达维塔保健 2025年度报告

2025 Dear Stakeholders, As we reflect on 2025, we’re grateful for the strength, agility, and dedication of our caregivers. In a dynamic health-care environment marked by ongoing change, they delivered life-sustaining care while advancing our strategy andcreating long-term value for our stakeholders. Our clinical and operational focus drove several defining achievements. Specifically, in 2025, we: –Advanced Integrated Kidney Care (IKC), our comprehensive value-based kidney care program, wherepatients achieved differentiated clinical outcomes, including higher rates of permanent vascular access,fewer bloodstream infections, and greater adoption of home dialysis. This clinical performance contributedto IKC reaching profitability ahead of expectations.–Empowered 8,000+ DaVita patients to receive a kidney transplant.–Expanded our international footprint by closing our acquisition in Brazil, extending our high-quality caremodel 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-StarRating System for the most-recently reported performance year.2–Delivered on our financial commitments. In the backdrop of achieving these highlights, our response to an April cybersecurity incident stands out. Throughthe 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. We emerged from this experiencestronger. That strength is powered by our more than 78,000 teammates (employees) worldwide. Engagement remains a dif-ferentiator, with our most recent survey reaching a five-year high of 85 percent. We continue to invest in our teamsthrough programs like Clinical Ladders, which offers clear pathways to career advancement, and Bridge toYour Dreams, where 400+ teammates were pursuing an Associate Degree in nursing, funded by DaVita. Financial Performance Our results in 2025 were in line with our long-term growth targets of 3 to 7 percent adjusted operating income and8 to 14 percent adjusted earnings per share from continuing operations. Operating income was $2.044 billion and adjusted operating income was $2.094 billion.3EPS from continuing oper-ations was $9.51 and adjusted EPS from continuing operations was $10.78.3Operating cash flow was $1.887 billionand free cash flow was $1.024 billion.3 We returned $1.788 billion of capital to stockholders via repurchases of 12.679 million shares of our common stockduring 2025, reducing our shares outstanding by approximately 14.9 percent since the beginning of the year. Wefinished the year with a leverage ratio in the middle of our target range of 3.0x to 3.5x. Corporate Social Responsibility (CSR) We’ve always believed that we are a community first, which means a responsibility to our patients, our teammates,and the world in which we live. This commitment continues to guide our CSR efforts. In 2025, we: –Partnered with the YMCA and local non-profits to deliver free chronic disease screenings, helping identifyparticipants with hypertension and at risk for kidney disease, creating crucial opportunities for life-changingearly intervention.–Reached more than 757,000 individuals through our partnership with the American Diabetes Association,providing multi-lingual education on kidney disease prevention and management.–Surpassed our five-year volunteerism goal one year early, with teammates contributing more than 70,000hours in 2025 and more than 218,000 hours since 2021.–Saved more than 90 million gallons of water through ongoing conservation efforts across our centers.–Provided more than 23,000 medically tailored meals to individuals facing food insecurity through supportfrom the DaVita Giving Foundation. To learn more, we encourage you to read our forthcoming Community Care 2025 report, where we will unveil ourCSR 2030 goals for the first time, at www.davitacommunitycare.com. &RQFOXVLRQ We appreciate your continued confidence in DaVita. As we look ahead, we remain focused on improving the healthand well-being of the patients we serve. Supported by your partnership and insights, we’re energized to build on thismomentum and reach new milestones. Very truly yours, Javier J. Rodriguez Pamela M. ArwayIndependent Chair of the Board Director and Chief Executive Officer 1Based on publicly reported data as of December 31, 2025. 2Reflects performance in 2024. 3These are non-GAAP financial measures. Adjusted operating income and adjusted earnings per share from continuing operations grew 6%and 11%, respectively, in the twelve months ending 12/31/25 as compared to the twelve months ending 12/31/24. For a reconciliation of thesenon-GAAP financial measures to their most comparable measure calculated and presented in accordance with GAAP, and for a definition ofadjusted amounts, see reconciliation schedules in our most recent earnings press