Every 8-K 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 8-K covers material events a company has to report between its quarterly 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. 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.
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.
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.
U.S. Physical Therapy, Inc. reported Q2 2026 net revenue of $214,059 thousand, up from $197,344 thousand a year earlier, including $173,224 thousand of net patient revenue and new hospital affiliation revenue of $5,564 thousand. Net income attributable to USPH shareholders was $9,898 thousand and basic and diluted EPS were $0.25 for the quarter. For the first six months of 2026, net revenue was $412,344 thousand and net income attributable to USPH shareholders was $14,936 thousand.
Patient visits reached 1,661,694 in Q2 2026 and physical therapy revenue per visit was $107.59. Adjusted EBITDA was $26,952 thousand for the quarter and $47,196 thousand year-to-date, and management reaffirmed full year 2026 Adjusted EBITDA guidance of $102.0 million–$106.0 million. During 2026 the company announced three acquisitions totaling $37.6 million of purchase price with approximately $27.0 million of cumulative annualized revenue, and completed integration of 31 of 70 clinics into hospital affiliations. The board declared a quarterly dividend of $0.46 per share, payable September 11, 2026 to shareholders of record on August 21, 2026.
U.S. Physical Therapy, Inc. has acquired a twelve-clinic physical therapy practice, effective July 1, 2026, taking a 67% equity interest while the current owners retain 33%.
The acquired practice generates about 112,000 annual patient visits and $12 million in annual revenue. This deal expands USPH’s footprint from 44 to 45 states, supporting its national network of 795 outpatient physical therapy clinics and its industrial injury prevention services business.
U.S. Physical Therapy, Inc. reported the results of its Annual Meeting of Shareholders held on May 19, 2026. Shareholders elected seven directors, each receiving more than 13.2 million votes in favor, with Peter F. Minan receiving 14,005,301 votes for and 102,931 withheld.
Shareholders approved, on an advisory basis, the Company’s named executive officer compensation with 13,203,434 votes for, 894,885 against, 9,913 abstentions, and 494,670 broker non-votes. They also ratified the appointment of Grant Thornton LLP as independent registered public accounting firm for the year ending December 31, 2026, with 14,475,354 votes for, 126,323 against, and 1,225 abstentions.
U.S. Physical Therapy, Inc. reported Q1 2026 results and reaffirmed its full-year 2026 adjusted EBITDA guidance of $102 million to $106 million. Management said performance was in line with internal expectations.
Physical therapy revenue was $168 million, up 7.2% year over year, with mature clinic revenue up 2.5% and visits per clinic per day rising to 31.8 despite losing over 31,000 visits to weather. The net rate per visit increased to $106.49 from $105.66, helped by higher commercial and Medicare rates, partly offset by weaker Medicaid pricing.
Industrial injury prevention revenue reached $31 million, up 11.8%, and segment margin improved to 20.4% from 18.6%. Company-wide adjusted EBITDA was $20.2 million, about $0.7 million higher than Q1 2025, while adjusted physical therapy margin eased to 16.1% from 16.8% and adjusted corporate expense rose slightly as a percentage of revenue.
Net income attributable to shareholders declined to $5.0 million from $9.9 million, and GAAP loss per share was $(0.12) versus earnings of $0.80, largely due to a $2.0 million loss on contingent earn-out revaluation and adverse movements in redeemable non-controlling interests. Operating results per share, a non-GAAP metric, were $0.46 compared with $0.48.
The company completed two Q1 acquisitions: a 50% stake in an eight-clinic physical therapy practice with $8 million of revenue and 66,000 visits, and a 70% interest in an industrial injury prevention business with $7 million of revenue. It also spent slightly more than $14 million to repurchase equity in two partnerships.
Cash was $28 million and credit facility borrowings were $204 million at quarter-end. In April 2026, U.S. Physical Therapy closed a new five-year, $450 million credit facility, upsized from a $400 million launch and larger than its prior $325 million facility, with improved pricing. Management highlighted strong demand, ongoing hospital alliances, expansion of cash-based programs, remote therapeutic monitoring and an ERP rollout, and expressed confidence in achieving 2026 goals.
U.S. Physical Therapy, Inc. reported record first quarter 2026 net revenue of $198.3 million, driven by net patient revenue of $164.3 million and other revenue of $34.0 million. Net income attributable to USPH shareholders was $5.0 million, down from $9.9 million a year earlier, with basic and diluted earnings per share at a loss of $0.12 versus earnings of $0.80.
Adjusted EBITDA, a key non-GAAP metric, increased to $20.2 million from $19.5 million. Management reaffirmed full year 2026 adjusted EBITDA guidance of $102.0 million to $106.0 million, reflecting contributions from two strategic hospital alliances. Upon full integration, these alliances are expected to add at least $6.0 million and $1.3 million of annualized EBITDA to USPH based on its ownership stakes.
The board declared a quarterly dividend of $0.46 per share, payable June 12, 2026 to shareholders of record on May 22, 2026. The company ended the quarter with 783 outpatient physical therapy clinics in 44 states and continues to invest in technology, hospital alliances and industrial injury prevention services.
U.S. Physical Therapy, Inc. entered into a Fourth Amended and Restated Credit Agreement providing $450 million in senior credit facilities maturing on April 14, 2031. The package includes a $275 million revolving facility and a $175 million term loan, with interest based on Term SOFR or an alternate base rate plus a leverage-based margin.
The term loan amortizes gradually with the remaining balance due at maturity, while the revolver supports working capital, acquisitions, and general corporate purposes. The company states this new facility increases and extends its prior $325 million credit facility and was upsized from an initial $400 million launch amount, reflecting strong lender participation.
U.S. Physical Therapy, Inc. adopted new 2026 incentive and bonus programs for senior executives tying pay more closely to earnings and performance. The plans cover the CEO, President/COO East, COO West and EVP/General Counsel and use a mix of restricted stock units (RSUs), restricted stock awards (RSAs) and cash bonuses.
Under the 2026 Objective Long-Term Incentive Plan, target RSU grants are 12,752 for the CEO, 5,613 for the President, 5,080 for the COO West and 4,314 for the EVP, with a maximum of 150% of target based on 2026 Adjusted EBITDA. RSUs, if granted in the first quarter of 2027, vest quarterly over 16 quarters from May 20, 2027 through March 6, 2030 and include cash-paid dividend equivalents.
A separate 2026 Discretionary LTIP allows the committee to grant up to 19,128 RSUs to the CEO, 8,419 to the President, 7,619 to the COO West and 6,473 to the EVP based on qualitative performance. Two 2026 bonus plans provide potential annual awards: an objective bonus of up to 100% of base salary for the CEO and 75% for the others, tied to 2026 Adjusted EBITDA targets from $101,608,320 (threshold) to $109,697,280 (maximum), and a discretionary bonus of up to 50% of base salary based on subjective goals. Most awards, if approved, are determined in the first quarter of 2027 and require continued employment through year-end 2026.
U.S. Physical Therapy, Inc. filed an 8-K to share an updated investor presentation for the year ended December 31, 2025. The deck highlights that the company owns or manages 780 outpatient physical and occupational therapy clinics across 44 states, generating $781mm in trailing twelve-month revenue and $95mm in trailing twelve-month Adjusted EBITDA.
The presentation describes a highly fragmented $40bn+ U.S. rehabilitation market where no single company holds more than 10% share, positioning USPh as one of the largest platforms. It reports 16% year-over-year revenue growth and a $1.80 annual dividend, driven by organic clinic openings and acquisitions in physical therapy and industrial injury prevention services.
U.S. Physical Therapy, Inc. reported strong operating momentum for 2025 and outlined growth plans for 2026 and beyond. Clinic visit volume rose 11.2% year over year, with average visits per clinic per day reaching a record 32.2, despite a 2.9% Medicare rate cut.
Net rate per visit increased from $104.71 in 2024 to $105.76 in 2025, while adjusted EBITDA grew 16.1% from $81.8M to $95M. In Q4 2025, physical therapy revenue was $173.8M, up 13%, and physical therapy adjusted gross margin improved to 20.5% from 18.6%.
The injury prevention segment delivered double-digit growth, with IIP income up 20.2% for the year. The company expects 2026 adjusted EBITDA of $102M–$106M and highlighted two new hospital affiliation agreements that, when fully implemented by year-end 2026, are expected to add at least $14M to physical therapy revenue and income and at least $7.3M to USPH adjusted EBITDA by 2027.
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 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.
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 $8.0 million in annual revenues and about 66,000 annual visits. The remaining 50% ownership is being retained by the current owners.
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.
U.S. Physical Therapy, Inc.
The updated presentation is being shared under a Regulation FD disclosure, meaning it is intended to provide fair and equal access to information for all investors. The materials are furnished rather than filed, so they are not automatically incorporated into other securities law filings unless specifically referenced.
U.S. Physical Therapy, Inc. furnished a conference call transcript as Exhibit 99.1 under Item 7.01 (Regulation FD). The call, held on November 6, 2025, discussed results for the three and nine months ended September 30, 2025.
The company states the information is furnished, not filed, is not subject to Section 18 of the Exchange Act, and will not be incorporated by reference into Securities Act or Exchange Act filings except as expressly set forth by specific reference.
U.S. Physical Therapy, Inc. reported results for the three and nine months ended September 30, 2025, and attached a press release as Exhibit 99.1.
The Board declared a quarterly dividend of $0.45 per share, payable on December 12, 2025, to shareholders of record on November 17, 2025.
U.S. Physical Therapy, Inc. (NYSE: USPH) reported a Regulation FD disclosure in a Form 8-K stating that on August 12, 2025 the company updated its investor presentation. The presentation provides an overview of the company and is posted on the company website under Investor Relations.
The filing identifies Exhibit 99.1 as the "USPH Investor's Presentation for the Three and Six months Ended June 30, 2025." The company expressly states the information is furnished, not filed, and therefore is not subject to Section 18 liabilities or automatically incorporated by reference into registration statements.
U.S. Physical Therapy, Inc. (NYSE: USPH) hosted a conference call and webcast on August 7, 2025 to discuss results for the three and six months ended June 30, 2025. The company furnished the conference call transcript as Exhibit 99.1 to this Current Report and stated the materials are furnished, not filed, so they are not subject to Section 18 liabilities and are not incorporated by reference unless expressly provided.
This 8-K itself does not present financial statements or earnings figures; it makes management commentary and the call transcript available to investors as a supplemental disclosure.