It has been about a month since the last earnings report for DaVita HealthCare (DVA Quick QuoteDVA - Free Report) . Shares have added about 1.1% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is DaVita HealthCare due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for DaVita Inc. before we dive into how investors and analysts have reacted as of late.

DaVita Q3 Earnings Miss Estimates, Revenues Up Y/Y

DaVita delivered adjusted earnings per share of $2.51 in the third quarter of 2025, down 3.1% year over year. The figure missed the Zacks Consensus Estimate by 23.7%.

GAAP EPS for the quarter was $2.04, down 18.4% year over year.

DaVita’s Revenues in Detail

Revenues of $3.42 billion in the third quarter increased 4.8% year over year. The figure topped the Zacks Consensus Estimate by 0.5%.

Revenue per treatment in the third quarter of 2025 was $410.6, up 4.1% year over year and 1.5% sequentially. Per management, this was primarily driven by rate increases, higher revenue from phosphate binders and the negative impact of the cyber incident. This was partially offset by a slight decline in payer mix and normal variability.

DVA’s Segment Details

DaVita generates revenues via two sources — Dialysis patient service revenues and Other revenues.

The dialysis patient service revenues were $3.29 billion, up 5.1% year over year.

Other revenues were $122.1 million, down 2.3% from the year-ago quarter’s figure.

Per management, the total U.S. dialysis treatments for the third quarter were 7,242,725 or 91,680 per day, on average. This represents a per-day decrease of 0.4% on a sequential basis. Normalized non-acquired treatment declined 0.6% year over year in the third quarter of 2025.As of Sept. 30, 2025, DaVita provided dialysis services to around 293,200 patients at 3,247 outpatient dialysis centers, of which 2,662 were U.S. centers while 585 were located across 14 other countries.

During the third quarter of 2025, the company opened three dialysis centers and closed three in the United States. It also acquired 58 and closed nine dialysis centers outside the United States in the same period.

As of Sept. 30, 2025, DaVita had approximately 64,900 patients in risk-based integrated care arrangements in its Integrated Kidney Care business, representing $5.5 billion in annualized medical spend. The company also had an additional 9,400 patients in other integrated care arrangements.

DaVita’s Margin Details

In the quarter under review, DaVita’s gross profit decreased 2.2% year over year to $1.09 billion. The gross margin contracted 230 basis points (bps) to 31.8%.

General & administrative expenses climbed 5.3% year over year to $414.4 million.

Adjusted operating profit totaled $517 million, reflecting a 3.4% decrease from the prior-year quarter’s level. Adjusted operating margin in the third quarter contracted 130 bps to 15.1%.

DVA’s Financial Position

DaVita exited third-quarter 2025 with cash and cash equivalents and short-term investments of $736.5 million compared with $739.4 million at the second-quarter end. Total debt (including the current portion) at the end of third-quarter 2025 was $10.25 billion compared with $10.26 billion at the second-quarter end.

Cumulative net cash provided by operating activities at the end of third-quarter 2025 was $1.35 billion compared with $1.47 billion a year ago.

During the three months ended Sept. 30, 2025, DVA repurchased 3.3 million shares for $465 million.

DaVita’s Guidance

DaVita has updated its adjusted earnings per share outlook for 2025.

Adjusted earnings per share for the full year is now projected to be in the range of $10.35-$11.15 compared with the previous guidance of $10.20-$11.30. The Zacks Consensus Estimate currently stands at $10.93.

How Have Estimates Been Moving Since Then?

It turns out, estimates revision have trended upward during the past month.

The consensus estimate has shifted 19.15% due to these changes.

VGM Scores

Currently, DaVita HealthCare has a nice Growth Score of B, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock has a grade of A on the value side, putting it in the top 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, DaVita HealthCare has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

DaVita HealthCare is part of the Zacks Medical - Outpatient and Home Healthcare industry. Over the past month, Quest Diagnostics (DGX Quick QuoteDGX - Free Report) , a stock from the same industry, has gained 7.9%. The company reported its results for the quarter ended September 2025 more than a month ago.

Quest Diagnostics reported revenues of $2.82 billion in the last reported quarter, representing a year-over-year change of +13.2%. EPS of $2.60 for the same period compares with $2.30 a year ago.

Quest Diagnostics is expected to post earnings of $2.36 per share for the current quarter, representing a year-over-year change of +5.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.3%.

Quest Diagnostics has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A.