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U S PHYSICAL THERAPY INC /NV (USPH) reported an initial statement of beneficial ownership on Form 3 for Etta Nchacha, who serves as EVP & Chief Financial Officer. The filing reports no equity holdings or insider transactions at this time and notes an attached Power of Attorney.
U S PHYSICAL THERAPY INC /NV (USPH) reported that President and COO Eric Joseph Williams surrendered 714 shares of Common Stock on August 20, 2026 at $78.00 per share to the company to satisfy applicable tax withholding obligations upon the vesting of equity awards. After this tax-withholding disposition, he directly holds 39,617 shares, including 24,402 shares of restricted stock granted under the Company's Amended and Restated 2003 Stock Incentive Plan.
The filing details a vesting schedule for these restricted shares running through March 6, 2030, with specific tranches vesting on multiple dates each year. Vesting remains subject to his continued employment with the company through each applicable vesting date.
U S PHYSICAL THERAPY INC /NV (USPH) reported that officer CURTIS JASON TRAVIS, Interim CFO, surrendered 40 shares of common stock on August 20, 2026 to the issuer to satisfy tax withholding obligations upon vesting of equity awards, at a reference price of $78.00 per share. After this tax-withholding disposition, he directly holds 3,853 shares of common stock, including 3,425 shares of restricted stock that will vest in scheduled tranches between November 20, 2026 and March 6, 2030, contingent on continued service.
U S PHYSICAL THERAPY INC /NV (USPH) reported that executive vice president, general counsel and secretary Richard Binstein surrendered 450 shares of common stock on August 20, 2026 at $78.00 per share. The shares were delivered to the issuer to satisfy tax withholding obligations upon vesting. After this disposition, he directly holds 24,417 shares, including 17,330 shares of restricted stock scheduled to vest in tranches through March 6, 2030, contingent on continued employment.
U S PHYSICAL THERAPY INC /NV (USPH) reported that its COO, Graham D. Reeve, surrendered 762 shares of common stock on August 20, 2026 to the company to satisfy tax withholding obligations upon vesting of equity awards. After this tax-withholding disposition, he directly holds 28,554 shares, including 17,488 shares of restricted stock scheduled to vest in tranches through March 6, 2030 if he remains employed.
U.S. Physical Therapy, Inc. appointed Nchacha Etta as Executive Vice President and Chief Financial Officer, effective September 1, 2026. In connection with this role, he entered into an Employment Agreement providing a base salary of $625,000, eligibility for discretionary performance-based bonuses, and an initial equity grant of common stock valued at approximately $550,000, vesting in equal quarterly installments over four years.
For the 2026 employment period, he is also scheduled to receive a grant of restricted stock and/or restricted stock units with a value of approximately $200,000 and a prorated discretionary cash bonus during the first quarter of 2027. The agreement includes severance and change in control benefits and imposes non-competition and non-solicitation covenants for up to two years after employment ends. Jason Curtis will cease serving as Interim CFO and continue as Senior Vice President for Finance and Accounting.
Kayne Anderson Rudnick Investment Management, LLC filed an amended Schedule 13G indicating beneficial ownership of 846,674 shares of US Physical Therapy Inc common stock, representing 5.6% of the class as of June 30, 2026.
The firm reports sole voting power over 376,119 shares and shared voting power over 454,419 shares. It also has sole dispositive power over 392,255 shares and shared dispositive power over 454,419 shares, reflecting both independently controlled and jointly controlled positions in USPH.
U.S. Physical Therapy, Inc. furnished an updated investor presentation, providing an overview of its outpatient physical therapy and industrial injury prevention businesses for the three and six months ended June 30, 2026. The company reports 796 owned and managed locations across 45 states, with physical therapy accounting for 85% of revenue and industrial injury prevention 15%.
For the trailing twelve months ended June 30, 2026, the business generated $812mm in revenue and $96mm Adjusted EBITDA, with 8% year-over-year revenue growth and a stated annual dividend of $1.84 per share. Industrial injury prevention posted trailing-twelve-month revenue of $120.3mm and year-to-date June 30, 2026 revenue growth of 10.4%, with a gross margin of 20.4%. The company highlights a strong liquidity position, including $112.9mm of cash, a term loan balance of $142.5mm, and $175mm of availability under its revolving facility as of June 30, 2024, as well as an upsized credit facility to $450mm in April 2026 and recent share repurchases totaling $24.8mm.
Morgan Stanley filed an amended ownership report for U S Physical Therapy, Inc. common stock. The filing shows aggregate beneficial ownership of 596,683 shares, representing 3.9% of the class. Morgan Stanley has shared voting power over 521,470 shares and shared dispositive power over 595,308 shares, with no sole voting or dispositive power reported.
The filing states that, as of this date, Morgan Stanley has ceased to be the beneficial owner of more than five percent of U S Physical Therapy’s common stock, indicating its holdings are now below the 5% reporting threshold. The report is made on behalf of certain Morgan Stanley operating units and excludes securities held by other disaggregated units under SEC Release No. 34-39538.
U.S. Physical Therapy, Inc. reported strong operating activity in Q2 2026, highlighted by record visit volumes and its best-ever net rate of $107.59 per visit, up $2.26 from a year earlier. Physical therapy revenue grew 8.4%, while industrial injury prevention revenue increased 9.1%, with same-store PT revenue growth above 3%.
Margins were pressured by elevated self-insured healthcare claims, a $3.2 million adverse swing versus 2025, and upfront hiring and hospital implementation costs. Net income attributable to shareholders declined to $9.9 million from $12.4 million, and earnings per share fell to $0.25 from $0.58. Adjusted EBITDA was broadly flat at $27.0 million versus $26.9 million, and adjusted operating results per share were $0.75 versus $0.81.
Year-to-date operating cash flow improved to $38 million from $30 million. The company upsized its credit facility to $450 million, ending Q2 with $221 million of borrowings and $229 million of revolver availability plus a $125 million accordion. It repurchased 306,000 shares for $19.2 million and completed a 12-clinic acquisition for $16.4 million (about $12 million annual revenue). Full-year 2026 adjusted EBITDA guidance of $102–$106 million was reaffirmed, supported by expanding hospital affiliations and an active acquisition pipeline.