Financial research concept

Dialysis Segment Operating Income

measures GAAP operating income for the issuer's U.S. dialysis segment.

By Lee BaileyPublished Sep 25, 2026

Research context

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Research date: Sep 25, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 17 connected conceptsPart of the reviewed Dialysis Provider Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Unit economics imply a much larger direct-care spread than segment operating income
Segment operating income was about 53% of that reconstructed direct-care spread
Segment operating income is not adjusted or consolidated operating income
Part of the Dialysis Provider Economics
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Dialysis Segment Operating Income measures GAAP operating income for DaVita's U.S. dialysis segment.

DaVita reported $2.084 billion of U.S. dialysis segment operating income in 2025.

Unit economics imply a much larger direct-care spread than segment operating income

Patient-service revenue per treatment was $409.56 and patient-care cost per treatment was $273.34, leaving a $136.22 direct-care spread.

Multiplying $136.22 by 28,733,980 treatments gives about $3.91 billion before occupancy, depreciation, G&A, and other segment expenses.

Segment operating income was about 53% of that reconstructed direct-care spread

Dividing $2.084 billion by approximately $3.91 billion gives roughly 53.2%.

That bridge shows why revenue less patient-care cost is not the same as operating income.

Use Dialysis Patient Care Cost per Treatment for the direct-cost denominator.

Segment operating income is not adjusted or consolidated operating income

DaVita reports other business and corporate items outside the U.S. dialysis segment.

The $2.084 billion figure should therefore remain inside the segment boundary.

Primary source: DaVita 2025 Form 10-K.

Part of the Dialysis Provider Economics

Connect treatment activity, reimbursement per treatment, patient-care cost, modality and payor mix, collections, network footprint, market share, and segment profitability across a dialysis provider.

Browse the full operating model in Company Analysis →

Where this concept fits

Cost, collections, and segment profitabilityCurrent relationship
Patient care cost per treatment frames direct operating cost, days sales outstanding shows collections efficiency, and segment operating income shows the resulting GAAP segment contribution after the issuer's reported expense structure.
Dialysis Days Sales Outstanding Dialysis Patient Care Cost per TreatmentDialysis Segment Operating IncomeCurrent concept
Treatment volume, patient base, and network footprint
Treatment volume, average daily treatments, treatment days, patient count, outpatient centers, hospital service contracts, market share, and normalized non-acquired growth show the operating scale and underlying demand base. Center count and patient count are point-in-time measures, while treatments are period activity.
Dialysis Average Treatments per Day Dialysis Hospital Service Contract Count Dialysis Normalized Non-Acquired Treatment Growth Dialysis Outpatient Center Count Dialysis Patient Count Dialysis Treatment Days Dialysis Treatment Volume Dialysis U.S. Market Share
Reimbursement, payor mix, and care setting
Average patient service revenue per treatment shows blended reimbursement, government and commercial revenue mix show payor economics, and outpatient, home-based, and hospital inpatient revenue mix show where care is delivered. Revenue shares are not interchangeable with patient or treatment shares.
Dialysis Average Patient Service Revenue per Treatment Dialysis Commercial Revenue Mix Dialysis Government Revenue Mix Dialysis Home-Based Revenue Mix Dialysis Hospital Inpatient Revenue Mix Dialysis Outpatient Revenue Mix

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

DVAOpen operating-model research →17 of 17 reviewed concepts in Dialysis Provider EconomicsCost, collections, and segment profitability3 of 3 bridge concepts supportedContinue through this bridge:Dialysis Days Sales Outstanding Dialysis Patient Care Cost per Treatment

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Compare public companies

Compare segment operating income with the much larger reconstructed revenue-minus-patient-care-cost spread.

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