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Davita cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$359M in Q3 2026 · $1.3B over twelve months

Operating cash flow$519M
Capital spending−$159M
Free cash flow+$359M
Cash / net income1.9×

Analysis

In Q3 2026, Davita generated $519M of operating cash flow and spent $159M on capital projects, leaving free cash flow of $359M. That is $316M less than in Q3 2025 ($675M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.9B; the largest uses were other financing ($819M), buybacks ($725M), capital spending ($577M); besides operations, cash came from net borrowing (+) / repaid (−) ($522M), asset & business sales ($18.1M); the cash balance fell by $216M.

Operating cash flow was $519M against net income of $269M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$165M, impairments +$62.2M, payables −$55.4M.

Free cash flow

Davita: free cash flow by quarterDavita: free cash flow by quarter$377MQ4 2024$36.8MQ1 2025$203MQ2 2025$675MQ3 2025$395MQ4 2025$219MQ1 2026$320MQ2 2026$359MQ3 2026
Operating cash flow less capital spending.
Davita: operating cash flow against capital spendingDavita: operating cash flow against capital spendingOperating cash flowCapital spending$548M$171MQ4 2024$180M$143MQ1 2025$324M$121MQ2 2025$842M$166MQ3 2025$541M$145MQ4 2025$321M$102MQ1 2026$490M$170MQ2 2026$519M$159MQ3 2026
Latest (Q3 2026): Operating cash flow $519M, Capital spending $159M.

Capital allocation, year by year

Davita: where the cash came from (up) and went (down), by fiscal yearDavita: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $1.9BFY2021: Net borrowing $732MFY2021: Asset sales $61.5MFY2021: Capital spending −$641MFY2021: Acquisitions −$187MFY2021: Buybacks −$1.5B$2.7BFY2021FY2022: Operating cash flow $1.6BFY2022: Net borrowing −$35.6MFY2022: Asset sales $118MFY2022: Capital spending −$603MFY2022: Acquisitions −$57.3MFY2022: Buybacks −$802M$1.7BFY2022FY2023: Operating cash flow $2.1BFY2023: Net borrowing −$579MFY2023: Asset sales $30.6MFY2023: Capital spending −$568MFY2023: Acquisitions −$26.4MFY2023: Buybacks −$272M$2.1BFY2023FY2024: Operating cash flow $2.0BFY2024: Net borrowing $1.1BFY2024: Asset sales $25.9MFY2024: Capital spending −$555MFY2024: Acquisitions −$246MFY2024: Buybacks −$1.4B$3.1BFY2024FY2025: Operating cash flow $1.9BFY2025: Net borrowing $794MFY2025: Asset sales $34.2MFY2025: Capital spending −$576MFY2025: Acquisitions −$117MFY2025: Buybacks −$1.3B$2.7BFY2025
Over these 5 years operating cash flow totalled $9.5B; the largest uses were buybacks ($5.3B) and capital spending ($2.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$566M
Debt$10.8B
Net debt$10.2B
Due within a year$109M

Davita funds itself: free cash flow was $1.3B over the last twelve months, and $566M of cash and investments stands against $10.8B of debt ($109M due within a year, 5.2× covered by cash).

Davita: debt maturities by year (FY2025)Davita: debt maturities by year (FY2025)$109MYear 1$110MYear 2$150MYear 3$142MYear 4$4.5BYear 5$5.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $566M of cash and investments now.

Where the cash came from and went

Davita: sources (+) and uses (−) of cash, Q3 2026Davita: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$519MOther investing−$269MCash drawn (+) / kept (−)$173MCapital spending−$159MOther financing−$127MBuybacks−$73.0MPartners−$52.0MNet borrowing (+) / repaid (−)−$13.6MAsset & business sales$11.9MTaxes on employees’ shares−$5.2MAcquisitions−$3.2MExchange rates−$189K
Davita: sources (+) and uses (−) of cash, TTM to Q3 2026Davita: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.9BOther financing−$819MBuybacks−$725MCapital spending−$577MNet borrowing (+) / repaid (−)$522MOther investing−$358MCash drawn (+) / kept (−)$216MPartners−$76.6MTaxes on employees’ shares−$70.5MAsset & business sales$18.1MNot reconciled−$855K

From profit to cash

Davita: net income to operating cash flow, Q3 2026Davita: net income to operating cash flow, Q3 2026Net income$269MDepreciation & amortization$165MStock-based pay$29.2MDeferred taxes$37.8MImpairments$62.2MOther non-cash−$2.1MReceivables−$43.4MInventory−$10.2MPayables−$55.4MEmployee-related liabilities$43.7MOther liabilities$5.1MIncome taxes payable$33.0MOperating cash flow$519M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$519M−$159M−$3.2M−$73.0M−$13.6M$173M$359M
Q2 2026$490M−$170M−$4.6M−$181M$158M−$25.5M$320M
Q1 2026$321M−$102M−$33.9M−$196M$346M$31.3M$219M
Q4 2025$541M−$145M—−$274M$32.0M$37.7M$395M
Q3 2025$842M−$166M−$108M−$240M−$25.0M$1.5M$675M
Q2 2025$324M−$121M−$353K−$284M$529M−$272M$203M
Q1 2025$180M−$143M−$10.2M−$510M$287M$355M$36.8M
Q4 2024$548M−$171M—−$365M−$76.6M$279M$377M

Davita: income statement and cash flow

Davita, Q3 2026: revenue $3.6B (+5% year over year), operating margin 14.0%. The chart follows the revenue to costs, profit and cash.

Davita: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.