AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Local physician access and material joint-venture participation establish operating infrastructure. They do not establish exclusive access, superior costs or protection against disclosed entry opportunities.
durability · — · Long partnership terms establish contractual entity longevity, but not the duration of competitive protection. No durable moat mechanism is demonstrated.
customer dependency · — · Patients depend on treatment and commonly select nearby centers where their nephrologists practice. The passages do not establish dependence on DaVita specifically or substantial switching costs.
erosion resilience · — · Improved 2026 results demonstrate operating resilience, but cannot establish resilience of an unidentified competitive barrier. Entry and commercial payment pressure remain material counterevidence.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · First-quarter 2026 revenue per treatment increased year over year through normal reimbursement increases, including Medicare. Sequential revenue per treatment fell seasonally, and continuing commercial realized-rate pressure limits evidence of discretionary pricing power.
retention · 2/4 · Local physician access and continued care across the network support continuity indirectly. Growing dialysis service revenue supports ongoing demand, but does not isolate retained patients from pricing, acquisitions or new patients. No retention rate is inferred.
margin resilience · 2/4 · First-half operating income increased from approximately $977 million to $1,061 million while revenue increased from $6.603 billion to $6.970 billion. This offsets evidence that reimbursement previously failed to keep pace with costs and that 2025 operating cash flow declined. The recovery demonstrates mixed resilience, without proving price-driven protection.
contractual freedom · 1/4 · Government reimbursement rates are established by statute or regulation. Medicare Advantage rates are negotiated and can include quality adjustments, while commercial rates face pressure. DaVita has some negotiating scope but limited unilateral control.
Predictability94
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 2.52
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.42
Financial strength19
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 2.31
- netDebtEbitGrade
- 6.08
- interestCoverageGrade
- 22.94
- currentRatioGrade
- 43.33
- Debt / FCF (x)
- 7.84
- Net debt / operating income (x)
- 4.70
- Interest coverage (x)
- 3.52
- Current ratio (x)
- 1.29
Capital allocation96
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 20.75
- 3-year average dilution (%)
- -7.14
- 3-year average SBC / revenue (%)
- 0.92
- cashConversionGrade
- 100.00
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Substantial cash generation funds reinvestment and repurchases, but 2025 repurchase cash spending of $1.793 billion exceeded reported free cash flow of $1.024 billion alongside $820 million of net debt proceeds. First-half 2026 cash generation improved, yet repurchases continued alongside additional net borrowing and higher debt. Spending is observable; superior investment returns are unproven.
incentive alignment · 3/4 · Actual 2025 long-term grants were predominantly performance-based with multiyear measurement; prior PSU awards vested at differing performance-dependent percentages. Cash-flow and strategic shortfalls reduced incentive eligibility, and misconduct recoupment applies. Heavy adjusted-EPS weighting creates a buyback incentive, and personal ownership compliance is not supplied.
execution · 2/4 · First-half 2026 revenue, operating income and operating cash flow improved, and management reports maintaining care during the cyber incident. Against that, 2025 treatment volume declined and cash-flow, home-modality and patient-contact incentive targets were missed. Execution is assessed partly from indirect operating results and issuer-reported achievements.
governance · 2/4 · Annual director elections, an independent chair, majority voting, special-meeting rights and proxy access support accountability. Restrictions on written consent, board preferred-stock authority and mandated board-aligned voting for Berkshire holdings above 40% provide counterweights. Disclosed structures support a mixed assessment rather than exceptional governance.
Evidence
Community physicians ESKD patients generally seek treatment or support for their home treatment at an outpatient dialysis center near their home where their treating nephrologist has practice privileges.
Business / Community physicians · Filed 11/02/2026
We generally hold controlling interests in these joint ventures, with nephrologists, hospitals, management services organizations, and/or other healthcare providers holding minority equity interests.
Business / Joint venture partners · Filed 11/02/2026
For the year ended December 31, 2025, revenues from joint ventures in which we have a controlling interest represented approximately 30% of our U.S.
Business / Joint venture revenue contribution; sentence continues in q28 · Filed 11/02/2026
dialysis revenues. We expect to continue to enter into new U.S.
Business / Continuation of joint venture revenue contribution · Filed 11/02/2026
Certain consolidated dialysis partnerships are originally contractually scheduled to dissolve after terms ranging from ten years to 50 years.
Financial statement notes / Partnership contractual terms · Filed 11/02/2026
If a significant number of physicians or hospitals were to cease referring patients to our dialysis centers, whether due to law, rule or regulation, new competition, a perceived decrease in the quality of service levels at our centers or other reasons, it would have a material adverse effect on our business, results of operations, financial condition and cash flows.
Risk factors / Physician and hospital referrals · Filed 11/02/2026
Although these and other potential competitors may face operational or financial challenges, the evolving nature of the dialysis and pre-dialysis marketplaces has presented some opportunities for relative ease of entry for these and other potential competitors.
Risk factors / Entry into dialysis and pre-dialysis markets · Filed 11/02/2026
In addition to these large and medium sized dialysis providers with substantial financial resources and other established participants in the dialysis space, we also compete with new dialysis providers, individual nephrologists and former medical directors or physicians that have opened their own dialysis units or facilities.
Risk factors / Existing and new competing dialysis providers · Filed 13/02/2025
U.S. dialysis average patient service revenue per treatment for the three months ended March 31, 2026 increased compared to the three months ended March 31, 2025 primarily driven by an increase in average reimbursement rates from normal annual increases, including Medicare base rate, and other normal fluctuations.
MD&A / First-quarter 2026 U.S. dialysis revenue per treatment · Filed 05/05/2026
dialysis average patient service revenue per treatment for the first quarter of 2026 compared to the fourth quarter of 2025 decreased driven by a seasonal decline from co-insurance and deductibles and other normal fluctuations, partially offset by increases in average reimbursement rates, including Medicare base rate and other annual rate increases.
MD&A / Sequential revenue per treatment · Filed 05/05/2026
•the concentration of profits generated by higher-paying commercial payor plans for which there is continued downward pressure on average realized payment rates; our ability to negotiate and maintain contracts with these payors on competitive terms or at all; a reduction in the number or percentage of our patients under commercial plans, including, without limitation, as a result of healthcare, immigration or other policies implemented by the U.S.
Forward-looking statement risk disclosures / Commercial realized payment-rate pressure · Filed 04/08/2026
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.
Revenue recognition / Statutory and regulated government payment rates · Filed 11/02/2026
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.
Revenue recognition / Negotiated Medicare Advantage rates · Filed 11/02/2026
Due in part to continued higher than expected inflation rates, the annual update for the 2024 ESRD PPS base rate did not accurately forecast the cost increase experienced by providers.
Business / Medicare reimbursement and experienced cost increases · Filed 13/02/2025
CONSOLIDATED STATEMENTS OF INCOME (unaudited) (dollars and shares in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Dialysis patient service revenues $ 3,366,377 $ 3,206,871 $ 6,639,174 $ 6,309,864 Other revenues 187,707 172,655 330,458 293,191 Total revenues 3,554,084 3,379,526 6,969,632 6,603,055 Operating expenses: Patient care costs 2,392,001 2,261,540 4,734,258 4,501,200 General and administrative 423,458 412,805 845,372 786,895 Depreciation and amortization 167,808 174,704 345,637 351,155 Equity investment income, net (8,184) (7,364) (16,528) (12,973) Total operating expenses 2,975,083 2,841,685 5,908,739 5,626,277 Operating income 579,001 537,841 1,060,893 976,778 Debt expense (150,256) (146,062) (295,387) (281,117) Debt extinguishment and modification costs (2,035) — (2,035) — Other income (loss), net 8,300 (22,851) 12,773 (40,400) Income before income taxes 435,010 368,928 776,244 655,261 Income tax expense 91,787 93,708 157,986 147,825 Net income 343,223 275,220 618,258 507,436 Less: Net income attributable to noncontrolling interests (77,826) (75,883) (155,331) (145,182) Net income attributable to DaVita Inc.
Unaudited consolidated income statements / First-half 2026 and 2025 · Filed 04/08/2026
60 Liquidity and capital resources The following table summarizes our major sources and uses of cash, cash equivalents and restricted cash: Year ended December 31, Annual change 2025 2024 Amount Percent (dollars in millions) Net cash provided by operating activities: Net income $ 1,079 $ 1,251 $ (172) (13.7) % Non-cash items in net income 1,071 801 270 33.7 % Other working capital changes (230) 44 (274) (622.7) % Other (33) (74) 41 55.4 % $ 1,887 $ 2,022 $ (135) (6.7) % Net cash provided by investing activities: Maintenance capital expenditures(1) $ (412) $ (394) $ (18) (4.6) % Development capital expenditures(2) (164) (162) (2) (1.2) % Acquisition expenditures (117) (246) 129 52.4 % Proceeds from sale of self-developed properties 31 18 13 72.2 % Other 8 12 (4) (33.3) % $ (655) $ (771) $ 116 15.0 % Net cash provided by financing activities: Debt proceeds (payments), net $ 820 $ 1,095 $ (275) (25.1) % Deferred and debt related financing costs (54) (51) (3) (5.9) % Distributions to noncontrolling interests (324) (337) 13 3.9 % Contributions from noncontrolling interests 7 14 (7) (50.0) % Stock award exercises and other share issuances (12) (114) 102 89.5 % Share repurchases (1,793) (1,386) (407) (29.4) % Other (19) (39) 20 51.3 % $ (1,375) $ (817) $ (558) (68.3) % Total number of shares repurchased 12,678,623 9,832,705 2,845,918 28.9 % Free cash flow(3) $ 1,024 $ 1,162 $ (138) (11.9) % Certain columns or rows may not sum or recalculate due to the presentation of rounded numbers.
Liquidity and capital resources / 2025 and 2024 cash sources and uses · Filed 11/02/2026
3 DAVITA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (dollars in thousands) Six months ended June 30, 2026 2025 Cash flows from operating activities: Net income $ 618,258 $ 507,436 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 345,637 351,155 Stock-based compensation expense 54,189 62,567 Deferred income taxes 53,431 (9,838) Equity investment loss, net 2,437 47,730 Other non-cash losses, net 16,721 6,948 Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: Accounts receivable (24,197) (288,447) Inventories 11,315 (9,592) Other current assets (58,339) (70,945) Other long-term assets (22,803) 2,981 Accounts payable 7,639 35,612 Accrued compensation and benefits (108,322) (125,365) Other current liabilities (55,837) (3,586) Income taxes (32,530) 9,462 Other long-term liabilities 3,301 (11,873) Net cash provided by operating activities 810,900 504,245 Cash flows from investing activities: Additions of property and equipment (271,836) (264,349) Acquisitions (38,540) (10,596) Proceeds from asset and business sales 4,392 22,400 Purchase of debt investments held-to-maturity (298) (27,475) Purchase of other debt and equity investments (12,867) (3,002) Proceeds from debt investments held-to-maturity 942 48,014 Proceeds from sale of other debt and equity investments 4,382 6,379 Purchase of equity method investments (19,625) (2,144) Distributions from equity method investments 109 1,470 Net cash used in investing activities (333,341) (229,303) Cash flows from financing activities: Borrowings 2,768,259 4,189,716 Payments on long-term debt (2,264,356) (3,373,300) Deferred and debt related financing costs (4,645) (25,133) Purchase of treasury stock from related party (382,805) (200,261) Other purchases of treasury stock (377,852) (793,834) Distributions to noncontrolling interests (149,892) (151,087) Net proceeds from issuance of common stock under employee stock plans 5,909 8,913 Payment of tax withholdings on net share settlements of equity awards (63,814) (30,477) Contributions from noncontrolling interests 4,239 2,578 Proceeds from sales of additional noncontrolling interests — 169 Purchases of noncontrolling interests (18,571) (5,378) Net cash used in financing activities (483,528) (378,094) Effect of exchange rate changes on cash, cash equivalents and restricted cash 80 20,286 Net decrease in cash, cash equivalents and restricted cash (5,889) (82,866) Cash, cash equivalents and restricted cash at beginning of the year 757,747 879,825 Cash, cash equivalents and restricted cash at end of the period $ 751,858 $ 796,959 See notes to condensed consolidated financial statements.
Unaudited consolidated cash flows / First-half 2026 and 2025 · Filed 04/08/2026
CONSOLIDATED BALANCE SHEETS (unaudited) (dollars and shares in thousands, except per share data) June 30, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 668,963 $ 676,438 Restricted cash and equivalents 82,895 81,309 Short-term investments 19,914 24,303 Accounts receivable 2,467,056 2,414,690 Inventories 151,535 160,627 Contract assets and other receivables 565,566 494,414 Prepaid and other current assets 149,113 156,285 Income tax receivable 84,597 49,937 Total current assets 4,189,639 4,058,003 Property and equipment, net of accumulated depreciation of $6,867,296 and $6,602,134, respectively 2,749,308 2,812,966 Operating lease right-of-use assets 2,430,055 2,397,179 Intangible assets, net of accumulated amortization of $38,030 and $37,751, respectively 228,817 222,125 Equity method and other investments 183,801 157,249 Long-term investments 38,365 40,966 Other long-term assets 298,538 246,520 Goodwill 7,590,966 7,545,095 $ 17,709,489 $ 17,480,103 LIABILITIES AND EQUITY Accounts payable $ 715,872 $ 696,148 Other liabilities 826,995 893,024 Accrued compensation and benefits 694,766 793,478 Current portion of operating lease liabilities 439,488 425,484 Current portion of long-term debt 117,177 109,201 Income tax payable 24,621 24,359 Due to related party 36,513 199,940 Total current liabilities 2,855,432 3,141,634 Long-term operating lease liabilities 2,185,973 2,175,658 Long-term debt 10,663,836 10,163,988 Other long-term liabilities 99,091 83,516 Deferred income taxes 825,719 756,869 Total liabilities 16,630,051 16,321,665 Commitments and contingencies Noncontrolling interests subject to put provisions 1,561,416 1,532,166 Equity: Preferred stock ($0.001 par value, 5,000 shares authorized; none issued) — — Common stock ($0.001 par value, 450,000 shares authorized; 69,198 shares issued and 63,955 shares outstanding at June 30, 2026, 68,549 shares issued and outstanding at December 31, 2025) 69 69 Additional paid-in capital — — Accumulated earnings (deficit) 81,233 (328,428) Treasury stock (5,243 and zero shares, respectively) (787,847) (199,940) Accumulated other comprehensive loss (58,551) (122,783) Total DaVita Inc.
Unaudited consolidated balance sheets / June 2026 debt and share counts · Filed 04/08/2026
Consequently, performance for 2025 resulted in payouts of approximately 91% to 95% of target, depending on individual NEO results for the custom strategic objectives 2025 LTI Program Awards Equity awards granted to NEOs under our 2025 long-term incentive ("2025 LTI Program") program were: •60% performance-based restricted stock units ("PSUs"), with performance measured on a cumulative three-year basis (and metrics based on adjusted earnings per share ("Adjusted EPS") and relative total shareholder return ("Relative TSR") •20% RSUs subject to back-loaded time-based vesting over three and four years (50% each year), respectively •20% SSARs subject to the same back-loaded time-based vesting schedule as the RSUs 2022 PSUs PSUs granted in 2022 with a performance period covering 2025 vested at 81% of target, based on the weighted average of Adjusted EPS performance achieved at 70% of target and Relative TSR performance achieved at 114% of target 2023 PSUs PSUs granted in 2023 with a cumulative performance period ending in 2025 vested at 186% of target, based on the weighted average of Adjusted EPS performance achieved at 200% of target and Relative TSR performance achieved at 143% of target Notice of 2026 Annual Meeting and Proxy Statement 32 Our Executive Compensation Structure In determining each of the compensation elements for our executive compensation program, the Compensation Committee considers, among other things, the overall targeted compensation to be delivered to the executive officers, placing a greater emphasis on variable (or “at-risk”) compensation elements and a lower emphasis on other compensation elements, such as base salary, retirement benefits and the expected cost of perquisites.
Compensation discussion / Actual 2025 grants and prior PSU vesting · Filed 22/04/2026
Notice of 2026 Annual Meeting and Proxy Statement 38 Compensation Discussion and Analysis The following table summarizes the performance metrics, weightings, criteria ranges, performance-based eligibility ranges, actual performance and eligible payout percentages for the components of the 2025 STI Program: 2025 STI Program Performance Metrics Performance Metrics Weightings Criteria Range Performance Based Eligibility Range (%) Actual Performance Eligible Payout Achieved (%) Financial: Adjusted Operating Income 50.0% $1,972.5 million to $2,235 million ($2,085 million target) 0%; 25% - 200% $2,094 million1 105.9% Financial: Adjusted Free Cash Flow 20.0% $1,012.5 million to $1,275 million ($1,125 million target) 0%; 25% - 200% $1,024 million1 32.8% Strategic Objectives: Home modalities penetration (Q4 2025) 7.5% 14.875% to 15.75% (15.25% target) 0%; 25% - 200% 14.81% 0% Strategic Objectives: Comprehensive Kidney Care Contracting patient contact composite 7.5% 52.5.0% to 70.0% (60.0% target) 0%; 25% - 200% 56.90% 69.0% Strategic Objectives: Teammate engagement (average of 2025 survey results) 3.0% 76.0% to 84.0% (80.0% target) 0%; 25% - 200% 84.70% 200.0% Strategic Objectives: Water savings projects (millions of gallons) 3.0% 25 to 50 million gallons (35 million gallons target) 0%; 25% - 200% 91 million gallons 200.0% Strategic Objectives: Custom goals 9.0% Varies by NEO 0% - 200% Varies by NEO Varies by NEO2 1"Adjusted Operating Income” and “Adjusted Free Cash Flow” are non-GAAP financial measures.
Compensation discussion / 2025 incentive targets, results and payout eligibility · Filed 22/04/2026
–75% of PSUs under the LTI Program are tied to a long-term Adjusted EPS target, which we believe focuses our NEOs on capital-efficient growth, the hallmark of our long-term strategy
Compensation principles / Adjusted EPS weighting · Filed 22/04/2026
In addition, we continue to maintain a separate recoupment policy that, among other items, includes "significant misconduct" by a domestic Senior Vice President or above of the Company as another possible triggering event for the recoupment of certain compensation, including through the cancellation of, or reimbursement of amounts received with respect to, certain equity awards (including time-based and performance-based awards).
Compensation policies / Misconduct recoupment · Filed 22/04/2026
Some key features of the Company’s corporate governance program include: ü Annual election of all directors and ongoing commitment to Board refreshment ü Year-round stockholder engagement, including regular participation by independent directors ü Stockholder right to call special meetings of stockholders at 10% ownership threshold1 ü No stockholder rights plan/poison pill ü Overboarding limitations applicable to all directors and Director Nominees ü Robust Code of Conduct ü Independent non-executive Board chair ü Each Board Committee has authority to retain independent advisors ü Majority vote standard in uncontested director elections ü Fulsome stock ownership guidelines for senior executives and directors that link the interests of management and the Board with those of stockholders ü Commitment to corporate governance, environmental and social responsibility practices, overseen by the Nominating and Governance Committee ü Significant Board and Committee risk oversight practices ü Robust oversight of the Company's political and lobbying expenditures and related public reporting, overseen by the Nominating and Governance Committee ü Proxy access for director nominations submitted by stockholders (or groups of stockholders) holding 3% of the Company's common stock for 3 years1 ü Robust continuing education program for Board on topics relevant to the Company and the current business landscape 1See the Company's Bylaws for more detail regarding requirements related to this and other stockholder eligibility and related procedures.
Corporate governance / Existing governance provisions · Filed 22/04/2026
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).
Financial statement notes / Berkshire voting restrictions · Filed 11/02/2026
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.
Financial statement notes / Charter restrictions and preferred-stock authority · Filed 11/02/2026
Through the resilience of our frontline caregivers and the expertise of our technology teams, we activated contingency plans and provided continued care across more than 3,000 dialysis centers worldwide.
Stockholder letter / Management account of care continuity during cyber incident · Filed 22/04/2026
We delivered on our commitment of adjusted operating income growth in-line with our long-term trajectory, despite a decline in treatment volume related to three distinct headwinds — a hurricane-disrupted supply chain, a historically severe flu season, and a cyber security incident.
Compensation discussion / Treatment-volume decline and management performance assessment · Filed 22/04/2026
Specifically, in 2025, we: –Advanced Integrated Kidney Care (IKC), our comprehensive value-based kidney care program, where patients achieved differentiated clinical outcomes, including higher rates of permanent vascular access, fewer bloodstream infections, and greater adoption of home dialysis.
Stockholder letter / Management claims concerning differentiated clinical outcomes · Filed 22/04/2026
–Expanded our international footprint by closing our acquisition in Brazil, extending our high-quality care model as the provider caring for the most dialysis patients around the world.1 –Continued as an industry leader under the Centers for Medicare & Medicaid Services (CMS) Five-Star Rating System for the most-recently reported performance year.2 –Delivered on our financial commitments—with 2025 performance in-line with our long-term growth targets of 3 to 7 percent adjusted operating income and 8 to 14 percent in adjusted diluted earnings per share from continuing operations.
Stockholder letter / Management claims concerning expansion, CMS ratings and financial targets · Filed 22/04/2026
