DaVita Inc. Q3 2026 Earnings Recap

DaVita shares fell 3.0% after earnings, with higher-than-forecast technology investment in U.S. dialysis weighing on full-year financial performance. The transcript also points to limited near-term financial contribution from expanded HD: management expects no material net impact on adjusted operating income in 2026 or 2027.

Key Takeaways

• Q3 adjusted operating income was **$561 million** and adjusted EPS was **$3.82**.
• Technology investment was higher than forecast heading into the year and is a drag on full-year performance; management expects its growth to decelerate going forward.
• IKC was above plan in Q3, and the company said it was on track to outperform its original full-year guidance.
• Expanded HD pilots covered **150 centers** and more than **10,000 patients**; adoption among clinically eligible pilot patients exceeded **90%**. National rollout was due to begin the following week, with most eligible patients expected to transition in November.
• Management expects expanded HD’s positive impact from lower mortality and higher volume growth to begin in the **second half of 2028**; it cited a goal of returning to **2% or greater volume growth by 2029**.