What share repurchases and dividends did U.S. Physical Therapy (USPH) describe?

The company highlights an annual dividend of $1.84 per share and recent buybacks: 306,256 shares repurchased for $19.2mm in 2Q26 and 81,322 shares for $5.6mm in 4Q25, as part of its capital allocation strategy.

U.S. Physical Therapy (USPH) details $812mm TTM revenue and growth in new deck

Q: How large is U.S. Physical Therapy’s (USPH) clinic footprint and revenue mix?

The company reports 796 owned or managed outpatient therapy locations across 45 states . Physical therapy operations represent 85% of revenue, while industrial injury prevention services contribute the remaining 15% , reflecting a diversified rehabilitation-focused platform.

Q: How strong is U.S. Physical Therapy’s (USPH) balance sheet and liquidity?

As of June 30, 2024, USPH reports $112.9mm in cash, $142.5mm outstanding on its term loan, and $175mm available under its revolver. The credit facility was upsized to $450mm in April 2026, supporting acquisitions and growth.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

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.

Filing Explained

U.S. Physical Therapy furnished an updated investor presentation under Item 7.01, but the presentation and related information are not treated as “filed” under Section 18 or incorporated into other filings unless expressly referenced.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Clinic count: 796 locations Geographic footprint: 45 states TTM Revenue: $812mm +5 more

8 metrics

Clinic count 796 locations Owned and/or managed outpatient therapy locations as of June 30, 2026

Geographic footprint 45 states National footprint as of June 30, 2026

TTM Revenue $812mm Trailing twelve months ended June 30, 2026

TTM Adjusted EBITDA $96mm Trailing twelve months ended June 30, 2026

Annual dividend $1.84 Annual dividend per share highlighted in the presentation

Industrial injury prevention TTM revenue $120.3 million Trailing twelve months through Q2 2026

IIP YTD revenue growth 10.4% Year-to-date June 30, 2026 compared to year-to-date June 30, 2025

Cash balance $112.9 million Cash as of June 30, 2024

Key Terms

Adjusted EBITDA, non-GAAP financial measures, industrial injury prevention, put-right liability, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA is a non-GAAP financial measure and has not been prepared in accordance with GAAP."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-GAAP financial measures financial

"This Presentation includes certain measures (“non-GAAP financial measures”) which are not presented in accordance with GAAP."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

industrial injury prevention technical

"provider of industrial injury prevention services, updated its investor presentation."

Measures, equipment and practices that companies use to keep workers from getting hurt on the job, such as training, safety gear, machine guards, and procedures for risky tasks. Like routine maintenance for a car, effective prevention reduces breakdowns — for investors that means lower medical and legal costs, fewer lost workdays, steadier production and less reputational or regulatory risk, all of which can protect profits and valuation.

put-right liability financial

"less, changes in revaluation of a put-right liability, clinic closure costs, loss on sale"

contingent earn-out consideration financial

"change in fair value of contingent earn-out consideration, changes in revaluation of put-right"

Contingent earn-out consideration is extra money a buyer may pay a seller after a deal closes only if the acquired business hits agreed future targets (for example sales, profits, or milestones). For investors it matters because it adjusts the effective price paid, shifts risk between buyer and seller, can change future cash flows and accounting, and creates incentives tied to the business’s performance — like receiving a bonus only if certain goals are met.

variable interest entities financial

"the ability to control variable interest entities for which we do not have a direct ownership"

A variable interest entity (VIE) is a business that a company controls through contracts or special arrangements instead of owning a majority of its shares, like steering a puppet without holding its ticket. Investors care because these arrangements can hide who really bears the financial risks and rewards, affect how assets and liabilities appear on financial statements, and create extra legal or enforcement uncertainty that can change the value and risk of an investment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 08/12/2026 - 04:10 PM Accepted by SEC EDGAR 08/12/2026 - 04:09 PM

FAQ

What did U.S. Physical Therapy (USPH) disclose in its latest investor presentation 8-K?

U.S. Physical Therapy furnished an updated investor presentation outlining 796 clinics in 45 states, trailing-twelve-month revenue of $812mm, $96mm Adjusted EBITDA, and key growth, market and capital allocation highlights through June 30, 2026.

How large is U.S. Physical Therapy’s (USPH) clinic footprint and revenue mix?

The company reports 796 owned or managed outpatient therapy locations across 45 states. Physical therapy operations represent 85% of revenue, while industrial injury prevention services contribute the remaining 15%, reflecting a diversified rehabilitation-focused platform.

What recent financial metrics did U.S. Physical Therapy (USPH) highlight?

For the trailing twelve months ended June 30, 2026, USPH reports $812mm in revenue, $96mm in Adjusted EBITDA and 8% year-over-year revenue growth, together with a stated annual dividend of $1.84 per share to shareholders.

What are the key industrial injury prevention results for U.S. Physical Therapy (USPH)?

Industrial injury prevention posted trailing-twelve-month revenue of $120.3mm. For the year-to-date period ended June 30, 2026, revenue grew 10.4%, gross profit increased 15.6%, and gross margin reached 20.4%, according to the presentation.

How strong is U.S. Physical Therapy’s (USPH) balance sheet and liquidity?

As of June 30, 2024, USPH reports $112.9mm in cash, $142.5mm outstanding on its term loan, and $175mm available under its revolver. The credit facility was upsized to $450mm in April 2026, supporting acquisitions and growth.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 12, 2026

U.S. PHYSICAL THERAPY, INC.

(Exact name of registrant as specified in its charter)

Nevada		001-11151		76-0364866
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

1300 WEST SAM HOUSTON PARKWAY SOUTH, SUITE 300, HOUSTON, Texas		77042
(Address of Principal Executive Offices)		(Zip Code)

Registrant's telephone number, including area code: (713) 297-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	USPH	New York Stock Exchange
Common Stock, $.01 par value	USPH	NYSE Texas, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

◻

ITEM 7.01 Regulation FD Disclosure.

On August 12, 2026 U.S. Physical Therapy, Inc. ("the Company”), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, updated its investor presentation. The presentation covers an overview of the Company and is included here as Exhibit 99.1. Additionally, the presentation can be found on the Company's website at www.usph.com under the Investor Relations section.

The information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS


Exhibit		Description of Exhibit

99.1		USPH Investor Presentation for the Three and Six months ended June 30, 2026

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	U.S. PHYSICAL THERAPY, INC.

Dated: August 12, 2026	By:	/s/ JASON CURTIS
		Jason Curtis
		Interim Chief Financial Officer
		(duly authorized officer and principal financial and accounting officer)

CONTACT:

U.S. Physical Therapy, Inc.

Jason Curtis, Interim Chief Financial Officer

email: jcurtis@usph.com

Chris Reading, Chief Executive Officer

(713) 297-7000

Three Part Advisors

Joe Noyons

(817) 778-8424

Exhibit 99.1

Disclaimer 2 Forward-Looking Statements This presentation contains forward-looking statements, which involve numerous risks and uncertainties. Included among such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status; revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction; changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by patients; private third-party payors for our services may adopt payment policies that could limit our future revenue and profitability; compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and associated fines and penalties for failure to comply; compliance with state laws and regulations relating to the corporate practice of medicine and fee splitting, and associated fines and penalties for failure to comply; competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets; the impact of a termination of one or more of the Company’s hospital affiliated arrangements, which could have an adverse impact on revenue and the results of operations; the impact of future public health crises and epidemics/pandemics; certain of our acquisition agreements contain put-rights related to a future purchase of significant equity interests in our subsidiaries or in a separate company; the impact of future vaccinations and/or testing mandates at the federal, state and/or local level, which could have an adverse impact on staffing, revenue, costs and the results of operations; our debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing, and our ability to operate our business; changes as the result of government enacted national healthcare reform; the ability to control variable interest entities for which we do not have a direct ownership; business and regulatory conditions including federal and state regulations; governmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and increased costs; revenue and earnings expectations; contingent consideration provisions in certain of our acquisition agreements, the value of which may impact future financial results; legal actions, which could subject us to increased operating costs and uninsured liabilities; general economic conditions, including but not limited to inflationary and recessionary periods; actual or perceived events involving banking volatility, defaults or other adverse developments that affect the U.S or the international financial systems, may result in market wide liquidity problems which could have a material and adverse impact on our available cash and results of operations; our business depends on hiring, training, and retaining qualified employees; availability and cost of qualified physical therapists; competitive environment in the industrial injury prevention services business, which could result in the termination or non-renewal of contractual service arrangements and other adverse financial consequences for that service line; our ability to identify and complete acquisitions, and the successful integration of the operations of the acquired businesses; impact on the business and cash reserves resulting from retirement or resignation of key partners and resulting purchase of their non-controlling interest (minority interests); maintaining our information technology systems with adequate safeguards to protect against cyber-attacks; a security breach of our or our third party vendors’ information technology systems may subject us to potential legal action and reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information Technology for Economic and Clinical Health Act; maintaining clients for which we perform management, industrial injury prevention related services, and other services, as a breach or termination of those contractual arrangements by such clients could cause operating results to be less than expected; maintaining adequate internal controls; use of generative artificial intelligence; maintaining necessary insurance coverage; availability, terms, and use of capital; and weather and other seasonal factors. See Risk Factors in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026, and any subsequent filings we make with the SEC. Non-GAAP Financial Measures This Presentation includes certain measures (“non-GAAP financial measures”) which are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), such as Operating Results, basic and diluted Operating Results per share, Adjusted EBITDA, Adjusted EBITDA margin and other Non-GAAP measures. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to GAAP measures. Our presentation of these measures may not be comparable to similarly titled measures used by other companies. Management believes that such measures are commonly reported by issuers and widely used by investors as indicators of a company’s operating performance. All non-GAAP financial measures contained herein should be considered only as a supplement to, and not as a superior measure to, financial measures prepared in accordance with GAAP.

796 Owned/Managed Outpatient Physical and Occupational Therapy Locations (1) 45 State National Footprint (1) 85% Physical Therapy Operations % of Revenue(2) 15% Injury Prevention Services % of Revenue(2) >$56bn US Rehabilitation Market(4) >6% No Company Has Greater Than 6% Market Share(4) Partner of Choice with Experienced Physical Therapists $812mm TTM Revenues(3) $96mm TTM Adj EBITDA(3)(5) 8% YoY Revenue Growth(2) $1.84 Annual Dividend Proven Business Model Attractive Market Dynamics Leading Physical Therapy Company USPh At a Glance Strong Financial Position One of the largest PT clinic owner/operator platforms in a highly fragmented market Leading public physical therapy platform Headquarters: Houston, TX Founded: 1990 Employees: 7,400+ Favorable Demographic Trends As of July 31, 2026. As of or for the six months ended June 30, 2026. For the trailing twelve months ended June 30, 2026. Source: “The Physical Therapy Tracker” (from Livingstone Partners, LLC published In the third quarter of 2025). The article is available in this link: https://www.livingstonepartners.com/physicaltherapytracker/. Adjusted EBITDA is a non-GAAP financial measure and has not been prepared in accordance with GAAP. See Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA for further detail.. Driven by Organic Growth and Acquisitions Diversified Payor Mix 3

Expanding National Footprint of Physical Therapy Clinics 4 Color Scheme 0 155 217 155 155 155 20 81 163 124 59 129 170 68 61 254 163 11 796 managed and / or owned locations(1) in 45 states as of June 30, 2026 Clinic count includes owned and hospital affiliated clinics as well as other management contracts (but excluded from the map).

Large and Growing Market Opportunity 5 $56B+ U.S. rehab market (1) Favorable demographics – physically active, aging and obese population segments Significant market potential ~50% of Americans over 18 years old develop a musculoskeletal injury that lasts more than 3 months Within this group, only 10% use outpatient physical therapy services (2) Healthcare delivery shifting towards lower cost, high-quality outpatient providers Operating environment favors market consolidators with scale Source: “The Physical Therapy Tracker” (from Livingstone Partners, LLC published In the third quarter of 2025). The article is available in this link: https://www.livingstonepartners.com/physicaltherapytracker/. Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT), Market Research.

Outpatient Clinics are the Leading Setting For Care 6 Orthopedic rehab is the primary driver of physical therapy services, representing approximately 60% of visits Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT). Outpatient Clinics Hospitals; State, Local, and Private Home Health Offices of Physicians Other Physical Therapy Delivery Mix

Payors See Significant ROI for Physical Therapy 7 Total Treatment Cost~$78K Hip replacement surgery($56,000) Inpatient care($15,000) Total Treatment Cost~$85K Hip replacement surgery($56,000) Inpatient care($15,000) Readmission Rate of20% Readmission Rate of10% Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT). Outpatient PhysicalTherapy Clinic Full Recovery Home Full Recovery With PT Without PT Average overall savings of ~$7k with significantly lower readmission rate

Competitive Landscape 8 Source: “The Physical Therapy Tracker” (from Livingstone Partners, LLC published In the third quarter of 2025). The article is available in this link: https://www.livingstonepartners.com/physicaltherapytracker/ Highly fragmented U.S. outpatient rehab market with 37,000+ clinics (1) USPh is one of the largest owner/operator of PT clinics No company with >6% market share (1) USPh is well-positioned to capitalize in a more challenged macro environment

Physical Therapy Growth Strategy 9 Drive organic growth through de novo PT/OT clinic openings (utilize true partnership model) Maximize profits of existing facilities by growing volume, improving pricing, increasing efficiencies and adding programs and services Augment organic growth through strategic acquisitions of PT / OT practices 1 2 3 Create strategic alliances with hospital systems 4

Highly Retentive, Partnership Model 10 Specialize in trauma, sports, work-related and pre- and post-surgical cases Partner with experienced physical therapists Drive volume via referrals Augment sales with marketing reps Organic growth includes lower cost de novo start up clinics Strategic acquisitions structured as partnerships to create strong alignment of interests: Significant ownership retained by founders (~20% to 50%) Maintain established local brand Monthly distributions of cash generated based on ownership percentages Agree to purchase remaining interest of partners on back end at typically the same EBITDA multiple as the original purchase

More Resources Less Administrative Burden USPh Partnership Advantages 11 Accounting HR Real Estate Construction Purchasing Contracting/Credentialing Marketing Compliance Legal IT Capital and Resources to Enhance Development Rate No Personal Financial Risk Aligned Practice Incentives Unlimited Earnings Potential Enhanced Benefits Package Business Intelligence and Collaborative Guidance

Acquisition Strategy 12 Completed more than 50 acquisitions since 2005 ranging in size from 1 to 52 clinics Acquisitions include nine industrial injury prevention services businesses Seeking & evaluating M&A transactions is part of USPh’s DNA PT acquisition criteria: Owner therapists continue to operate clinics and retain significant equity interest Immediately accretive to earnings Further de novo growth opportunities High-quality clinics with a history of profitability Values Alignment

New Clinics Since August 1, 2025 13 From 08/01/2025 – 07/31/2026 Includes de-novo clinics and acquisitions of single and multi-site practices. Included in the clinic count (but excluded from the map) are other management contracts. 52 owned clinics added (1)(2) since August 1, 2025 2

Scale Advantages Create a Robust Business Case for Consolidation 14 Increased likelihood of selection for payor networks Scale is cited as a core criterion by specialty network managers and payors. Some limited leverage in negotiations with payors for reimbursement Higher likelihood of referrer activity and advocacy More efficient, patient-centric care model -- including clinic, home and telehealth options Enhanced compliance capabilities Centralized infrastructure to limit costs and improve operational efficiencies Increased patient awareness and high brand recognition Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT) Efficiency More efficient, patient-centric care model -- including clinic, home and telehealth options Compliance Enhanced compliance capabilities Payor Networks Increased likelihood of selection for payor networks Scale is cited as a core criterion by specialty network managers and payors. Ability to negotiate higher rates for reimbursement with commercial payors Referrals Higher likelihood of referrer activity and advocacy Centralization Centralized infrastructure to limit costs and improve operational efficiencies Awareness Increased patient awareness and high brand recognition Increasingly difficult environment for smaller clinics given increasing compliance, regulatory and payor complexities and challenging macroeconomic conditions

Revenue Mix by Segment and Payor Type 15 Other Workers Comp Private Insurance & Managed Care Medicaid Medicare PT Revenue Payor Mix by Payor Type Six Months Ended June 30, 2026 Physical Therapy Operations Industrial Injury Prevention PT Revenue Payor Mix by Payor Type (1) Six Months Ended June 30, 2026 (1) Excludes hospital affiliation revenue.

USPh Physical Therapy Growth Drivers 16 Clinic count includes owned and hospital affiliated clinics as well as other management contracts. This metric excludes homecare. In 2019, the Company sold interest in a partnership, which operated 30 clinics. In 2020, the Company sold 14 previously closed clinics and closed 34 clinics. Patient visits is the number of unique patient visits at the Company’s owned and hospital affiliated clinics as well as homecare for the periods presented. This metric excludes other management contracts. Number of Owned Clinics (1)(2) Daily Patient Visits Per Location (1) Number of Patient Visits (3) (in thousands) Both prior to and post COVID-19, each driver has shown robust growth 2012-2026: CAGR +4% 2012-2026: CAGR +3% 2012-2026: CAGR +7%

Daily Physical Therapy Volumes Progression 17 COVID Trough Average Visits per Clinic per Day

Physical Therapy Operations 18 Includes management contracts. See the section titled Reconciliation of non-GAAP measures to the most directly comparable GAAP measure. Annual Adjusted Gross Margin Percentage (1)(2) Quarterly Adjusted Gross Margin Percentage (1)(2)

Today Services performed onsite at >600 client locations Industrial Injury Prevention 19 Industrial Injury Prevention services include onsite services for clients’ employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, ergonomic assessments, occupational medicine testing services, and drug and alcohol testing March 2017 2020 15.1% of Total Revenue(3) Since USPh’s initial entry into the Industrial Injury Prevention services space, the business has grown both organically and through additional acquisitions % of Revenue full year 2018. % of Revenue full year 2020. Revenue for the six months ended June 30, 2026. 5.6% of Total Revenue(1) 9.3% of Total Revenue(2) Initial Acquisition into the Industrial Injury Prevention services space 2018

Industrial Injury Prevention 20 Note: For the year-to-date June 30, 2026, compared to the year-to-date June 30, 2025. * The Company acquired an IIP business in November 2021 with $26.7 million in revenue at an EBITDA margin of 16.0%, which reduced the overall IIP margin in 2022 and forward. ** The Company acquired IIP business on January 31, 2026, with $7.0 million in annual revenues. Revenue ($ in millions) Gross Margin (%) * TTM Revenue through Q2 2026: $120.3 million YTD June 30, 2026 (1): Revenue +10.4% Gross Profit +15.6% Gross Margin 20.4%

Strong Balance Sheet and Capital Allocation Strategy 21 At June 30, 2024, we had $112.9 million in cash and $142.5 million outstanding on our term loan. We have $175 million available for borrowings under our revolving facility. A strong balance sheet and capital allocation strategy has allowed USPH to return value to shareholders both directly and through strategic growth investments In 2023, the Company generated Adjusted EBITDA(1) of $77.7 million Liquidity ($ in millions) (as of 06/30/24) Acquisitions Continue fueling a highly acquisitive growth strategy within a fragmented landscape Maintain strategic flexibility and a conservative balance sheet Debt Management Capital Allocation Strategy History of dividend increases and the ability to return value to shareholders directly Dividend Issuances Debt Management Minimize interest expense and maintain strategic flexibility Liquidity ($ in millions) (as of 6/30/2026) Dividend Payments History of dividend increases and the ability to return value to shareholders directly De Novos Develop de novo physical therapy clinics, increase industrial injury locations and add services in both businesses $25M Share Repurchase Repurchased 306,256 shares for $19.2 million in 2Q26 Repurchased 81,322 shares for $5.6 million in 4Q25 Upsized the Credit Facility from $325M to $450M in April 2026 with maturity date of April 14, 2031

Executive Management 22 https://www.usph.com/about/senior-leadership/ https://www.linkedin.com/in/rick-binstein-66944512 Joined USPh in March 2018 Previously President & Chief Executive Officer of Baptist Health System in San Antonio, TX. Managed six hospitals with a $1.32B annual operating budget BS Physical Therapy & MBA Graham Reeve Chief Operating Officer – West Region Joined USPh in July 2021 Previously President and Chief Operating Officer for Omni Ophthalmic Management Consultants (OOMC), an ophthalmology management services organization Previously served in the roles of Chief Operating Officer and then Chief Executive Officer of Drayer Physical Therapy Institute, LLC, an outpatient physical therapy provider with a network of over 150 clinics in 14 states BA in Materials and Logistics Management Eric Williams President, Chief Operating Officer – East Region Joined USPh as COO in November 2003 Promoted to CEO and Board in November 2004 Previously Senior Vice President of Operations with HealthSouth, managed over 200 facilities including OP, ASC, DX Imaging and rehab hospital operations BS Physical Therapy Chris Reading Chief Executive Officer Joined USPh in May 2011 as VP, General Counsel and Secretary; promoted to EVP General Counsel in 2022 Previously served as VP, General Counsel and Secretary for Physiotherapy Associates, Inc. (and its predecessor, Benchmark Medical, Inc.), a national provider of outpatient physical therapy services. From 1997 through 2000, served as Assistant General Counsel and then General Counsel of NovaCare, Inc., a national provider of rehabilitation services. Law degree from The Columbus School of Law at The Catholic University of America and Bachelor of Science degree in Business Administration from the University of Delaware in 1983 Rick Binstein Executive VP & General Counsel Joined USPh as SVP of Accounting and Finance in March 2025 Previously served as CFO for Chair King, Shift (Nasdaq: SFT), Boscovs, and Stage Stores (NYSE: SSI) BS University of Pittsburgh Jason Curtis Interim Chief Financial Officer

23 Summary Investment Highlights Significant scale with national footprint Large and growing market / favorable demographics Proven business model, driven by organic growth and acquisitions Strong cash flow and balance sheet Publicly-traded, pure play operator of rehab clinics Attractive Dividend Yield

APPENDIX

Transaction Overview Demonstrated Track Record of Consistent Growth Over the last decade, USPH has consistently grown, organically and through strategic acquisitions USPH Revenue ($ in millions) Adj. EBITDA(1) ($ in millions) 4.7% 15.5% 8.6% 7.6% 16.1% 9.6% 6.2% (12.2%) 17.0% 11.7% 25 Growth (%) 2013-2025: CAGR +8% 2013-2025: CAGR +9% Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures and have not been prepared in accordance with GAAP. 9.4% 11.0%

Summary Financial Results 26 Operating Results, a non-GAAP measure, equals net income attributable to our shareholders less, changes in revaluation of a put-right liability, clinic closure costs, loss on sale of a partnership, changes in fair value of contingent earn-out consideration, business acquisition related costs, costs related to a one-time financial systems and human resources upgrade, other non-recurring items as applicable, and any allocations to non-controlling interests, all net of taxes. Operating Results per share also excludes the impact of the revaluation of redeemable non-controlling interest and the associated tax impact. Adjusted EBITDA, a non-GAAP measure, is defined as net income attributable to our shareholders before interest income, interest expense, taxes, depreciation, amortization, change in fair value of contingent earn-out consideration, changes in revaluation of put-right liability, equity-based awards compensation expense, clinic closure costs, business acquisition related costs, costs related to a one-time financial systems and human resources upgrade, loss on sale of a partnership, other income and other non-recurring items, as applicable, and related portions for non-controlling interests.

Segment Information 27 Adjustments include clinic closures costs, certain earnout bonuses and incentive costs related to the Metro acquisition, expenses related to the acquisitions of equity interests in certain partnerships, costs associated with entering hospital affiliation contracts, clinic closure costs and other non-recurring items. Additionally, amortization of certain intangible assets were reallocated between physical therapy and IIP segments.

Reconciliation of Non-GAAP Financial Measures – Operating Results 28 Costs associated with clinic closures during the periods presented and, for purposes of Operating Results, includes accelerated depreciation related to closed clinics. Primarily consists of retention bonuses, as well as legal and consulting expenses related to the acquisition of equity interests in certain partnerships and costs associated with entering into hospital affiliation contracts. Consists of costs related to a one-time financial and human resources systems upgrade. Consists of costs related to the amendment of the Company’s credit facility.

Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin 29 Costs associated with clinic closures during the periods presented and, for purposes of Operating Results, includes accelerated depreciation related to closed clinics. Primarily consists of retention bonuses, as well as legal and consulting expenses related to the acquisition of equity interests in certain partnerships and costs associated with entering into hospital affiliation contracts. Consists of costs related to a one-time financial and human resources systems upgrade. Consists of costs related to the amendment of the Company’s credit facility.

30 Thank you

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

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