DaVita Inc. (NYSE: DVA), a leading provider of kidney care services in the United States, delivered its financial results for the first quarter of 2025, ending March 31. The company operates 3,173 outpatient dialysis centers and provides care to approximately 282,000 patients worldwide.

For the first quarter of 2025, DaVita reported consolidated revenues of $3.224 billion, an increase from $3.071 billion in the same quarter last year. Adjusted operating income was $439 million, down from $484 million year-over-year, while adjusted diluted earnings per share (EPS) were $2.00, compared to $2.26 in the previous year. The company’s operating margin for this quarter was 13.6%, compared to 15.8% in the first quarter of 2024.

DaVita’s U.S. dialysis treatments totaled 7,040,519 for the quarter, averaging 91,793 treatments per day. This was a slight increase of 0.01% from the prior quarter but represented a year-over-year decline of 0.6% in normalized non-acquired treatment growth. U.S. treatment volumes per day were approximately 50 basis points below previous forecasts, primarily due to a higher-than-expected “missed treatment” rate linked to a severe flu season and resultant mortality impacts.

Revenue per treatment increased by $15.60 year-over-year to $400.14, bolstered primarily by new reimbursement for phosphate binders, which added approximately $10 to this figure. Patient care costs per treatment rose to $271.77 from $255.13 year-over-year, largely due to pharmaceutical costs associated with the administration of phosphate binders.

General and administrative expenses (G&A) for the quarter were $283 million, a decrease of $33 million compared to the prior quarter, attributed to a decline in professional fees, salary costs, and other operating expenses.

DaVita emphasized a commitment to capital allocation, having repurchased 3.7 million shares at an average price of $148.94 during the quarter, totaling approximately $550 million. The company’s leverage ratio at the end of the quarter stood at 3.27x, in line with its target range.

The company reaffirmed its guidance for full-year 2025, maintaining an adjusted operating income range of $2.010 billion to $2.160 billion and adjusted diluted EPS between $10.20 and $11.30. Free cash flow expectations were set at $1,000 million to $1,250 million.

DaVita is currently addressing the financial impacts of a cyber incident from April, which disrupted its operations. Most costs from this incident are anticipated to be one-time items recognized in the second quarter of 2025.

Overall, DaVita’s first-quarter results highlighted operational stability amid external challenges, including higher treatment costs and the impact of ongoing regulatory and cybersecurity issues on various metrics.