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, Inc. (USPH) files a range of reports with the U.S. Securities and Exchange Commission that document its operations as a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services. These SEC filings provide detail on its physical therapy operations segment, industrial injury prevention services, clinic additions and closures, financial performance, and capital allocation decisions.
On this Stock Titan page, investors can review U.S. Physical Therapy’s current reports on Form 8-K, which have recently covered topics such as acquisitions of multi-clinic physical therapy practices and management services companies, quarterly earnings results, dividend declarations, investor presentations, and research reports. For example, the company has filed 8-Ks describing acquisitions of a three-clinic physical therapy practice and a physical therapy management services company that manages a practice with eight clinic locations, as well as 8-Ks reporting results for specific quarters and announcing quarterly cash dividends.
In addition to 8-Ks, U.S. Physical Therapy files annual reports on Form 10-K and quarterly reports on Form 10-Q, which provide segment information for physical therapy operations and industrial injury prevention services, along with discussions of revenue, operating costs, gross profit, and key operating metrics such as total patient visits and net rate per patient visit. These filings also include information about the company’s credit facilities, interest expense, and tax provisions.
Stock Titan enhances access to these documents by offering real-time updates from the SEC’s EDGAR system and AI-powered summaries that explain the contents of lengthy filings. Users can quickly see the main points from U.S. Physical Therapy’s 10-K and 10-Q reports, as well as key disclosures from 8-Ks related to acquisitions, earnings, and dividends. This page also serves as a starting point for reviewing any insider transaction reports on Form 4 that may be filed for USPH, alongside the company’s broader regulatory history.
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.
US Physical Therapy reported a Rule 144 resale of 3,000 shares of Class A common stock related to the vesting of restricted stock grants issued through 08/20/2025. The sale is listed with J.P. Morgan Securities LLC and dated 03/06/2026, with an execution date shown as 03/09/2026.
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. operates two main segments: a large outpatient physical therapy business and an industrial injury prevention (IIP) unit serving employers, including Fortune 500 companies. The company works mainly through therapist-partnered clinic partnerships, plus some wholly owned and hospital- or physician-managed locations.
As of December 31, 2025, it owned and/or managed 780 clinics in 44 states, including 34 hospital or physician-owned practices under management contracts. A clinic roll-forward shows steady net additions through acquisitions, satellite development and tuck-in deals, offset by periodic closures and sales.
Net patient revenue in 2025 was $650,429 (in thousands), with 48.5% from managed care/commercial insurance, 35.8% from Medicare/Medicaid, 10.2% from workers’ compensation and 5.5% from other sources. Medicare represented 40.1% of visits and is reimbursed under the MPFS, which decreased rates by about 1.5% in 2025, with a 1.75% increase expected for 2026.
The company has expanded through multiple multi-clinic and IIP acquisitions from 2023–2025, raising its stake in Briotix Health to about 92%, and continues to target outpatient PT and IIP businesses. It repurchased 81,322 shares for $5.6 million in Q4 2025 and is rolling out a new ERP system to improve integration and reporting.
USPH emphasizes compliance in a highly regulated environment, addressing Medicare, fraud-and-abuse, Stark Law, HIPAA, antitrust, and corporate practice restrictions through a formal compliance program, board-level oversight, audits and training. As of December 31, 2025 it employed about 7,294 people, plus 801 employees at therapist-owned practices it manages, and highlights workforce recruitment, retention and education as critical to its growth strategy.
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 that Chairman and CEO Christopher J. Reading acquired 25,000 shares of common stock as a restricted stock grant under the company’s Amended and Restated 2003 Stock Incentive Plan. The award was recorded at a price of $0.00 per share as compensation, not an open-market purchase.
The restrictions on these 25,000 shares lapse in 15 equal quarterly installments of 1,562 shares beginning on May 20, 2026, with a final 1,570-share tranche vesting on March 6, 2030, subject to his continued employment. Following this grant, he directly holds 139,088 shares, including previously granted restricted stock with various vesting dates through 2030.
Williams Eric Joseph reported acquisition or exercise transactions in this Form 4 filing.
U S Physical Therapy reported that President and COO Eric Joseph Williams received a grant of 15,000 shares of common stock as restricted stock under the Amended and Restated 2003 Stock Incentive Plan. The award was recorded at a price of $0.0000 per share, indicating a non-cash equity grant.
The restrictions on these 15,000 shares lapse in fifteen equal quarterly installments of 936 shares on specified dates from May 20, 2026 through November 20, 2029, with a final 960 shares vesting on March 6, 2030, all subject to his continued employment. Following this grant, he directly holds 40,331 shares, including 31,322 restricted shares with a detailed vesting schedule extending from March 6, 2026 through March 6, 2030.
REEVE GRAHAM D. reported acquisition or exercise transactions in this Form 4 filing.
U.S. Physical Therapy COO Graham D. Reeve reported an equity award of 10,000 shares of common stock on February 23, 2026. The shares were granted as restricted stock under the company’s Amended and Restated 2003 Stock Incentive Plan at a price of $0.00 per share.
The restrictions lapse in 15 quarterly installments of 624 shares beginning May 20, 2026, plus 640 shares vesting on March 6, 2030, subject to continued employment. Following the grant, Reeve directly holds 30,740 shares, including 23,348 restricted shares with scheduled vesting through 2030, and indirectly holds 1,808 shares through the Reeve Trust.
Binstein Richard reported acquisition or exercise transactions in this Form 4 filing.
U.S. Physical Therapy (USPH) executive Richard Binstein received an equity award rather than buying shares on the market. He was granted 10,000 shares of common stock as restricted stock under the company’s Amended and Restated 2003 Stock Incentive Plan at a stated price of $0.0000 per share. These shares vest in 15 quarterly installments of 624 shares beginning on May 20, 2026 and on specified March 6, May 20, August 20, and November 20 dates through 2029, with a final 640-share installment vesting on March 6, 2030, in each case only if he remains employed by the company. Following this award, he directly owns 27,867 shares of common stock, including 22,624 restricted shares with multiple scheduled vesting dates between March 6, 2026 and March 6, 2030.