of 2025, may ultimately decrease the number of patients with access to health insurance, including Medicare and Medicaid.

In addition, the Cures Act also includes

"*Risk Factors*" under the headings "*Our business is subject to a complex set of governmental laws, regulations and other requirements...;*" "*If we are unable to negotiate and maintain contracts with private payors on competitive terms..*.;" "*We are subject to risks associated with our participation in government healthcare programs.;*" and "*We operate in a dynamic highly competitive and highly regulated environment...*"

"*Risk Factors*" under the heading "*If we are unable to negotiate and maintain contracts with private payors on competitive terms...*"

In addition, the healthcare industry in which we operate is subject to extensive regulation and oversight, including antitrust and competition laws enforced by the federal and state authorities.

"*Risk Factors.*"

New and emerging entrants have been entering the kidney healthcare business space and the industry continues to experience pricing and costs pressures, regulatory changes, challenging labor market conditions and ongoing developments in new technologies, treatments and therapies, among other things.

In most of the geographical areas in which we operate, there are other facilities that provide dialysis services to those offered by our facilities.

In addition, in some markets, some competitors may have greater financial resources, may be better equipped, and may offer a broader range of services than us.

Some competitors, including our largest competitor, Fresenius Medical Care, also manufacture their own supplies and equipment, in addition to owning and operating outpatient dialysis centers worldwide, which may, among other things, provide cost advantages to such competitors.

The competition to acquire or develop dialysis centers and for patients is significant.

We intend to continue to develop new dialysis centers and maintain relationships with patients and providers, but may not be successful.

Following a pause in refreshed Star Ratings in October 2020 and October 2021 due to the COVID-19 pandemic, CMS reset the baseline with the October 2023 Star Rating release to reflect current performance and provide clinical differentiation through newly defined cutoff values.

Under the new baseline, the lowest scoring 10% of facilities receive one star, the next 20% receive two stars, the next 40% receive three stars, the next 20% receive four stars and the highest 10% of facilities receive five stars in the baseline period for each subsequent evaluation period.

Our international Chief Medical Officer leads a team of 11 nephrologists in our physician leadership team as part of our international OCMO as of December 31, 2024.

We also have contracts to provide hospital inpatient dialysis services in approximately 760 hospitals throughout the U.S.

Despite this near term slowdown, which, among other things, included impacts from the COVID-19 pandemic on mortality rates amongst the ESKD dialysis patient population, the rate of growth has been relatively consistent over time.

example, as a result of the development and application of certain innovative technologies, drugs or other treatments.

*•Hemodiafiltration*

Hemodiafiltration (HDF) is a form of augmented hemodialysis that includes a component of convection to remove additional molecules from the blood.

Like hemodialysis, HDF can be performed at certain freestanding outpatient dialysis

centers and may also be performed in hospital in-patient centers.

HDF usage varies by country, and the efficacy of this modality is still being assessed in the U.S.

The overall number of patients to whom we provided services in the U.S. in 2024 was relatively flat compared to 2023, primarily due to growth in new admits partially offset by elevated mortality rates, which continue to be elevated relative to our pre-COVID-19 mortality rates.

a variety of reasons, including to monitor a patient’s ESKD condition, including the adequacy of dialysis, as well as other medical conditions of the patient.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Due in part to continued higher than expected inflation rates, the annual update for the 2024 ESRD PPS base rate did not accurately forecast the cost increase experienced by providers.

The TDAPA period is expected to continue for a period of at least two years.

"*Risk Factors*" under the heading *"Changes in federal and state legislation or regulations..."*

including some oral medications that are not covered by Medicare.

The compensation of our medical

DaVita IKC currently participates in both the involuntary and certain voluntary payment models administered by CMMI.

| Brazil | | | 100 | | |

| | | | 509 | | |

If any of our personnel, representatives, third party vendors or operations are alleged to have violated these or other laws, regulations or requirements, we could experience material harm to our reputation and stock price, and it could impact our relationships and/or contracts related to our business, among other things.

secure additional state licenses and permits.

Violations of the federal Anti-Kickback Statute are punishable by imprisonment for up to ten years and statutory fines of up to $100,000 or both.

Larger criminal fines can be imposed under the provisions of the U.S. Sentencing Guidelines and the Alternate Fines Statute.

Individuals and entities convicted of violating the federal Anti-Kickback Statute are subject to mandatory exclusion from participation in Medicare, Medicaid and other federal healthcare programs for a minimum of five years.

Civil penalties for violation of this law include statutory amounts of up to $100,000 (adjusted for inflation) in monetary penalties per violation, assessments of up to three times the total payments between the parties to the arrangement, and permissive exclusion from participation in the federal healthcare programs or suspension from future participation in Medicare and Medicaid.

The Patient Protection and Affordable Care Act and the Health Care Reconciliation Act of 2010, as amended (collectively, the ACA), amended the federal Anti-Kickback Statute to clarify that the defendant may not need to have actual knowledge of the federal Anti-Kickback Statute or have the specific intent to violate it and to provide that any claims for items or services resulting from a violation of the federal Anti-Kickback Statute are considered false or fraudulent for purposes of the False Claims Act (FCA) and can result in treble damages and other penalties under the FCA.

restructuring or other required actions could have a material adverse effect on our business, results of operations, financial condition, cash flows, stock price and reputation.

Covered entities must report breaches of unsecured PHI to affected individuals without unreasonable delay but not to exceed 60 days of discovery of the breach by a covered entity or its agents.

Notification must also be made to the HHS and, for breaches of unsecured PHI involving more than 500 residents of a state or jurisdiction, to the media.

All non-permitted uses or disclosures of unsecured PHI are presumed to be breaches unless the covered entity or business associate establishes that there is a low probability the information has been compromised.

Penalties for impermissible use or disclosure of PHI were increased by the HITECH Act by imposing tiered penalties of more than $50,000 per violation and up to $1.5 million per year for identical violations.

Companies may process consumer information in conjunction with website and corporate operations.

This variation presents compliance costs and legal risks to our international operations.

Rights Act (CPRA), the Colorado Privacy Act, as well as multiple other states, afford consumers expanded privacy protections.

The first of these, the ETC mandatory payment model, launched in approximately 30% of dialysis clinics across the country on January 1, 2021.

CMS subsequently issued several clarifying rules and continues to evaluate the model.

For the Fiscal Year Ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

As of June 30, [removed: 2024,] [added: 2025,] the aggregate market value of the registrant's common stock outstanding held by non-affiliates based upon the closing price on the New York Stock Exchange was approximately [removed: $11.8] [added: $10.6] billion.

As of [removed: January 31, 2025,] [added: February 6, 2026,] the number of shares of the registrant’s common stock outstanding was approximately [removed: 80.0] [added: 66.8] million shares.

Portions of the registrant’s proxy statement for its [removed: 2025] [added: 2026] annual meeting of stockholders are incorporated by reference in Part III of this Form 10-K.

| Item 1. | | | | | | [removed: [Business](#if6ba8dc5b26140f49e5fc4e21f5168f4_13)] [added: [Business](#i5530797da61a4f098d777a6f3d570a82_13)] | | | | | | [removed: [2](#if6ba8dc5b26140f49e5fc4e21f5168f4_13)] [added: [2](#i5530797da61a4f098d777a6f3d570a82_13)] | | |

| Item 1A. | | | | | | [Risk [removed: Factors](#if6ba8dc5b26140f49e5fc4e21f5168f4_55)] [added: Factors](#i5530797da61a4f098d777a6f3d570a82_55)] | | | | | | [removed: [24](#if6ba8dc5b26140f49e5fc4e21f5168f4_55)] [added: [23](#i5530797da61a4f098d777a6f3d570a82_55)] | | |

| Item 1B. | | | | | | [Unresolved Staff [removed: Comments](#if6ba8dc5b26140f49e5fc4e21f5168f4_145)] [added: Comments](#i5530797da61a4f098d777a6f3d570a82_142)] | | | | | | [removed: [53](#if6ba8dc5b26140f49e5fc4e21f5168f4_145)] [added: [45](#i5530797da61a4f098d777a6f3d570a82_142)] | | |

| Item 1C. | | | | | | [removed: [Cybersecurity](#if6ba8dc5b26140f49e5fc4e21f5168f4_148)] [added: [Cybersecurity](#i5530797da61a4f098d777a6f3d570a82_145)] | | | | | | [removed: [53](#if6ba8dc5b26140f49e5fc4e21f5168f4_148)] [added: [45](#i5530797da61a4f098d777a6f3d570a82_145)] | | |

| Item 3. | | | | | | [Legal [removed: Proceedings](#if6ba8dc5b26140f49e5fc4e21f5168f4_154)] [added: Proceedings](#i5530797da61a4f098d777a6f3d570a82_151)] | | | | | | [removed: [55](#if6ba8dc5b26140f49e5fc4e21f5168f4_154)] [added: [48](#i5530797da61a4f098d777a6f3d570a82_151)] | | |

| Item 4. | | | | | | [Mine Safety [removed: Disclosures](#if6ba8dc5b26140f49e5fc4e21f5168f4_157)] [added: Disclosures](#i5530797da61a4f098d777a6f3d570a82_154)] | | | | | | [removed: [55](#if6ba8dc5b26140f49e5fc4e21f5168f4_157)] [added: [48](#i5530797da61a4f098d777a6f3d570a82_154)] | | |

| Item 5. | | | | | | [Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#if6ba8dc5b26140f49e5fc4e21f5168f4_163)] [added: Securities](#i5530797da61a4f098d777a6f3d570a82_160)] | | | | | | [removed: [56](#if6ba8dc5b26140f49e5fc4e21f5168f4_163)] [added: [49](#i5530797da61a4f098d777a6f3d570a82_160)] | | |

| Item 7. | | | | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#if6ba8dc5b26140f49e5fc4e21f5168f4_169)] [added: Operations](#i5530797da61a4f098d777a6f3d570a82_166)] | | | | | | [removed: [57](#if6ba8dc5b26140f49e5fc4e21f5168f4_169)] [added: [50](#i5530797da61a4f098d777a6f3d570a82_166)] | | |

| Item 7A. | | | | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#if6ba8dc5b26140f49e5fc4e21f5168f4_217)] [added: Risk](#i5530797da61a4f098d777a6f3d570a82_214)] | | | | | | [removed: [79](#if6ba8dc5b26140f49e5fc4e21f5168f4_217)] [added: [68](#i5530797da61a4f098d777a6f3d570a82_214)] | | |

| Item 8. | | | | | | [Financial Statements and Supplementary [removed: Data](#if6ba8dc5b26140f49e5fc4e21f5168f4_220)] [added: Data](#i5530797da61a4f098d777a6f3d570a82_217)] | | | | | | [removed: [79](#if6ba8dc5b26140f49e5fc4e21f5168f4_220)] [added: [69](#i5530797da61a4f098d777a6f3d570a82_217)] | | |

| Item 9. | | | | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#if6ba8dc5b26140f49e5fc4e21f5168f4_223)] [added: Disclosure](#i5530797da61a4f098d777a6f3d570a82_220)] | | | | | | [removed: [79](#if6ba8dc5b26140f49e5fc4e21f5168f4_223)] [added: [69](#i5530797da61a4f098d777a6f3d570a82_220)] | | |

| Item 9A. | | | | | | [Controls and [removed: Procedures](#if6ba8dc5b26140f49e5fc4e21f5168f4_226)] [added: Procedures](#i5530797da61a4f098d777a6f3d570a82_223)] | | | | | | [removed: [80](#if6ba8dc5b26140f49e5fc4e21f5168f4_226)] [added: [69](#i5530797da61a4f098d777a6f3d570a82_223)] | | |

| Item 9B. | | | | | | [Other [removed: Information](#if6ba8dc5b26140f49e5fc4e21f5168f4_229)] [added: Information](#i5530797da61a4f098d777a6f3d570a82_226)] | | | | | | [removed: [80](#if6ba8dc5b26140f49e5fc4e21f5168f4_229)] [added: [70](#i5530797da61a4f098d777a6f3d570a82_226)] | | |

| Item 9C. | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#if6ba8dc5b26140f49e5fc4e21f5168f4_232)] [added: Inspections](#i5530797da61a4f098d777a6f3d570a82_229)] | | | | | | [removed: [80](#if6ba8dc5b26140f49e5fc4e21f5168f4_232)] [added: [70](#i5530797da61a4f098d777a6f3d570a82_229)] | | |

| Item 10. | | | | | | [Directors, Executive Officers and Corporate [removed: Governance](#if6ba8dc5b26140f49e5fc4e21f5168f4_238)] [added: Governance](#i5530797da61a4f098d777a6f3d570a82_235)] | | | | | | [removed: [81](#if6ba8dc5b26140f49e5fc4e21f5168f4_238)] [added: [71](#i5530797da61a4f098d777a6f3d570a82_235)] | | |

| Item 11. | | | | | | [Executive [removed: Compensation](#if6ba8dc5b26140f49e5fc4e21f5168f4_241)] [added: Compensation](#i5530797da61a4f098d777a6f3d570a82_238)] | | | | | | [removed: [81](#if6ba8dc5b26140f49e5fc4e21f5168f4_241)] [added: [71](#i5530797da61a4f098d777a6f3d570a82_238)] | | |

| Item 12. | | | | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#if6ba8dc5b26140f49e5fc4e21f5168f4_244)] [added: Matters](#i5530797da61a4f098d777a6f3d570a82_241)] | | | | | | [removed: [81](#if6ba8dc5b26140f49e5fc4e21f5168f4_244)] [added: [71](#i5530797da61a4f098d777a6f3d570a82_241)] | | |

| Item 13. | | | | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#if6ba8dc5b26140f49e5fc4e21f5168f4_247)] [added: Independence](#i5530797da61a4f098d777a6f3d570a82_244)] | | | | | | [removed: [82](#if6ba8dc5b26140f49e5fc4e21f5168f4_247)] [added: [72](#i5530797da61a4f098d777a6f3d570a82_244)] | | |

| Item 14. | | | | | | [Principal Accounting Fees and [removed: Services](#if6ba8dc5b26140f49e5fc4e21f5168f4_250)] [added: Services](#i5530797da61a4f098d777a6f3d570a82_247)] | | | | | | [removed: [82](#if6ba8dc5b26140f49e5fc4e21f5168f4_250)] [added: [72](#i5530797da61a4f098d777a6f3d570a82_247)] | | |

| Item 15. | | | | | | [Exhibits, Financial Statement [removed: Schedules](#if6ba8dc5b26140f49e5fc4e21f5168f4_256)] [added: Schedules](#i5530797da61a4f098d777a6f3d570a82_253)] | | | | | | [removed: [83](#if6ba8dc5b26140f49e5fc4e21f5168f4_256)] [added: [73](#i5530797da61a4f098d777a6f3d570a82_253)] | | |

| Item 16. | | | | | | [Form 10-K [removed: Summary](#if6ba8dc5b26140f49e5fc4e21f5168f4_259)] [added: Summary](#i5530797da61a4f098d777a6f3d570a82_256)] | | | | | | [removed: [83](#if6ba8dc5b26140f49e5fc4e21f5168f4_259)] [added: [73](#i5530797da61a4f098d777a6f3d570a82_256)] | | |

| Item 2. | | | | | | [Properties](#i5530797da61a4f098d777a6f3d570a82_148) | | | | | | [47](#i5530797da61a4f098d777a6f3d570a82_148) | | |

| Item 6. | | | | | | [Reserved](#i5530797da61a4f098d777a6f3d570a82_163) | | | | | | [49](#i5530797da61a4f098d777a6f3d570a82_163) | | |

| | | | | | | [Exhibit Index](#i5530797da61a4f098d777a6f3d570a82_391) | | | | | | [1 of 4](#i5530797da61a4f098d777a6f3d570a82_391) | | |

| | | | | | | [Signatures](#i5530797da61a4f098d777a6f3d570a82_394) | | | | | | [S-1](#i5530797da61a4f098d777a6f3d570a82_394) | | |

| Item 2. | | | | | | [Properties](#if6ba8dc5b26140f49e5fc4e21f5168f4_151) | | | | | | [55](#if6ba8dc5b26140f49e5fc4e21f5168f4_151) | | |

| Item 6. | | | | | | [Reserved](#if6ba8dc5b26140f49e5fc4e21f5168f4_166) | | | | | | [56](#if6ba8dc5b26140f49e5fc4e21f5168f4_166) | | |

| | | | | | | [Exhibit Index](#if6ba8dc5b26140f49e5fc4e21f5168f4_400) | | | | | | [1 of 4](#if6ba8dc5b26140f49e5fc4e21f5168f4_400) | | |

| | | | | | | [Signatures](#if6ba8dc5b26140f49e5fc4e21f5168f4_403) | | | | | | [S-1](#if6ba8dc5b26140f49e5fc4e21f5168f4_403) | | |

Our business and operations rely on the secure and continuous processing, transmission and storage of confidential, proprietary and other information in our computer systems and networks, including, but not limited to, sensitive personal information, such as [removed: PHI,] [added: protected health information (PHI),] social security numbers, and/or credit card information of our patients, teammates, physicians, business partners and others.

- Reporting on a regular basis regarding the assessment and management of the risks; [added: and]

- Monitoring these potential risks on a regular [removed: basis; and][added: basis.]

[removed: Under our] [added: Our] Enterprise Risk Management (ERM) [added: team supports this risk management] process, [removed: the Company] [added: and] evaluates risks to the enterprise on short, intermediate and long-term bases.

[removed: The] [added: Our] ERM [added: team reports to our ERM] Committee, a group comprised of members of senior [removed: management,] [added: management who] meet on a regular basis to oversee the performance of these risk management functions.

Representatives of each of our ERM, [added: Legal,] Internal [removed: Audit, legal] [added: Audit] and [removed: compliance] [added: Compliance Audit] teams sit on the Company’s management Disclosure Committee, which is responsible for, among other things, the design and establishment of disclosure controls and procedures to help ensure the timeliness, accuracy and completeness of [added: our] corporate [removed: disclosure.][added: disclosures.]

Our IT [removed: security] [added: Security] and [removed: privacy] [added: Privacy] teams, who are responsible for assessing cybersecurity threats and risks, in turn maintain policies and procedures designed to ensure appropriate escalation of cybersecurity incidents to meet [added: applicable] external disclosure requirements.

We regularly evaluate the Company’s cybersecurity and privacy processes and procedures, both through regular audits by our Internal Audit and IT [removed: security] [added: Security] teams, as well as regular retention of outside advisors under [added: the] direction of our IT [removed: security] [added: Security] team.

Among other things, [removed: the IT security team oversees] [added: in recent years, including in 2025, we have conducted] an [removed: external] [added: approximately biennial] third party review [removed: at least every two years] that evaluates the [removed: readiness] [added: maturity] of [removed: the entire Company] [added: our cybersecurity program] against [added: components of] the NIST [removed: Cybersecurity Framework] [added: CSF] and provides an assessment that measures Capability Maturity Model Integration levels.

These policies and procedures are generally aligned with the NIST [removed: Cybersecurity Framework.][added: CSF.]

Prior to retaining or renewing a third-party vendor, the Company policy requires a risk assessment of such potential new vendor or [removed: new] engagement through a collaborative process among the Company’s IT [removed: security, privacy, insurance] [added: Security, Privacy, Insurance] and [removed: legal] [added: Legal] teams, among others.

Potential vendor engagements also are reviewed to assess a range of other considerations and contractual terms and conditions, including, among other things, a potential vendor’s [removed: liability insurance limits, scope and coverage of cyber insurance and] privacy data protections.

Due to [removed: the] continuously evolving [removed: series of] laws and regulations related to cybersecurity, data protection and privacy that are applicable to our business, as well as the associated risks from cybersecurity threats, we have expended significant resources in order to protect our information systems and data.

Despite these efforts, our facilities and systems and those of our third-party service providers may be vulnerable to privacy and security incidents; security attacks and breaches; acts of vandalism or theft; computer viruses and other malicious code; coordinated attacks by a variety of actors, including, among others, activist entities or state sponsored cyberattacks; emerging cybersecurity risks; cyber risk related to connected devices; misplaced or lost data; programming and/or human errors; or other similar events that could impact the security, reliability and availability of our [removed: systems.][added: systems and the availability, authenticity, integrity and/or confidentiality of information stored on those systems, such as personal or other sensitive information.]

Internal [removed: or] [added: and] external parties have attempted to, and will continue to attempt to, circumvent our security systems, and we have in the past, and expect that we will in the future, defend against, experience, and respond to attacks on our network including, without limitation, reconnaissance probes, denial of service attempts, malicious software attacks including ransomware or other attacks intended to render our internal operating systems or data unavailable, and phishing attacks or business email compromise.

[removed: While we have experienced cybersecurity incidents in the past, to] [added: To] date [removed: none have] [added: neither this incident nor any other cyber incident has] had a material [added: adverse] impact on our business, results of operations, financial condition and cash flows.

As part of its oversight responsibilities, the Audit Committee monitors privacy, data and cybersecurity as specific risk [removed: areas.][added: areas and regularly reports to the Board on these topics.]

[removed: Both] [added: Three of our Board members,] Mr. Schechter, [removed: a member of the Audit Committee,] [added: Dr. Moore] and Ms. Schoppert, [removed: a member] [added: with Mr. Schechter and Ms. Schoppert serving as members] of the Audit Committee, [added: individually] hold a [added: NACD] CERT Certificate in [removed: Cybersecurity] [added: Cyber-Risk] Oversight.

On a periodic basis, the full Board of Directors also receives [removed: these] reports from the ERM team and the CIO.

Among other things, the Company’s [removed: privacy] [added: Privacy] team [removed: actively develops] [added: creates, updates] and implements policies [added: and procedures that are] designed to comply with [removed: the requirements of] privacy laws [added: and requirements] in the countries [removed: where the Company operates.][added: in which we do business.]

Working with Internal Audit and the CIO, the [removed: privacy] [added: Privacy] team [added: also proactively] assesses the nature and potential severity of privacy risks within DaVita and [removed: guides the organization in taking] [added: takes] steps to help mitigate such risks.

As referenced above, our IT [removed: security] [added: Security] team, in consultation with our [removed: privacy] [added: Privacy] team, is primarily responsible for frontline assessments and management of day-to-day risks from cybersecurity threats, including the monitoring and detection of cybersecurity [removed: incidents and the execution of DaVita's cybersecurity and privacy incident response plans, as needed.][added: incidents.]

Pursuant to the [removed: plan,] [added: Company's incident response plans,] the teams are responsible for assessing and classifying cybersecurity incidents and coordinating the response to such incidents, including managing both internal and external reporting obligations and remediation efforts.

[removed: Our] [added: As discussed above,] key personnel responsible for privacy and cybersecurity expertise include our CIO, CISO and CPO.

Our IT security team also operates a 24x7 security operations [removed: center through a managed service provider.][added: center.]

With respect to assessing privacy, data and cybersecurity risks, the Company adopts a hybrid approach that is designed to align primarily with the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) 2.0 (2024) (NIST Cybersecurity Framework), including the guidance set forth in the NIST "Special Publication (SP) 800 66r2 (Revision 2), certain elements of Implementing the Health Insurance Portability and Accountability Act (HIPAA) Security Rule: A Cybersecurity Resource Guide, while also evaluating, where appropriate, against certain elements of the International Standards Organization (ISO) ISO/IEC 27001:2002 "Information security, cybersecurity and privacy protection – Information security

management systems – Requirements" and ISO/IEC 27002:2002 "Information security, cybersecurity and privacy protection – Information security controls" that management believes provide additional reasonable levels of guidance or structure.

We have experienced cybersecurity incidents in the past, including the previously disclosed cyber incident in April 2025 that impacted our network, resulted in the exfiltration of certain data, including PII and PHI, and disrupted our operations.

We have restored all relevant business functions and patient care continued throughout the incident and incident response.

The incident adversely impacted our billing and revenue collection cycles, among other things, and we continue to incur expenses and engage in workforce activities for ongoing remediation activities and related litigation and regulatory matters.

"*Risk Factors*" under the heading "*If we fail to maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks...*"

As part of that oversight function, the Audit Committee reviews and discusses key privacy, data, and cybersecurity risk exposures with management, and generally receives reports from the ERM team and the CIO or their respective designees on a quarterly basis.

The CIO, CISO, IT Security team and Privacy team collectively conduct incident response with respect to cybersecurity events that may threaten the privacy and security of personal data, including PHI.

- Evaluating whether there are new potential risks to assess.

With respect to assessing privacy, data and cybersecurity risks, the Company adopts a hybrid approach that primarily aligns with the National Institute of Standards and Technology (NIST) Cybersecurity Framework, including the guidance set

forth in the NIST HIPAA Security Rule Cybersecurity Guide, while also evaluating against certain elements of the ISO 27001 and 27005 standards that management believes provide additional levels of guidance or structure.

"*Risk Factors*" under the heading, "*Privacy and information security laws are complex*…".

The Audit Committee engages in regular discussions with management on privacy, data, and

cybersecurity risk exposures, receiving quarterly reports from the ERM team and the CIO.

See Note 13 to the consolidated financial statements included in this report for information regarding our [removed: leases] [added: leases,] and "*Location of our U.S. dialysis centers"* [added: and *"International dialysis operations"*] under Part I Item 1.

"*Business"* for the locations of our U.S. dialysis [removed: centers.][added: centers and international dialysis centers, respectively.]

The closing price of our common stock on January [removed: 31, 2025] [added: 30, 2026] was [removed: $176.20] [added: $109.34] per share.

According to Computershare, our registrar and transfer agent, as of January [removed: 31, 2025,] [added: 30, 2026,] there were [removed: 6,265] [added: 5,759] holders of record of our common stock.

The following table summarizes our repurchases of our common stock during [removed: 2024:][added: 2025:]

As of [removed: December 31, 2024, we are authorized to make share repurchases pursuant to a] September 5, [removed: 2024] [added: 2024, the] Board authorized [added: a share] repurchase plan of $2.0 billion.

[removed: This authorization allows us] [added: These authorizations allow the Company] to make purchases from time to time in the open market or in privately negotiated transactions, including without limitation, through accelerated share repurchase transactions, derivative transactions, tender offers, Rule 10b5-1 plans or any combination of the foregoing, depending upon market conditions and other considerations.

As of February [removed: 13, 2025,] [added: 6, 2026,] we have a total of [removed: $1.811] [added: $1.9] billion, excluding excise taxes, available under the current repurchase authorization for additional share repurchases.

| January 1 - March 31, 2025 | | | 3,660 | | | | | | $ | 148.94 | | | | | 3,660 | | | | | | $ | 1,389,154 | |

| April 1 - June 30, 2025 | | | 3,067 | | | | | | $ | 144.00 | | | | | 3,067 | | | | | | $ | 947,536 | |

| July 1 - September 30, 2025 | | | 3,274 | | | | | | $ | 140.67 | | | | | 3,274 | | | | | | $ | 2,486,956 | |

| October 1 - December 31, 2025 | | | 2,678 | | | | | | $ | 122.78 | | | | | 2,678 | | | | | | $ | 2,158,131 | |

| Total | | | 12,679 | | | | | | $ | 140.09 | | | | | 12,679 | | | | | | | | |

(1)Excludes commissions and excise tax.

Effective August 21, 2025, the Board increased the authorization under the existing share repurchase plan by $2.0 billion in additional repurchasing authority.

| January 1 - March 31, 2024 | | | 2,119 | | | | | | $ | 112.76 | | | | | 2,119 | | | | | | $ | 1,072,904 | |

| April 1 - June 30, 2024 | | | 2,655 | | | | | | 140.14 | | | | | | 2,655 | | | | | | $ | 700,748 | |

| July 1 - September 30, 2024 | | | 2,734 | | | | | | 147.20 | | | | | | 2,734 | | | | | | $ | 2,298,315 | |

| October 1 - December 31, 2024 | | | 2,325 | | | | | | 156.46 | | | | | | 2,325 | | | | | | $ | 1,934,499 | |

| Total | | | 9,833 | | | | | | $ | 140.06 | | | | | 9,833 | | | | | | | | |

(1)Excludes commissions and the 1% excise tax imposed by the Inflation Reduction Act of 2022.

At the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our CEO and CFO, of the effectiveness of the design and operation of the Company's disclosure controls and procedures in accordance with the Exchange Act requirements as of December 31, [removed: 2024.][added: 2025.]

There was no change in the Company's internal control over financial reporting that was identified during the evaluation that occurred during the fourth fiscal quarter of [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

None of [removed: our] [added: the Company's] directors or [removed: executive] officers [removed: adopted] [added: adopted, modified] or terminated a [removed: Rule] [added: “Rule] 10b5-1 trading [removed: arrangement or adopted] [added: arrangement”] or [removed: terminated a non-Rule] [added: “non-Rule] 10b5-1 trading [removed: arrangement] [added: arrangement”] (as defined in Item 408(c) of [added: SEC] Regulation S-K) during the quarter ended December 31, [removed: 2024.][added: 2025, except as described in the table below:]

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Name and Title | | | | | | Date Adopted or Terminated | | | | | | Type of Trading Arrangement(1) | | | | | | Nature of Trading Arrangement | | | | | | Duration of Trading Arrangement | | | | | | Aggregate Number of Securities | | |

| James O. Hearty, Chief Compliance Officer | | | | | | December 15, 2025 (Adopted) | | | | | | Rule 10b5-1 Trading Arrangement | | | | | | Sale | | | | | | March 16, 2026 to July 31, 2026, or such earlier date upon which all transactions are completed or expire without execution | | | | | | Up to 2,184 shares | | |

(1)The trading arrangement marked as a “Rule 10b5-1 trading arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.

The Code of Ethics is posted on our [removed: website,] [added: website] located at http://www.davita.com.

The other information required to be disclosed by this item will appear in, and is incorporated by reference from, the sections entitled "*Proposal 1 Election of Directors"*, "*Corporate Governance"*, [removed: and] "*Security Ownership of Certain Beneficial Owners and Management"* [added: and "*Information About our Executive Officers*"] to be included in our definitive proxy statement relating to our [removed: 2025] [added: 2026] annual stockholder meeting.

The information required by this item will appear in, and is incorporated by reference from, the sections entitled [added: "*Compensation Discussion and Analysis*",] "*Executive Compensation*", "*Pay Ratio Disclosure*", "*Compensation of Directors*" and "*Compensation Committee Interlocks and Insider Participation*" included in our definitive proxy statement relating to our [removed: 2025] [added: 2026] annual stockholder meeting.

The information required by Item 407(e)(5) of Regulation S-K will appear in and is incorporated by reference from the section entitled "*Compensation Committee Report"* to be included in our definitive proxy statement relating to our [removed: 2025] [added: 2026] annual stockholder meeting; however, this information shall not be deemed to be filed.

The following table provides information about our common stock that may be issued upon the exercise of stock-settled stock appreciation rights, restricted stock units, performance stock units and other rights under [added: our] all of our existing equity compensation [removed: plans] [added: plan] as of December 31, [removed: 2024,] [added: 2025,] which [removed: consist] [added: consisted] of our DaVita Inc. 2020 Incentive Award [removed: Plan, DaVita Healthcare Partners Inc. 2011 Incentive Award] Plan and our DaVita Inc. Employee Stock Purchase Plan.

(1) Includes [removed: 673] [added: 766] shares of common stock reserved for issuance in connection with performance share units at the maximum number of shares issuable thereunder.

Other information required to be disclosed by Item 12 will appear in, and is incorporated by reference from, the section entitled "*Security Ownership of Certain Beneficial Owners and Management"* to be included in our definitive proxy statement relating to our [removed: 2025] [added: 2026] annual stockholder meeting.

| Equity compensation plans approved by shareholders | | | | | | 3,723 | | | | | | $ | 119.18 | | | | | 9,398 | | | | | | 13,121 | | |

| Total | | | | | | 3,723 | | | | | | $ | 119.18 | | | | | 9,398 | | | | | | 13,121 | | |

| Equity compensation plans approved by shareholders | | | | | | 3,751 | | | | | | $ | 108.02 | | | | | 10,256 | | | | | | 14,007 | | |

| Total | | | | | | 3,751 | | | | | | $ | 108.02 | | | | | 10,256 | | | | | | 14,007 | | |

The information required by this item will appear in, and is incorporated by reference from, the section entitled "*Certain Relationships and Related Transactions"* and the section entitled "*Corporate Governance"* to be included in our definitive proxy statement relating to our [removed: 2025] [added: 2026] annual stockholder meeting.

The information required by this item will appear in, and is incorporated by reference from, the section entitled "*Proposal 2 Ratification of the Appointment of our Independent Registered Public Accounting Firm"* to be included in our definitive proxy statement relating to our [removed: 2025] [added: 2026] annual stockholder meeting.

| [Management’s Report on Internal Control Over Financial [removed: Reporting](#if6ba8dc5b26140f49e5fc4e21f5168f4_262)] [added: Reporting](#i5530797da61a4f098d777a6f3d570a82_259)] | | | [removed: F-[1](#if6ba8dc5b26140f49e5fc4e21f5168f4_262)] [added: F-[1](#i5530797da61a4f098d777a6f3d570a82_259)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#if6ba8dc5b26140f49e5fc4e21f5168f4_265)] [added: Firm](#i5530797da61a4f098d777a6f3d570a82_265)] | | | [removed: F-[2](#if6ba8dc5b26140f49e5fc4e21f5168f4_265)] [added: F-[4](#i5530797da61a4f098d777a6f3d570a82_265)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#if6ba8dc5b26140f49e5fc4e21f5168f4_268)] [added: Firm](#i5530797da61a4f098d777a6f3d570a82_262)] | | | [removed: F-[4](#if6ba8dc5b26140f49e5fc4e21f5168f4_268)] [added: F-[2](#i5530797da61a4f098d777a6f3d570a82_262)] | | |

| [Consolidated Statements of [added: Comprehensive] Income for the years ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022](#if6ba8dc5b26140f49e5fc4e21f5168f4_271)] [added: 2023](#i5530797da61a4f098d777a6f3d570a82_271)] | | | [removed: F-[5](#if6ba8dc5b26140f49e5fc4e21f5168f4_271)] [added: F-[6](#i5530797da61a4f098d777a6f3d570a82_271)] | | |

| [Consolidated Statements of [removed: Comprehensive] Income for the years ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022](#if6ba8dc5b26140f49e5fc4e21f5168f4_274)] [added: 2023](#i5530797da61a4f098d777a6f3d570a82_268)] | | | [removed: F-[6](#if6ba8dc5b26140f49e5fc4e21f5168f4_274)] [added: F-[5](#i5530797da61a4f098d777a6f3d570a82_268)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023](#if6ba8dc5b26140f49e5fc4e21f5168f4_277)] [added: 2024](#i5530797da61a4f098d777a6f3d570a82_274)] | | | [removed: F-[7](#if6ba8dc5b26140f49e5fc4e21f5168f4_277)] [added: F-[7](#i5530797da61a4f098d777a6f3d570a82_274)] | | |

| [Consolidated Statements of Cash Flows for the years ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022](#if6ba8dc5b26140f49e5fc4e21f5168f4_283)] [added: 2023](#i5530797da61a4f098d777a6f3d570a82_280)] | | | [removed: F-[8](#if6ba8dc5b26140f49e5fc4e21f5168f4_283)] [added: F-[8](#i5530797da61a4f098d777a6f3d570a82_280)] | | |

| [Consolidated Statements of Equity for the years ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022](#if6ba8dc5b26140f49e5fc4e21f5168f4_286)] [added: 2023](#i5530797da61a4f098d777a6f3d570a82_283)] | | | [removed: F-[9](#if6ba8dc5b26140f49e5fc4e21f5168f4_286)] [added: F-[9](#i5530797da61a4f098d777a6f3d570a82_283)] | | |

| [Notes to Consolidated Financial [removed: Statements](#if6ba8dc5b26140f49e5fc4e21f5168f4_289)] [added: Statements](#i5530797da61a4f098d777a6f3d570a82_286)] | | | [removed: F-[11](#if6ba8dc5b26140f49e5fc4e21f5168f4_289)] [added: F-[11](#i5530797da61a4f098d777a6f3d570a82_286)] | | |

Based upon our evaluation under the COSO framework, we have concluded that the Company’s internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

We have audited the accompanying consolidated balance sheets of DaVita Inc. and subsidiaries (the Company) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, cash flows, and equity for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February [removed: 13, 2025] [added: 11, 2026] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

As discussed in Notes 1 and 2 to the consolidated financial statements, the Company recognized [removed: $11,366] [added: $11,768] million in U.S. dialysis patient service revenue for the year ended December 31, [removed: 2024.][added: 2025.]

We developed an estimate of U.S. dialysis patient service revenue recorded by the Company for the year ended December 31, [removed: 2024.][added: 2025.]

We have audited DaVita Inc. and subsidiaries' (the Company) internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, cash flows, and equity for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively, the consolidated financial statements), and our report dated February [removed: 13, 2025] [added: 11, 2026] expressed an unqualified opinion on those consolidated financial statements.

| | | | Year ended December 31, | | | | | | | | | | | | | | | [added: | | | | | | | | | | | | | | | | | |]

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Dialysis patient service revenues | | | $ | [removed: 12,260,375] [added: 13,007,186] | | | | | $ | [removed: 11,574,941] [added: 12,260,375] | | | | | $ | [removed: 11,176,464] [added: 11,574,941] | |

| Other revenues | | | [removed: 555,175] [added: 635,883] | | | | | | [removed: 565,206] [added: 555,175] | | | | | | [removed: 433,430] [added: 565,206] | | |

| Total revenues | | | [removed: 12,815,550] [added: 13,643,069] | | | | | | [removed: 12,140,147] [added: 12,815,550] | | | | | | [removed: 11,609,894] [added: 12,140,147] | | |

| Patient care costs | | | [removed: 8,598,521] [added: 9,243,476] | | | | | | [removed: 8,319,717] [added: 8,598,521] | | | | | | [removed: 8,209,553] [added: 8,319,717] | | |

| General and administrative | | | [removed: 1,538,341] [added: 1,673,630] | | | | | | [removed: 1,473,984] [added: 1,538,341] | | | | | | [removed: 1,355,197] [added: 1,473,984] | | |

| Depreciation and amortization | | | [removed: 723,860] [added: 715,348] | | | | | | [removed: 745,443] [added: 723,860] | | | | | | [removed: 732,602] [added: 745,443] | | |

| Equity investment income, net | | | [removed: (26,189)] [added: (33,000)] | | | | | | [removed: (27,864)] [added: (26,189)] | | | | | | [removed: (26,520)] [added: (27,864)] | | |

| Goodwill impairment charges | | | — | | | | | | [removed: 26,083] [added: —] | | | | | | [removed: —] [added: 26,083] | | |

| Gain on changes in ownership interests | | | [removed: (109,466)] [added: —] | | | | | | [removed: —] [added: (109,466)] | | | | | | — | | |

| Total operating expenses | | | [removed: 10,725,067] [added: 11,599,454] | | | | | | [removed: 10,537,363] [added: 10,725,067] | | | | | | [removed: 10,270,832] [added: 10,537,363] | | |

| Operating income | | | [removed: 2,090,483] [added: 2,043,615] | | | | | | [removed: 1,602,784] [added: 2,090,483] | | | | | | [removed: 1,339,062] [added: 1,602,784] | | |

| Debt expense | | | [removed: (470,469)] [added: (579,926)] | | | | | | [removed: (398,551)] [added: (470,469)] | | | | | | [removed: (357,019)] [added: (398,551)] | | |

| Debt [removed: prepayment,] extinguishment and modification costs | | | [removed: (19,813)] [added: (14,178)] | | | | | | [removed: (7,962)] [added: (19,813)] | | | | | | [removed: —] [added: (7,962)] | | |

| Other loss, net | | | [removed: (69,808)] [added: (102,688)] | | | | | | [removed: (19,177)] [added: (69,808)] | | | | | | [removed: (15,765)] [added: (19,177)] | | |

| Income from continuing operations before income taxes | | | [removed: 1,530,393] [added: 1,346,823] | | | | | | [removed: 1,177,094] [added: 1,530,393] | | | | | | [removed: 966,278] [added: 1,177,094] | | |

| Income tax expense | | | [removed: 279,656] [added: 293,107] | | | | | | [removed: 220,116] [added: 279,656] | | | | | | [removed: 198,087] [added: 220,116] | | |

| Net income from continuing operations | | | [removed: 1,250,737] [added: 1,053,716] | | | | | | [removed: 956,978] [added: 1,250,737] | | | | | | [removed: 768,191] [added: 956,978] | | |

| Net income from discontinued operations, net of tax | | | [removed: —] [added: 25,000] | | | | | | — | | | | | | [removed: 13,452] [added: —] | | |

| Net income | | | [removed: 1,250,737] [added: 1,078,716] | | | | | | [removed: 956,978] [added: 1,250,737] | | | | | | [removed: 781,643] [added: 956,978] | | |

| Less: Net income attributable to noncontrolling interests | | | [removed: (314,395)] [added: (331,913)] | | | | | | [removed: (265,443)] [added: (314,395)] | | | | | | [removed: (221,243)] [added: (265,443)] | | |

| Net income attributable to DaVita Inc. | | | $ | [removed: 936,342] [added: 746,803] | | | | | $ | [removed: 691,535] [added: 936,342] | | | | | $ | [removed: 560,400] [added: 691,535] | |

| Basic net income from continuing operations | | | $ | [removed: 11.02] [added: 9.72] | | | | | $ | [removed: 7.62] [added: 11.02] | | | | | $ | [removed: 5.88] [added: 7.62] | |

| Basic net income | | | $ | [removed: 11.02] [added: 10.06] | | | | | $ | [removed: 7.62] [added: 11.02] | | | | | $ | [removed: 6.03] [added: 7.62] | |

| Diluted net income from continuing operations | | | $ | [removed: 10.73] [added: 9.51] | | | | | $ | [removed: 7.42] [added: 10.73] | | | | | $ | [removed: 5.71] [added: 7.42] | |

| Diluted net income | | | $ | [removed: 10.73] [added: 9.84] | | | | | $ | [removed: 7.42] [added: 10.73] | | | | | $ | [removed: 5.85] [added: 7.42] | |

| Basic shares | | | [removed: 84,991] [added: 74,227] | | | | | | [removed: 90,790] [added: 84,991] | | | | | | [removed: 92,992] [added: 90,790] | | |

| Diluted shares | | | [removed: 87,274] [added: 75,885] | | | | | | [removed: 93,182] [added: 87,274] | | | | | | [removed: 95,834] [added: 93,182] | | |

| Net income from continuing operations | | | $ | [removed: 936,342] [added: 721,803] | | | | | $ | [removed: 691,535] [added: 936,342] | | | | | $ | [removed: 546,948] [added: 691,535] | |

| Net income from discontinued operations | | | [removed: —] [added: 25,000] | | | | | | — | | | | | | [removed: 13,452] [added: —] | | |

February 11, 2026

February 11, 2026

| Net income attributable to DaVita Inc. | | | $ | 746,803 | | | | | $ | 936,342 | | | | | $ | 691,535 | |

| Contract assets and other receivables | | | 494,414 | | | | | | 383,166 | | |

| | | | $ | 17,480,103 | | | | | $ | 17,285,268 | |

| Due to related party | | | 199,940 | | | | | | — | | |

| Accumulated (deficit) earnings | | | (328,428) | | | | | | 1,534,630 | | |

| | | | $ | 17,480,103 | | | | | $ | 17,285,268 | |

| Net income | | | $ | 1,078,716 | | | | | $ | 1,250,737 | | | | | $ | 956,978 | |

| Depreciation and amortization | | | 715,348 | | | | | | 723,860 | | | | | | 745,443 | | |

| Gain on changes in ownership interests | | | — | | | | | | (109,466) | | | | | | — | | |

| Purchase of treasury stock from related party | | | (484,633) | | | | | | — | | | | | | — | | |

| Balance at December 31, 2024 | | | $ | 1,695,483 | | | | | 90,369 | | | | | | $ | 90 | | | | | $ | 286,270 | | | | | $ | 1,534,630 | | | | | (9,833) | | | | | | $ | (1,389,072) | | | | | $ | (310,796) | | | | | $ | 121,122 | | | | | $ | 274,746 | |

| Net income | | | 216,128 | | | | | | | | | | | | | | | | | | | | | | | | 746,803 | | | | | | | | | | | | | | | | | | | | | | | | 746,803 | | | | | | 115,785 | | |

| Stock purchase plan | | | | | | | | | 222 | | | | | | 1 | | | | | | 21,482 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,483 | | | | | | | | |

| Stock award plans | | | | | | | | | 470 | | | | | | 1 | | | | | | (35,292) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (35,291) | | | | | | | | |

| Distributions | | | (209,320) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (114,950) | | |

| Contributions | | | 2,851 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,227 | | |

| Partial purchases | | | (24,010) | | | | | | | | | | | | | | | | | | (2,730) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (2,730) | | | | | | | | |

| Purchase of treasury stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (12,679) | | | | | | (1,788,370) | | | | | | | | | | | | (1,788,370) | | | | | | | | |

| Retirement of treasury stock | | | | | | | | | (22,512) | | | | | | (23) | | | | | | (567,558) | | | | | | (2,609,861) | | | | | | 22,512 | | | | | | 3,177,442 | | | | | | | | | | | | — | | | | | | | | |

| Share purchase obligation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (199,940) | | | | | | | | | | | | (199,940) | | | | | | | | |

| Balance at December 31, 2025 | | | $ | 1,532,166 | | | | | 68,549 | | | | | | $ | 69 | | | | | $ | — | | | | | $ | (328,428) | | | | | — | | | | | | $ | (199,940) | | | | | $ | (122,783) | | | | | $ | (651,082) | | | | | $ | 277,354 | |

On June 19, 2019, the Company completed the sale of its prior DaVita Medical Group (DMG) business to Collaborative Care Holdings, LLC (Optum), a subsidiary of UnitedHealth Group Inc. The effects of the DMG sale on the Company's consolidated financial statements have been reported in discontinued operations for all periods presented.

For information on how the DMG sale has affected these results, see Note 21.

dialysis services provided to patients.

*Customer contract assets*

Contract assets for revenue from customers are determined by offsetting contract assets and contract liabilities on a contract-by-contract basis as applicable.

Customer contract assets are included in contract assets and other receivables if short-term in nature and in other long-term assets if long-term in nature.

See Note 6 for further details.

See Note 13 for further details.

See Note 7 for further details.

See Note 7 for further details.

See Note 8 for further details.

See Note 11 for further details.

See Note 17 for further details.

See Note 16 for further details.

levels defined by the Financial Accounting Standards Board (FASB) reflecting their differing degrees of uncertainty.

ASU 2023-09 became effective for the Company for the fiscal year ended December 31, 2025.

In September 2025, the Financial Accounting Standards Board issued ASU 2025-06, *Intangibles—Goodwill and Other—Internal-Use software (Subtopic 350-40)*, which requires capitalization of software costs when management has authorized and committed to funding a software project and it is probable that the project will be completed and used as intended.

DAVITA INC.

February 13, 2025

(dollars and shares in thousands, except per share data)

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Other receivables | | | 383,166 | | | | | | 422,669 | | |

| | | | $ | 17,285,268 | | | | | $ | 16,893,578 | |

| Retained earnings | | | 1,534,630 | | | | | | 598,288 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at December 31, 2021 | | | $ | 1,434,832 | | | | | 97,289 | | | | | | $ | 97 | | | | | $ | 540,321 | | | | | $ | 354,337 | | | | | — | | | | | | $ | — | | | | | $ | (139,247) | | | | | $ | 755,508 | | | | | $ | 180,640 | |

| Net income | | | 151,379 | | | | | | | | | | | | | | | | | | | | | | | | 560,400 | | | | | | | | | | | | | | | | | | | | | | | | 560,400 | | | | | | 69,864 | | |

| Stock award plans | | | | | | | | | 932 | | | | | | 1 | | | | | | (55,921) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (55,920) | | | | | | | | |

| Distributions | | | (176,957) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (90,989) | | |

| Contributions | | | 10,962 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,835 | | |

| Acquisitions and divestitures | | | 2,392 | | | | | | | | | | | | | | | | | | 939 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 939 | | | | | | 866 | | |

| Partial purchases | | | (11,670) | | | | | | | | | | | | | | | | | | (6,586) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (6,586) | | | | | | (193) | | |

| Other | | | 457 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | (457) | | |

| Purchase of treasury stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (8,095) | | | | | | (787,854) | | | | | | | | | | | | (787,854) | | | | | | | | |

| Retirement of treasury stock | | | | | | | | | (8,095) | | | | | | (8) | | | | | | (47,596) | | | | | | (740,250) | | | | | | 8,095 | | | | | | 787,854 | | | | | | | | | | | | — | | | | | | | | |

| Balance at December 31, 2023 | | | $ | 1,499,288 | | | | | 88,824 | | | | | | $ | 89 | | | | | $ | 509,804 | | | | | $ | 598,288 | | | | | — | | | | | | $ | — | | | | | $ | (52,084) | | | | | $ | 1,056,097 | | | | | $ | 187,965 | |

| Stock purchase plan | | | | | | | | | 184 | | | | | | | | | | | | 20,441 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,441 | | | | | | | | |

Revenues associated with Medicare and Medicaid programs are estimated based on: (a) the payment

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

The benchmarks against which the Company incurs profit or loss on these

*Stock-based compensation*

In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

The guidance also requires disclosure of the chief operating decision maker's (CODM) position for each segment and detail of how the CODM uses financial reporting to assess their

segment’s performance.

The amendments in this ASU became effective for the Company beginning January 1, 2024.

| Other government | | | 336,991 | | | | | | 464,921 | | | | | | 801,912 | | |

| Commercial | | | 3,437,306 | | | | | | 223,216 | | | | | | 3,660,522 | | |

| Commercial | | | | | | | | | 22,211 | | | | | | 22,211 | | |

| Other(1) | | | 24,437 | | | | | | 44,092 | | | | | | 68,529 | | |

| Eliminations of intersegment revenues | | | (87,035) | | | | | | (4,206) | | | | | | (91,241) | | |

| Total | | | $ | 10,512,774 | | | | | $ | 1,097,120 | | | | | $ | 11,609,894 | |

| | | | $ | 44,158 | | | | | $ | 40,566 | | | | | $ | 84,724 | | | | | $ | 22,109 | | | | | $ | 37,391 | | | | | $ | 59,500 | |

| | | | 383,166 | | | | | | $ | 422,669 | |

| | | | 9,203,619 | | | | | | 8,833,047 | | |