Item 16. Form 10-K Summary

None.

DAVITA INC.

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining an adequate system of internal control over financial reporting designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles and which includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

During the last fiscal year, the Company conducted an evaluation, under the oversight of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s internal control over financial reporting. This evaluation was completed based on the criteria established in the report titled "Internal Control—Integrated Framework (2013)" issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

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, 2025.

The Company’s independent registered public accounting firm, KPMG LLP, has issued an attestation report on the Company’s internal control over financial reporting, which report is included in this Annual Report.

F-1

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors

DaVita Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of DaVita Inc. and subsidiaries (the Company) as of December 31, 2025 and 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, 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, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 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, 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 11, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

U.S. dialysis patient service revenue recognition

As discussed in Notes 1 and 2 to the consolidated financial statements, the Company recognized $11,768 million in U.S. dialysis patient service revenue for the year ended December 31, 2025. There are uncertainties associated with estimating U.S. dialysis patient service revenue, which generally take several years to resolve. As these estimates are refined over time, both positive and negative adjustments are recognized in the current period.

We identified the recognition of the transaction price the Company expects to collect as a result of satisfying its performance obligations related to U.S. dialysis patient service revenue as a critical audit matter because it involves estimation that requires complex auditor judgment. The key assumptions and inputs used to estimate the transaction price relate to ongoing insurance coverage changes, differing interpretations of contract coverage, determination of applicable primary and secondary coverage, coordination of benefits, and varying patient characteristics impacting Medicare reimbursements. Changes to the key assumptions and inputs used in the application of the methodology may have a significant effect on the Company's determination of the estimate.

F-2

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's U.S. dialysis patient service revenue recognition process, including controls related to the application of the methodology used to estimate the transaction price, and the key assumptions and inputs. We evaluated the Company's key assumptions and inputs to estimate the transaction price the Company expects to collect as a result of satisfying its performance obligation by comparing key assumptions to historical collection experience, trends of refunds and payor payment adjustments, delays in the Company's billing and collection process and regulatory compliance matters. Additionally, we compared U.S. dialysis patient service revenue related to the transaction price estimates recognized in prior periods to actual cash collections related to performance obligations satisfied in prior periods to analyze the Company's ability to estimate the transaction price the Company expects to collect as a result of satisfying its performance obligations. We developed an estimate of U.S. dialysis patient service revenue recorded by the Company for the year ended December 31, 2025.

Evaluation of legal proceedings and regulatory matters

As discussed in Note 15 to the consolidated financial statements, the Company operates in a highly regulated industry and is a party to various lawsuits, demands, claims, qui tam suits, governmental investigations, audits (including, without limitation, investigations or other actions resulting from its obligation to self-report suspected violation of law) and other legal proceedings. The Company records accruals for certain legal proceedings and regulatory matters to the extent an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated.

We identified the evaluation of legal proceedings and regulatory matters as a critical audit matter. Due to the nature of the legal proceedings and regulatory matters, a high degree of subjectivity was required in evaluating the completeness of the Company's population of legal proceedings and regulatory matters. Additionally, complex auditor judgment was required in evaluating the Company's probability of outcome assessment, and related disclosures.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's legal proceedings and regulatory matters process. This includes controls over the Company's determination of the completeness of the population of legal proceedings and regulatory matters, as well as controls over the Company's probability of outcome assessment, and related disclosures. We tested existing legal proceedings and regulatory matters by reading certain written correspondence received from outside parties as well as reading certain written responses provided to outside parties. We read letters received directly from the Company's external and internal legal counsel that described certain legal proceedings and regulatory matters. We involved forensic professionals with specialized skills and knowledge who inspected the Company's compliance case log. Additionally, we assessed the completeness of the population of legal proceedings and regulatory matters and related disclosures by 1) inquiring of certain key executives and directors and 2) evaluating information received through procedures described above and through publicly available information about the Company, its competitors, and the industry.

/s/ KPMG LLP

We have served as the Company’s auditor since 2000.

Seattle, Washington

February 11, 2026

F-3

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors

DaVita Inc.:

Opinion on Internal Control Over Financial Reporting

We have audited DaVita Inc. and subsidiaries' (the Company) internal control over financial reporting as of December 31, 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, 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, 2025 and 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, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 11, 2026 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Seattle, Washington

February 11, 2026

F-4

DAVITA INC.

CONSOLIDATED STATEMENTS OF INCOME

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

			Year ended December 31,
			2025						2024						2023
Dialysis patient service revenues			$	13,007,186					$	12,260,375					$	11,574,941
Other revenues			635,883						555,175						565,206
Total revenues			13,643,069						12,815,550						12,140,147
Operating expenses:
Patient care costs			9,243,476						8,598,521						8,319,717
General and administrative			1,673,630						1,538,341						1,473,984
Depreciation and amortization			715,348						723,860						745,443
Equity investment income, net			(33,000)						(26,189)						(27,864)
Goodwill impairment charges			—						—						26,083
Gain on changes in ownership interests			—						(109,466)						—
Total operating expenses			11,599,454						10,725,067						10,537,363
Operating income			2,043,615						2,090,483						1,602,784
Debt expense			(579,926)						(470,469)						(398,551)
Debt extinguishment and modification costs			(14,178)						(19,813)						(7,962)
Other loss, net			(102,688)						(69,808)						(19,177)
Income from continuing operations before income taxes			1,346,823						1,530,393						1,177,094
Income tax expense			293,107						279,656						220,116
Net income from continuing operations			1,053,716						1,250,737						956,978
Net income from discontinued operations, net of tax			25,000						—						—
Net income			1,078,716						1,250,737						956,978
Less: Net income attributable to noncontrolling interests			(331,913)						(314,395)						(265,443)
Net income attributable to DaVita Inc.			$	746,803					$	936,342					$	691,535
Earnings per share attributable to DaVita Inc.:
Basic net income from continuing operations			$	9.72					$	11.02					$	7.62
Basic net income			$	10.06					$	11.02					$	7.62
Diluted net income from continuing operations			$	9.51					$	10.73					$	7.42
Diluted net income			$	9.84					$	10.73					$	7.42
Weighted average shares for earnings per share:
Basic shares			74,227						84,991						90,790
Diluted shares			75,885						87,274						93,182
Amounts attributable to DaVita Inc.:
Net income from continuing operations			$	721,803					$	936,342					$	691,535
Net income from discontinued operations			25,000						—						—
Net income attributable to DaVita Inc.			$	746,803					$	936,342					$	691,535

See notes to consolidated financial statements.

F-5

DAVITA INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(dollars in thousands)

			Year ended December 31,
			2025						2024						2023
Net income			$	1,078,716					$	1,250,737					$	956,978
Other comprehensive income (loss), net of tax:
Unrealized (losses) gains on interest rate cap agreements:
Unrealized (losses) gains			(21,321)						7,250						6,895
Reclassification of net realized losses (gains) into net income			7,480						(43,660)						(77,727)
Unrealized (losses) gains on defined benefit plans			(46)						46						—
Unrealized gains (losses) on foreign currency translation:
Unrealized gains (losses)			201,900						(207,861)						87,934
Reclassification of net realized gains into net income			—						(14,487)						—
Other comprehensive income (loss)			188,013						(258,712)						17,102
Total comprehensive income			1,266,729						992,025						974,080
Less: Comprehensive income attributable to noncontrolling interests			(331,913)						(314,395)						(265,443)
Comprehensive income attributable to DaVita Inc.			$	934,816					$	677,630					$	708,637

See notes to consolidated financial statements.

F-6

DAVITA INC.

CONSOLIDATED BALANCE SHEETS

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

			December 31, 2025						December 31, 2024
ASSETS
Cash and cash equivalents			$	676,438					$	794,933
Restricted cash and equivalents			81,309						84,892
Short-term investments			24,303						51,064
Accounts receivable			2,414,690						2,146,975
Inventories			160,627						134,559
Contract assets and other receivables			494,414						383,166
Prepaid and other current assets			156,285						122,948
Income tax receivable			49,937						27,535
Total current assets			4,058,003						3,746,072
Property and equipment, net of accumulated depreciation			2,812,966						2,940,916
Operating lease right-of-use assets			2,397,179						2,393,558
Intangible assets, net of accumulated amortization			222,125						197,431
Equity method and other investments			157,249						336,684
Long-term investments			40,966						33,660
Other long-term assets			246,520						261,731
Goodwill			7,545,095						7,375,216
			$	17,480,103					$	17,285,268
LIABILITIES AND EQUITY
Accounts payable			$	696,148					$	547,200
Other liabilities			893,024						934,145
Accrued compensation and benefits			793,478						800,484
Current portion of operating lease liabilities			425,484						410,411
Current portion of long-term debt			109,201						270,867
Income tax payable			24,359						10,303
Due to related party			199,940						—
Total current liabilities			3,141,634						2,973,410
Long-term operating lease liabilities			2,175,658						2,209,655
Long-term debt			10,163,988						9,175,903
Other long-term liabilities			83,516						169,588
Deferred income taxes			756,869						665,361
Total liabilities			16,321,665						15,193,917
Commitments and contingencies
Noncontrolling interests subject to put provisions			1,532,166						1,695,483
Equity:
Preferred stock ($0.001 par value, 5,000 shares authorized; none issued)			—						—
Common stock ($0.001 par value, 450,000 shares authorized; 68,549 shares issued and outstanding at December 31, 2025, and 90,369 and 80,536 shares issued and outstanding at December 31, 2024, respectively)			69						90
Additional paid-in capital			—						286,270
Accumulated (deficit) earnings			(328,428)						1,534,630
Treasury stock (zero and 9,833 shares, respectively)			(199,940)						(1,389,072)
Accumulated other comprehensive loss			(122,783)						(310,796)
Total DaVita Inc. shareholders' equity (deficit)			(651,082)						121,122
Noncontrolling interests not subject to put provisions			277,354						274,746
Total equity (deficit)			(373,728)						395,868
			$	17,480,103					$	17,285,268

See notes to consolidated financial statements.

F-7

DAVITA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

			Year ended December 31,
			2025						2024						2023
Cash flows from operating activities:
Net income			$	1,078,716					$	1,250,737					$	956,978
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			715,348						723,860						745,443
Impairment charges			—						—						26,083
Loss on extinguishment of debt			12,386						12,527						7,132
Stock-based compensation expense			139,953						102,788						112,375
Deferred income taxes			86,574						(57,840)						(39,354)
Equity investment loss, net			134,313						115,839						64,777
Gain on changes in ownership interests			—						(109,466)						—
Other non-cash (gains) and losses, net			(17,549)						13,414						(8,938)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Accounts receivable			(210,632)						(29,766)						172,361
Inventories			(19,950)						17,942						(32,132)
Other current assets			(124,297)						36,801						(43,437)
Other long-term assets			(40,253)						(67,031)						(5,792)
Accounts payable			128,303						1,699						26,890
Accrued compensation and benefits			(24,042)						14,687						56,209
Other current liabilities			(29,963)						46,733						27,082
Income taxes			50,245						(44,214)						1,570
Other long-term liabilities			7,348						(6,672)						(8,216)
Net cash provided by operating activities			1,886,500						2,022,038						2,059,031
Cash flows from investing activities:
Additions of property and equipment			(575,864)						(555,443)						(567,985)
Acquisitions			(117,468)						(246,068)						(26,394)
Proceeds from asset and business sales			34,173						25,862						30,610
Purchase of debt investments held-to-maturity			(16,405)						(15,319)						(37,180)
Purchase of other debt and equity investments			(6,031)						(9,140)						(9,566)
Proceeds from debt investments held-to-maturity			45,413						22,638						99,639
Proceeds from sale of other debt and equity investments			6,723						4,566						10,365
Purchase of equity method investments			(27,030)						(5,205)						(276,202)
Distributions from equity method investments			1,540						6,680						4,913
Net cash used in investing activities			(654,949)						(771,429)						(771,800)
Cash flows from financing activities:
Borrowings			5,612,280						6,624,310						2,468,341
Payments on long-term debt			(4,788,845)						(5,515,213)						(3,020,956)
Deferred and debt related financing costs			(53,819)						(50,874)						(69,791)
Purchase of treasury stock from related party			(484,633)						—						—
Other purchases of treasury stock			(1,308,366)						(1,385,932)						(272,219)
Distributions to noncontrolling interests			(324,270)						(337,042)						(280,938)
Net proceeds from issuance of common stock under employee stock plans			23,290						20,453						16,900
Payment of tax withholdings on net share settlements of equity awards			(35,291)						(134,040)						(65,012)
Contributions from noncontrolling interests			7,078						14,499						14,773
Proceeds from sales of additional noncontrolling interests			3,794						860						50,962
Purchases of noncontrolling interests			(25,998)						(53,958)						(12,555)
Net cash used in financing activities			(1,374,780)						(816,937)						(1,170,495)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			21,151						(18,481)						8,909
Net (decrease) increase in cash, cash equivalents and restricted cash			(122,078)						415,191						125,645
Cash, cash equivalents and restricted cash at beginning of the year			879,825						464,634						338,989
Cash, cash equivalents and restricted cash at end of the year			$	757,747					$	879,825					$	464,634

See notes to consolidated financial statements.

F-8

DAVITA INC.

CONSOLIDATED STATEMENTS OF EQUITY

(dollars and shares in thousands)

			Non-controlling interests subject to put provisions						DaVita Inc. Shareholders' Equity																																																Non-controlling interests not subject to put provisions
																		Additional paid-in capital						Accumulated (deficit) earnings																		Accumulated other comprehensive income (loss)
						Common stock																		Treasury stock
						Shares						Amount												Shares						Amount									Total
Balance at December 31, 2022			$	1,348,908					90,411						$	90					$	606,935					$	174,487					—						$	—					$	(69,186)					$	712,326					$	163,566
Comprehensive income:
Net income			176,789																								691,535																								691,535						88,654
Other comprehensive income																																													17,102						17,102
Stock purchase plan									231						—						18,213																														18,213
Stock award plans									1,086						2						(65,014)																														(65,012)
Stock-settled stock-based compensation expense																					109,813																														109,813
Changes in noncontrolling interest from:
Distributions			(184,044)																																																						(96,894)
Contributions			12,878																																																						1,895
Acquisitions and divestitures			181																		13,077																														13,077						30,776
Partial purchases			(5,296)																		(5,375)																														(5,375)						(32)
Fair value remeasurements			149,872																		(149,872)																														(149,872)
Purchase of treasury stock																																	(2,904)						(285,710)												(285,710)
Retirement of treasury stock									(2,904)						(3)						(17,973)						(267,734)						2,904						285,710												—
Balance at December 31, 2023			$	1,499,288					88,824						$	89					$	509,804					$	598,288					—						$	—					$	(52,084)					$	1,056,097					$	187,965
Comprehensive income:
Net income			214,986																								936,342																								936,342						99,409
Other comprehensive loss																																													(258,712)						(258,712)
Stock purchase plan									184						—						20,441																														20,441
Stock award plans									1,361						1						(134,041)																														(134,040)
Stock-settled stock-based compensation expense																					99,095																														99,095
Changes in noncontrolling interest from:
Distributions			(226,389)																																																						(110,653)
Contributions			11,639																																																						2,860
Acquisitions and divestitures			38,806																		491																														491						95,024
Partial purchases			(49,265)																		(3,102)																														(3,102)						141
Fair value remeasurements			206,418																		(206,418)																														(206,418)
Purchase of treasury stock																																	(9,833)						(1,389,072)												(1,389,072)
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

F-9

DAVITA INC.

CONSOLIDATED STATEMENTS OF EQUITY - continued

(dollars and shares in thousands)

			Non-controlling interests subject to put provisions						DaVita Inc. Shareholders' Equity																																																Non-controlling interests not subject to put provisions
															Additional paid-in capital						Accumulated (deficit) earnings																		Accumulated other comprehensive income (loss)
			Common stock																		Treasury stock
			Shares						Amount												Shares						Amount									Total
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
Comprehensive income:
Net income			216,128																								746,803																								746,803						115,785
Other comprehensive income																																													188,013						188,013
Stock purchase plan									222						1						21,482																														21,483
Stock award plans									470						1						(35,292)																														(35,291)
Stock-settled stock-based compensation expense																					138,906																														138,906
Changes in noncontrolling interest from:
Distributions			(209,320)																																																						(114,950)
Contributions			2,851																																																						4,227
Acquisitions and divestitures			8,729																		1,227																														1,227						(2,454)
Partial purchases			(24,010)																		(2,730)																														(2,730)
Fair value remeasurements			(157,695)																		157,695																														157,695
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

See notes to consolidated financial statements.

F-10

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

1. Organization and summary of significant accounting policies

Organization

The Company's operations are composed of its dialysis and related lab services to patients in the United States (its U.S. dialysis business), its U.S. integrated kidney care (IKC) business, its U.S. other ancillary services and its international operations (collectively, its ancillary services), as well as its corporate administrative support functions.

The Company’s largest line of business is its U.S. dialysis business, which operates kidney dialysis centers in the U.S. for patients suffering from chronic kidney failure, also known as end stage renal disease or end stage kidney disease (ESRD or ESKD). As of December 31, 2025, the Company operated or provided administrative services through a network of 2,657 U.S. outpatient dialysis centers in 46 states and the District of Columbia, serving a total of approximately 200,500 patients. In addition, as of December 31, 2025, the Company operated or provided administrative services to a total of 585 outpatient dialysis centers serving approximately 94,500 patients located in 14 countries outside of the U.S.

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.

The Company’s U.S. dialysis and related lab services business qualifies as a separately reportable segment, and all other operating segments have been combined and disclosed in the other segments category.

Basis of presentation

These consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (U.S. GAAP). The financial statements include DaVita Inc. and its subsidiaries, partnerships and other entities in which it maintains a majority voting or other controlling financial interest (collectively, the Company). All significant intercompany transactions and balances have been eliminated. Equity investments in investees over which the Company has significant influence are recorded on the equity method, while investments in other equity securities are recorded at fair value or on the adjusted cost method, as applicable. For the Company’s international subsidiaries, local currencies are considered their functional currencies. Translation adjustments result from translating the financial statements of the Company’s international subsidiaries from their functional currencies into the Company’s reporting currency (the U.S. dollar, or USD).

The Company has evaluated subsequent events through the date these consolidated financial statements were issued and has included all necessary adjustments and disclosures.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities, contingencies and noncontrolling interests subject to put provisions. Although actual results in subsequent periods will differ from these estimates, such estimates are developed based on the best information available to management and management’s best judgments at the time. All significant assumptions and estimates underlying the amounts reported in the financial statements and accompanying notes are regularly reviewed and updated when necessary. Changes in estimates are reflected in the financial statements based upon on-going actual experience trends or subsequent settlements and realizations depending on the nature and predictability of the estimates and contingencies.

The most significant assumptions and estimates underlying these consolidated financial statements and accompanying notes involve revenue recognition and accounts receivable, certain fair value estimates, accounting for income taxes and loss contingencies. Specific estimating risks and contingencies are further addressed within these notes to the consolidated financial statements.

Revenues

Dialysis patient service revenues

Revenues are recognized based on the Company’s estimate of the transaction price the Company expects to collect as a result of satisfying its performance obligations. Dialysis patient service revenues are recognized in the period services are provided based on these estimates. Revenues consist primarily of payments from government and commercial health plans for

F-11

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

dialysis services provided to patients. The Company maintains a usual and customary fee schedule for its dialysis treatments and related lab services; however, actual collectible revenue is normally recognized at a discount from this fee schedule.

The majority of the Company's revenues are paid from government programs, principally Medicare, Medicare Advantage and Medicaid. Revenues associated with Medicare and Medicaid programs are estimated based on: (a) the payment rates that are established by statute or regulation for the portion of payment rates paid by the government payor (e.g., 80% for Medicare patients) and (b) for the portion not paid by the primary government payor, estimates of the amounts ultimately collectible from other government programs providing secondary coverage (e.g., Medicaid secondary coverage), the patient’s commercial health plan secondary coverage, or the patient.

Under Medicare’s bundled payment rate system, services covered by Medicare are subject to estimating risk, whereby reimbursements from Medicare can vary significantly depending upon certain patient characteristics and other variable factors. Even with the bundled payment rate system, Medicare payments for bad debt claims as established by cost reports require evidence of collection efforts. As a result, billing and collection of Medicare bad debt claims can be delayed significantly and final payment is subject to audit. The Company’s revenue recognition is estimated based on its judgment regarding its ability to collect, which depends upon its ability to effectively capture, document and bill for Medicare’s base payment rate as well as these other variable factors.

Medicare Advantage revenues are reimbursed at negotiated contract rates that are generally higher than Medicare fee-for-service rates, but which generally have a slower payment cycle than Medicare fee-for-service payments, and some of which are subject to certain quality or performance adjustments. Medicare Advantage revenues are subject to meaningful estimating risk based on factors similar to those described for commercial health plans below.

Medicaid payments, when Medicaid coverage is secondary, can also be difficult to estimate. For many states, Medicaid payment terms and methods differ from Medicare, and may prevent accurate estimation of individual payment amounts prior to billing.

Revenues earned under government programs are subject to significant estimating risk, as they can be subject to adjustment as a result of examination by government agencies or contractors, differing interpretations of applicable regulations by different Medicare contractors or regulatory authorities, differing opinions regarding a patient's diagnosis or the medical necessity of patient services, or retroactive applications or interpretations of governmental requirements.

In addition to government programs, the Company also earns revenues that are paid by commercial health plans. Revenues associated with commercial health plans are estimated based on contractual terms for the patients under healthcare plans with which the Company has formal agreements, non-contracted health plan coverage terms if known, estimated secondary collections, historical collection experience, historical trends of refunds and payor payment adjustments (retractions), inefficiencies in the Company’s billing and collection processes that can result in denied claims for payments, delays in collections due to payor payment inefficiencies, and regulatory compliance matters.

Commercial revenue recognition also involves significant estimating risks. With many larger commercial insurers, the Company has several different contracts and payment arrangements, and these contracts often include only a subset of the Company’s centers. Some of the Company's commercial revenue contracts are also subject to certain quality or performance adjustments. In certain circumstances, it may not be possible to determine which contract, if any, should be applied prior to billing. In addition, for services provided by non-contracted centers, final collection may require specific negotiation of a payment amount, typically at a significant discount from the Company’s usual and customary rates.

As described above, there are significant risks associated with estimating dialysis patient service revenue, whether paid from governmental or commercial sources, many of which take several years to resolve. These estimates are subject to examinations by or differing interpretations among government contractors or agencies or other regulatory authorities, retroactive application of interpretations, commercial insurance coverage changes, geographic coverage differences, differing interpretations of commercial contract coverage and other payor- and patient-specific issues, including determination of applicable primary and secondary coverage, changes in patient insurance coverage and coordination of benefits. As the Company's revenue estimates are refined over time, both positive and negative adjustments to revenue are recognized in the current period.

Other revenues

Other revenues consist of revenues earned by the Company's non-dialysis ancillary services as well as fees for management and administrative services to outpatient dialysis businesses that the Company does not consolidate. Other

F-12

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

revenues are estimated and recognized in the period the Company's performance obligations are met, subject to applicable measurement constraints.

The Company's IKC revenues include revenues earned under risk-based arrangements, including value-based care (VBC) arrangements. Under its VBC arrangements, the Company assumes full or shared financial risk for the total medical cost of care or medical loss ratio for patients below or above a benchmark. The benchmarks against which the Company incurs profit or loss on these contracts are typically based on a percentage of the underlying premiums paid to the insuring entity (the Company's counterparty), with adjustments where applicable, or on trended and adjusted medical cost targets.

For some of the Company's risk-based arrangements (such as its special needs plans), the Company acts as a principal with respect to all medical services provided to the patient by effectively hosting or sponsoring the entire arrangement, and as a result recognizes revenue and expense for all medical services provided to covered patients. However, under its VBC arrangements (including VBC contracts with health plans and via direct government programs), the Company provides health monitoring and care coordination services to patients but does not control or direct the medical services that patients receive from third party providers. As a result, the Company does not include third party medical costs in its reported revenues and expenses for its VBC arrangements, but rather recognizes revenue only for the estimated amount of shared savings or shared losses or related revenues that are directly earned or incurred by the Company, and ultimately paid to or by the Company, under the arrangement.

Measurements of revenue for the Company's IKC risk-based arrangements are complex, sensitive to a number of key inputs, and require meaningful estimates for a number of factors, including but not limited to member alignment data, third-party medical claims expense, outcomes on various quality metrics, and ultimate risk adjustment factor (RAF) scores. Information and other measurement limitations on these factors may constrain revenue recognition for a risk-based arrangement until a period after the Company's performance obligations have been met. See Note 2 for further details.

Other (loss) income, net

Other (loss) income includes interest income on cash and cash equivalents and short- and long-term investments, equity investment (loss) income on equity method investments other than dialysis partnerships, realized and unrealized gains and losses recognized on other investments, impairments on investments, and foreign currency transaction gains and losses.

Cash and cash equivalents

Cash equivalents are short-term highly liquid investments readily convertible to known amounts of cash that typically mature within three months or less at date of purchase.

Restricted cash and equivalents

Restricted cash and cash equivalents primarily include funds held in trust to satisfy insurer and state regulatory requirements related to wholly-owned captive insurance companies, as well as funds held in escrow.

Investments in debt and equity securities

The Company classifies certain debt securities as held-to-maturity and records them at amortized cost based on the Company’s intentions and strategies concerning those investments. Equity securities that have readily determinable fair values or redemption values are recorded at estimated fair value with changes in fair value recognized in current earnings within other (loss) income, net. These debt and equity investments are classified as short-term investments or long-term investments on the Company's consolidated balance sheet. See Note 4 for further details.

Inventories

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value and consist principally of pharmaceuticals and dialysis-related supplies. Rebates related to inventory purchases are recorded when earned and are based on certain qualification requirements which are dependent on a variety of factors including future pricing levels and purchase volume levels from the manufacturer and related data submission.

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 5 for further details.

F-13

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Property and equipment

The Company capitalizes expenditures to purchase property and equipment, improvements thereon, leasehold improvements, and qualifying software costs, as well as costs to replace, extend the life of, or improve the functionality of existing capital assets, where such purchases and costs have an expected benefit period of more than one year. Interest on debt incurred during the development of new centers and other capital asset projects is capitalized as a component of the asset cost based on the respective in-process capital asset balances. All other expenditures related to capital assets are expensed as incurred (i.e., as repairs and maintenance expense).

Property and equipment is stated at cost less accumulated depreciation and amortization and is further reduced by any impairments. Maintenance and repairs are charged to expense as incurred. Property and equipment assets are reviewed for possible impairment whenever significant events or changes in circumstances indicate that an impairment may have occurred. Property and equipment impairment assessments are performed at a location or market level, as applicable, based on the specific cash flows they support or protect. If the Company commits to a plan to dispose of a long-lived asset before the end of its previously estimated useful life, cash flow estimates are revised accordingly, and the Company records an asset impairment, if applicable, or accelerates depreciation over the revised estimated useful life. Upon sale or retirement of long-lived assets, the cost and related accumulated depreciation or amortization are removed from the balance sheet and any resulting gain or loss is included in current operating expenses. See Note 6 for further details.

Leases

The Company leases substantially all of its dialysis facilities. The majority of the Company’s facilities are leased under non-cancellable operating leases which contain renewal options. These renewal options are not included in the Company's determination of lease right-of-use assets and related lease liabilities until renewal is considered reasonably certain. The Company's leases are generally subject to fixed escalation clauses or contain consumer price index increases.

The Company categorizes leases with contractual terms longer than twelve months as either operating or finance leases. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. All other leases are categorized as operating leases. The Company has elected the practical expedient to not separate lease components from non-lease components for its finance and operating leases. For short-term leases with a term of less than 12 months, the Company does not recognize lease right-of-use assets or lease liabilities and instead recognizes short-term lease costs as rent expense directly as incurred.

Finance and operating lease liabilities are measured at the net present value of lease payments over the expected lease term. Since most of the Company's leases do not provide an implicit rate of return, the Company uses its incremental borrowing rate based on information available at the commencement date or remeasurement date in determining the present value of lease payments.

Assets acquired under finance leases are recorded on the balance sheet within property and equipment, net and liabilities for finance lease obligations are recorded within long-term debt. Finance lease assets are amortized to depreciation expense on a straight-line basis over the shorter of their estimated useful lives or the expected lease term. Accretion of interest on finance lease liabilities is included in debt expense.

Rights to use assets under operating leases are recorded on the balance sheet as operating lease right-of-use assets and liabilities for operating lease obligations are recorded as operating lease liabilities. Both amortization of operating lease right-of-use assets and interest accretion on operating lease liabilities are recorded to rent expense over the lease term. Rent expenses are included in patient care costs or general and administrative expense, as applicable, based on the business unit or corporate function for which the space is leased. See Note 13 for further details. The Company evaluates its lease right-of-use assets for impairments in a similar manner to long-lived assets, as described above in Property and equipment.

Amortizable intangibles

Amortizable intangible assets include noncompetition agreements, hospital service contracts, and customer relationships arising from other service contracts, each of which have finite useful lives. Amortization expense is computed using the straight-line method over the useful lives of the assets estimated as follows: noncompetition agreements and hospital acute service contracts over the contract term, and customer relationships from other service contracts over the remaining contract term plus expected renewal periods. Amortizable intangible assets are reviewed for possible impairment whenever significant events or changes in circumstances indicate that an impairment may have occurred. Amortizable intangible asset impairment assessments are performed on a location, market or business unit basis, as applicable, based on the specific cash flows they support or protect. See Note 7 for further details.

F-14

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Indefinite-lived intangibles

Indefinite-lived intangible assets include international licenses and accreditations that allow the Company to be reimbursed for providing dialysis services to patients, each of which has an indefinite useful life. Indefinite-lived intangibles are not amortized, but are assessed for impairment at least annually and whenever significant events or changes in circumstances indicate that an impairment may have occurred. Costs to renew indefinite-lived intangible assets are expensed as incurred. See Note 7 for further details.

Equity method and other investments

Equity investments that do not have readily determinable fair values are carried on the equity method if the Company maintains significant influence over the investee unless the fair value option is elected. Equity investments without readily determinable fair values for which the Company does not maintain significant influence over the investee are carried either on the adjusted cost method or at estimated fair value, as determined on an investment-specific basis. The adjusted cost method represents the Company's cost for an investment, net of any impairments, as adjusted for any subsequent observable price changes. These equity investments are classified as equity method and other investments on the Company's consolidated balance sheet. See Note 8 for further details.

Equity method investments are assessed for other-than-temporary impairment when significant events or changes in circumstances indicate that an other-than-temporary impairment may have occurred. An other-than-temporary impairment charge is recorded when the fair value of an investment has fallen below its carrying amount and the shortfall is expected to be indefinitely or permanently unrecoverable.

Income and expense from nonconsolidated dialysis partnerships accounted for as equity method investments are recorded within equity investment income, net. For ownership interests accounted for as equity method investments other than dialysis partnerships, income and expense are included on up to a one quarter lag in other (loss) income, net. See Note 8 for further details.

Goodwill

Goodwill represents the difference between the fair value of businesses acquired and the fair value of the identifiable tangible and intangible net assets acquired. Goodwill is not amortized, but is assessed by individual reporting unit for impairment as circumstances warrant and at least annually.

The Company operates multiple reporting units. The Company's annual impairment assessment is performed in the third quarter for its U.S. dialysis reporting unit and at various points throughout the year for its other reporting units. In addition to these annual impairment assessments, the Company performs impairment assessments at intervening periods when a reporting unit is considered at risk of significant goodwill impairment.

In performing these assessments, the Company may first assess goodwill for impairment qualitatively as determined appropriate. If goodwill is more likely than not impaired, the Company is required to perform a quantitative assessment. When performing quantitative goodwill impairment assessments, the Company estimates fair value using either appraisals developed with an independent third party valuation firm, which consider both discounted cash flow estimates for the subject business and observed market multiples for similar businesses, or recent good-faith offer prices received for the subject business that would be acceptable to the Company. An impairment charge is recognized when and to the extent a reporting unit's carrying amount is determined to exceed its fair value after taking into account the effect of deferred taxes arising from the impairment. See Note 9 for further details.

Self-insurance

The Company predominantly self-insures its professional and general liability, workers' compensation, automobile, property, and a portion of its employment liability practice risks, through its wholly-owned captive insurance companies, with excess or reinsurance coverage for additional protection. The Company is also predominantly self-insured with respect to employee medical and other health benefits. The Company records insurance liabilities for the professional and general liability, workers’ compensation, automobile, property, employee health benefit and portion of employment liability practice risks that it retains and estimates its liability for those risks using third party actuarial calculations that are based upon historical claims experience and expectations for future claims.

F-15

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Income taxes

Federal, state and foreign income taxes are computed at currently enacted tax rates less tax credits using the asset and liability method. Deferred taxes are adjusted both for items that do not currently have tax consequences and for the cumulative effect of any changes in tax rates from those previously used to determine deferred tax assets or liabilities. Tax provisions include amounts that are currently payable, changes in deferred tax assets and liabilities that arise because of temporary differences between the timing of when items of income and expense are recognized for financial reporting and income tax purposes, changes in the recognition of tax positions and any changes in the valuation allowance caused by a change in judgment about the realizability of the related deferred tax assets. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized.

The Company uses a recognition threshold of more-likely-than-not on all tax positions taken or expected to be taken in a tax return in order to be recognized in the financial statements. Once the recognition threshold is met, the tax position is then measured to determine the actual amount of benefit to recognize in the financial statements. See Note 11 for further details.

Stock-based compensation

The Company’s stock-based compensation expense for stock-settled awards is measured at the estimated fair value of awards on the date of grant and recognized on a cumulative straight-line basis over the period the holder is exposed to risk of forfeiture, unless the stock awards are based on non-market-based performance metrics, in which case expense is adjusted for the ultimate number of shares expected to be issued as of the end of each reporting period. Stock-based compensation expense for cash-settled awards is based on their estimated fair values as of the end of each reporting period. The expense for all stock-based awards is recognized net of expected forfeitures.

Stock-based compensation to be settled in shares is recorded to the Company’s shareholders’ contributed capital, while stock-based compensation to be settled in cash is recorded as a liability. Shares issued upon exercise or, when applicable, vesting of stock awards, are issued from authorized but unissued shares. See Note 17 for further details.

Interest rate cap agreements

The Company often carries a combination of current or forward interest rate caps on portions of its variable rate debt as a means of hedging its exposure to changes in Secured Overnight Financing Rate (SOFR) interest rates as part of its overall interest rate risk management strategy. These interest rate caps are not held for trading or speculative purposes and are designated as qualifying cash flow hedges. See Note 12 for further details.

Noncontrolling interests

Noncontrolling interests represent third-party equity interests in entities which are consolidated by the Company for financial statement reporting purposes. As of December 31, 2025, third parties held direct or indirect noncontrolling equity interests in 740 consolidated legal entities. See Note 16 for further details.

Fair value estimates

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined based on the principal or most advantageous market for the item being measured, assume that buyers and sellers are independent, willing and able to transact, and knowledgeable, with access to all information customarily available in such a transaction, and are based on assumptions that market participants would use in pricing the item, not assumptions specific to the reporting entity. The criticality of a particular fair value estimate to the Company's consolidated financial statements depends upon the nature and size of the item being measured, the extent of uncertainties involved and the nature and magnitude or potential effect of assumptions and judgments required. Certain fair value estimates can involve significant uncertainties and require significant judgment on various matters, some of which could be subject to reasonable disagreement.

The Company relies on fair value measurements and estimates for purposes that require the recording, reassessment, or adjustment of the carrying amounts of certain assets, liabilities, and noncontrolling interests subject to put provisions (redeemable equity interests classified as temporary equity). These purposes can include the accounting for business combination transactions; impairment assessments for goodwill, other intangible assets, or other long-lived assets; recurrent revaluation of investments in debt and equity securities, contingent earn-out obligations, interest rate cap agreements, and noncontrolling interests subject to put provisions; and the accounting for equity method and other investments and stock-based compensation, as applicable. The Company has classified its assets, liabilities and temporary equity into the fair value hierarchy

F-16

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

levels defined by the Financial Accounting Standards Board (FASB) reflecting their differing degrees of uncertainty. See Note 23 for further details.

New accounting standards

New standards recently adopted

In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands income tax disclosure requirements to include additional information related to the rate reconciliation of effective tax rates to statutory rates, as well as additional disaggregation of taxes paid in both U.S. and foreign jurisdictions. The amendments in this ASU also remove disclosure requirements related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 became effective for the Company for the fiscal year ended December 31, 2025. See Note 11 for further discussion of the Company's income taxes and the additional disclosure required by this ASU.

New standards not yet adopted

In November 2024, the Financial Accounting Standards Board issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires disaggregated disclosure of income statement expenses, including purchases of inventory, employee compensation, depreciation, and amortization. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The amendments in this ASU may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently assessing the effect this guidance may have on its consolidated financial statements.

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. The amendments in this ASU are effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. The amendments in the ASU may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently assessing the effect this guidance may have on its consolidated financial statements.

F-17

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

2. Revenue recognition and accounts receivable

The Company's revenues by segment and primary payor source were as follows:

			Year ended December 31, 2025
			U.S. dialysis						Other - Ancillary services						Consolidated
Patient service revenues:
Medicare and Medicare Advantage			$	6,740,392					$						$	6,740,392
Medicaid and Managed Medicaid			871,695												871,695
Other government			349,651						914,387						1,264,038
Commercial			3,806,596						385,423						4,192,019
Other revenues:
Medicare and Medicare Advantage									507,613						507,613
Medicaid and Managed Medicaid									2						2
Commercial									15,399						15,399
Other(1)			24,610						99,462						124,072
Eliminations of intersegment revenues			(60,958)						(11,203)						(72,161)
Total			$	11,731,986					$	1,911,083					$	13,643,069

			Year ended December 31, 2024
			U.S. dialysis						Other - Ancillary services						Consolidated
Patient service revenues:
Medicare and Medicare Advantage			$	6,374,882					$						$	6,374,882
Medicaid and Managed Medicaid			863,947												863,947
Other government			343,705						717,735						1,061,440
Commercial			3,783,827						248,026						4,031,853
Other revenues:
Medicare and Medicare Advantage									463,731						463,731
Medicaid and Managed Medicaid									740						740
Commercial									21,396						21,396
Other(1)			24,356						58,862						83,218
Eliminations of intersegment revenues			(71,747)						(13,910)						(85,657)
Total			$	11,318,970					$	1,496,580					$	12,815,550

			Year ended December 31, 2023
			U.S. dialysis						Other - Ancillary services						Consolidated
Patient service revenues:
Medicare and Medicare Advantage			$	6,100,183					$						$	6,100,183
Medicaid and Managed Medicaid			833,744												833,744
Other government			354,304						500,137						854,441
Commercial			3,623,516						251,279						3,874,795
Other revenues:
Medicare and Medicare Advantage									460,991						460,991
Medicaid and Managed Medicaid									1,733						1,733
Commercial									32,329						32,329
Other(1)			25,251						52,754						78,005
Eliminations of intersegment revenues			(88,222)						(7,852)						(96,074)
Total			$	10,848,776					$	1,291,371					$	12,140,147

(1)Consists primarily of management service fees in the Company's U.S. dialysis business and research fees, management fees, and other non-patient service revenues in the Other - ancillary services businesses.

F-18

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

The majority of the Company's non-patient service revenues from Medicare and Medicare Advantage, Medicaid and Managed Medicaid, and commercial sources represent risk-based revenues earned by the Company's U.S. IKC business.

For its IKC business, the Company recognized revenues for performance obligations satisfied in previous years of $171,385, $116,336, and $94,361 during the years ended December 31, 2025, 2024 and 2023, respectively. The delay in recognition of these amounts resulted predominantly from measurement limitations and recognition constraints on both the Company's complex VBC contracts with health plans, as well as its government Comprehensive Kidney Care Contracting (CKCC) program. The Company's revenue recognition for its government CKCC program has certain constraints for plan year 2025. See Note 1 "Other revenues" for a description of the Company's accounting for these value-based care arrangements.

No single commercial payor accounted for more than 10% of consolidated revenues or consolidated accounts receivable for the periods presented in these consolidated financial statements or at their period-ends, respectively. International operations generate approximately 10% of total consolidated revenues.

Accounts receivable from Medicare, including Medicare Advantage plans, and Medicaid, including managed Medicaid plans, were approximately $881,191 and $768,536 as of December 31, 2025 and 2024, respectively. Approximately 18% and 23% of the Company’s U.S. dialysis accounts receivable balances as of December 31, 2025 and 2024, respectively, were more than six months old. Of these accounts receivable, there were no significant balances over one year old at December 31, 2025. The Company's accounts receivable are principally due from Medicare and Medicaid programs and commercial insurance plans.

3. Earnings per share

Basic earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of common shares outstanding. Weighted average common shares outstanding include restricted stock unit awards that are no longer subject to forfeiture because the recipients have satisfied either their explicit vesting terms or retirement eligibility requirements.

Diluted earnings per share includes the dilutive effect of outstanding stock-settled stock appreciation rights and unvested stock units as computed under the treasury stock method.

The reconciliations of the numerators and denominators used to calculate basic and diluted earnings per share were as follows:

			Year ended December 31,
			2025						2024						2023
Net income attributable to DaVita Inc.:
Continuing operations			$	721,803					$	936,342					$	691,535
Discontinued operations			25,000						—						—
Net income attributable to DaVita Inc.			$	746,803					$	936,342					$	691,535
Weighted average shares outstanding:
Basic shares			74,227						84,991						90,790
Assumed incremental from stock plans			1,658						2,283						2,392
Diluted shares			75,885						87,274						93,182
Basic net income attributable to DaVita Inc.:
Continuing operations per share			$	9.72					$	11.02					$	7.62
Discontinued operations per share			0.34						—						—
Basic net income per share attributable to DaVita Inc.			$	10.06					$	11.02					$	7.62
Diluted net income attributable to DaVita Inc.:
Continuing operations per share			$	9.51					$	10.73					$	7.42
Discontinued operations per share			0.33						—						—
Diluted net income per share attributable to DaVita Inc.			$	9.84					$	10.73					$	7.42
Anti-dilutive stock-settled awards excluded from calculation(1)			179						103						531

(1)Shares associated with stock awards excluded from the diluted denominator calculation because they were anti-dilutive under the treasury stock method.

F-19

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

4. Short-term and long-term investments

The Company’s short-term and long-term investments, consisting of debt instruments classified as held-to-maturity and equity investments with readily determinable fair values or redemption values, were as follows:

			December 31, 2025																		December 31, 2024
			Debt securities						Equity securities						Total						Debt securities						Equity securities						Total
Certificates of deposit, bonds and other			$	24,320					$	—					$	24,320					$	44,158					$	—					$	44,158
Investments in mutual funds and common stock			—						40,949						40,949						—						40,566						40,566
			$	24,320					$	40,949					$	65,269					$	44,158					$	40,566					$	84,724
Short-term investments			$	19,903					$	4,400					$	24,303					$	44,158					$	6,906					$	51,064
Long-term investments			4,417						36,549						40,966						—						33,660						33,660
			$	24,320					$	40,949					$	65,269					$	44,158					$	40,566					$	84,724

Debt securities: The Company's short-term debt investments are principally bank certificates of deposit and international sovereign bonds, each with contractual maturities longer than three months but shorter than one year. The Company's long-term debt investments are international sovereign bonds with contractual maturities longer than one year but shorter than five years. These debt securities are accounted for as held-to-maturity and recorded at amortized cost, which approximated their fair values at December 31, 2025 and 2024.

Equity securities: Substantially all of the Company's short-term and long-term equity investments are held within a trust to fund existing obligations associated with the Company’s non-qualified deferred compensation plans.

5. Contract assets and other receivables

Contract assets and other receivables comprised the following:

			December 31,
			2025						2024
Customer contract assets:
IKC risk-based arrangements			$	134,690					$	143,942
Medicare bad debt claims			132,458						107,129
Other customer contract assets			4,651						—
Supplier rebates and non-trade receivables			222,615						132,095
			$	494,414					$	383,166

The total carrying value of customer contracts assets, including those both short-term and long-term in nature, was $310,541 and $251,071 as of December 31, 2025 and 2024, respectively.

6. Property and equipment

Property and equipment comprised the following:

			December 31,
			2025						2024
Land			$	40,495					$	50,172
Buildings			402,622						428,994
Leasehold improvements			4,312,646						4,180,747
Equipment and information systems, including internally developed software			4,536,973						4,410,395
New center and capital asset projects in progress			122,364						133,311
			9,415,100						9,203,619
Less accumulated depreciation			(6,602,134)						(6,262,703)
			$	2,812,966					$	2,940,916

Depreciation and amortization expenses are computed using the straight-line method over the useful lives of the assets estimated as follows: buildings, 25 years to 40 years; leasehold improvements, the shorter of ten years or the expected lease

F-20

term; and equipment and information systems, including internally developed software, principally three years to 15 years. Depreciation expense on property and equipment was $708,252, $716,396 and $736,474 for 2025, 2024 and 2023, respectively.

7. Intangible assets

Intangible assets other than goodwill comprised the following:

			December 31,
			2025						2024
Indefinite-lived licenses			$	177,100					$	146,025
Noncompetition agreements			15,442						22,234
Customer relationships and other			67,334						61,580
			259,876						229,839
Accumulated amortization:
Noncompetition agreements			(11,616)						(13,982)
Customer relationships and other			(26,135)						(18,426)
			$	222,125					$	197,431

Amortization expense from amortizable intangible assets was $7,096, $7,464, and $8,969 for 2025, 2024 and 2023, respectively. For the years ended December 31, 2025, 2024 and 2023, the Company recognized no impairment charges on any intangible assets other than goodwill. See Note 9 for further information regarding goodwill.

Scheduled amortization expenses from amortizable intangible assets as of December 31, 2025 were as follows:

2026			$	5,032
2027			5,130
2028			4,860
2029			4,266
2030			4,250
Thereafter			21,487
Total			$	45,025

8. Equity method and other investments

The Company maintains equity method and other minor investments in the private securities of certain other healthcare and healthcare-related businesses as follows:

			December 31,
			2025						2024
Mozarc Medical Holding LLC			$	—					$	215,706
Other equity method partnerships			133,486						99,246
Adjusted cost method and other investments			23,763						21,732
			$	157,249					$	336,684

During 2025, 2024 and 2023, the Company recognized equity investment income of $33,000, $26,189 and $27,864, respectively, from its equity method investments in nonconsolidated dialysis partnerships. The Company also recognized equity investment losses from other equity method investments of $139,192, $112,696 and $59,508 in other loss, net during 2025, 2024 and 2023, respectively.

F-21

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

The Company holds a 50% voting equity interest in Mozarc Medical Holding LLC (Mozarc), an independent kidney care-focused medical device company. Medtronic, Inc. holds the other 50% voting equity interest. The Company does not maintain a controlling financial interest in Mozarc and accounts for this investment on the equity method, with equity method income or loss recognized in other loss, net, on a one-month lag.

During the fourth quarter of 2025, it was determined that the milestones for the contingent consideration initially valued at $86,200 were improbable to be achieved, and the corresponding contingent consideration payable was reduced to zero. This resulted in a $73,559 reduction to Mozarc's equity method investment balance, bringing it to zero, and a gain of $12,641 recorded in other loss, net.

The Company's other equity method investments include 19 legal entities over which the Company has significant influence but in which it does not maintain a controlling financial interest. Most of these are U.S. dialysis partnerships in the form of limited liability companies. The Company's ownership interests in these partnerships vary, and are often subject to blocking rights on certain key operating decisions held by outside investors, but mostly range from 25% to 65%.

There were no significant impairments for the Company's equity method and other investments for the years ended December 31, 2025, 2024 and 2023.

9. Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:

			U.S. dialysis						Other - Ancillary services						Consolidated
Balance at December 31, 2023			$	6,416,825					$	695,735					$	7,112,560
Acquisitions			102,082						246,987						349,069
Divestitures			(1,687)						(1,506)						(3,193)
Foreign currency and other adjustments			—						(83,220)						(83,220)
Balance at December 31, 2024			$	6,517,220					$	857,996					$	7,375,216
Acquisitions			10,396						61,288						71,684
Foreign currency and other adjustments			—						98,195						98,195
Balance at December 31, 2025			$	6,527,616					$	1,017,479					$	7,545,095
Balance at December 31, 2025:
Goodwill			$	6,527,616					$	1,174,220					$	7,701,836
Accumulated impairment charges			—						(156,741)						(156,741)
			$	6,527,616					$	1,017,479					$	7,545,095

Substantially all of the Company’s operating segments described in Note 24 to these consolidated financial statements represents an individual reporting unit for goodwill impairment assessment purposes.

Within the U.S. dialysis operating segment, the Company considers each of its dialysis centers to constitute an individual business for which discrete financial information is available. However, since these dialysis centers have similar operating and economic characteristics, and the allocation of resources and significant investment decisions concerning these businesses are highly centralized and the benefits broadly distributed, the Company has aggregated these centers and deemed them to constitute a single reporting unit.

The Company has applied a similar aggregation to the dialysis centers within each of its international reporting units. For the Company’s other operating segments, discrete business components below the operating segment level constitute individual reporting units.

The Company performed various annual impairment assessments during the year ended December 31, 2025 and 2024, with no impairment indicated. None of the Company’s reporting units were considered at risk of significant goodwill impairment as of December 31, 2025.

During the year ended December 31, 2023, the Company performed its annual impairment assessment of its transplant software reporting unit and recognized a goodwill impairment charge of $26,083 in that reporting unit, or $19,575 net of tax. This charge resulted from a reduction in estimated fair value for the business driven primarily from the business not achieving

F-22

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

its revenue targets, with reduced revenue expectations for future years, as well as an increase in the risk-free rate. After this impairment charge, the transplant software reporting unit had a goodwill balance of $14,424 remaining.

10. Other liabilities

Other liabilities comprised the following:

			December 31,
			2025						2024
Payor refunds and retractions			$	437,744					$	484,459
Insurance and self-insurance accruals			91,717						83,038
Accrued interest			97,333						60,541
Accrued non-income tax liabilities			61,683						59,007
Other			204,547						247,100
			$	893,024					$	934,145

11. Income taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.

Income before income taxes from continuing operations consisted of the following:

			Year ended December 31,
			2025						2024						2023
Domestic			$	1,224,860					$	1,374,571					$	1,100,420
International			121,963						155,822						76,674
			$	1,346,823					$	1,530,393					$	1,177,094

Income tax expense for continuing operations consisted of the following:

			Year ended December 31,
			2025						2024						2023
Current:
Federal			$	134,287					$	253,504					$	200,070
State			26,913						52,410						38,370
International			45,338						31,532						21,008
Total current income tax			206,538						337,446						259,448
Deferred:
Federal			76,506						(47,715)						(40,234)
State			11,225						(2,855)						367
International			(1,162)						(7,220)						535
Total deferred income tax			86,569						(57,790)						(39,332)
			$	293,107					$	279,656					$	220,116

F-23

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Income taxes are allocated between continuing and discontinued operations as follows:

			Year ended December 31,
			2025						2024						2023
Continuing operations			$	293,107					$	279,656					$	220,116
Discontinued operations			—						—						—
			$	293,107					$	279,656					$	220,116

The reconciliation between the Company’s effective tax rate from continuing operations and the U.S. federal income tax rate is as follows:

			Year ended December 31,
			2025												2024												2023
U.S. Federal income tax			$	282,833					21.0		%				$	321,383					21.0		%				$	247,190					21.0		%
Tax credits			(12,804)						(1.0)						(14,195)						(0.9)						(12,823)						(1.1)
Nontaxable/Nondeductible items:
Impact of noncontrolling interests			(69,029)						(5.1)						(66,186)						(4.3)						(55,245)						(4.7)
Nondeductible executive compensation			15,703						1.2						6,738						0.4						9,112						0.8
Other			954						0.1						(8,210)						(0.6)						634						—
Valuation allowances			13,346						1.0						9,159						0.6						5,634						0.5
Cross-border tax impacts			99						—						1,500						0.1						(102)						—
State and local income taxes, net of federal benefit(1)			32,895						2.4						44,218						2.9						29,072						2.5
Foreign tax effects(2)			19,706						1.5						(4,836)						(0.3)						9,114						0.8
Unrecognized tax benefits			9,404						0.7						(9,915)						(0.6)						(12,470)						(1.1)
Effective tax rate			$	293,107					21.8		%				$	279,656					18.3		%				$	220,116					18.7		%

(1)The majority (greater than 50%) of state tax expense comprises income taxes in California, Illinois, Pennsylvania, New York and New Jersey for the years presented.

(2)The majority (greater than 50%) of foreign tax expense comprises income taxes in Saudi Arabia, Ecuador, Colombia, Netherlands, Poland and Brazil for the years presented.

F-24

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Deferred tax assets and liabilities arising from temporary differences for continuing operations were as follows:

			December 31,
			2025						2024
Receivables			$	25,685					$	37,630
Accrued liabilities			81,112						74,419
Operating lease liabilities			490,562						508,729
Net operating loss carryforwards			163,156						161,371
Investments in partnerships			—						4,108
Other			61,972						54,600
Deferred tax assets			822,487						840,857
Valuation allowance			(124,013)						(107,952)
Net deferred tax assets			698,474						732,905
Intangible assets			(770,691)						(757,797)
Property and equipment			(105,338)						(63,726)
Operating lease assets			(444,515)						(464,455)
Investments in partnerships			(5,080)						—
Other			(59,977)						(66,035)
Deferred tax liabilities			(1,385,601)						(1,352,013)
Net deferred tax liabilities			$	(687,127)					$	(619,108)
Reported as:
Deferred tax liabilities			$	(756,869)					$	(665,361)
Deferred tax assets (included in other long-term assets)			69,742						46,253
			$	(687,127)					$	(619,108)

At December 31, 2025, the Company had federal net operating loss carryforwards of approximately $30,848 that expire through 2036, although a substantial amount expire by 2030. The Company also had state net operating loss carryforwards of $511,886, some of which have an indefinite life, while a substantial amount expire by 2044. Additionally, the Company had international net operating loss carryforwards of $430,286, some of which will begin to expire in 2026, though the majority have an indefinite life. The utilization of a portion of these losses may be limited in future years based on the profitability of certain entities and, as such, the related deferred tax assets have been offset with a valuation allowance in the table above. The net increase of $16,061 in the valuation allowance is primarily from losses generated by equity investments that the Company does not anticipate being able to benefit from.

The Company remains indefinitely reinvested in several of the foreign jurisdictions in which it operates as of December 31, 2025. As a result of the passage of the Tax Cuts and Jobs Act (2017 Tax Act), the Company does not expect any significant taxes to be incurred if such earnings were remitted.

Unrecognized tax benefits

A reconciliation of the beginning and ending liability for unrecognized tax benefits that do not meet the more-likely-than-not threshold is as follows:

			Year ended December 31,
			2025						2024
Beginning balance			$	41,484					$	47,379
Additions for tax positions related to current year			3,029						3,866
Adjustments for tax positions related to prior years			(12,183)						(1,452)
Reductions related to lapse of applicable statute			(4,803)						(8,309)
Reductions related to settlements with taxing authorities			(10,000)						—
Ending balance			$	17,527					$	41,484

Of the 2025 ending balance, $16,720 would impact the Company’s effective tax rate if recognized. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in its income tax expense. As of December 31,

F-25

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

2025 and 2024, the Company had approximately $2,994 and $5,846, respectively, accrued for interest and penalties related to unrecognized tax benefits, net of federal tax benefit.

The Company and its subsidiaries are under examination in various state, local and foreign tax jurisdictions. In certain jurisdictions we have statutes open as of 2014 but the majority are no longer subject to examination for periods before 2022. For federal tax purposes the Company is no longer subject to examinations for periods prior to 2022.

12. Long-term debt

Long-term debt comprised the following:

			December 31,																		As of December 31, 2025
			2025						2024						Maturity date						Interest rate						Estimated fair value**(1)**
Senior Secured Credit Facilities:
Term Loan A-1(2)			$	—					$	2,259,295					4/28/2028												$	—
Term Loan A-2(3)			2,000,000						—						11/24/2030						SOFR + 1.50%						$	1,995,000
Term Loan B-1(4)			—						1,636,150						5/9/2031												$	—
Term Loan B-2			1,868,559						—						5/9/2031						SOFR + 1.75%						$	1,877,902
Revolving line of credit(2,3)			—						—						11/24/2030						SOFR + 1.50%						$	—
Senior Notes:
4.625% Senior Notes			2,750,000						2,750,000						6/1/2030						4.625		%				$	2,667,500
3.75% Senior Notes			1,500,000						1,500,000						2/15/2031						3.75		%				$	1,383,750
6.875% Senior Notes			1,000,000						1,000,000						9/1/2032						6.875		%				$	1,036,250
6.75% Senior Notes			1,000,000						—						7/15/2033						6.75		%				$	1,035,000
Acquisition obligations and other notes payable(5)			40,904						56,483						2026-2038						4.89		%				$	40,904
Financing lease obligations(6)			185,120						216,401						2026-2039						4.44		%
CHC temporary funding assistance			—						92,777												—		%				$	—
Total debt principal outstanding			10,344,583						9,511,106
Discount, premium and deferred financing costs(7)			(71,394)						(64,336)
			10,273,189						9,446,770
Less current portion			(109,201)						(270,867)
			$	10,163,988					$	9,175,903

(1)For the Company's senior secured credit facilities, fair value estimates are based on bid and ask quotes, a level 2 input. For the Company's senior notes, fair value estimates are based on market level 1 inputs. For acquisition obligations and other notes payable, the carrying values presented here approximate their estimated fair values, based on estimates of their present values typically using level 2 interest rate inputs.

(2)At September 30, 2025, the Company's then-existing Term Loan A-1 and revolving line of credit bore interest at the secured overnight financing rate that is published by CME Group Benchmark Administration Limited (Term SOFR) plus an interest rate margin of 1.75% and a credit spread adjustment of 0.10%. On November 24, 2025, the Company repaid all amounts outstanding under its then-existing Term Loan A-1.

(3)Outstanding Term Loan A-2 and revolving line of credit balances are due on November 24, 2030, unless any of the 4.625% senior notes due 2030 (the 4.625% Senior Notes) remain outstanding 91 days prior to the 4.625% Senior Notes maturity date, in which case the outstanding Term Loan A-2 and revolving line of credit balances become due at that 91 day date (March 2, 2030).

(4)At June 30, 2025, the interest rate on the Company's then-existing Term Loan B-1 was Term SOFR plus an interest rate margin of 2.00%. On July 17, 2025, the Company repaid all amounts outstanding under its then-existing Term Loan B-1.

(5)The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current fixed and variable interest rate components in effect as of December 31, 2025.

(6)Finance lease obligations are measured at their approximate present values at inception. The interest rate presented is the weighted average discount rate embedded in finance leases outstanding.

(7)As of December 31, 2025, the carrying amount of the Company's senior secured credit facilities has been reduced by a discount of $5,242 and deferred financing costs of $31,848, and the carrying amount of the Company's senior notes has been reduced by deferred financing costs of $42,653 and increased by a debt premium of $8,349. As of December 31, 2024, the carrying amount of the Company's senior secured credit facilities was reduced by a discount of $8,084 and deferred financing costs of $28,879, and the

F-26

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

carrying amounts of the Company's senior notes was reduced by deferred financing costs of $37,612 and increased by a debt premium of $10,239.

Scheduled maturities of long-term debt at December 31, 2025 were as follows:

2026			$	109,201
2027			$	109,594
2028			$	150,370
2029			$	141,646
2030			$	4,486,247
Thereafter			$	5,347,525

Senior Secured Credit Facilities

On July 17, 2025 (Seventh Amendment Effective Date), the Company entered into the Seventh Amendment (Seventh Amendment) to its senior secured credit agreement dated as of August 12, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the Credit Agreement). The Seventh Amendment modified the Credit Agreement to, among other things, refinance the Company's Term Loan B-1 with a repriced Term Loan B-2 facility in the aggregate principal amount of $1,877,949 which includes an incremental borrowing of Tranche B-2 term loans of $250,000. The Company used the incremental proceeds of $250,000 from the Term Loan B-2 to prepay a proportionate amount of the principal balance outstanding on its Term Loan A-1. The Term Loan B-2 requires quarterly principal payments that began on September 30, 2025 of 0.25% of the aggregate principal amount of the Term Loan B-2 outstanding on the Seventh Amendment Effective Date, with the balance due on May 9, 2031.

As a result of the Seventh Amendment transaction described above, the Company recognized debt extinguishment and modification costs of $5,150 in the third quarter of 2025 composed partially of fees incurred for this transaction and partially of deferred financing costs and original issue discount written off for the extinguishment of Term Loan B-1 and partial repayment of Term Loan A-1. For the portion of the debt that was considered extinguished and reborrowed, the Company recognized constructive financing cash outflows and financing cash inflows on the statement of cash flows of $57,090 and $306,246 for the Term Loan B-2, respectively, and constructive financing cash outflows of $250,000 for the prepayment of a portion of Term Loan A-1, even though no funds were actually paid or received. Another $314,790 of the debt considered extinguished related to the Term Loan B-2 represented a non-cash financing activity.

On November 24, 2025, the Company entered into the Eighth Amendment (Eighth Amendment) to the Credit Agreement. The Eighth Amendment modified the Credit Agreement to, among other things, refinance the Company's revolving credit facility and Term Loan A-1 with a new revolving credit facility and Term Loan A-2 in the aggregate principal amount of $2,000,000. The Company used a portion of the net proceeds from this transaction to repay the remainder of the balance outstanding on its Term Loan A-1 maturing 2028 in the amount of $1,949,840 and related accrued interest and fees. The remaining borrowings added cash to the balance sheet for general corporate purposes. The Term Loan A-2 requires amortizing quarterly principal payments that begin on March 31, 2026 of $12,500 per quarter through December 31, 2027, and $25,000 per quarter from March 31, 2028 through September 30, 2030, with the balance due on November 24, 2030.

As a result of the Eighth Amendment transaction described above, the Company recognized debt extinguishment and modification costs of $9,028 in the fourth quarter of 2025 composed partially of fees incurred for this transaction and partially of deferred financing costs written off for the extinguishment of the former revolving credit facility and Term Loan A-1. For the portion of the debt that was considered extinguished and reborrowed, the Company recognized constructive financing cash outflows and financing cash inflows on the statement of cash flows of $773,722, even though no funds were actually paid or received. Additionally, $967,528 of the debt considered extinguished and reborrowed related to the Term Loan A-2 represented a non-cash financing activity.

The senior secured credit facilities, as amended, bear interest, at the Company’s option, based on (i) the Base Rate (as defined below) plus the Applicable Margin (as defined below), or (ii) the forward-looking term rate based on Term SOFR plus the Applicable Margin. The “Base Rate” is defined as the highest of (i) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 0.50%, (ii) the prime commercial lending rate of the administrative agent as established from time to time and (iii) Term SOFR for an interest period of one month plus 1.00%; provided that if Term SOFR or the Base Rate is less than 0.00% such rate shall be deemed to be 0.00% for purposes of the Credit Agreement. The Company has the option to draw on the revolving credit facility in Euros and Pounds Sterling based on currency-specific forward-looking rates plus the Applicable Margin. The “Applicable Margin” for the new revolving credit facility and Term Loan A-2 is initially 1.50% in the

F-27

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

case of loans based upon the Term SOFR, and 0.50% in the case of Base Rate loans; provided that after the date on which the Company shall have delivered financial statements for the fiscal quarter ending March 31, 2026, the Applicable Margin with respect to the new revolving credit facility and Term Loan A-2 will be at a rate between 0.00% and 1.75% based on a leverage ratio based grid. The "Applicable Margin" for the Term Loan B-2 is 1.75% in the case of Term SOFR loans, and 0.75% in the case of Base Rate loans.

Borrowings under the Company's senior secured credit facilities are guaranteed and secured by substantially all of DaVita Inc.'s and certain of the Company’s domestic subsidiaries' assets and rank senior to all unsecured indebtedness. Borrowings under the Term Loan A-2, Term Loan B-2 and revolving line of credit rank equal in priority for that security and related subsidiary guarantees. The Credit Agreement contains certain customary affirmative and negative covenants such as various restrictions or limitations on permitted amounts of investments (including acquisitions), share repurchases, payment of dividends, and redemptions and incurrence of other indebtedness. Many of these restrictions and limitations will not apply as long as the Company’s leverage ratio calculated in accordance with the Credit Agreement is below 4.00:1.00. In addition, the Credit Agreement requires compliance with a maximum leverage ratio covenant, tested quarterly, of 5.00:1.00 through December 31, 2028 and 4.50:1.00 thereafter (subject to an increase to 5.00:1.00 during the four fiscal quarters following a material acquisition).

In addition to the prepayments described above, during 2025, the Company made regularly scheduled and other principal payments under its senior secured credit facilities totaling $59,455 on Term Loan A-1, $8,201 on Term Loan B-1 and $9,390 on Term Loan B-2.

As of December 31, 2025, the Company had undrawn capacity on the revolving line of credit under its senior secured credit facilities of $1,500,000. Credit available under this revolving line of credit is reduced by the amount of any letters of credit outstanding thereunder, of which there were none as of December 31, 2025. The Company also had letters of credit of approximately $195,461 outstanding under a separate bilateral secured letter of credit facility as of December 31, 2025.

As of December 31, 2025, the effective portion of the Company's interest rate cap agreements had the economic effect of capping the Company's maximum exposure to SOFR variable interest rate changes on equivalent amounts of the Company's floating rate debt, including all of Term Loan B-2 and a portion of Term Loan A-2. The remaining $368,559 outstanding principal balance of Term Loan A-2 is subject to SOFR-based interest rate volatility. These cap agreements are designated as cash flow hedges and, as a result, changes in their fair values are reported in other comprehensive income. The original premiums paid for the caps are amortized to debt expense utilizing the effective interest rate method over the term of each cap agreement starting from its effective date. These cap agreements do not contain credit risk-contingent features.

Senior Notes

On May 23, 2025, the Company issued $1,000,000 aggregate principal amount of 6.75% senior notes due 2033 (the 6.75% Senior Notes) in a private offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 6.75% Senior Notes pay interest on January 15 and July 15 of each year beginning January 15, 2026 and mature on July 15, 2033. The 6.75% Senior Notes are unsecured senior obligations and rank equally in right of payment with the Company's existing and future unsecured senior indebtedness. The 6.75% Senior Notes are guaranteed by each of the Company’s domestic subsidiaries that guarantee its senior secured credit facilities. The Company may redeem up to 40% of the aggregate principal amount of the 6.75% Senior Notes at any time prior to July 15, 2028 at 106.75% of the aggregate principal amount from the proceeds of one or more equity offerings, plus accrued and unpaid interest. On and after July 15, 2028, the Company may, at its option, redeem the 6.75% Senior Notes, in whole or from time to time in part, at certain redemption prices specified in the indenture governing these notes plus accrued and unpaid interest. If the Company experiences certain change of control events, the Company must offer to repurchase all of the 6.75% Senior Notes (unless otherwise redeemed) at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest. The 6.75% Senior Notes contain restrictive covenants that limit the ability of the Company and the subsidiary guarantors of the 6.75% Senior Notes to, among other things and subject to certain exceptions and qualifications, create certain liens, enter into certain sale/leaseback transactions, or merge with or into, or convey, transfer or lease all or substantially all of their assets. The 6.75% Senior Notes and related subsidiary guarantees do not have any registration or similar rights and are not expected to be registered or listed on any securities exchange. As of December 31, 2025, the Company incurred $12,147 in fees and other professional expenses associated with this transaction that were capitalized and will amortize over the term of the 6.75% Senior Notes.

All of the Company's outstanding senior notes, including the 6.75% Senior Notes (collectively, the Senior Notes), are unsecured obligations, rank equally in right of payment with the Company’s existing and future unsecured senior indebtedness and require semi-annual interest payments. The Company may redeem some or all of the Senior Notes at any time on or after

F-28

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

certain specific dates and at certain specific redemption prices as outlined in the indenture governing each series of Senior Notes. Interest rates on the Senior Notes are fixed by their terms.

Change Healthcare

On March 1, 2024, Change Healthcare (CHC), a subsidiary of UnitedHealth Group, launched a temporary assistance funding program (CHC Funding) to help bridge the gap in short-term cash flow needs for providers impacted by the disruption of CHC's services following a cybersecurity incident. Under the program, CHC provided funding to providers for amounts that would otherwise have been received (with certain limitations), but for the disruption in processing electronic claims as a result of the outage. During the first quarter of 2025, the Company repaid all remaining balances outstanding under the CHC Funding program.

Interest rate cap agreements

During 2025 the Company entered into several forward interest rate cap agreements, described in the table below, that have the economic effect of capping the Company's exposure to SOFR variable interest rate changes on specific portions of the Company's floating rate debt (2025 cap agreements). These 2025 cap agreements are designated as cash flow hedges and, as a result, changes in their fair values will be reported in other comprehensive income. These 2025 cap agreements do not contain credit-risk contingent features, and become effective and expire as described in the table below.

The following table summarizes the Company’s interest rate cap agreements outstanding as of December 31, 2025:

Year cap agreements executed						Initial notional amount						SOFR maximum rate						Approximate effective date						Maturity date						Notional amount effective through December 31
															2025						2026						2027						2028						2029
2023						$	2,000,000					3.75%						6/30/2024						12/31/2025						$	1,250,000
2023						$	1,000,000					4.00%						6/30/2024						12/31/2025						$	750,000
2023						$	500,000					4.50%						6/30/2024						12/31/2026						$	500,000					$	500,000
2023						$	250,000					4.50%						12/31/2024						12/31/2025						$	250,000
2023						$	750,000					4.00%						12/31/2024						12/31/2026						$	750,000					$	500,000
2024						$	1,750,000					4.50%(1)						12/31/2025						12/31/2027												$	1,750,000					$	1,000,000
2024						$	750,000					4.00%(2)						12/31/2025						12/31/2027												$	750,000					$	500,000
2025						$	1,000,000					4.50%(3)						12/31/2026						12/31/2028																		$	1,000,000					$	750,000
2025						$	1,000,000					4.25%(4)						12/31/2026						12/31/2028																		$	1,000,000					$	1,000,000
2025						$	1,750,000					4.25%						12/31/2027						12/31/2028																								$	1,750,000
2025						$	1,000,000					4.50%						12/31/2028						12/31/2029																														$	1,000,000
Total notional coverage																														$	3,500,000					$	3,500,000					$	3,500,000					$	3,500,000					$	1,000,000
Weighted average strike rate																														4.02%						4.32%						4.46%						4.43%						4.50%

(1)Effective December 31, 2026, the maximum rate of 4.50% increases to 4.75% for these interest rate caps.

(2)Effective December 31, 2026, the maximum rate of 4.00% increases to 4.25% for these interest rate caps.

(3)Effective December 31, 2027, the maximum rate of 4.50% increases to 4.75% for these interest rate caps.

(4)Effective December 31, 2027, the maximum rate of 4.25% increases to 4.50% for these interest rate caps.

The following table summarizes the effects of the Company’s interest rate cap agreements for the years ended December 31, 2025, 2024 and 2023:

						Amount of unrealized (losses) gains in OCI on interest rate cap agreements																		Location in Consolidated Statements of Income						Reclassification from accumulated other comprehensive income into net income
						Year ended December 31,																					Year ended December 31,
Derivatives designated as cash flow hedges						2025						2024						2023									2025						2024						2023
Interest rate cap agreements						$	(28,407)					$	9,662					$	9,186					Debt expense						$	9,966					$	(58,175)					$	(103,567)
Related income tax						7,086						(2,412)						(2,291)						Related income tax						(2,486)						14,515						25,840
Total						$	(21,321)					$	7,250					$	6,895											$	7,480					$	(43,660)					$	(77,727)

F-29

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

The fair value of the Company's interest rate cap agreements, which are classified in other long-term assets on its consolidated balance sheet, were $11,593 and $30,062 for the years ended December 31, 2025 and December 31, 2024, respectively.

See Note 19 for further details on amounts recorded and reclassified from accumulated other comprehensive (loss) income and recorded as debt expense (offset) related to the Company’s interest rate cap agreements for the year ended December 31, 2025.

As a result of the variable rate cap from the Company's 2023 interest rate cap agreements, the Company’s weighted average effective interest rate on its senior secured credit facilities as of December 31, 2025 was 6.00%, based on the current margins in effect for its senior secured credit facilities as of December 31, 2025, as detailed in the table above.

The Company’s weighted average effective interest rate on all debt, including the effect of interest rate caps and amortization of debt discount, was 5.51% and 5.68% as of December 31, 2025 and December 31, 2024, respectively.

Debt expense

For the years ended December 31, 2025, 2024 and 2023, debt expense consisted of interest expense of $539,924, $435,203 and $373,951, as well as $40,002, $35,266 and $24,600, each respectively, from the amortization and accretion of debt discounts and premiums, amortization of deferred financing costs, expenses for the undrawn portion of the revolving line of credit and the amortization of interest rate cap agreements. These interest expense amounts are net of capitalized interest.

13. Leases

The Company leases substantially all of its dialysis facilities. The majority of the Company’s facilities are leased under non-cancellable operating leases. The Company's leases are generally subject to fixed escalation clauses or contain consumer price index increases. See Note 1 for further information on how the Company accounts for leases.

As of December 31, 2025 and December 31, 2024, assets recorded under finance leases were $291,850 and $309,363, respectively, and accumulated amortization associated with finance leases was $148,997 and $139,071, respectively, included in property and equipment, net, on the Company's consolidated balance sheet. Finance lease obligations are included in long-term debt. See Note 12 for further details on long-term debt.

In certain markets, the Company acquires and develops dialysis centers. Upon completion, the Company sells the center to a third party and leases the space back with the intent of operating the center on a long-term basis. Both the sale and leaseback terms are generally market terms. Substantially all of the lease terms are consistent with the Company's other leases with the majority of the leases under non-cancellable operating leases.

The components of lease expense were as follows:

						Year ended December 31,
Lease cost						2025						2024						2023
Operating lease cost(1):
Fixed lease expense						$	570,303					$	557,591					$	556,844
Variable lease expense						131,877						131,539						135,990
Finance lease cost:
Amortization of leased assets						26,596						28,262						26,964
Interest on lease liabilities						8,981						10,885						11,724
Net lease cost						$	737,757					$	728,277					$	731,522

(1)Includes short-term lease expense and sublease income, which are immaterial.

F-30

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Other information related to leases was as follows:

						Year ended December 31,
Lease term and discount rate						2025						2024						2023
Weighted average remaining lease term (years):
Operating leases						6.8						7.2						7.6
Finance leases						7.4						7.9						8.5
Weighted average discount rate:
Operating leases						4.3		%				4.1		%				4.0		%
Finance leases						4.4		%				4.6		%				4.6		%

						Year ended December 31,
Other information						2025						2024						2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases						$	724,637					$	719,339					$	708,162
Operating cash flows for finance leases						$	15,977					$	18,599					$	19,246
Financing cash flows for finance leases						$	29,377					$	29,592					$	26,455
Net operating lease assets obtained in exchange for new or modified operating lease liabilities						$	379,803					$	286,022					$	269,564

Future minimum lease payments as of December 31, 2025 are as follows:

						Operating leases						Finance leases
2026						$	527,905					$	34,621
2027						534,159						37,058
2028						468,263						33,639
2029						392,334						24,452
2030						310,800						18,643
Thereafter						767,612						65,472
Total future minimum lease payments						3,001,073						213,885
Less portion representing interest						(399,931)						(28,765)
Present value of lease liabilities						$	2,601,142					$	185,120

Rent expense under all operating leases for the years ended December 31, 2025, 2024 and 2023 was $702,180, $689,130 and $692,834, respectively. Rent expense is recorded on a straight-line basis over the term of the lease, including leases that contain fixed escalation clauses or include abatement provisions. Leasehold improvement incentives reduce the carrying value of right-of-use assets and are amortized to rent expense over the term of the lease.

14. Employee benefit plans

The Company has a 401(k) retirement savings plan for substantially all of its U.S. employees which has been established pursuant to applicable provisions of the Internal Revenue Code (IRC). The plan allows for employees to contribute a percentage of their base annual salaries on a tax-deferred basis not to exceed IRC limitations. The Company maintains a 401(k) matching program under which the Company matches 50% of the employee's contribution up to 6% of the employee's salary, subject to certain limitations. The matching contributions are subject to certain eligibility and vesting conditions. For the years ended December 31, 2025, 2024 and 2023, the Company incurred expense for matching contributions totaling approximately $80,784, $79,006 and $73,725, respectively.

The Company also maintains a voluntary compensation deferral plan, referred to as the Deferred Compensation Plan. The Deferred Compensation Plan is non-qualified and permits certain employees whose annualized base salary equals or exceeds a minimum annual threshold amount as set by the Company to elect to defer all or a portion of their annual bonus payment and up to 50% of their base salary into a deferral account maintained by the Company. Deferred amounts are generally paid out in cash at the participant’s election either in the first or second year following retirement or in a specified future period at least three to four years after the deferral election was effective. Participants are credited with their proportional amount of

F-31

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

annual earnings from the plans. The assets of these plans are held in rabbi trusts subject to the claims of the Company’s general creditors in the event of its bankruptcy. As of December 31, 2025 and 2024, the total fair value of assets held in these plans' trusts was $40,403 and $39,527, respectively. The assets of these plans are recorded at fair value with changes in fair value recorded in other loss, net. See Note 4 for further details. Any fair value changes to the corresponding liability balance are recorded as compensation expense.

15. Contingencies

The Company operates in a highly regulated industry and is a party to, or has the potential to be a party to, various lawsuits, demands, claims, qui tam suits, governmental investigations and audits (including, without limitation, investigations or other actions resulting from its obligation to self-report suspected violations of law) and other legal proceedings, including, without limitation, those described below. The Company records accruals for certain legal proceedings and regulatory matters to the extent that the Company determines an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. As of December 31, 2025 and 2024, each of the Company’s recorded accruals with respect to legal proceedings and regulatory matters were immaterial. While these accruals reflect the Company’s best estimate of the probable loss for those matters as of the dates of those accruals, the recorded amounts may differ materially from the actual amount of the losses for those matters, and any anticipated third party recoveries for any such losses may not ultimately be recoverable. Additionally, in some cases, no estimate of the possible loss or range of loss in excess of amounts accrued, if any, can be made because of the inherently unpredictable nature of legal proceedings and regulatory matters, which also may be impacted by various factors, including, without limitation, that they may involve indeterminate claims for monetary damages or may involve fines, penalties or non-monetary remedies; present novel legal theories or legal uncertainties; involve disputed facts; represent a shift in regulatory policy; are in the early stages of the proceedings; or may result in a change of business practices. Further, there may be various levels of judicial review available to the Company in connection with any such proceeding.

The following is a description of certain lawsuits, claims, governmental investigations and audits and other legal proceedings to which the Company is subject.

Certain Governmental Inquiries and Related Proceedings

2020 U.S. Attorney New Jersey Investigation: In March 2020, the U.S. Attorney’s Office, District of New Jersey served the Company with a subpoena and a Civil Investigative Demand (CID) relating to an investigation being conducted by that office and the U.S. Attorney’s Office, Eastern District of Pennsylvania. The subpoena and CID request information on several topics, including certain of the Company’s joint venture arrangements with physicians and physician groups, medical director agreements, and compliance with its five-year Corporate Integrity Agreement, the term of which expired October 22, 2019. In November 2022, the Company learned that, on April 1, 2022, the U.S. Attorney’s Office for the District of New Jersey notified the U.S. District Court for the District of New Jersey of its decision not to elect to intervene in the matter of U.S. ex rel. Doe v. DaVita Inc. and filed a Stipulation of Dismissal. On April 13, 2022, the U.S. District Court for the District of New Jersey dismissed the case without prejudice. On October 12, 2022, the U.S. Attorney’s Office for the Eastern District of Pennsylvania notified the U.S. District Court, Eastern District of Pennsylvania, of its decision not to elect to intervene at this time in the matter of U.S. ex rel. Bayne v. DaVita Inc., et al. The court then unsealed an amended complaint, which alleges violations of federal and state False Claims Acts, by order dated October 14, 2022. On November 8, 2023, the private party relator filed a fourth amended complaint. On November 29, 2023, the Company filed a motion to dismiss the fourth amended complaint. On April 29, 2025, the Court denied the Company’s motion to dismiss. On July 21, 2025, the Company answered the complaint. The Company disputes the allegations in the complaint and intends to defend this action accordingly.

2020 California Department of Insurance Investigation: In April 2020, the California Department of Insurance (CDI) sent the Company an Investigative Subpoena relating to an investigation being conducted by that office. CDI issued a superseding subpoena in September 2020 and an additional subpoena in September 2021. Those subpoenas request information on a number of topics, including but not limited to the Company’s communications with patients about insurance plans and financial assistance from the American Kidney Fund (AKF), analyses of the potential impact of patients’ decisions to change insurance providers, and documents relating to donations or contributions to the AKF. The Company is continuing to cooperate with CDI in this investigation.

2023 District of Columbia Office of Attorney General Investigation: In January 2023, the Office of the Attorney General for the District of Columbia issued a CID to the Company in connection with an antitrust investigation into the AKF. The CID covers the period from January 1, 2016 to the present. The CID requests information on a number of topics, including but not limited to the Company’s communications with the AKF, documents relating to donations to the AKF, and communications with patients, providers, and insurers regarding the AKF. The Company is cooperating with the government in this investigation.

F-32

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

2024 Federal Trade Commission Investigation: In April 2024, the Company received from the Federal Trade Commission (FTC) two CIDs in connection with an industry investigation under Section 5 of the Federal Trade Commission Act regarding the acquisition of medical director services and provision of dialysis services. The CIDs cover the period from January 1, 2016 to the present and generally seek information relating to restrictive covenants, such as non-competes, with physicians. The Company is cooperating with the government in this investigation.

---

Although the Company cannot predict whether or when proceedings might be initiated or when these matters may be resolved (other than as may be described above), it is not unusual for inquiries such as these to continue for a considerable period of time through the various phases of document and witness requests and ongoing discussions with regulators and to develop over the course of time. In addition to the inquiries and proceedings specifically identified above, the Company frequently is subject to other inquiries by state or federal government agencies. Negative findings or terms and conditions that the Company might agree to accept could result in, among other things, substantial financial penalties or awards against the Company, substantial payments made by the Company, harm to the Company’s reputation, required changes to the Company’s business practices, an impact on the Company's various relationships and/or contracts related to the Company's business, exclusion from future participation in the Medicare, Medicaid and other federal health care programs and, if criminal proceedings were initiated against the Company, members of its board of directors or management, possible criminal penalties, any of which could have a material adverse effect on the Company.

Other Proceedings

2021 Antitrust Indictment and Putative Class Action Suit: On July 14, 2021, an indictment was returned by a grand jury in the U.S. District Court, District of Colorado against the Company and its former chief executive officer in the matter of U.S. v. DaVita Inc., et al. alleging that purported agreements entered into by DaVita's former chief executive officer not to solicit senior-level employees violated Section 1 of the Sherman Act. On April 15, 2022, a jury returned a verdict in the Company’s favor, acquitting both the Company and its former chief executive officer on all counts. On April 20, 2022, the court entered judgments of acquittal and closed the case. On August 9, 2021, DaVita Inc. and its former chief executive officer were added as defendants in a consolidated putative class action complaint in the matter of In re Outpatient Medical Center Employee Antitrust Litigation in the U.S. District Court, Northern District of Illinois. This class action complaint asserts that the defendants violated Section 1 of the Sherman Act and seeks to bring an action on behalf of certain groups of individuals employed by the Company. On October 27, 2024, the plaintiffs filed a Third Amended Complaint, seeking to bring an action on behalf of certain groups of individuals employed by the Company between March 2008 and January 2021, to which the Company responded on December 20, 2024. On September 15, 2025, the plaintiffs filed a motion to certify the class. The Company disputes the allegations in the class action complaint and the motion to certify the class, as well as the asserted violations of the Sherman Act, and intends to defend this action accordingly.

Additionally, from time to time the Company is subject to other lawsuits, demands, claims, governmental investigations and audits and legal proceedings that arise due to the nature of its business, including, without limitation, contractual disputes, such as with payors, suppliers and others, employee-related matters and professional and general liability claims. From time to time, the Company also initiates litigation or other legal proceedings as a plaintiff arising out of contracts or other matters.

---

The Company cannot predict the ultimate outcomes of the various legal proceedings and regulatory matters to which the Company is or may be subject from time to time, including those described in this Note 15, or the timing of their resolution or the ultimate losses or impact of developments in those matters, which could have a material adverse effect on the Company’s revenues, earnings and cash flows. Further, any legal proceedings or regulatory matters involving the Company, whether meritorious or not, are time consuming, and often require management’s attention and result in significant legal expense, and may result in the diversion of significant operational resources, may impact the Company's various relationships and/or contracts related to the Company's business or otherwise harm the Company’s business, results of operations, financial condition, cash flows or reputation.

16. Noncontrolling interests subject to put provisions and other commitments

Noncontrolling interests subject to put provisions

The Company has potential obligations to purchase the equity interests held by third parties in many of its majority-owned dialysis partnerships and other nonconsolidated entities. These noncontrolling interests subject to put provisions

F-33

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

constitute redeemable equity interests and are therefore classified as temporary equity and carried at estimated fair value on the Company's balance sheet.

Specifically, these obligations are in the form of put provisions that are exercisable at the third-party owners’ discretion within specified periods outlined in each specific put provision. If these put provisions were exercised, the Company would be required to purchase the third-party owners’ equity interests, generally at the appraised fair market value of the equity interests or in certain cases at a predetermined multiple of earnings or cash flows attributable to the equity interests put to the Company, intended to approximate fair value. The methodology the Company uses to estimate the fair values of noncontrolling interests subject to put provisions assumes the higher of either a liquidation value of net assets or an average multiple of earnings, based on historical earnings, patient mix and other performance indicators that can affect future results, as well as other factors. The estimated fair values of noncontrolling interests subject to put provisions are a critical accounting estimate that involves significant judgments and assumptions and may not be indicative of the actual values at which the noncontrolling interests may ultimately be settled, which could vary significantly from the Company’s current estimates. The estimated fair values of noncontrolling interests subject to put provisions can fluctuate and the implicit multiple of earnings at which these noncontrolling interests obligations may be settled will vary significantly depending upon market conditions including potential purchasers’ access to the capital markets, which can impact the level of competition for dialysis and non-dialysis related businesses, the economic performance of these businesses and the restricted marketability of the third-party owners’ equity interests. The amount of noncontrolling interests subject to put provisions that employ a contractually predetermined multiple of earnings rather than fair value is immaterial.

Certain consolidated dialysis partnerships are originally contractually scheduled to dissolve after terms ranging from ten years to 50 years. While noncontrolling interests in these limited life entities qualify as mandatorily redeemable financial instruments, they are subject to a classification and measurement scope exception from the accounting guidance generally applicable to other mandatorily redeemable financial instruments. Future distributions upon dissolution of these entities would be valued below the related noncontrolling interest carrying balances in the consolidated balance sheet.

Other commitments

The Company has outstanding purchase agreements with various suppliers for multi-year contracts or to purchase set amounts of dialysis equipment, parts, pharmaceuticals, supplies and technology services. As of December 31, 2025, the remaining minimum commitments under these arrangements were approximately $961,093, $956,214, $752,556, $577,282 and $445,945 for the years 2026, 2027, 2028, 2029 and 2030, respectively. If the Company fails to meet the minimum purchase commitments under certain contracts during any year, it is required to pay the difference to the supplier.

The Company also has certain potential commitments to provide working capital funding, if necessary, to certain nonconsolidated dialysis businesses that the Company manages and in which the Company owns a noncontrolling equity interest or which are wholly-owned by third parties of approximately $8,158.

Additionally, the Company has agreed to future investments in particular equity method and other investments of $12,986 as of December 31, 2025, if certain milestones are achieved or funding calls are made, as applicable.

Subsequent to December 31, 2025, the Company signed a definitive agreement to acquire a noncontrolling minority interest in Elara Caring, a leading national provider of skilled home health, hospice, behavioral health, and personal care services for approximately $200,000. The closing of the transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to occur later in 2026.

Other than the letters of credit disclosed in Note 12 to these consolidated financial statements, and the arrangements as described above, the Company has no off balance sheet financing arrangements as of December 31, 2025.

17. Stock-based compensation

Stock-based compensation consists primarily of stock-settled stock appreciation rights, restricted stock units and performance stock units. Stock-based compensation, which is primarily general and administrative in nature, is attributed to the Company’s U.S. dialysis business, its corporate administrative support, and its ancillary services. See Note 1 "Organization and summary of significant accounting policies" for more information on how the Company measures and recognizes stock-based compensation expense.

F-34

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Long-term incentive compensation plans

The DaVita Inc. 2020 Incentive Award Plan (the 2020 Plan) is the Company’s current omnibus equity compensation plan and provides for grants of stock-based awards to employees, directors and other individuals providing services to the Company, except that incentive stock options may only be awarded to employees. The 2020 Plan provides for the grant of stock appreciation rights, nonqualified stock options, incentive stock options, restricted stock units, restricted stock, performance stock awards, dividend equivalents, stock payments, deferred stock unit awards, deferred stock awards and performance cash awards. The 2020 Plan mandates a maximum award term of 10 years for stock appreciation rights and stock options and stipulates that awards of these types be granted with a base or exercise price per share of not less than the fair market value of the Company's common stock on the date of grant. Shares available under the 2020 Plan are stated on a full value share basis. The 2020 Plan therefore provides that shares available for issuance under the plan are reduced by one share available for every four shares underlying stock appreciation rights and stock options, and are reduced by one share available for every one share underlying stock-based awards other than stock appreciation rights and stock options. At December 31, 2025, there were 4,334 shares available for future grants under the 2020 Plan. The Company’s stock awards granted under the 2020 Plan generally vest over 36 months to 48 months from the date of grant.

A summary of the status of the Company’s stock-settled awards, including base shares for stock-settled stock appreciation rights (SSARs) and stock-settled stock unit awards is as follows:

			Year ended December 31, 2025
			Stock appreciation rights																		Stock units
			Awards						Weighted average exercise price						Weighted average remaining contractual life						Awards						Weighted average remaining contractual life
Outstanding at beginning of year			268						$	108.02											3,146
Granted			96						$	143.45											799
Added by performance factor																					6
Exercised/Vested			(20)						$	85.65											(710)
Canceled			—						$	—											(246)
Outstanding at end of period			344						$	119.18					1.69						2,995						1.74
Exercisable at end of period			183						$	109.53					0.56						—						—
Weighted-average fair value of grants:
2025			$	51.82																	$	144.10
2024																					$	142.36
2023																					$	77.61

						Awards Outstanding						Weighted average exercise price						Awards exercisable						Weighted average exercise price
Range of SSARs base prices
$100.01–$110.00						118						$	108.93					118						$	108.93
$110.01–$120.00						130						$	110.63					65						$	110.63
$140.01–$150.00						96						$	143.45					—
Total						344						$	119.18					183						$	109.53

For the years ended December 31, 2025, 2024 and 2023, the aggregate intrinsic value of stock-based awards exercised was $104,336, $323,681 and $168,500, respectively. At December 31, 2025, the aggregate intrinsic value of stock-based awards outstanding was $346,281 and the aggregate intrinsic value of stock awards exercisable was $747.

Estimated fair value of stock-based compensation awards

The Company has estimated the grant-date fair value of stock-settled stock appreciation rights awards using the Black-Scholes-Merton valuation model and stock-settled stock unit awards at intrinsic value on the date of grant, except for portions of the Company’s performance stock unit awards for which a Monte Carlo simulation was used to estimate the grant-date fair value. The following assumptions were used in estimating these values and determining the related stock-based compensation expense attributable to the current period:

F-35

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Expected term of the awards: The expected term of awards granted represents the period of time that they are expected to remain outstanding from the date of grant. The Company determines the expected term of its stock awards based on its historical experience with similar awards, considering the Company’s historical exercise and post-vesting termination patterns.

Expected volatility: Expected volatility represents the volatility anticipated over the expected term of the award. The Company determines the expected volatility for its awards based on the volatility of the price of its common stock over the most recent retrospective period commensurate with the expected term of the award, considering the volatilities expected by peer companies in near industries.

Expected dividend yield: The Company has not paid dividends on its common stock and does not currently expect to pay dividends during the term of stock awards granted.

Risk-free interest rate: The Company bases the expected risk-free interest rate on the implied yield currently available on stripped interest coupons of U.S. Treasury issues with a remaining term equivalent to the expected term of the award.

No SSAR awards were granted during the years ended December 31, 2024 or 2023. A summary of the weighted average valuation inputs described above used for estimating the grant-date fair value of SSAR awards granted during the year end December 31, 2025 were as follows:

Expected term			4.8
Expected volatility			34.3		%
Expected dividend yield			—		%
Risk-free interest rate			4.0		%

The Company estimates expected forfeitures based upon historical experience with separate groups of employees that have exhibited similar forfeiture behavior in the past. Stock-based compensation expense is recorded only for awards that are expected to vest.

Employee stock purchase plan

The Employee Stock Purchase Plan entitles qualifying employees to purchase up to $25 of the Company’s common stock during each calendar year. The amounts used to purchase stock are accumulated through payroll withholdings or through optional lump sum payments made in advance of the first day of the purchase right period. This compensatory plan allows employees to purchase stock for the lesser of 100% of its fair market value on the first day of the purchase right period or 85% of its fair market value on the last day of the purchase right period. Purchase right periods begin on January 1 and July 1, and end on December 31. Contributions used to purchase the Company’s common stock under this plan for the 2025, 2024 and 2023 purchase periods were $21,482, $20,441 and $18,213, respectively. Shares purchased pursuant to the plan’s 2025, 2024 and 2023 purchase periods were 222, 184 and 231, respectively. At December 31, 2025, there were 5,064 shares remaining available for future grants under this plan.

The fair value of participants’ purchase rights was estimated as of the beginning dates of the purchase right periods using the Black-Scholes-Merton valuation model with the following weighted average assumptions for purchase right periods in 2025, 2024 and 2023, respectively: expected volatility of 30.5%, 32.6% and 41.3%; risk-free interest rates of 4.1%, 4.8% and 4.9%; and no dividends. Using these assumptions, the weighted average estimated per share fair value of each purchase right was $40.24, $31.78 and $25.25 for 2025, 2024 and 2023, respectively.

Stock-based compensation expense and proceeds

For the years ended December 31, 2025, 2024 and 2023, the Company recognized $139,953, $102,788 and $112,375 in stock-based compensation expense for stock appreciation rights, stock units and discounted employee stock purchase plan purchases, which are primarily included in general and administrative expenses. The estimated tax benefits recorded for stock-based compensation in 2025, 2024 and 2023 were $16,542, $16,398 and $16,536, respectively. As of December 31, 2025, there was $124,984 of total estimated but unrecognized stock-based compensation expense under the Company’s equity compensation plans. The Company expects to recognize this expense over a weighted average remaining period of 1.3 years.

For the years ended December 31, 2025, 2024 and 2023, the Company received $21,715, $27,531 and $25,629, respectively, in actual tax benefits upon the exercise or vesting of stock awards. Since the Company issues stock-settled stock appreciation rights rather than stock options, there were no cash proceeds from stock option exercises.

F-36

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

18. Shareholders’ equity

Stock repurchases

The following table summarizes the Company's repurchases of its common stock during the years ended December 31, 2025, 2024 and 2023:

			2025																		2024																		2023
			Shares repurchased						Amount paid**(1)**						Average price**(2)**						Shares repurchased						Amount paid**(1)**						Average price**(2)**						Shares repurchased						Amount paid**(1)**						Average price**(2)**
Open market			9,292						$	1,303,737					$	138.98					9,833						$	1,389,072					$	140.06					2,904						$	285,710					$	97.82
Berkshire			3,387						484,633						$	143.11					—						—						$	—					—						—						$	—
			12,679						$	1,788,370					$	140.09					9,833						$	1,389,072					$	140.06					2,904						$	285,710					$	97.82

(1)Includes commissions and applicable excise tax. The excise tax is recorded as part of the cost basis of treasury shares repurchased and, as such, is included in stockholders’ equity.

(2)Average price paid per share excludes commissions and excise tax.

The Company repurchased 1,773 shares of its common stock for $216,581 at an average price paid of $122.08 per share subsequent to December 31, 2025 through February 6, 2026, inclusive of the shares repurchased from Berkshire Hathaway Inc. as discussed below.

As of September 5, 2024, the Company's board of directors (the Board) authorized a share repurchase plan of $2,000,000. Effective August 21, 2025, the Board increased the authorization under the existing share repurchase plan by $2,000,000 in additional repurchase authority. 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 6, 2026, the Company has a total of $1,941,688, excluding excise taxes, available under the current authorization for additional share repurchases. Although this share repurchase authorization does not have an expiration date, the Company remains subject to share repurchase limitations, including under the terms of its senior secured credit facilities.

The Company retired all shares held in its treasury effective as of December 31, 2025.

Berkshire share repurchase agreement

On April 30, 2024, the Company entered into an agreement (the share repurchase agreement) with Berkshire Hathaway Inc. on behalf of itself and its affiliates (collectively, Berkshire). Under the share repurchase agreement, at any time Berkshire beneficially owns at least 45.0% of the issued and outstanding common stock of the Company in the aggregate, the Company will repurchase from Berkshire, and Berkshire will sell to the Company, on a quarterly basis, a number of shares of common stock sufficient to return Berkshire’s aggregate beneficial ownership to 45.0% of the Company's issued and outstanding common stock. The per share price the Company will pay Berkshire for any such share repurchase will be the volume-weighted average price per share paid by the Company for any shares of common stock repurchased by the Company from public stockholders pursuant to the Company’s share repurchase program during the applicable repurchase period.

Under this agreement, repurchases of common stock by the Company from Berkshire will occur on the date that is two business days prior to the date of the Company’s regular quarterly or annual investor call to publicly report earnings; however, if at any time the Company determines that Berkshire beneficially owns or will beneficially own shares of common stock representing more than 49.5% of the issued and outstanding common stock in the aggregate, such determination will trigger immediate share repurchases under this agreement.

Pursuant to the April 30, 2024 share repurchase agreement with Berkshire Hathaway Inc. on behalf of itself and its affiliates, the Company had a repurchase obligation at December 31, 2025 to purchase shares from Berkshire for $199,940 in the aggregate, recorded as a payable and classified as due to related party on the Company's consolidated balance sheet. On January 29, 2026, the Company settled the Berkshire repurchase obligation in total for 1,658 shares of common stock for $199,940, at an average price paid of $120.56 per share.

F-37

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Berkshire standstill agreement

Berkshire remains subject to a standstill agreement with the Company, as amended and restated as of February 9, 2022 (the standstill agreement). The standstill agreement currently restricts Berkshire’s actions with respect to acquiring additional shares of the Company’s common stock, and for any matter presented to Company stockholders, the standstill agreement requires Berkshire to vote any shares it beneficially holds in excess of 40% of the then-outstanding voting stock of the Company in accordance with the recommendation of the Board of Directors of the Company (Board). The standstill agreement also restricts Berkshire from taking certain actions, including, among other things, actions relating to stockholder proposals and actions seeking to control or influence the Board, management or policies of the Company. The standstill agreement provisions vary depending on Berkshire’s ownership levels and in the event of certain specified leadership changes at Berkshire.

The standstill agreement may be terminated by Berkshire at any time it ceases to beneficially own more than 15% of the Company's then-outstanding common stock, and terminates automatically if the Company enters into or publicly announces a plan to enter into a definitive agreement concerning a transaction involving all or a controlling portion of the Company's equity securities or all, or substantially all, of the Company's assets.

Charter documents & Delaware law

The Company’s charter documents include provisions that may deter hostile takeovers, delay or prevent changes of control or changes in management, or limit the ability of stockholders to approve transactions that they may otherwise determine to be in their best interests. These include provisions prohibiting stockholders from acting by written consent, requiring 90 days advance notice for director nominations and stockholder proposals and granting the Company's Board of Directors the authority to issue up to 5,000 shares of preferred stock and to determine the rights and preferences of the preferred stock without the need for further stockholder approval.

The Company is also subject to Section 203 of the Delaware General Corporation Law which, subject to exceptions, prohibits the Company from engaging in any business combinations with any interested stockholder, as defined in that section, for a period of three years following the date on which that stockholder became an interested stockholder. The provisions described above may discourage, delay or prevent an acquisition of the Company at a price that stockholders may find attractive.

F-38

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

19. Accumulated other comprehensive loss

Charges and credits to other comprehensive (loss) income have been as follows:

			Interest rate cap agreements**(1)**						Defined benefit plans												Foreign currency translation adjustments						Accumulated other comprehensive (loss) income
Balance at December 31, 2022			$	98,685					$	—											$	(167,871)					$	(69,186)
Unrealized gains			9,186						—												89,055						98,241
Related income tax			(2,291)						—												(1,121)						(3,412)
			6,895						—												87,934						94,829
Reclassification of income into net income			(103,567)						—												—						(103,567)
Related income tax			25,840						—												—						25,840
			(77,727)						—												—						(77,727)
Balance at December 31, 2023			$	27,853					$	—											$	(79,937)					$	(52,084)
Unrealized gains (losses)			9,662						46												(207,906)						(198,198)
Related income tax			(2,412)						—												45						(2,367)
			7,250						46												(207,861)						(200,565)
Reclassification of income into net income			(58,175)						—												(15,252)						(73,427)
Related income tax			14,515						—												765						15,280
			(43,660)						—												(14,487)						(58,147)
Balance at December 31, 2024			$	(8,557)					$	46											$	(302,285)					$	(310,796)
Unrealized (losses) gains			(28,407)						(46)												200,230						171,777
Related income tax			7,086						—												1,670						8,756
			(21,321)						(46)												201,900						180,533
Reclassification of loss into net income			9,966						—												—						9,966
Related income tax			(2,486)						—												—						(2,486)
			7,480						—												—						7,480
Balance at December 31, 2025			$	(22,398)					$	—											$	(100,385)					$	(122,783)

(1)The reclassification of net interest rate cap realized losses into income are recorded as debt expense in the corresponding consolidated statements of income. See Note 12 for further details.

20. Acquisitions

International and routine acquisitions

Effective August 1, 2025, the Company acquired the dialysis operations of Fresenius Medical Care AG and its affiliates in Brazil for initial aggregate consideration paid of $94,282. During 2025, 2024 and 2023, the Company also acquired other dialysis and related businesses, none of which were individually material except for the 2024 acquisition of DaVita Care Pte. Ltd. (DVC) discussed below.

As part of these other international and routine transactions in 2024 (excluding DVC), the Company acquired a controlling interest in a previously nonconsolidated U.S. dialysis partnership for which it recognized a non-cash gain of $35,147 on its prior investment upon consolidation. The Company estimated the fair value of its previously held equity interest in this business using an appraisal developed with an independent third party valuation firm.

F-39

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Aggregate consideration – all acquisitions (including DVC)

Aggregate consideration for all acquisitions (including the DVC acquisition in 2024) has been as follows:

			Year ended December 31,
			2025						2024						2023
Cash paid			$	128,334					$	329,187					$	27,648
Contingent purchase price adjustments and liabilities assumed			(2,995)						50,384						19,801
Fair value of previously held equity interests			10,302						182,270						—
Aggregate consideration			$	135,641					$	561,841					$	47,449
Number of dialysis centers acquired — U.S.			3						12						—
Number of dialysis centers acquired — International			62						198						12

Purchase price allocations — all acquisitions (including DVC)

The assets and liabilities for these acquisitions were recorded at their estimated fair values at the dates of the acquisitions and are included in the Company’s consolidated financial statements, as are their operating results, from the designated effective dates of the acquisitions.

The initial purchase price allocations for these transactions have been recorded at estimated fair values based on information available to management and will be finalized when certain information arranged to be obtained has been received. For several of the 2025 acquisitions, certain income tax amounts are pending final evaluation and quantification of any pre-acquisition tax contingencies. In addition, valuation of contingent earn-outs, intangibles, fixed assets, and certain working capital items relating to several of these acquisitions are pending final quantification.

The following table summarizes the assets acquired and liabilities assumed in these transactions and recognized at their acquisition dates at estimated fair values, as well as the estimated fair value of noncontrolling interests assumed in these transactions:

			Year ended December 31,
			2025						2024						2023
Cash			$	10,866					$	83,119					$	1,254
Other current assets			43,982						249,738						6,128
Property and equipment			22,350						94,951						4,130
Right-of-use lease assets and other long-term assets			44,359						97,591						785
Indefinite-lived licenses			9,953						22,725						15,789
Goodwill			71,684						349,069						25,723
Liabilities assumed			(63,258)						(201,704)						(6,179)
Noncontrolling interests assumed			(4,295)						(133,648)						(181)
			$	135,641					$	561,841					$	47,449

The amount of goodwill related to these acquisitions recognized or adjusted in 2025, 2024 and 2023 that is deductible for local tax purposes was $10,339, $54,810 and $17,836, respectively.

Acquisition of DaVita Care Pte. Ltd.

Effective November 1, 2024, the Company acquired control of DVC, previously referred to as the Company's Asia Pacific joint venture (APAC JV), through a change in control rights for no cash consideration. The purchase consideration, assets acquired and liabilities assumed for DVC, as detailed below, are included within the "Aggregate consideration — all acquisitions (including DVC)" and "Purchase price allocations — all acquisitions (including DVC)" tables presented above for the year ended December 31, 2024.

In connection with this acquisition, the Company recognized a non-cash gain of $59,067 on its previously held equity interests in the acquiree and realized a related foreign currency gain of $15,252 from foreign currency translation adjustments on this investment which were previously classified in accumulated other comprehensive loss. The Company estimated the fair value of its previously held equity interests of $114,744 using appraisals developed with an independent third party valuation firm.

F-40

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

The following table summarizes the assets acquired and liabilities assumed in this transaction and recognized at the acquisition date at estimated fair values, as well as the estimated fair value of noncontrolling interests assumed in this transaction:

			As of November 1, 2024
Cash			$	34,818
Other current assets			44,810
Property and equipment			22,651
Other long-term assets			37,682
Indefinite-lived licenses			15,114
Goodwill			127,207
Liabilities assumed			(54,708)
Noncontrolling interests assumed			(112,830)
			$	114,744

Pro forma financial information (unaudited)

The following summary, prepared on a pro forma basis, combines the results of operations from continuing operations as if all acquisitions in 2025 and 2024 had been consummated as of the beginning of 2024, including the impact of certain adjustments such as amortization of intangibles, interest expense on acquisition financing and income tax effects.

			Year ended December 31,
			2025						2024
			(unaudited)
Pro forma total revenues			$	13,723,047					$	13,207,237
Pro forma net income from continuing operations attributable to DaVita Inc.			$	727,213					$	969,664
Pro forma basic net income per share from continuing operations attributable to DaVita Inc.			$	9.80					$	11.41
Pro forma diluted net income per share from continuing operations attributable to DaVita Inc.			$	9.58					$	11.11

21. Discontinued operations previously held for sale

DaVita Medical Group (DMG)

On June 19, 2019, the Company completed the sale of its prior DMG business to Optum. Under the equity purchase agreement with Optum, DaVita remained liable to Optum for certain contingent obligations of the DMG business for periods prior to the sale. The indemnification notice period for these obligations expired during the fourth quarter for 2025, at which point the Company's remaining $25,000 recognized liability for these contingent obligations was extinguished and released.

The Company recognized no DMG operating, financing or investing cash flows for the years ended December 31, 2025, 2024 and 2023.

22. Variable interest entities

The Company manages or maintains an ownership interest in certain legal entities subject to the consolidation guidance applicable to variable interest entities (VIEs). Almost all of the VIEs the Company consolidates are either U.S. dialysis partnerships encumbered by guaranteed debt, U.S. dialysis limited partnerships, U.S. integrated kidney care subsidiaries, non-U.S. subsidiaries that are structurally dependent on subordinated debt, or other legal entities subject to nominee ownership arrangements.

Under U.S. GAAP, VIEs typically include entities for which (i) the entity’s equity is not sufficient to finance its activities without additional subordinated financial support; (ii) the equity holders as a group lack the power to direct the activities that most significantly influence the entity’s economic performance, the obligation to absorb the entity’s expected losses, or the right to receive the entity’s expected returns; or (iii) the voting rights of some investors are not proportional to their obligations to absorb the entity’s losses.

F-41

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

The substantial majority of VIEs the Company is associated with are U.S. dialysis partnerships which the Company manages and in which it maintains a controlling majority ownership interest. These U.S. dialysis partnerships are considered VIEs either because they are (i) encumbered by debt guaranteed proportionately by the partners that is considered necessary to finance the partnership's activities, or (ii) in the form of limited partnerships for which the limited partners are not considered to have substantive kick-out or participating rights. The Company consolidates virtually all such U.S. dialysis partnerships.

Also, certain wholly-owned entities employed in the Company's integrated kidney care business constitute VIEs since by design these entities require additional subordinated financial support. The Company believes it has the most power over these entities' most significant activities and the Company is fully exposed to all or almost all of their expected losses. The Company therefore consolidates these wholly-owned entities as its subsidiaries.

Finally, some of the Company's business units rely on the operating activities of certain nominee-owned legal entities in which it does not maintain a controlling ownership interest but over which it has indirect influence and of which it is considered the primary beneficiary. These entities are subject to transfer restriction, management and other agreements that effectively transfer substantial ultimate powers over, and economic responsibility for, these entities to the Company. The Company consolidates all of the nominee-owned entities with which it is most closely associated.

In addition to the consolidated entities described above, the Company maintains minor equity method or other venture capital investments in certain development-stage investees which qualify as VIEs based on their capitalization. For nearly all of these investees, the Company has concluded that it is not the primary beneficiary.

For the VIEs described above, these consolidated financial statements include total assets of $640,481 and total liabilities and noncontrolling interests to third parties of $215,650 at December 31, 2025.

The Company also sponsors certain non-qualified deferred compensation plans whose trusts qualify as VIEs and the Company consolidates these plans as their primary beneficiary. The assets of these plans are recorded in short-term or long-term investments with related liabilities recorded in accrued compensation and benefits and other long-term liabilities. See Notes 4 and 14 for disclosures concerning the assets of these consolidated non-qualified deferred compensation plans.

23. Fair values of financial instruments

The Company measures the fair value of certain assets, liabilities, and noncontrolling interests subject to put provisions (redeemable equity interests classified as temporary equity) based upon certain valuation techniques that include observable or unobservable inputs and assumptions that market participants would use in pricing these assets, liabilities, temporary equity and commitments. The Company has also classified assets, liabilities and temporary equity that are measured at fair value on a recurring basis into the appropriate fair value hierarchy levels as defined by the FASB.

F-42

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

The following table summarizes the Company’s assets, liabilities and temporary equity measured at fair value on a recurring basis as of December 31, 2025 and 2024:

December 31, 2025			Total						Quoted prices in active markets for identical assets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
Assets
Investments in equity securities			$	40,949					$	40,949
Interest rate cap agreements			$	11,593											$	11,593
Liabilities
Contingent earn-out obligations for acquisitions			$	9,495																	$	9,495
Temporary equity
Noncontrolling interests subject to put provisions			$	1,532,166																	$	1,532,166
December 31, 2024
Assets
Investments in equity securities			$	40,566					$	40,566
Interest rate cap agreements			$	30,062											$	30,062
Liabilities
Contingent earn-out obligations for acquisitions			$	13,542																	$	13,542
Temporary equity
Noncontrolling interests subject to put provisions			$	1,695,483																	$	1,695,483

Investments in equity securities represent investments in various open-ended registered investment companies (mutual funds) and common stocks and are recorded at fair value estimated based on reported market prices or redemption prices, as applicable. See Note 4 for further discussion.

Interest rate cap agreements are recorded at fair value estimated from valuation models utilizing the income approach and commonly accepted valuation techniques that use inputs from closing prices for similar assets and liabilities in active markets as well as other relevant observable market inputs at quoted intervals such as current interest rates, forward yield curves, implied volatility and credit default swap pricing. The Company does not believe the ultimate amount that could be realized upon settlement of these interest rate cap agreements would be materially different from the fair value estimates currently reported. See Note 12 for further discussion.

As of December 31, 2025, the Company had contingent earn-out obligations associated with business acquisitions that could result in the Company paying the former owners a total of up to approximately $19,966 if certain performance targets or quality margins are met over the next one year to five years. The estimated fair value measurements of these contingent earn-out obligations are primarily based on unobservable inputs, including projected earnings before interest, taxes, depreciation, and amortization (EBITDA), revenue and key performance indicators. The estimated fair value of these contingent earn-out obligations is remeasured as of each reporting date and could fluctuate based upon any significant changes in key assumptions, such as changes in the Company credit risk adjusted rate that is used to discount obligations to present value.

The estimated fair value of noncontrolling interests subject to put provisions is based principally on the higher of either estimated liquidation value of net assets or a multiple of earnings for each subject dialysis partnership, based on historical earnings, revenue mix, and other performance indicators that can affect future results. The multiples used for these valuations are derived from observed ownership transactions for dialysis businesses between unrelated parties in the U.S. in recent years, and the specific valuation multiple applied to each dialysis partnership is principally determined by its recent and expected revenue mix and contribution margin. As of December 31, 2025, an increase or decrease in the weighted average multiple used in these valuations of one times EBITDA would change the estimated fair value of these noncontrolling interests by approximately $220,000. See Note 16 for a discussion of the Company’s methodology for estimating the fair values of noncontrolling interests subject to put obligations and the reconciliation of changes on the consolidated statements of equity.

The Company's fair value estimates for its senior secured credit facilities are based upon quoted bid and ask prices for these instruments, a level 2 input. For the Company's senior notes, fair value estimates are based on level 1 market inputs. See Note 12 for further discussion of the Company's debt.

F-43

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Other financial instruments consist primarily of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable, other accrued liabilities, lease liabilities and debt. The balances of financial instruments other than debt and lease liabilities are presented in the consolidated financial statements at December 31, 2025 and 2024 at their approximate fair values due to the short-term nature of their settlements.

24. Segment reporting

The Company's operating divisions are composed of its U.S. dialysis and related lab services business (its U.S. dialysis business), its U.S. integrated kidney care business, its U.S. other ancillary services and its international operations (collectively, its ancillary services), as well as its corporate administrative support functions. See Note 1 "Organization" for a summary description of the Company's businesses.

The Company’s operating segments have been defined based on the separate financial information that is regularly produced and reviewed by the Company’s chief operating decision maker in making decisions about allocating resources to and assessing the financial performance of the Company’s various operating lines of business. The chief operating decision maker for the Company is its Chief Executive Officer.

The Company’s separate operating segments include its U.S. dialysis and related lab services business, its U.S. integrated kidney care business, its U.S. other ancillary services, and its operations in each foreign sovereign jurisdiction. The U.S. dialysis and related lab services business qualifies as a separately reportable segment, and all other operating segments have been combined and disclosed in the other segments category.

The Company’s operating segment financial information included in this report is prepared on the internal management reporting basis that the chief operating decision maker uses to assess the financial performance of and allocate resources among the Company's operating segments. For internal management reporting, segment operations include direct segment operating expenses but generally exclude corporate administrative support costs, which consist primarily of indirect labor, benefits and long-term incentive compensation expenses of certain departments which provide support to more than one of the Company’s various operating lines of business. The chief operating decision maker uses segment operating margin to assess segment profitability and resource allocation. The chief operating decision maker does not review total assets by segment to make decisions regarding resources; therefore, the total assets by segment disclosure has not been included.

F-44

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

The following is a summary of segment revenues, segment operating margin, and a reconciliation of segment operating margin to consolidated income from continuing operations before income taxes:

			Year ended December 31,
			2025						2024						2023
Segment revenues:
U.S. dialysis
Patient service revenues:
External sources			$	11,707,376					$	11,294,614					$	10,823,525
Intersegment revenues			60,958						71,747						88,222
U.S. dialysis patient service revenues			11,768,334						11,366,361						10,911,747
Other revenues
External sources			24,610						24,356						25,251
Total U.S. dialysis revenues			11,792,944						11,390,717						10,936,998
Other - Ancillary services
Patient service revenues			1,299,810						965,761						751,416
Other external sources			611,273						530,819						539,955
Intersegment revenues			11,203						13,910						7,852
Total ancillary services			1,922,286						1,510,490						1,299,223
Total net segment revenues			13,715,230						12,901,207						12,236,221
Elimination of intersegment revenues			(72,161)						(85,657)						(96,074)
Consolidated revenues			$	13,643,069					$	12,815,550					$	12,140,147
Significant segment expenses:
U.S. dialysis
Patient care costs			$	7,854,234					$	7,497,576					$	7,394,640
General and administrative			1,253,298						1,173,990						1,102,072
Depreciation and amortization			633,396						661,181						695,674
Other segment items(1)			(32,217)						(63,037)						(29,966)
U.S. dialysis segment expenses			9,708,711						9,269,710						9,162,420
Other - Ancillary services expenses**(2)**			1,829,907						1,427,833						1,307,970
Segment operating margin:
U.S. dialysis			2,084,233						2,121,007						1,774,578
Other - Ancillary services(3)			92,379						82,657						(8,747)
Total segment margin			2,176,612						2,203,664						1,765,831
Reconciliation of segment operating margin to consolidated income from continuing operations before income taxes:
Corporate administrative support			(132,997)						(113,181)						(163,047)
Consolidated operating income			2,043,615						2,090,483						1,602,784
Debt expense			(579,926)						(470,469)						(398,551)
Debt extinguishment and modification costs			(14,178)						(19,813)						(7,962)
Other loss, net			(102,688)						(69,808)						(19,177)
Income from continuing operations before income taxes			$	1,346,823					$	1,530,393					$	1,177,094

(1)Other segment items for our U.S. dialysis segment include equity income from nonconsolidated joint ventures and a gain on changes in ownership interest.

(2)Includes depreciation and amortization of $81,952, $62,679 and $49,769 in 2025, 2024 and 2023, respectively.

(3)Segment operating margin (loss) for Other - Ancillary services includes equity investment (income) loss of $(783), $1,701 and $2,103 in 2025, 2024 and 2023, respectively.

F-45

DAVITA INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)

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

Expenditures for property and equipment by reportable segment were as follows:

			Year ended December 31,
			2025						2024						2023
U.S. dialysis			$	471,548					$	469,799					$	501,149
Other - Ancillary services			104,316						85,644						66,836
			$	575,864					$	555,443					$	567,985

The Company's international operations include approximately $399,423 and $317,488 in 2025 and 2024, respectively, of net property and equipment.

25. Supplemental cash flow information

The table below provides supplemental cash flow information:

			Year ended December 31,
			2025						2024						2023
Cash paid:
Income taxes, net
U.S. federal			$	112,725					$	281,509					$	209,385
U.S. state and local			34,871						66,827						34,996
Foreign:
Saudi Arabia(1)			12,275
Other			16,817						39,604						23,710
Total income taxes, net			$	176,688					$	387,940					$	268,091
Interest, net			$	515,497					$	423,360					$	387,661
Non-cash investing and financing activities:
Fixed assets under finance lease obligations			$	934					$	11,327					$	13,269

(1)The amount of income taxes paid during years 2024 and 2023 did not meet the 5% disaggregation threshold.

F-46

EXHIBIT INDEX

2.1						Equity Purchase Agreement, dated as of December 5, 2017, by and among DaVita Inc., Collaborative Care Holdings, LLC, and solely with respect to Section 9.3 and Section 9.18 thereto, UnitedHealth Group Incorporated.(2)
2.2						Amendment No. 1 dated as of September 20, 2018, to that certain Equity Purchase Agreement, dated as of December 5, 2017, by and among DaVita Inc., a Delaware corporation, Collaborative Care Holdings, LLC, a Delaware limited liability company and a wholly owned subsidiary of Optum, Inc., and solely with respect to Section 9.3 and Section 9.18 thereto, UnitedHealth Group Incorporated, a Delaware corporation.(14)
2.3						Second Amendment to Equity Purchase Agreement by and between DaVita Inc., a Delaware corporation, and Collaborative Care Holdings, LLC, a Delaware limited liability company, dated as of December 11, 2018, amending that certain Equity Purchase Agreement, dated as of December 5, 2017, by and among DaVita Inc., Collaborative Care Holdings, LLC, and, solely with respect to Section 9.3 and Section 9.18 thereto, UnitedHealth Group Incorporated (as previously amended).(9)
3.1						Amended and Restated Certificate of Incorporation of DaVita Inc.(1)
3.2						Amended and Restated Bylaws for DaVita Inc. adopted on September 5, 2024.(23)
4.1						Indenture for the 4.625% Senior Notes due 2030, dated as of June 9, 2020, by and among DaVita Inc., the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee.(13)
4.2						Form of 4.625% Senior Notes due 2030 and related Guarantee (included in Exhibit 4.1).(13)
4.3						Indenture for the 3.750% Senior Notes due 2031, dated August 11, 2020, by and among DaVita Inc., the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee.(11)
4.4						Form of 3.750% Senior Notes due 2031 and related Guarantee (included in Exhibit 4.3).(11)
4.5						Indenture for 6.785% Senior Notes due 2032, dated as of August 13, 2024, by and among DaVita Inc., the subsidiary guarantors party thereto and the Bank of New York Mellon Trust Company, N.A., as Trustee.(26)
4.6						Form of 6.875% Senior Notes due 2032 and related Guarantee (included in Exhibit 4.5).(26)
4.7						Indenture for 6.750% Senior Notes due 2033, dated as of May 23, 2025, by and among DaVita Inc., the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee.(7)
4.8						Form of 6.750% Senior Notes due 2033 (included as Exhibit A to the Indenture filed as Exhibit 4.7).(7)
4.9						Description of Securities.(20)
10.1						Credit Agreement, dated August 12, 2019, by and among DaVita Inc., certain subsidiary guarantors party thereto, the lenders party thereto, Credit Agricole Corporate and Investment Bank, JPMorgan Chase Bank, N.A. and MUFG Bank Ltd., as co-syndication agents, Bank of America, N.A., Barclays Bank PLC, Credit Suisse Loan Funding LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc. and Suntrust Bank, as co-documentation agents, and Wells Fargo Bank, National Association, as administrative agent, collateral agent and swingline lender.(16)
10.2						First Amendment, dated as of February 13, 2020, to that certain Credit Agreement, dated as of August 12, 2019, by and among DaVita Inc., certain subsidiary guarantors party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent, collateral agent and swingline lender.(20)
10.3						Second Amendment, dated as of April 3, 2023, to that certain Credit Agreement, dated as of August 12, 2019, by and among DaVita Inc., certain subsidiary guarantors party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent, collateral agent and swingline lender.(25)

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10.4						Third Amendment, dated as of April 28, 2023, to that certain Credit Agreement, dated as of August 12, 2019, by and among DaVita Inc., certain subsidiary guarantors party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent, collateral agent and swingline lender.(24)
10.5						Fourth Amendment, dated as of May 9, 2024, to that certain Credit Agreement, dated as of August 12, 2019, by and among DaVita Inc., certain subsidiary guarantors party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent, collateral agent and swingline lender.(28)
10.6						Fifth Amendment, dated as of August 7, 2024, to that certain Credit Agreement, dated as of August 12, 2019, by and among DaVita Inc., certain subsidiary guarantors party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent, collateral agent and swingline lender.(17)
10.7						Sixth Amendment, dated as of August 13, 2024, to that certain Credit Agreement, dated as of August 12, 2019, by and among DaVita Inc., certain subsidiary guarantors party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent, collateral agent and swingline lender (including a conformed copy of the Credit Agreement, reflecting all amendments through the Sixth Amendment, attached as Annex A thereto).(26)
10.8						Seventh Amendment, dated as of July 17, 2025, to that certain Credit Agreement, dated as of August 12, 2019, by and among DaVita Inc., certain subsidiary guarantors party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent, collateral agent and swingline lender (including a conformed copy of the Credit Agreement, reflecting all amendments through the Seventh Amendment, attached as Annex A thereto).(19)
10.9						Eighth Amendment, dated as of November 24, 2025, to that certain Credit Agreement, dated as of August 12, 2019, by and among DaVita Inc., certain subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, collateral agent and swingline lender (including a conformed copy of the Credit Agreement, reflecting all amendments through the Eighth Amendment, attached as Annex A thereto).(33)
10.10						Restated Standstill Agreement, dated February 9, 2022, by and between DaVita inc. and Berkshire Hathaway Inc.(27)
10.11						Share Repurchase Agreement, dated as of April 30, 2024, by and between DaVita Inc. and Berkshire Hathaway Inc.(29)
10.12						Employment Agreement, dated as of April 29, 2019, by and between Javier J. Rodriguez and DaVita Inc.(10)*
10.13						Employment Agreement, effective April 27, 2016, by and between DaVita HealthCare Partners Inc. and Kathleen A. Waters.(4)*
10.14						Employment Agreement, effective February 21, 2017, by and between DaVita Inc. and Joel Ackerman.(6)*
10.15						Employment Agreement, effective September 15, 2024, by and between DaVita Inc. and David Maughan.(31)*
10.16						Form of Indemnity Agreement.(8)*
10.17						Form of Indemnity Agreement.(5)*
10.18						DaVita Inc. Deferred Compensation Plan.(6)*
10.19						Amended and Restated Employee Stock Purchase Plan.(18)*
10.20						DaVita Inc. Severance Plan for Directors and Above.(3)*
10.21						DaVita Inc. Severance Plan for Section 16 Officers.ü*

Page 2 of 4

10.22						DaVita Inc. Non-Employee Director Compensation Policy.(15)*
10.23						DaVita Inc. 2020 Incentive Award Plan.(21)*
10.24						Form of Stock Appreciation Rights Agreement (DaVita Inc. 2020 Incentive Award Plan).(22)*
10.25						Form of Performance-Based Restricted Stock Unit Agreement (DaVita Inc. 2020 Incentive Award Plan).(22)*
10.26						Form of Restricted Stock Unit Agreement (DaVita Inc. 2020 Incentive Award Plan).(22)*
10.27						Form of Stock Appreciation Rights Agreement (DaVita Inc. 2020 Incentive Award Plan).(25)*
10.28						Form of Performance-Based Restricted Stock Unit Agreement (DaVita Inc. 2020 Incentive Award Plan).(25)*
10.29						Form of Restricted Stock Unit Agreement (DaVita Inc. 2020 Incentive Award Plan).(25)*
10.30						Form of Performance-Based Restricted Stock Unit Agreement (DaVita Inc. 2020 Incentive Award Plan).(30)*
10.31						Form of Restricted Stock Unit Agreement (DaVita Inc. 2020 Incentive Award Plan).(30)*
10.32						Form of Stock Appreciation Rights Agreement (DaVita Inc. 2020 Incentive Award Plan).(30)*
10.33						Form of Performance-Based Restricted Stock Unit Agreement (DaVita Inc. 2020 Incentive Award Plan).(32)*
10.34						Form of Restricted Stock Unit Agreement (DaVita Inc. 2020 Incentive Award Plan).(32)*
10.35						Form of Stock Appreciation Rights Agreement (DaVita Inc. 2020 Incentive Award Plan).(32)*
19.1						DaVita Inc. Insider Trading Policy.(17)
21.1						List of our subsidiaries.ü
23.1						Consent of KPMG LLP, independent registered public accounting firm.ü
24.1						Powers of Attorney with respect to DaVita Inc. (Included on Page S-1).
31.1						Certification of the Chief Executive Officer, dated February 11, 2026, pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.ü
31.2						Certification of the Chief Financial Officer, dated February 11, 2026, pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.ü
32.1						Certification of the Chief Executive Officer, dated February 11, 2026, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.ü
32.2						Certification of the Chief Financial Officer, dated February 11, 2026, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.ü
97.1						DaVita Inc. Dodd-Frank Policy on Recoupment of Incentive Compensation.(12)*
101.INS						XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.ü
101.SCH						Inline XBRL Taxonomy Extension Schema Document.ü

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101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.ü
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.ü
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.ü
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.ü
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).ü

ü			Included in this filing.
*			Management contract or executive compensation plan or arrangement.

(1)Filed on June 8, 2023 as an exhibit to the Company's Current Report on Form 8-K.

(2)Filed on December 6, 2017 as an exhibit to the Company’s Current Report on Form 8-K.

(3)Filed on October 28, 2021 as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.

(4)Filed on May 2, 2017 as an exhibit to the Company’s Quarterly Report on 10-Q for the quarter ended March 31, 2017.

(5)Filed on March 3, 2005 as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.

(6)Filed on February 24, 2017 as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

(7)Filed on May 12, 2025 as an exhibit to the Company’s Current Report on Form 8-K.

(8)Filed on December 20, 2006 as an exhibit to the Company’s Current Report on Form 8-K.

(9)Filed on December 17, 2018 as an exhibit to the Company’s Current Report on Form 8-K.

(10)Filed on April 29, 2019 as an exhibit to the Company's Current Report on Form 8-K.

(11)Filed on August 11, 2020 as an exhibit to the Company’s Current Report on Form 8-K.

(12)Filed on February 14, 2024 as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

(13)Filed on June 9, 2020 as an exhibit to the Company's Current Report on Form 8-K.

(14)Filed on September 24, 2018 as an exhibit to the Company’s Current Report on Form 8-K.

(15)Filed on February 22, 2023 as an exhibit to the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

(16)Filed on August 14, 2019 as an exhibit to the Company’s Current Report on Form 8-K.

(17)Filed on February 13, 2025 as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

(18)Filed on May 10, 2016 as an appendix to the Company's Proxy Statement on DEF 14A.

(19)Filed on July 17, 2025 as an exhibit to the Company’s Current Report on Form 8-K.

(20)Filed on February 21, 2020 as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

(21)Filed on April 27, 2020 as an appendix to the Company's Proxy Statement on DEF 14A.

(22)Filed on August 17, 2020 as an exhibit to the Company’s Tender Offer Statement on Schedule TO-I.

(23)Filed on September 5, 2024 as an exhibit to the Company’s Current Report on Form 8-K.

(24)Filed on May 1, 2023 as an exhibit to the Company's Current Report on Form 8-K.

(25)Filed on May 8, 2023 as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.

(26)Filed on August 14, 2024 as an exhibit to the Company’s Current Report on Form 8-K.

(27)Filed on February 9, 2022 as an exhibit to the Company’s Current Report on Form 8-K.

(28)Filed on May 13, 2024 as an exhibit to the Company's Current Report on Form 8-K.

(29)Filed on May 1, 2024 as an exhibit to the Company's Current Report on Form 8-K.

(30)Filed on May 2, 2024 as an exhibit to the Company’s Quarterly Report on 10-Q for the quarter ended March 31, 2024.

(31)Filed on September 13, 2024 as an exhibit to the Company's Current Report on Form 8-K.

(32)Filed on May 12, 2025 as an exhibit to the Company’s Quarterly Report on 10-Q for the quarter ended March 31, 2025.

(33)Filed on November 25, 2025 as an exhibit to the Company’s Current Report on Form 8-K.

Page 4 of 4

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, we have duly caused this Annual Report on Form 10-K to be signed on our behalf by the undersigned, thereunto duly authorized, in the City of Denver, State of Colorado, on February 11, 2026.

DAVITA INC.
By:						/S/ JAVIER J. RODRIGUEZ
						Javier J. Rodriguez Chief Executive Officer

KNOW ALL MEN BY THESE PRESENT, that each person whose signature appears below constitutes and appoints Javier J. Rodriguez, Joel Ackerman, and Kathleen Waters, and each of them his or her true and lawful attorneys-in-fact and agents with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

S-1

Signature						Title						Date
/S/ JAVIER J. RODRIGUEZ						Chief Executive Officer and Director						February 11, 2026
Javier J. Rodriguez						(Principal Executive Officer)
/S/ JOEL ACKERMAN						Chief Financial Officer and Treasurer						February 11, 2026
Joel Ackerman						(Principal Financial Officer)
/S/ CHRISTOPHER M. BERRY						Chief Accounting Officer						February 11, 2026
Christopher M. Berry						(Principal Accounting Officer)
/S/ PAMELA M. ARWAY						Director						February 11, 2026
Pamela M. Arway
/S/ BARBARA J. DESOER						Director						February 11, 2026
Barbara J. Desoer
/S/ JASON M. HOLLAR						Director						February 11, 2026
Jason M. Hollar
/S/ GREGORY J. MOORE						Director						February 11, 2026
Gregory J. Moore
/S/ DENNIS W. PULLIN						Director						February 11, 2026
Dennis W. Pullin
/S/ ADAM H. SCHECHTER						Director						February 11, 2026
Adam H. Schechter
/S/ WENDY L. SCHOPPERT						Director						February 11, 2026
Wendy L. Schoppert
/S/ PHYLLIS R. YALE						Director						February 11, 2026
Phyllis R. Yale

S-2