DaVita Inc

F:TRL

In line: DaVita said second quarter results were broadly in line with expectations, with adjusted operating income of $579 million, adjusted EPS of $4.02 and free cash flow of $256 million.

Volume strength: U.S. treatment growth accelerated slightly above plan, helped mainly by better mortality trends and partly offset by fewer clinic closures benefits and a bit more missed treatments.

Mix pressure: Revenue per treatment fell sequentially because of lower commercial mix tied to ACA exchange enrollment and lower phosphate binder revenue, and management still expects full-year pressure from those trends.

Guidance held: The company reaffirmed full-year 2026 guidance, keeping the midpoint at $2.2 billion for adjusted operating income and $14.65 for adjusted EPS.

New therapy push: DaVita highlighted expanded HD as a major clinical and operational opportunity, saying it has secured supply and expects broad deployment in coming quarters, but the financial impact should be limited near term.

Policy watch: Management said the proposed 2027 ESRD rule still looks below industry cost trends, while supporting CMS’s move to bundle phosphate binders and end TDAPA after 2 years.