What is U.S. Physical Therapy's operating income?

U.S. Physical Therapy's total operating income in 2025 was $86.68 million, based on the following breakdown: Total Gross Profit: $311.45 million Total Operating Expenses: $224.78 million

U.S. Physical Therapy (USPH) Financials

$78.64 +0.94 (+1.20%)

Closing price 09/11/2026 03:58 PM Eastern

Extended Trading

$78.48 -0.16 (-0.21%)

As of 09/11/2026 07:58 PM Eastern

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Annual Income Statements for U.S. Physical Therapy

This table shows U.S. Physical Therapy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	21	21	22	35	40	35	41	32	28	31	40
Consolidated Net Income / (Loss)	26	26	28	49	57	52	58	43	37	46	58
Net Income / (Loss) Continuing Operations	26	42	77	49	57	52	58	43	37	46	58
Total Pre-Tax Income	40	38	34	60	71	66	73	56	49	60	78
Total Operating Income	47	50	55	60	67	52	71	57	51	63	87
Total Gross Profit	147	162	198	102	203	183	211	228	245	265	311
Total Revenue	331	364	439	454	482	423	495	553	605	671	781
Operating Revenue	324	364	439	454	482	423	495	553	605	671	781
Total Cost of Revenue	185	203	241	264	279	240	284	325	360	406	470
Operating Cost of Revenue	181	198	237	259	274	236	278	319	353	399	462
Other Cost of Revenue	4.17	4.04	3.67	4.60	4.86	4.62	5.31	5.55	6.17	6.91	7.65
Total Operating Expenses	99	97	94	130	135	130	141	172	195	202	225
Selling, General & Admin Expense	31	32	36	41	45	42	47	46	52	58	69
Depreciation Expense	-	-	-	-	-	-	-	14	15	18	21
Other Operating Expenses / (Income)	68	80	107	88	90	88	94	102	110	123	134
Impairment Charge	-	-	-	-	0.00	0.00	0.00	9.11	17	2.42	0.00
Total Other Income / (Expense), net	-7.16	-11	-21	-0.10	3.48	13	2.55	-1.23	-1.14	-2.79	-8.86
Interest Expense	7.24	11	21	-1.85	2.08	1.63	0.94	5.78	9.30	8.02	9.46
Interest & Investment Income	0.08	0.09	0.09	0.09	5.56	1.23	0.11	1.18	4.73	4.96	1.58
Other Income / (Expense), net	-	-	-	-2.04	0.00	14	3.38	3.37	3.44	0.28	-0.99
Income Tax Expense	14	12	6.03	11	14	13	15	12	12	15	20
Net Income / (Loss) Attributable to Noncontrolling Interest	5.87	5.72	5.47	14	17	17	17	11	8.98	14	18
Basic Earnings per Share	$1.66	$1.64	$1.76	$1.31	$2.45	$2.48	$2.41	$2.25	$1.28	$1.84	$1.42
Weighted Average Basic Shares Outstanding	12.39M	12.50M	12.57M	12.67M	12.76M	12.84M	12.90M	12.99M	14.19M	15.06M	15.18M
Diluted Earnings per Share	$1.66	$1.64	$1.76	$1.31	$2.45	$2.48	$2.41	$2.25	$1.28	$1.84	$1.42
Weighted Average Diluted Shares Outstanding	12.39M	12.50M	12.57M	12.67M	12.76M	12.84M	12.90M	12.99M	14.19M	15.06M	15.18M
Weighted Average Basic & Diluted Shares Outstanding	12.39M	12.50M	12.57M	12.67M	12.76M	12.84M	12.90M	13.03M	15.07M	15.19M	15.12M
Cash Dividends to Common per Share	$0.60	$0.68	$0.80	$0.92	$1.14	$0.32	$1.46	$1.64	$1.72	$1.76	$1.80

This table shows U.S. Physical Therapy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	0.66	8.05	7.51	6.63	9.24	9.90	12	13	4.15	5.04	9.90
Consolidated Net Income / (Loss)	-1.29	12	12	9.78	12	13	18	18	9.18	8.16	15
Net Income / (Loss) Continuing Operations	-1.29	12	12	9.78	12	13	18	18	9.18	8.16	15
Total Pre-Tax Income	0.11	15	15	12	18	17	23	23	15	11	19
Total Operating Income	-0.88	15	16	13	15	20	25	25	17	12	22
Total Gross Profit	63	60	69	66	69	71	82	78	81	77	87
Total Revenue	155	156	167	168	180	184	197	197	203	198	214
Operating Revenue	155	156	167	168	180	184	197	197	203	198	214
Total Cost of Revenue	92	95	98	102	111	113	116	119	122	121	128
Operating Cost of Revenue	91	94	96	100	109	111	114	117	120	119	125
Other Cost of Revenue	1.57	1.63	1.72	1.72	1.85	1.85	2.00	2.07	1.73	2.00	2.12
Total Operating Expenses	64	45	54	54	55	51	57	53	64	64	65
Selling, General & Admin Expense	14	14	14	14	16	16	17	17	18	18	19
Depreciation Expense	-	3.89	4.30	4.16	-	5.54	5.74	5.50	4.28	5.66	5.62
Other Operating Expenses / (Income)	17	28	31	35	19	29	34	30	36	40	39
Other Special Charges / (Income)	-	-0.61	4.05	-	-	-	-0.79	-	-	-	0.99
Total Other Income / (Expense), net	0.99	-0.17	-0.77	-0.51	3.78	-2.31	-2.29	-2.46	-1.81	-1.92	-2.89
Interest Expense	2.01	1.97	1.98	2.02	2.05	2.28	2.42	2.41	2.35	2.79	3.34
Interest & Investment Income	1.67	1.81	1.32	1.25	0.57	0.42	0.43	0.39	0.34	0.38	0.44
Other Income / (Expense), net	1.33	-0.02	-0.11	0.26	5.26	-0.45	-0.29	-0.44	0.20	0.49	0.01
Income Tax Expense	1.40	3.14	3.08	2.56	5.83	3.86	4.93	5.23	5.78	2.41	4.16
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.95	3.57	4.21	3.15	3.25	3.57	5.33	4.50	5.02	3.12	5.00
Basic Earnings per Share	($0.45)	$0.46	$0.47	$0.39	$0.52	$0.80	$0.58	$0.48	($0.44)	($0.12)	$0.25
Weighted Average Basic Shares Outstanding	14.19M	15.02M	15.07M	15.08M	15.06M	15.13M	15.20M	15.20M	15.18M	15.17M	15.07M
Diluted Earnings per Share	($0.45)	$0.46	$0.47	$0.39	$0.52	$0.80	$0.58	$0.48	($0.44)	($0.12)	$0.25
Weighted Average Diluted Shares Outstanding	14.19M	15.02M	15.07M	15.08M	15.06M	15.13M	15.20M	15.20M	15.18M	15.17M	15.07M
Weighted Average Basic & Diluted Shares Outstanding	15.07M	15.07M	15.08M	15.09M	15.19M	15.19M	15.20M	15.20M	15.12M	15.22M	14.92M
Cash Dividends to Common per Share	$0.43	$0.44	$0.44	$0.44	$0.44	$0.45	$0.45	$0.45	$0.45	$0.46	$0.46

This table details how cash moves in and out of U.S. Physical Therapy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	1.51	4.27	1.89	1.44	0.18	9.37	-4.35	3.03	121	-111	-5.79
Net Cash From Operating Activities	38	51	57	73	62	100	76	59	82	75	75
Net Cash From Continuing Operating Activities	38	51	57	73	62	100	76	59	82	75	75
Net Income / (Loss) Continuing Operations	26	26	28	49	57	52	58	43	37	46	58
Consolidated Net Income / (Loss)	26	26	28	49	57	52	58	43	37	46	58
Depreciation Expense	7.95	8.78	9.71	9.76	10	11	12	15	16	19	22
Amortization Expense	-	-	-	-	-	-	0.06	0.31	0.42	0.42	0.42
Non-Cash Adjustments To Reconcile Net Income	10	15	20	8.70	6.33	13	13	18	29	17	10
Changes in Operating Assets and Liabilities, net	-7.14	1.40	-1.19	5.71	-11	24	-6.23	-18	-0.44	-7.04	-16
Net Cash From Investing Activities	-26	-32	-44	-24	-38	-51	-124	-81	-45	-149	-37
Net Cash From Continuing Investing Activities	-26	-32	-44	-24	-38	-51	-124	-81	-45	-149	-37
Purchase of Property, Plant & Equipment	-6.26	-8.26	-7.10	-7.19	-10	-7.64	-8.20	-8.25	-9.29	-9.19	-14
Acquisitions	-19	-24	-37	-16	-31	-44	-87	-60	-27	-133	-16
Purchase of Investments	-	-	0.00	-0.35	-0.43	-0.24	-1.27	-0.28	-0.28	-1.00	-0.27
Divestitures	-	-	0.12	0.00	12	0.13	0.07	0.40	0.88	0.08	0.19
Other Investing Activities, net	-0.97	-0.67	0.00	0.00	-8.65	0.84	-28	-13	-9.73	-6.25	-6.88
Net Cash From Financing Activities	-9.89	-14	-11	-48	-24	-39	43	26	84	-37	-44
Net Cash From Continuing Financing Activities	-9.89	-14	-11	-48	-24	-39	43	26	84	-37	-44
Repayment of Debt	-94	-167	-86	-123	-138	-245	-223	-189	-63	-15	-181
Repurchase of Common Equity	-6.12	-1.26	-2.36	-0.27	-	-	-	-	0.00	0.00	-5.57
Payment of Dividends	-13	-14	-16	-27	-31	-22	-36	-37	-40	-41	-47
Issuance of Debt	103	168	93	103	145	214	316	251	24	19	190
Issuance of Common Equity	-	-	-	-	-	-	0.00	0.00	164	0.00	0.00
Cash Interest Paid	0.88	0.78	2.11	2.36	1.89	1.20	1.35	5.69	8.66	7.21	9.43
Cash Income Taxes Paid	7.78	11	8.54	9.18	9.86	7.68	12	7.62	4.93	4.82	14

This table details how cash moves in and out of U.S. Physical Therapy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	5.14	-21	-19	4.05	-76	-2.18	-5.10	-2.98	4.47	-7.13	-3.55
Net Cash From Operating Activities	27	4.42	29	22	19	-4.68	35	20	25	3.81	34
Net Cash From Continuing Operating Activities	27	4.42	29	22	19	-4.68	35	20	25	3.81	34
Net Income / (Loss) Continuing Operations	-1.29	12	12	9.78	12	13	18	18	9.18	8.16	15
Consolidated Net Income / (Loss)	-1.29	12	12	9.78	12	13	18	18	9.18	8.16	15
Depreciation Expense	4.11	4.10	4.51	4.39	5.69	5.87	6.06	5.83	4.64	6.00	5.94
Amortization Expense	0.11	0.11	0.10	0.11	0.11	0.11	0.10	0.11	0.11	0.11	0.11
Non-Cash Adjustments To Reconcile Net Income	20	2.83	7.70	5.37	1.38	-1.07	3.70	10	-2.84	5.68	6.37
Changes in Operating Assets and Liabilities, net	4.11	-14	4.96	2.48	-0.25	-23	7.28	-14	14	-16	7.06
Net Cash From Investing Activities	-8.41	-20	-28	-5.84	-95	-6.63	-13	-12	-5.44	-40	-6.41
Net Cash From Continuing Investing Activities	-8.41	-20	-28	-5.84	-95	-6.63	-13	-12	-5.44	-40	-6.41
Purchase of Property, Plant & Equipment	-2.22	-1.84	-2.34	-2.52	-2.49	-2.58	-3.25	-4.32	-3.93	-5.37	-5.36
Acquisitions	-3.59	-19	-23	-2.50	-92	-4.21	-2.68	-17	8.12	-21	0.07
Other Investing Activities, net	-2.65	0.48	-3.20	-0.75	-0.08	0.15	-6.63	9.20	-9.60	-4.47	-1.11
Net Cash From Financing Activities	-13	-4.49	-20	-12	-0.15	9.12	-27	-11	-15	29	-32
Net Cash From Continuing Financing Activities	-13	-4.49	-20	-12	-0.15	9.12	-27	-11	-15	29	-32
Repayment of Debt	-2.51	-1.33	-1.66	-2.52	-9.20	-4.22	-63	-73	-41	-35	-107
Payment of Dividends	-11	-3.16	-18	-9.72	-9.95	-3.65	-21	-11	-12	-4.40	-22
Issuance of Debt	-	0.00	-	-	19	17	57	73	43	77	122
Other Financing Activities, net	-	-	-	-	-	0.00	-	-	-	-8.29	-5.36
Cash Interest Paid	1.66	1.84	1.86	1.92	1.58	2.21	2.48	2.62	2.13	2.84	3.75
Cash Income Taxes Paid	2.20	0.37	4.57	0.83	-0.93	7.36	2.47	1.98	2.54	0.33	4.44

This table presents U.S. Physical Therapy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	304	351	419	443	561	594	749	858	997	1,167	1,204
Total Current Assets	60	66	77	79	85	88	95	111	233	138	140
Cash & Equivalents	16	20	22	23	24	33	29	32	153	41	36
Accounts Receivable	39	41	50	51	56	51	62	69	70	86	88
Other Current Assets	5.80	4.43	4.79	4.35	5.79	3.77	4.18	11	11	11	16
Plant, Property, & Equipment, net	17	19	20	20	22	22	23	25	26	32	36
Plant, Property & Equipment, gross	70	75	81	84	88	91	98	105	111	119	127
Accumulated Depreciation	53	56	60	64	66	69	75	80	85	87	91
Total Noncurrent Assets	227	266	322	344	453	485	631	722	738	998	1,028
Long-Term Investments	-	-	-	-	-	-	12	12	12	12	12
Goodwill	195	227	271	294	318	346	435	494	510	667	692
Intangible Assets	30	38	49	49	53	56	86	109	110	179	173
Other Noncurrent Operating Assets	1.23	1.23	1.22	1.43	83	83	98	107	106	139	151
Total Liabilities & Shareholders' Equity	304	351	419	443	561	594	749	858	997	1,167	1,204
Total Liabilities	131	163	110	92	181	184	297	374	345	408	434
Total Current Liabilities	19	25	40	42	61	93	83	85	102	116	139
Short-Term Debt	0.78	1.23	4.04	1.43	0.73	4.90	0.83	7.86	7.69	11	9.87
Accounts Payable	1.64	1.63	2.17	2.02	2.49	1.34	6.47	6.50	3.90	5.94	6.06
Accrued Expenses	17	22	33	38	31	60	46	37	55	60	49
Other Current Liabilities	-	-	-	0.00	26	28	30	34	35	40	74
Total Noncurrent Liabilities	112	138	71	50	121	91	214	288	243	292	295
Long-Term Debt	48	51	57	38	50	17	118	176	139	143	153
Noncurrent Deferred & Payable Income Tax Liabilities	16	16	11	9.01	10	7.78	14	21	25	29	28
Other Noncurrent Operating Liabilities	47	70	1.07	0.83	60	67	82	91	79	120	114
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	0.00	103	134	138	132	155	168	175	269	293
Total Equity & Noncontrolling Interests	172	189	206	217	242	278	297	317	477	490	477
Total Preferred & Common Equity	171	188	205	216	240	276	296	316	476	489	476
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	171	188	205	216	240	276	296	316	476	489	476
Common Stock	64	69	74	80	88	96	103	110	281	290	286
Retained Earnings	138	150	162	167	184	212	224	233	224	227	227
Treasury Stock	-32	-32	-32	-32	-32	-32	-32	-32	-32	-32	-37
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	0.00	4.00	2.78	2.80	0.71
Noncontrolling Interest	1.25	1.14	1.20	0.93	1.44	1.47	1.58	1.26	1.22	1.09	0.46

This table presents U.S. Physical Therapy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	868	1,000	1,010	1,017	1,023	1,029	1,180	1,180	1,196	1,242	1,249
Total Current Assets	118	242	228	221	202	205	145	141	138	139	140
Cash & Equivalents	33	161	148	132	113	117	39	34	31	28	25
Accounts Receivable	74	71	71	77	76	77	91	93	91	97	98
Other Current Assets	11	9.92	9.39	12	12	11	15	13	16	14	17
Plant, Property, & Equipment, net	25	25	26	26	26	27	33	32	34	39	40
Plant, Property & Equipment, gross	107	109	111	113	115	115	122	122	126	132	135
Accumulated Depreciation	82	84	85	87	88	89	90	90	91	93	94
Total Noncurrent Assets	726	733	756	770	795	798	1,002	1,007	1,024	1,064	1,069
Long-Term Investments	12	12	12	12	12	12	12	12	12	12	13
Goodwill	501	507	523	534	549	555	674	678	690	716	717
Intangible Assets	109	108	112	117	124	124	177	176	176	180	177
Other Noncurrent Operating Assets	103	106	108	107	110	107	138	141	144	156	163
Total Liabilities & Shareholders' Equity	868	1,000	1,010	1,017	1,023	1,029	1,180	1,180	1,196	1,242	1,249
Total Liabilities	384	344	342	345	353	358	421	414	414	459	482
Total Current Liabilities	91	86	82	103	107	115	124	119	115	117	110
Short-Term Debt	7.73	7.53	7.56	9.22	9.70	9.61	9.26	8.17	8.80	11	4.56
Accounts Payable	4.23	3.67	4.51	4.87	4.10	6.36	6.09	4.20	7.42	6.76	6.92
Accrued Expenses	45	43	36	54	58	65	68	65	57	57	45
Other Current Liabilities	34	31	34	35	35	35	40	41	42	43	53
Total Noncurrent Liabilities	294	258	260	243	246	243	297	295	299	342	372
Long-Term Debt	183	143	141	137	136	133	157	152	151	194	215
Noncurrent Deferred & Payable Income Tax Liabilities	22	23	26	27	27	25	34	34	36	31	31
Other Noncurrent Operating Liabilities	89	92	92	79	84	85	106	109	112	117	126
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	164	166	175	191	184	187	260	263	278	313	317
Total Equity & Noncontrolling Interests	319	490	494	481	486	484	499	502	505	469	449
Total Preferred & Common Equity	318	488	492	480	485	483	497	501	504	469	449
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	318	488	492	480	485	483	497	501	504	469	449
Common Stock	112	278	279	284	286	287	293	295	297	288	291
Retained Earnings	235	238	239	224	226	226	234	236	237	217	213
Treasury Stock	-32	-32	-32	-32	-32	-32	-32	-32	-32	-37	-56
Accumulated Other Comprehensive Income / (Loss)	2.65	4.80	5.75	4.11	4.08	1.34	1.78	1.21	0.95	0.98	1.05
Noncontrolling Interest	1.42	1.50	1.54	1.46	1.04	1.36	1.70	1.54	1.22	0.46	0.51

This table displays calculated financial ratios and metrics derived from U.S. Physical Therapy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	15,204,119.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	15,204,119.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.60
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	31	34	45	49	54	42	56	44	39	48	65
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	8.86%	6.29%	7.44%	10.11%
Earnings before Interest and Taxes (EBIT)	47	50	55	58	67	66	74	60	54	63	86
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	55	58	64	68	78	76	86	75	70	82	109
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	22	19	-82	29	15	50	-76	-50	30	-177	39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	206	220	347	367	407	399	530	625	634	859	885
Increase / (Decrease) in Invested Capital	9.71	15	127	20	40	-8.45	132	94	9.30	225	26
Book Value per Share	$13.77	$14.98	$16.28	$17.02	$18.81	$21.49	$22.89	$24.29	$31.77	$32.39	$31.34
Tangible Book Value per Share	($4.40)	($6.17)	($9.17)	($9.97)	($10.18)	($9.79)	($17.46)	($22.08)	($9.55)	($23.69)	($25.57)
Total Capital	221	241	369	391	431	431	571	668	799	913	933
Total Debt	49	52	61	40	51	21	118	184	147	154	162
Total Long-Term Debt	48	51	57	38	50	17	118	176	139	143	153
Net Debt	33	32	39	16	28	-11	78	140	-18	100	115
Capital Expenditures (CapEx)	6.19	8.20	7.01	7.19	10	7.64	8.20	8.25	9.29	9.19	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	26	23	20	15	2.00	-34	-16	2.05	-14	-9.06	-25
Debt-free Net Working Capital (DFNWC)	42	43	42	39	26	-0.96	13	34	139	32	11
Net Working Capital (NWC)	41	41	38	37	25	-5.86	12	26	131	21	0.95
Net Nonoperating Expense (NNE)	4.72	7.84	17	0.08	-2.81	-10	-2.02	0.96	2.02	2.28	6.61
Net Nonoperating Obligations (NNO)	33	32	39	16	28	-11	78	140	-18	100	115
Total Depreciation and Amortization (D&A)	7.95	8.78	9.71	9.76	10	11	12	15	16	19	23
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.77	$1.64	$1.76	$1.31	$2.45	$2.48	$2.41	$2.25	$1.28	$1.84	$1.42
Adjusted Weighted Average Basic Shares Outstanding	12.39M	12.50M	12.67M	12.76M	12.77M	12.90M	12.95M	12.99M	14.19M	15.06M	15.18M
Adjusted Diluted Earnings per Share	$1.77	$1.64	$1.76	$1.31	$2.45	$2.48	$2.41	$2.25	$1.28	$1.84	$1.42
Adjusted Weighted Average Diluted Shares Outstanding	12.39M	12.50M	12.67M	12.76M	12.77M	12.90M	12.95M	12.99M	14.19M	15.06M	15.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$1.64	$1.76	$1.31	$2.45	$2.48	$2.41	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	12.50M	12.50M	12.57M	12.67M	12.76M	12.84M	12.90M	13.03M	15.07M	15.19M	15.12M
Normalized Net Operating Profit after Tax (NOPAT)	31	34	45	49	54	42	56	51	52	50	65
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from U.S. Physical Therapy's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	15,204,119.00	15,122,562.00	15,218,789.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	15,204,119.00	15,122,562.00	15,218,789.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.27	0.33	0.65
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.65%	4.83%	10.37%	12.02%	16.57%	18.06%	18.04%	17.32%	-	7.89%	8.47%
EBITDA Growth	-58.08%	-6.83%	-19.12%	-12.33%	448.69%	31.67%	53.49%	75.16%	-	-24.17%	-9.13%
EBIT Growth	-93.92%	-10.28%	-26.01%	-18.10%	4,339.69%	28.71%	59.49%	89.92%	-	-32.39%	-10.93%
NOPAT Growth	115.19%	-12.90%	-0.58%	-4.99%	-7.65%	29.90%	58.30%	91.86%	-	-36.88%	-12.03%
Net Income Growth	-138.62%	1.66%	-21.21%	-20.00%	1,066.28%	15.93%	51.30%	80.44%	-	-39.44%	-15.93%
EPS Growth	-4,400.00%	-20.69%	-26.56%	-23.53%	215.56%	73.91%	23.40%	23.08%	-	-115.00%	-56.90%
Operating Cash Flow Growth	55.12%	-61.06%	5.69%	35.17%	-27.67%	-205.79%	20.24%	-9.86%	-	181.45%	-1.41%
Free Cash Flow Firm Growth	101.60%	53.42%	36.53%	79.57%	-15,129.28%	-473.14%	-282.24%	-1,077.65%	-	65.92%	68.95%
Invested Capital Growth	1.49%	7.00%	8.95%	4.08%	35.53%	29.78%	27.39%	31.46%	-	8.33%	7.94%
Revenue Q/Q Growth	3.20%	0.56%	7.40%	0.50%	7.39%	1.85%	7.38%	-0.11%	-	-2.19%	7.95%
EBITDA Q/Q Growth	-76.76%	309.76%	5.02%	-12.32%	45.41%	-1.67%	22.43%	0.06%	-	-12.10%	46.72%
EBIT Q/Q Growth	-97.21%	3,243.05%	3.64%	-15.19%	51.10%	-3.09%	28.43%	0.99%	-	-23.52%	69.19%
NOPAT Q/Q Growth	-12.74%	9.48%	37.76%	-24.73%	-15.17%	54.00%	27.78%	0.14%	-	-6.30%	78.07%
Net Income Q/Q Growth	-110.58%	998.45%	0.82%	-16.52%	27.79%	7.80%	31.57%	-0.44%	-	-11.11%	82.66%
EPS Q/Q Growth	-188.24%	202.22%	2.17%	-17.02%	33.33%	53.85%	-27.50%	-17.24%	-	72.73%	308.33%
Operating Cash Flow Q/Q Growth	63.99%	-83.53%	556.08%	-23.70%	-12.26%	-124.09%	845.69%	-42.80%	-	-84.73%	802.57%
Free Cash Flow Firm Q/Q Growth	101.94%	-2,357.12%	-25.42%	63.28%	-1,324.69%	13.93%	8.50%	-15.41%	-	-307.27%	16.62%
Invested Capital Q/Q Growth	-3.57%	6.26%	2.48%	-0.88%	25.57%	1.75%	0.60%	2.28%	-	7.01%	0.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.44%	38.75%	41.35%	39.56%	38.30%	38.46%	41.33%	39.79%	-	38.73%	40.43%
EBITDA Margin	3.01%	12.28%	12.00%	10.47%	14.18%	13.69%	15.61%	15.64%	-	9.62%	13.08%
Operating Margin	-0.57%	9.59%	11.73%	8.78%	8.06%	10.69%	12.64%	12.85%	-	6.29%	10.25%
EBIT Margin	0.29%	9.58%	9.24%	7.80%	10.97%	10.44%	12.49%	12.63%	-	6.54%	10.26%
Profit (Net Income) Margin	-0.84%	7.46%	7.01%	5.82%	6.92%	7.33%	8.98%	8.95%	-	4.11%	6.96%
Tax Burden Percent	-1,219.81%	78.73%	79.16%	79.26%	68.19%	77.72%	78.22%	77.12%	-	77.21%	78.19%
Interest Burden Percent	23.77%	98.97%	95.74%	94.13%	92.53%	90.30%	91.91%	91.91%	-	81.41%	86.79%
Effective Tax Rate	1,319.81%	21.27%	20.84%	20.74%	31.81%	22.28%	21.78%	22.88%	-	22.79%	21.81%
Return on Invested Capital (ROIC)	6.67%	7.09%	8.81%	6.70%	4.94%	7.51%	9.19%	9.50%	-	4.25%	7.12%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.12%	6.91%	449.22%	-145.87%	11.27%	4.42%	6.52%	6.59%	-	3.18%	5.59%
Return on Net Nonoperating Assets (RNNOA)	-1.40%	0.88%	-0.59%	-0.27%	0.65%	0.36%	0.61%	0.59%	-	0.58%	1.08%
Return on Equity (ROE)	5.26%	7.97%	8.22%	6.42%	5.59%	7.87%	9.80%	10.09%	-	4.82%	8.20%
Cash Return on Invested Capital (CROIC)	4.76%	-0.99%	-2.99%	1.40%	-23.75%	-19.28%	-16.64%	-18.62%	-	-1.52%	-1.45%
Operating Return on Assets (OROA)	0.19%	6.22%	5.74%	4.94%	6.81%	6.65%	8.27%	8.61%	-	4.30%	6.86%
Return on Assets (ROA)	-0.54%	4.84%	4.35%	3.68%	4.29%	4.67%	5.95%	6.10%	-	2.70%	4.66%
Return on Common Equity (ROCE)	3.67%	5.50%	6.03%	4.68%	3.82%	5.37%	6.73%	6.85%	-	3.02%	5.08%
Return on Equity Simple (ROE_SIMPLE)	0.00%	7.80%	7.07%	6.59%	0.00%	9.54%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	11	12	16	12	9.91	15	20	20	10	9.64	17
NOPAT Margin	6.93%	7.55%	9.29%	6.96%	5.49%	8.31%	9.89%	9.91%	-	4.86%	8.02%
Net Nonoperating Expense Percent (NNEP)	19.79%	0.18%	-440.42%	152.56%	-6.33%	3.09%	2.67%	2.91%	-	1.06%	1.53%
Return On Investment Capital (ROIC_SIMPLE)	1.72%	1.87%	-	-	1.54%	2.29%	2.95%	2.94%	1.61%	1.43%	2.56%
Cost of Revenue to Revenue	59.56%	61.25%	58.65%	60.44%	61.70%	61.54%	58.67%	60.21%	-	61.27%	59.57%
SG&A Expenses to Revenue	8.98%	9.05%	8.52%	8.56%	8.63%	8.84%	8.86%	8.83%	-	9.22%	8.88%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Operating Expenses to Revenue	41.02%	29.16%	29.62%	30.79%	30.24%	27.78%	28.69%	26.94%	-	32.43%	30.17%
Earnings before Interest and Taxes (EBIT)	0.45	15	15	13	20	19	25	25	17	13	22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.66	19	20	18	26	25	31	31	22	19	28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.88	3.47	2.86	2.64	2.74	2.21	2.37	2.56	-	2.42	2.33
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Price to Revenue (P/Rev)	2.27	2.72	2.21	1.98	1.99	1.57	1.63	1.70	-	1.43	1.29
Price to Earnings (P/E)	48.52	57.72	54.40	55.87	42.61	33.03	31.13	28.91	-	32.65	32.43
Dividend Yield	1.88%	1.56%	1.89%	2.07%	1.98%	2.45%	2.28%	2.11%	-	2.41%	2.65%
Earnings Yield	2.06%	1.73%	1.84%	1.79%	2.35%	3.03%	3.21%	3.46%	-	3.06%	3.08%
Enterprise Value to Invested Capital (EV/IC)	2.41	2.76	2.30	2.16	1.99	1.69	1.78	1.88	-	1.70	1.63
Enterprise Value to Revenue (EV/Rev)	2.53	3.04	2.53	2.29	2.55	2.11	2.15	2.22	-	2.03	1.90
Enterprise Value to EBITDA (EV/EBITDA)	21.81	27.09	24.89	24.04	20.75	16.69	15.80	15.01	-	15.73	15.52
Enterprise Value to EBIT (EV/EBIT)	28.32	35.61	33.98	33.64	27.01	21.85	20.41	19.06	-	20.28	20.13
Enterprise Value to NOPAT (EV/NOPAT)	38.93	49.48	43.12	40.80	35.70	28.75	26.78	24.88	-	27.32	27.32
Enterprise Value to Operating Cash Flow (EV/OCF)	18.64	24.79	20.77	17.94	22.81	22.42	21.84	24.27	-	19.29	18.61
Enterprise Value to Free Cash Flow (EV/FCFF)	51.03	0.00	0.00	156.97	0.00	0.00	0.00	0.00	-	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.22	0.22	0.22	0.21	0.20	0.22	0.21	0.20	-	0.26	0.29
Long-Term Debt to Equity	0.21	0.20	0.20	0.20	0.19	0.21	0.20	0.19	-	0.25	0.28
Financial Leverage	0.11	0.13	0.00	0.00	0.06	0.08	0.09	0.09	-	0.18	0.19
Leverage Ratio	1.63	1.63	1.53	1.52	1.53	1.54	1.53	1.53	-	1.57	1.58
Compound Leverage Factor	0.39	1.61	1.46	1.43	1.42	1.39	1.41	1.41	-	1.28	1.38
Debt to Total Capital	18.36%	17.85%	17.83%	17.53%	16.82%	17.99%	17.29%	17.00%	-	20.74%	22.30%
Short-Term Debt to Total Capital	0.96%	1.13%	1.19%	1.18%	1.21%	1.00%	0.88%	0.93%	-	1.09%	0.46%
Long-Term Debt to Total Capital	17.40%	16.72%	16.64%	16.34%	15.62%	16.99%	16.41%	16.07%	-	19.65%	21.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Noncontrolling Interests to Total Capital	22.04%	23.50%	22.74%	23.11%	29.60%	28.28%	28.61%	29.58%	-	31.78%	32.23%
Common Equity to Total Capital	59.60%	58.66%	59.43%	59.36%	53.58%	53.73%	54.10%	53.42%	-	47.48%	45.47%
Debt to EBITDA	2.09	2.13	2.27	2.32	1.86	1.88	1.61	1.43	-	2.00	2.21
Net Debt to EBITDA	-0.26	0.02	0.32	0.22	1.21	1.30	1.15	1.04	-	1.60	1.83
Long-Term Debt to EBITDA	1.98	1.99	2.12	2.16	1.73	1.78	1.53	1.35	-	1.89	2.16
Debt to NOPAT	3.74	3.88	3.94	3.94	3.21	3.24	2.74	2.36	-	3.47	3.89
Net Debt to NOPAT	-0.47	0.04	0.55	0.37	2.09	2.24	1.94	1.72	-	2.78	3.22
Long-Term Debt to NOPAT	3.54	3.64	3.68	3.67	2.98	3.06	2.60	2.23	-	3.29	3.81
Altman Z-Score	3.46	3.99	3.44	3.22	2.89	2.51	2.71	2.88	-	2.42	2.28
Noncontrolling Interest Sharing Ratio	30.33%	30.97%	26.59%	27.20%	31.61%	31.72%	31.36%	32.13%	-	37.33%	38.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.28	2.16	1.88	1.78	1.18	1.17	1.18	1.20	-	1.19	1.27
Quick Ratio	2.18	2.04	1.77	1.68	1.09	1.05	1.07	1.06	-	1.07	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1.43	-32	-41	-15	-215	-185	-170	-196	-16	-63	-53
Operating Cash Flow to CapEx	1,208.78%	240.42%	1,241.10%	876.73%	779.79%	-181.27%	1,072.32%	462.11%	-	70.87%	640.75%
Free Cash Flow to Firm to Interest Expense	0.71	-16.43	-20.78	-7.49	-105.06	-81.30	-70.00	-81.26	-	-22.62	-15.78
Operating Cash Flow to Interest Expense	13.36	2.25	14.64	10.96	9.47	-2.05	14.39	8.28	-	1.36	10.30
Operating Cash Flow Less CapEx to Interest Expense	12.25	1.31	13.46	9.71	8.26	-3.18	13.05	6.49	-	-0.56	8.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.65	0.62	0.63	0.62	0.64	0.66	0.68	-	0.66	0.67
Accounts Receivable Turnover	8.74	8.07	8.51	8.70	8.64	8.33	8.60	9.01	-	8.48	8.48
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Fixed Asset Turnover	23.79	24.05	24.52	24.54	23.05	23.70	25.01	24.96	-	22.29	22.39
Accounts Payable Turnover	69.13	80.75	96.99	71.24	82.63	77.42	106.45	66.62	-	74.41	88.09
Days Sales Outstanding (DSO)	41.74	45.21	42.88	41.97	42.24	43.84	42.45	40.50	-	43.04	43.04
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Days Payable Outstanding (DPO)	5.28	4.52	3.76	5.12	4.42	4.71	3.43	5.48	-	4.91	4.14
Cash Conversion Cycle (CCC)	36.46	40.69	39.11	36.85	37.82	39.13	39.02	35.02	-	38.14	38.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	634	673	690	684	859	874	879	899	885	947	949
Invested Capital Turnover	0.96	0.94	0.95	0.96	0.90	0.90	0.93	0.96	-	0.87	0.89
Increase / (Decrease) in Invested Capital	9.30	44	57	27	225	201	189	215	26	73	70
Enterprise Value (EV)	1,528	1,860	1,591	1,477	1,709	1,476	1,567	1,687	-	1,611	1,546
Market Capitalization	1,370	1,667	1,385	1,276	1,339	1,099	1,188	1,292	-	1,134	1,045
Book Value per Share	$31.77	$31.84	$32.16	$32.02	$32.39	$32.73	$32.96	$33.12	$31.34	$31.01	$29.48
Tangible Book Value per Share	($9.55)	($11.37)	($12.50)	($13.01)	($23.69)	($23.33)	($23.20)	($23.89)	($25.57)	($28.22)	($29.20)
Total Capital	799	818	815	813	913	926	926	943	933	988	987
Total Debt	147	146	145	143	154	166	160	160	162	205	220
Total Long-Term Debt	139	137	136	133	143	157	152	151	153	194	215
Net Debt	-18	1.52	20	13	100	115	114	117	115	164	182
Capital Expenditures (CapEx)	2.22	1.84	2.34	2.52	2.49	2.58	3.25	4.32	3.93	5.37	5.36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-14	-4.46	-8.63	-18	-9.06	-8.37	-4.23	1.06	-25	4.17	9.44
Debt-free Net Working Capital (DFNWC)	139	128	104	99	32	31	30	32	11	33	34
Net Working Capital (NWC)	131	119	95	90	21	22	22	23	0.95	22	30
Net Nonoperating Expense (NNE)	12	0.14	3.81	1.91	-2.58	1.80	1.79	1.89	1.11	1.48	2.26
Net Nonoperating Obligations (NNO)	-18	1.52	20	13	100	115	114	117	115	164	182
Total Depreciation and Amortization (D&A)	4.22	4.20	4.62	4.49	5.79	5.97	6.16	5.94	4.74	6.11	6.04
Debt-free, Cash-free Net Working Capital to Revenue	-2.31%	-0.73%	-1.38%	-2.75%	-1.35%	-1.20%	-0.58%	0.14%	-	0.52%	1.16%
Debt-free Net Working Capital to Revenue	22.96%	20.89%	16.61%	15.36%	4.81%	4.41%	4.09%	4.24%	-	4.10%	4.23%
Net Working Capital to Revenue	21.69%	19.38%	15.07%	13.87%	3.17%	3.08%	2.97%	3.08%	-	2.74%	3.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.45)	$0.46	$0.47	$0.39	$0.52	$0.80	$0.58	$0.48	($0.44)	($0.12)	$0.25
Adjusted Weighted Average Basic Shares Outstanding	14.19M	15.02M	15.07M	15.08M	15.06M	15.13M	15.20M	15.20M	15.18M	15.17M	15.07M
Adjusted Diluted Earnings per Share	($0.45)	$0.46	$0.47	$0.39	$0.52	$0.80	$0.58	$0.48	($0.44)	($0.12)	$0.25
Adjusted Weighted Average Diluted Shares Outstanding	14.19M	15.02M	15.07M	15.08M	15.06M	15.13M	15.20M	15.20M	15.18M	15.17M	15.07M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	15.07M	15.07M	15.08M	15.09M	15.19M	15.19M	15.20M	15.20M	15.12M	15.22M	14.92M
Normalized Net Operating Profit after Tax (NOPAT)	-0.62	11	16	12	9.91	12	19	20	10	9.64	18
Normalized NOPAT Margin	-0.40%	7.24%	9.29%	6.96%	5.49%	6.27%	9.57%	9.91%	-	4.86%	8.38%
Pre Tax Income Margin	0.07%	9.48%	8.85%	7.34%	10.15%	9.43%	11.48%	11.60%	-	5.33%	8.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.22	7.58	7.80	6.49	9.66	8.42	10.18	10.34	-	4.65	6.58
NOPAT to Interest Expense	5.34	5.97	7.84	5.79	4.84	6.70	8.05	8.11	-	3.45	5.14
EBIT Less CapEx to Interest Expense	-0.88	6.64	6.62	5.24	8.45	7.29	8.83	8.54	-	2.72	4.97
NOPAT Less CapEx to Interest Expense	4.24	5.04	6.66	4.54	3.62	5.57	6.71	6.32	-	1.53	3.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	108.08%	107.17%	123.01%	132.23%	90.46%	87.97%	82.39%	73.52%	-	89.92%	97.16%
Augmented Payout Ratio	108.08%	107.17%	123.01%	132.23%	90.46%	87.97%	82.39%	73.52%	-	89.92%	146.88%

Financials Breakdown Chart

Key Financial Trends

U.S. Physical Therapy’s recent results show strong revenue growth and improving operating cash flow, but profitability has weakened and leverage remains an important consideration. In the second quarter of 2026, revenue reached $214.1 million, up 8.5% from $197.3 million in the restated second quarter of 2025 and approximately 38% above the second quarter of 2022. However, rising operating expenses reduced margins and common-shareholder earnings.

Revenue growth remains consistent. Quarterly revenue increased from $140.7 million in Q2 2022 to $214.1 million in Q2 2026. The company also posted year-over-year growth in the latest quarter, supported by higher operating activity and a larger asset base.
Operating cash flow remains strong. Cash flow from operations was $34.4 million in Q2 2026, compared with $34.9 million in Q2 2025. For the first half of 2026, operating cash flow totaled approximately $38.2 million, up from about $30.2 million in the comparable restated period of 2025.
Operating working capital provided cash in Q2 2026. Changes in operating assets and liabilities contributed $7.1 million to quarterly operating cash flow, reversing the $16.1 million use of cash recorded in Q1 2026.
The current ratio improved sequentially. Current assets of $139.7 million exceeded current liabilities of $109.9 million at June 30, 2026, producing a current ratio of approximately 1.27, compared with roughly 1.19 at the end of Q1 2026.
Capital spending is manageable relative to operating cash flow. Q2 capital expenditures were $5.4 million, allowing the company to generate substantial cash before acquisitions, financing activities and dividends.
The dividend has continued to increase modestly. Cash dividends per share rose to $0.46 in Q1 and Q2 2026 from $0.45 in 2025 and $0.41 in 2022. The latest quarterly dividend payment of $22.0 million was covered by quarterly operating cash flow.
U.S. Physical Therapy has expanded considerably through acquisitions and investment. Total assets rose to $1.25 billion at June 30, 2026, from $796.4 million at June 30, 2022. Goodwill increased to $716.5 million from $442.8 million over the same period, indicating that acquisitions have been a major contributor to the company’s growth.
Cash balances have declined despite business expansion. Cash and equivalents stood at $24.9 million at the end of Q2 2026, down from $34.1 million a year earlier and far below the $112.9 million reported in Q2 2024. The company has continued to deploy cash toward acquisitions, debt repayment and dividends.
Profit margins have deteriorated in the latest quarter. Gross profit increased 6.1% year over year to $86.5 million, but the gross margin declined to approximately 40.4% from 41.3%. Operating income fell 12.0% to $21.9 million, reducing the operating margin to about 10.3% from 12.6%.
Earnings attributable to common shareholders weakened. Common-shareholder earnings declined to $9.9 million in Q2 2026 from $12.4 million in Q2 2025, a decrease of roughly 20%. Consolidated net income also fell to $14.9 million from $17.7 million, while $5.0 million was allocated to noncontrolling interests.
Operating expenses remain elevated. Other operating expenses totaled $39.0 million in Q2 2026, while selling, general and administrative expense rose to $19.0 million from $17.5 million a year earlier. Total operating expenses consumed approximately 30% of revenue, limiting the benefit of sales growth.
Debt has increased substantially over the longer term. Total short- and long-term debt was approximately $220.0 million at June 30, 2026, compared with $152.0 million at June 30, 2023. Q2 financing activity included $121.9 million of new debt issuance and $107.0 million of repayments, suggesting continued refinancing and balance-sheet management.
Interest costs are rising. Quarterly interest expense increased to $3.3 million in Q2 2026 from $2.4 million in Q2 2025 and $1.0 million in Q2 2022. Cash interest paid reached $3.8 million in the latest quarter, which could pressure future earnings if borrowing costs or debt balances remain elevated.
Acquisition-heavy growth creates execution and impairment risk. Goodwill and intangible assets totaled nearly $893.2 million at June 30, 2026, representing a large portion of total assets. The company’s ability to generate acceptable returns from acquired practices will be important, particularly as profitability and cash balances face pressure.

Overall, the statements point to a company that is still expanding and generating healthy operating cash flow, but whose growth is becoming more capital-intensive. Investors should monitor whether USPH can stabilize gross and operating margins, reduce reliance on debt financing and convert its substantial goodwill and intangible asset base into stronger earnings for common shareholders.

09/13/26 04:40 AM ETAI Generated. May Contain Errors.

U.S. Physical Therapy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, U.S. Physical Therapy's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

U.S. Physical Therapy's net income appears to be on an upward trend, with a most recent value of $58.01 million in 2025, rising from $26.49 million in 2015. The previous period was $45.60 million in 2024. Check out U.S. Physical Therapy's forecast to explore projected trends and price targets.

U.S. Physical Therapy's total operating income in 2025 was $86.68 million, based on the following breakdown:

Total Gross Profit: $311.45 million
Total Operating Expenses: $224.78 million

Over the last 10 years, U.S. Physical Therapy's total revenue changed from $331.30 million in 2015 to $780.99 million in 2025, a change of 135.7%.

U.S. Physical Therapy's total liabilities were at $433.81 million at the end of 2025, a 6.2% increase from 2024, and a 230.0% increase since 2015.

In the past 10 years, U.S. Physical Therapy's cash and equivalents has ranged from $15.78 million in 2015 to $152.83 million in 2023, and is currently $35.57 million as of their latest financial filing in 2025.

Over the last 10 years, U.S. Physical Therapy's book value per share changed from 13.77 in 2015 to 31.34 in 2025, a change of 127.5%.

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Financial statements for NYSE:USPH last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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U.S. Physical Therapy (USPH) Financials

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U.S. Physical Therapy (USPH) Financials

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U.S. Physical Therapy Financials - Frequently Asked Questions

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How has U.S. Physical Therapy's revenue changed over the last 10 years?

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