DaVita
33 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
Commercial insurance payors
earns from · Approximately 26% of our U.S. dialysis patient service revenuesnamed as a riskThe payments we receive from commercial payors generate nearly all of our profits and all of our non-hospital dialysis profits come from commercial payors.Business (Item 1)
Hospitals (inpatient dialysis contracts)
earns from · approximately 740 hospitalsAs of December 31, 2025, we have contracts to provide hospital inpatient dialysis services to patients in approximately 740 hospitals throughout the U.S.Business (Item 1)
Also named by DGX
Suppliers
Key clinical supply suppliers
depends onnamed as a riskFor example, after a severe weather event in September 2024 damaged a supplier’s manufacturing plant and halted production of critical clinical products, we implemented responsive operational measures to maintain continuity of care for our patients, which resulted in increased expense and slowed growth of our home-based dialysis business in 2024 and the early portion of 2025.Risk factors (Item 1A)
Partners and platforms
Joint ventures with nephrologists
depends on · approximately 30% of our U.S. dialysis revenuesnamed as a riskFor the year ended December 31, 2025, revenues from joint ventures in which we have a controlling interest represented approximately 30% of our U.S. dialysis revenues.Business (Item 1)
American Kidney Fund (AKF)
depends onnamed as a riskCertain payors have also incorporated policies into their provider manuals limiting or refusing to accept charitable premium assistance from non-profit organizations, such as the American Kidney Fund (AKF).Risk factors (Item 1A)
Competitors
Fresenius Medical Care
competes withnamed as a riskSome competitors, including our largest competitor, Fresenius Medical Care, also manufacture their own supplies and equipment, in addition to owning and operating outpatient dialysis centers worldwide, which may, among other things, provide cost advantages to such competitors.Business (Item 1)
Places
Brazil
operates in · 127We operated 585 outpatient dialysis centers located in 14 countries outside of the U.S. serving approximately 94,500 patients as of December 31, 2025.Business (Item 1)
Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more
Hazards
Hurricanes
operates innamed as a riskFor example, our clinical laboratory is in Florida, a state that has in the past experienced and may in the future experience hurricanes.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
April 2025 cybersecurity incident
named as a riskThe incident adversely impacted our billing and revenue collection cycles, our ability to accept new patients and our ability to perform certain business functions and, as a result, we continue to incur expenses and experience lost revenue as a result of the incident.Risk factors (Item 1A)
Commodities and inputs
Foreign currency exchange rates
exposed to its price · approximately 10% of our consolidated revenuesOur international operations constitute approximately 17% of our consolidated assets and approximately 10% of our consolidated revenues for the year ended December 31, 2025, with no single country constituting more than 5% of consolidated assets.Market risk (Item 7A)
Also named by ADP, AMT, CPAY, DPZ, GLW, HLIO, LNN, PFG and 1 more
Home-based dialysis supplies
depends onnamed as a riskThere are also a limited number of available suppliers for certain critical home-based dialysis supplies, and any disruptions involving such supplies could materially impact our operations and require significant resources or operational changes in response.Risk factors (Item 1A)
Regulators
Centers for Medicare & Medicaid Services (CMS)
subject tonamed as a riskUncertainty about future payment rates remains a material risk to our business, as well as the potential implementation of or changes in coverage determinations or other rules or regulations by CMS or Medicare Administrative Contractors that may impact reimbursement.Business (Item 1)
Also named by A, ABT, AMGN, AXGN, BAX, BWIN, CNC, COO and 23 more
Laws and programs
Medicare
earns from · 57%named as a riskFor the year ended December 31, 2025, approximately 89% of our total U.S. dialysis patients were covered under some form of government-based program, with approximately 73% of our total U.S. dialysis patients covered under Medicare and Medicare Advantage plans.Business (Item 1)
Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more
Medicaid
earns from · 7%named as a riskPrimary coverage for a significant number of our patients also comes from state Medicaid programs partially funded by the federal government, and we have patients covered by other non-Medicare government-based programs, such as coverage through TRICARE and the VA.Risk factors (Item 1A)
Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more
Budget Control Act of 2011 (Medicare sequestration)
subject to · 2%named as a riskAs a result of the Budget Control Act of 2011 (BCA) and subsequent activity in Congress, a $1.2 trillion sequester (across-the-board spending cuts) in discretionary programs took effect in 2013 reducing Medicare payments (currently by 2%), which was subsequently extended into fiscal year 2032.Business (Item 1)
Medicare ESRD Prospective Payment System (PPS)
subject to · 2.2%named as a riskCMS estimates that the overall impact of the rule will increase ESRD freestanding facilities' average reimbursement by 2.2%.Business (Item 1)
ESRD Quality Incentive Program (QIP)
subject to · as much as 2%named as a riskUnder this bundled payment rate system, known as the ESRD Prospective Payment System (PPS), the payments to a dialysis facility may be reduced by as much as 2% based on the facility’s performance in specified quality measures set annually by CMS through its ESRD Quality Incentive Program (QIP).Business (Item 1)
Brazilian Lei Geral de Proteção de Dados (LGPD)
subject to · 50 million Brazilian real (approximately $9 million) or 2% of the company’s annual revenuenamed as a riskFor example, the maximum fine for non-compliance with the LGPD is 50 million Brazilian real (approximately $9 million) or 2% of the company’s annual revenue, while the maximum fine for non-compliance with the DSL is RMB 50 million (approximately $7 million) or 5% of the previous year's turnover.Business (Item 1)
One Big Beautiful Bill Act (OBBBA)
subject tonamed as a riskOn balance, these eligibility requirements are part of an overarching phase down of federal Medicaid expenditures in the OBBBA, along with provisions such as higher cost-sharing for certain patients and limitations on state funding mechanisms, known as provider taxes and state-directed payments.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
Medicare Advantage
earns fromnamed as a riskA material portion of both our commercial revenue and MA revenue is concentrated with a limited number of private payors, and any changes impacting our highest paying private payors or our relationships with these payors will have a disproportionate impact on us.Risk factors (Item 1A)
Also named by BWIN, CDNA, CHE, CNC, CVS, DGX, DOC, ELV and 3 more
Stark Law
subject tonamed as a riskAny finding by CMS or other regulatory or enforcement authorities that we have violated the Stark Law or related penalties and restructuring or other required actions could have a material adverse effect on our business, results of operations, financial condition, cash flows, stock price and reputation.Business (Item 1)
Federal Anti-Kickback Statute
subject tonamed as a riskOur joint venture arrangements do not satisfy all of the elements of any safe harbor under the federal Anti-Kickback Statute, however, and therefore are susceptible to government scrutiny.Risk factors (Item 1A)
ACA enhanced premium tax credits
subject tonamed as a riskFor example, the expiration of certain enhanced premium tax credits available to patients who purchase health insurance on the ACA exchanges is expected to have an adverse impact on the affordability of commercial insurance plans, leading to a smaller percentage of patients covered by such plans.Risk factors (Item 1A)
Also named by CI
Comprehensive Kidney Care Contracting (CKCC) model
subject tonamed as a riskFor example, we have made significant investments in our participation in the CKCC program payment model and there is no assurance that this program will be extended or modified in the future and, among other things, any such extension or modification could adversely impact our costs of care, associated reimbursement rates or risk adjusted revenues.Risk factors (Item 1A)
Transitional Drug Add-on Payment Adjustment (TDAPA)
subject tonamed as a riskWe cannot predict, at this time, whether CMS' TDAPA amounts for oral phosphate binders or other TDAPA eligible drugs adequately account for the inclusion of these oral medications or other TDAPA eligible drugs and the additional costs associated with dialysis providers having to supply such drugs.Risk factors (Item 1A)
California AB 290
subject tonamed as a riskFor example, if implemented in its proposed form, certain provisions of California bill (AB 290), including the amount of reimbursement paid to certain providers for services provided to patients with commercial insurance who receive charitable premium assistance (reimbursement cap), could have negative consequences on the ability of patients to afford commercial coverage, which may in turn adversely impact our business, results of operations, financial condition and cash flows.Risk factors (Item 1A)
Marietta Memorial Hospital v. DaVita Supreme Court decision
subject tonamed as a riskWith respect to Marietta, there remains uncertainty as to, among other things, whether and to what extent payors, including employer group health plans, third party administrators and out-of-network payors, may seek to design and implement plans to restrict access to or limit reimbursement for ESRD treatments in light of the decision; the results of proposed and pending legislative responses to the decision; how courts will interpret other anti-discriminatory provisions in Employee Retirement Income Security Act of 1974, as amended and the Medicare Secondary Payor Act that may apply; whether there could be other potential negative impacts of the decision and any resultant employer plan behavior on our payor mix or the number of our patients covered by commercial insurance; and the timing of each of these items.Risk factors (Item 1A)
21st Century Cures Act
subject toThis change in benefit eligibility has increased the percentage of our patients on MA plans as compared to Medicare Part B plans.Business (Item 1)
Also named by ORCL
Technology
GLP-1 receptor agonists
named as a riskThe introduction of new technologies, treatments or therapies may also impact ESKD growth rates or the demand for dialysis treatments over time, including, among others, the glucagon-like peptide 1 (GLP-1) receptor agonist, SGLT2 inhibitors, and other classes of drugs or new classes of drugs or other treatments that may, among other things, slow the progression of CKD.Risk factors (Item 1A)
Hemodiafiltration (HDF)
named as a riskThe adoption of this technology would require significant capital investment in equipment and infrastructure and is subject to risks associated with its cost, availability and ultimately any associated reimbursement rate.Risk factors (Item 1A)