DaVita (DVA) official guidance

Yeah. Mix is down a little bit relative to the first half of the year, very much in line with our expectations, and we think we're on track for that $40 million year-over-year headwind for 2026.

We now expect adjusted operating income within a range of $2.175 billion-$2.25 billion and adjusted earnings per share within a range of $14.30-$15.20.

If you look at what that is for the LDOs, it is 40 basis points, and that will be constant for the year.

I will start with the big picture, which is our estimate right now, and I will emphasize that it is an estimate, is that the net impact for us for the full year 2027 will be 1.5%-2%.

We still anticipate full-year free cash flow between $1 billion and $1.25 billion.

We now expect IKC to deliver at least $65 million of adjusted operating income in 2026, an increase of at least $25 million over the prior guidance.

The full year continues to track in line with our expectations for approximately $135 million of international adjusted operating income.

Finally, from the financial perspective, we do not expect any material net impact on adjusted operating income for 2026 or 2027.

Finally, from the financial perspective, we do not expect any material net impact on adjusted operating income for 2026 or 2027.

On the cost side, I would really call out pharmaceutical costs, which we think will come down in 2027.

On RPT, we expect a headwind from commercial mix, with ACA being the big component of that.

You mentioned IT spend. IT spend will not come down next year. Our expectation is it will decelerate. So the 20-plus percent growth that we have been absorbing for the last three or four years, we think we can get down from that, but I would expect it will continue to grow.

As a reminder, the fourth quarter will have an approximately 1% headwind to treatment volume due to year-over-year day mix.

On the volume side, I would say we expect volume growth in 2027 to be higher than volume growth in 2026.

| Total | 312.4 | 313.2 |

| Q4 | 78.8 | 79.5 |

The $70 million impact is a combination of the anniversary effect or the annualizing effect of the mix loss in 2026 that happened through the year, plus some additional mix loss in 2027.

We still expect International and IKC growth to contribute approximately $20 million each to full year enterprise adjusted operating income growth.

We still expect International and IKC growth to contribute approximately $20 million each to full year enterprise adjusted operating income growth.

To help you model the back half of the year, we anticipate a sequential increase in adjusted operating income of $50 million-$100 million from Q3 to Q4, with timing of IKC being the biggest driver.