DaVita

Dialysis is a toll‑like, recurring service with chronic demand. 2025 produced $13.64 billion of revenue and $2.04 billion of operating income, with 2026 guidance calling for adjusted operating income of $2.09–$2.24 billion, adjusted diluted EPS of $13.60–$15.00, and free cash flow of $1.0–$1.25 billion.

Treatment‑day normalization data suggest modest volume steadiness. Offsetting factors include annual Medicare rate resets, seasonal mortality/flu impacts, and potential for gradual incidence moderation from improved cardiometabolic therapies. Overall, the business exhibits high visibility in cash generation with manageable variability.