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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.
U.S. Physical Therapy, Inc. is asking stockholders to vote at its May 19, 2026 annual meeting on three items: electing seven directors, approving on a non-binding basis named executive officer pay, and ratifying Grant Thornton LLP as independent auditor for 2026.
The board highlights a combined Chairman/CEO role with a Lead Independent Director, four additional independent directors, fully independent key committees, and an emphasis on board diversity and ESG oversight. Non-employee directors receive a $65,000 annual cash retainer plus committee chair fees and equity grants targeted at $150,000 in restricted stock.
Executive pay mixes salary, annual cash bonuses and long-term restricted stock. In 2025, Adjusted EBITDA of $95,010,000 was at the top of the incentive range, triggering maximum objective cash and equity awards for the CEO and other named executives, supplemented by subjective bonuses tied to strategic, operational and human capital goals.
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.
US Physical Therapy Inc: The Vanguard Group filed an amended Schedule 13G (Amendment No. 7) reporting zero shares beneficially owned of Common Stock (CUSIP 90337L108) following an internal realignment. The filing states Vanguard's subsidiaries and business divisions now report separately in reliance on SEC Release No. 34-39538, and Vanguard no longer is deemed to beneficially own securities held by those entities.
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 COO Graham D. Reeve sold 662 shares of common stock in an open-market transaction on March 11, 2026 at a weighted average price of $78.86 per share, with individual trade prices ranging from $78.82 to $79.82.
After this sale, he directly holds 30,078 shares, including 21,384 shares of restricted stock granted under the company’s stock incentive plan. These restricted shares are scheduled to vest in multiple tranches between May 20, 2026 and March 6, 2030, contingent on continued employment.
U.S. Physical Therapy COO Graham D. Reeve reported open-market sales of Common Stock through the Reeve Trust. The trust sold 1,807 shares on March 6, 2026 at $82.25 per share and 1 share on March 9, 2026 at $78.52 per share, for a total of 1,808 shares. After these indirect sales, the trust held no shares, while Reeve continued to own 30,740 shares directly as of March 6, 2026. This direct position includes 21,384 restricted shares that vest in scheduled installments between May 20, 2026 and March 6, 2030, contingent on continued employment.