Every 10-Q that U S Physical Therapy (USPH) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow USPH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full USPH filings page.
U.S. Physical Therapy, Inc. reported net revenue of $214,059 (in thousands) for the quarter ended June 30, 2026, up from $197,344 (in thousands) a year earlier, reflecting growth in physical therapy, industrial injury prevention, and new hospital affiliation revenue. Net income attributable to USPH shareholders was $9,898 (in thousands), or $0.25 per share, versus $12,393 (in thousands), or $0.58 per share.
For the first six months of 2026, net revenue was $412,344 (in thousands) and net income attributable to USPH shareholders was $14,936 (in thousands), or $0.13 per share. Operating cash flow increased to $38,178 (in thousands), while cash declined to $24,887 (in thousands) as the company invested $21,633 (in thousands) in acquisitions and repurchased $19,284 (in thousands) of common stock. Term loan and revolving borrowings rose to $175,000 and $46,000 (in thousands), respectively, and goodwill increased to $716,535 (in thousands) following recent clinic and IIP business purchases.
U.S. Physical Therapy, Inc. reported higher Q1 2026 revenue but sharply lower profit as non-cash items weighed on results. Net revenue rose to $198.3 million from $183.8 million, driven by net patient revenue of $164.3 million and other revenue of $34.0 million.
Operating income fell to $12.5 million from $19.6 million as salaries, rent and other operating costs increased and a $2.0 million loss on contingent earn-out revaluation replaced a prior-year gain. Net income attributable to USPH shareholders dropped to $5.0 million from $9.9 million, and after a large non-cash upward revaluation of redeemable non-controlling interests, basic and diluted earnings swung to a $(0.12) loss per share from $0.80 per share.
Total assets increased to $1.24 billion, including goodwill of $715.9 million, while total liabilities rose to $459.2 million, reflecting higher borrowings on the revolving facility. The company added clinics and completed two acquisitions in January 2026, investing about $21.7 million in majority interests in new businesses.
U.S. Physical Therapy (USPH) reported stronger Q3 2025 results. Net revenue rose to $197.1 million from $168.0 million a year ago, and net income attributable to shareholders increased to $13.1 million from $6.6 million. EPS was $0.48 versus $0.39 last year.
Operating income improved to $25.3 million from $12.8 million, supported by higher clinic volumes and contributions from acquired practices. For the first nine months, net revenue reached $578.3 million (vs. $490.9 million) and EPS was $1.85 (vs. $1.32).
The company ended the quarter with cash of $31.1 million, generated operating cash flow of $50.1 million year-to-date, and reported a revolving facility balance of $26.5 million and term loan of $124.4 million (non‑current). USPH added 18 clinics and closed seven in Q3, bringing owned and/or managed clinics to 779, up from 700 a year ago. Recent acquisitions included a 60% stake in a three‑clinic practice for approximately $7.9 million, plus contingent consideration tied to performance.
Q2 2025 performance (USPH)
- Net revenue rose 18% YoY to $197.3 m; six-month revenue $381.1 m (+18%).
- Net income attributable to shareholders jumped 65% to $12.4 m; diluted EPS $0.58 versus $0.47.
- Operating income improved 60% to $24.9 m; margin expanded to 12.6% (9.3% LY) aided by a $0.8 m gain on contingent earn-out revaluation.
- Gross margin inched up to 21.1% from 20.3% despite higher salary and rent expense.
- Cash from operations YTD $30.2 m (-10%); cash balance fell to $34.1 m after $6.9 m of acquisitions and $13.7 m in dividends.
- Debt profile: revolver borrowings increased to $24.5 m (11.0 m YE); term loan reduced to $127.1 m. Interest expense up 22% YoY.
- Clinic count reached 768 (+46 YoY) after 6 openings, 4 closures and two bolt-on deals (3 clinics + home-care business).
- Equity climbed to $500.8 m; quarterly dividend lifted to $0.45.
Other notes: No impairment triggers were identified. New U.S. tax legislation signed 4 Jul 25 is not yet reflected. Management continues acquisitive growth strategy.