Welcome to our dedicated page for U S Physical Therapy SEC filings (Ticker: USPH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
U.S. Physical Therapy, Inc. (USPH) files a range of reports with the U.S. Securities and Exchange Commission that document its operations as a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services. These SEC filings provide detail on its physical therapy operations segment, industrial injury prevention services, clinic additions and closures, financial performance, and capital allocation decisions.
On this Stock Titan page, investors can review U.S. Physical Therapy’s current reports on Form 8-K, which have recently covered topics such as acquisitions of multi-clinic physical therapy practices and management services companies, quarterly earnings results, dividend declarations, investor presentations, and research reports. For example, the company has filed 8-Ks describing acquisitions of a three-clinic physical therapy practice and a physical therapy management services company that manages a practice with eight clinic locations, as well as 8-Ks reporting results for specific quarters and announcing quarterly cash dividends.
In addition to 8-Ks, U.S. Physical Therapy files annual reports on Form 10-K and quarterly reports on Form 10-Q, which provide segment information for physical therapy operations and industrial injury prevention services, along with discussions of revenue, operating costs, gross profit, and key operating metrics such as total patient visits and net rate per patient visit. These filings also include information about the company’s credit facilities, interest expense, and tax provisions.
Stock Titan enhances access to these documents by offering real-time updates from the SEC’s EDGAR system and AI-powered summaries that explain the contents of lengthy filings. Users can quickly see the main points from U.S. Physical Therapy’s 10-K and 10-Q reports, as well as key disclosures from 8-Ks related to acquisitions, earnings, and dividends. This page also serves as a starting point for reviewing any insider transaction reports on Form 4 that may be filed for USPH, alongside the company’s broader regulatory history.
U.S. Physical Therapy, Inc. reported strong growth for 2025, with net revenue rising to $781.0 million, up 16.3% from 2024, and gross profit increasing to $149.7 million. Full-year Adjusted EBITDA climbed to $95.0 million from $81.8 million, while non-GAAP Operating Results rose to $40.0 million, or $2.63 per share.
GAAP earnings per share declined to $1.42 from $1.84, largely due to the accounting impact of redeemable non-controlling interests. In the 2025 fourth quarter, net revenue grew to $202.7 million, Adjusted EBITDA reached $24.8 million, and non-GAAP Operating Results were $0.67 per share, though GAAP loss per share was $0.44.
The company expanded through acquisitions, ending 2025 with 780 clinics, and completed two deals in January 2026 adding physical therapy and industrial injury prevention revenue. It also entered two 10-year strategic hospital alliances expected to add at least $7.3 million in annualized EBITDA attributable to USPH once fully ramped.
Management issued 2026 Adjusted EBITDA guidance of $102–$106 million, reflecting expected Medicare rate benefits and early contributions from the new alliances. The Board raised the quarterly dividend to $0.46 per share and declared a payout for April 10, 2026. Chief Financial Officer Carey Hendrickson plans to resign effective April 24, 2026, with Senior Vice President Jason Curtis serving as interim CFO.
U.S. Physical Therapy, Inc. reported that Chairman and CEO Christopher J. Reading acquired 25,000 shares of common stock as a restricted stock grant under the company’s Amended and Restated 2003 Stock Incentive Plan. The award was recorded at a price of $0.00 per share as compensation, not an open-market purchase.
The restrictions on these 25,000 shares lapse in 15 equal quarterly installments of 1,562 shares beginning on May 20, 2026, with a final 1,570-share tranche vesting on March 6, 2030, subject to his continued employment. Following this grant, he directly holds 139,088 shares, including previously granted restricted stock with various vesting dates through 2030.
Williams Eric Joseph reported acquisition or exercise transactions in this Form 4 filing.
U S Physical Therapy reported that President and COO Eric Joseph Williams received a grant of 15,000 shares of common stock as restricted stock under the Amended and Restated 2003 Stock Incentive Plan. The award was recorded at a price of $0.0000 per share, indicating a non-cash equity grant.
The restrictions on these 15,000 shares lapse in fifteen equal quarterly installments of 936 shares on specified dates from May 20, 2026 through November 20, 2029, with a final 960 shares vesting on March 6, 2030, all subject to his continued employment. Following this grant, he directly holds 40,331 shares, including 31,322 restricted shares with a detailed vesting schedule extending from March 6, 2026 through March 6, 2030.
REEVE GRAHAM D. reported acquisition or exercise transactions in this Form 4 filing.
U.S. Physical Therapy COO Graham D. Reeve reported an equity award of 10,000 shares of common stock on February 23, 2026. The shares were granted as restricted stock under the company’s Amended and Restated 2003 Stock Incentive Plan at a price of $0.00 per share.
The restrictions lapse in 15 quarterly installments of 624 shares beginning May 20, 2026, plus 640 shares vesting on March 6, 2030, subject to continued employment. Following the grant, Reeve directly holds 30,740 shares, including 23,348 restricted shares with scheduled vesting through 2030, and indirectly holds 1,808 shares through the Reeve Trust.
Binstein Richard reported acquisition or exercise transactions in this Form 4 filing.
U.S. Physical Therapy (USPH) executive Richard Binstein received an equity award rather than buying shares on the market. He was granted 10,000 shares of common stock as restricted stock under the company’s Amended and Restated 2003 Stock Incentive Plan at a stated price of $0.0000 per share. These shares vest in 15 quarterly installments of 624 shares beginning on May 20, 2026 and on specified March 6, May 20, August 20, and November 20 dates through 2029, with a final 640-share installment vesting on March 6, 2030, in each case only if he remains employed by the company. Following this award, he directly owns 27,867 shares of common stock, including 22,624 restricted shares with multiple scheduled vesting dates between March 6, 2026 and March 6, 2030.
U.S. Physical Therapy, Inc. Chief Financial Officer Carey P. Hendrickson reported an acquisition of 10,000 shares of common stock as a restricted stock grant. The award carried a zero dollar price per share and increased his directly held total to 37,808 shares.
The 10,000-share grant vests in 15 equal quarterly installments of 624 shares from May 20, 2026 through November 20, 2029, plus 640 shares vesting on March 6, 2030, under the company’s Amended and Restated 2003 Stock Incentive Plan.
US Physical Therapy Inc received an updated Schedule 13G/A showing institutional ownership as of 12/31/2025. Kayne Anderson Rudnick Investment Management, LLC reports beneficial ownership of 1,212,494 US Physical Therapy Ord Shs, representing 8.0% of the class, with both sole and shared voting and dispositive powers.
Virtus Investment Advisers, LLC reports beneficial ownership of 731,069 shares, or 4.8%, all with shared voting and dispositive power. Virtus Equity Trust, on behalf of Virtus KAR Small-Cap Growth Fund, reports 667,088 shares, or 4.4%, with shared voting and dispositive power. The filers certify the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of US Physical Therapy.
U.S. Physical Therapy, Inc. reported two strategic moves. The company’s subsidiary partner, Metro Physical & Aquatic Therapy, entered a 10-year strategic alliance with NYU Langone Health to provide physical therapy services across Long Island and the New York metropolitan area.
On the same date, U.S. Physical Therapy announced it acquired a majority, 70% interest in an industrial injury prevention business for approximately $15.1 million, while the current owner retained 30%. The acquired business generates about $7.0 million in annual revenues, expanding U.S. Physical Therapy’s industrial injury prevention services portfolio.
Copeland Capital Management, LLC has filed a Schedule 13G reporting a passive ownership stake in U.S. Physical Therapy, Inc. common stock. The firm reports beneficial ownership of 786,114 shares, representing 5.17% of the outstanding common stock as of the event date.
Copeland Capital has sole voting power over 512,506 shares and shared voting power over 126,549 shares. It reports no sole dispositive power and shared dispositive power over all 786,114 shares. The securities are certified as being held in the ordinary course of business, not for the purpose of changing or influencing control of the company.
U.S. Physical Therapy, Inc. reported that it has acquired a 50% interest in a physical therapy management services company. This business exclusively manages a physical therapy practice with eight clinic locations, generating approximately
The transaction expands U.S. Physical Therapy’s presence in outpatient physical therapy and industrial injury prevention services by adding an established, revenue-generating group of clinics to its network.