Effective August 1, 2025, the Company acquired the dialysis operations of Fresenius Medical Care AG and its affiliates in Brazil for initial aggregate consideration paid of $94,282. During 2025, 2024 and 2023, the Company also acquired other dialysis and related businesses, none of which were individually material except for the 2024 acquisition of DaVita Care Pte. Ltd. (DVC) discussed below.

As part of these other international and routine transactions in 2024 (excluding DVC), the Company acquired a controlling interest in a previously nonconsolidated U.S. dialysis partnership for which it recognized a non-cash gain of $35,147 on its prior investment upon consolidation. The Company estimated the fair value of its previously held equity interest in this business using an appraisal developed with an independent third party valuation firm.


	Year ended December 31,
	2025		2024		2023
Cash paid	$	128,334	$	329,187	$	27,648

Contingent purchase price adjustments and liabilities assumed	(2,995)		50,384		19,801
Fair value of previously held equity interests	10,302		182,270		—

Aggregate consideration	$	135,641	$	561,841	$	47,449
Number of dialysis centers acquired — U.S.	3		12		—
Number of dialysis centers acquired — International	62		198		12

The assets and liabilities for these acquisitions were recorded at their estimated fair values at the dates of the acquisitions and are included in the Company’s consolidated financial statements, as are their operating results, from the designated effective dates of the acquisitions.

The initial purchase price allocations for these transactions have been recorded at estimated fair values based on information available to management and will be finalized when certain information arranged to be obtained has been received. For several of the 2025 acquisitions, certain income tax amounts are pending final evaluation and quantification of any pre-acquisition tax contingencies. In addition, valuation of contingent earn-outs, intangibles, fixed assets, and certain working capital items relating to several of these acquisitions are pending final quantification.

The following table summarizes the assets acquired and liabilities assumed in these transactions and recognized at their acquisition dates at estimated fair values, as well as the estimated fair value of noncontrolling interests assumed in these transactions:


	Year ended December 31,
	2025		2024		2023
Cash	$	10,866	$	83,119	$	1,254
Other current assets	43,982		249,738		6,128
Property and equipment	22,350		94,951		4,130

Right-of-use lease assets and other long-term assets	44,359		97,591		785
Indefinite-lived licenses	9,953		22,725		15,789
Goodwill	71,684		349,069		25,723

Liabilities assumed	(63,258)		(201,704)		(6,179)
Noncontrolling interests assumed	(4,295)		(133,648)		(181)
	$	135,641	$	561,841	$	47,449

The amount of goodwill related to these acquisitions recognized or adjusted in 2025, 2024 and 2023 that is deductible for local tax purposes was $10,339, $54,810 and $17,836, respectively.

Effective November 1, 2024, the Company acquired control of DVC, previously referred to as the Company's Asia Pacific joint venture (APAC JV), through a change in control rights for no cash consideration. The purchase consideration, assets acquired and liabilities assumed for DVC, as detailed below, are included within the "Aggregate consideration — all acquisitions (including DVC)" and "Purchase price allocations — all acquisitions (including DVC)" tables presented above for the year ended December 31, 2024.

In connection with this acquisition, the Company recognized a non-cash gain of $59,067 on its previously held equity interests in the acquiree and realized a related foreign currency gain of $15,252 from foreign currency translation adjustments on this investment which were previously classified in accumulated other comprehensive loss. The Company estimated the fair value of its previously held equity interests of $114,744 using appraisals developed with an independent third party valuation firm.

The following table summarizes the assets acquired and liabilities assumed in this transaction and recognized at the acquisition date at estimated fair values, as well as the estimated fair value of noncontrolling interests assumed in this transaction:


	As of November 1, 2024
Cash	$	34,818
Other current assets	44,810
Property and equipment	22,651

Other long-term assets	37,682
Indefinite-lived licenses	15,114
Goodwill	127,207

Liabilities assumed	(54,708)
Noncontrolling interests assumed	(112,830)
	$	114,744

The following summary, prepared on a pro forma basis, combines the results of operations from continuing operations as if all acquisitions in 2025 and 2024 had been consummated as of the beginning of 2024, including the impact of certain adjustments such as amortization of intangibles, interest expense on acquisition financing and income tax effects.


	Year ended December 31,
	2025		2024
	(unaudited)
Pro forma total revenues	$	13,723,047	$	13,207,237
Pro forma net income from continuing operations attributable to DaVita Inc.	$	727,213	$	969,664
Pro forma basic net income per share from continuing operations attributable to DaVita Inc.	$	9.80	$	11.41
Pro forma diluted net income per share from continuing operations attributable to DaVita Inc.	$	9.58	$	11.11