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 filings document the public-company record for a Nevada-incorporated operator of outpatient physical therapy clinics and provider of industrial injury prevention services. Its 8-K reports cover operating results, conference-call transcripts, investor presentations, dividends, acquisitions, strategic alliances, and material financing agreements, including amended senior credit facilities.
Proxy materials describe annual meeting matters such as director elections, advisory executive compensation votes, auditor ratification, board governance, and equity-based compensation arrangements. Other disclosures address common stock, restricted stock units, dividend equivalents, executive compensation plans, leadership changes, reimbursement and operating risks, and the company’s physical therapy and industrial injury prevention business model.
U S Physical Therapy, Inc. director Peter Francis Minan filed an initial Form 3 reporting his ownership in the company. The filing shows he directly holds 125 shares of Common Stock, establishing his beneficial ownership position. The filing does not report any recent share purchases or sales, only current holdings.
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 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.
Copeland Capital Management reported beneficial ownership of 836,831 shares of U S PHYSICAL THERAPY INC common stock, equal to 5.5% of the class as reported on 03/31/2026. The filing shows 545,129 shares with sole voting power and 129,298 with shared voting power. The filer certifies the position is not held to change or influence control and includes a signature by the filer's General Counsel and CCO.
U S Physical Therapy Inc. Schedule 13G shows Bahl & Gaynor, Inc. beneficially owns 653,986 shares of Class A common stock, representing 5.1% of the class. The filing states the reporting person has sole voting and dispositive power over these shares.
The filing lists the issuer CUSIP 90337L108 and provides the reporting persons address and signature by the Chief Compliance Officer dated 05/08/2026.
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.
US Physical Therapy Inc schedules a 13G ownership disclosure showing Vanguard Capital Management beneficially owns 777,590 shares, representing 5.14% of common stock as reported. The filing states Vanguard has sole dispositive power over 777,590 shares and sole voting power for 113,528 shares.
U.S. Physical Therapy, Inc. interim CFO Jason Travis filed an initial ownership report showing beneficial ownership of 3,933 shares of common stock. Of this amount, 3,767 shares are restricted stock granted under the company’s Amended and Restated 2003 Stock Incentive Plan and remain subject to vesting.
The restricted shares vest in multiple tranches between May 20, 2026 and March 6, 2030, including several 171-share installments and larger grants such as 1,250 shares vesting on May 15, 2027. Vesting for each tranche requires his continued service with the company through the applicable vesting date.