U.S. Physical Therapy, Inc. (NYSE: USPH) operates outpatient rehabilitation clinics, home-care therapy and hospital-affiliated services, alongside an employer-funded industrial injury prevention business. Its partnership model combines centralized administrative support with local practitioner ownership, so consolidated results include earnings and cash economically attributable to minority partners.
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A snapshot of what U S PHYSICAL THERAPY INC /NV owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001140361-24-010454 | Feb 29, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001140361-25-006750 | Mar 3, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001140361-26-007170 | Feb 27, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
USPH has expanded revenue through acquisitions, higher patient activity and employer services, but growth has not consistently translated into stronger margins or cash generation. In 2025, revenue reached $780.990 million and shareholder-attributable net income rose to $39.583 million, while operating cash flow remained near $75 million. During first-half 2026, revenue continued growing, but therapy margins weakened and acquisition-related valuation changes depressed GAAP earnings. Hospital affiliations offer a conditional earnings opportunity, although their revenue partly replaces existing patient revenue rather than representing wholly incremental sales. April refinancing extended the principal facility maturity to 2031; debt nevertheless increased as acquisitions, partner buyouts and shareholder distributions consumed cash. Minority redemption rights and a separate business-purchase put remain important potential funding demands. The September swap fixes a future benchmark component, not the entire borrowing rate.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · 8-K · 2026-04-14 · 8-K · 2026-09-22
Physical therapy is the larger business, serving orthopedic, postoperative, neurological and work-related rehabilitation needs through clinics and home care. Physician referrals, clinician availability and payer reimbursement determine its economics. Industrial injury prevention, or IIP, supplies employers with onsite prevention, rehabilitation, testing and ergonomic services, generally billed by service hours and contractual rates. Local practitioners retain ownership interests while USPH supplies billing, purchasing, compliance and administration. Consolidating these businesses does not make all their profit or cash available to USPH shareholders.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For the year ended December 31, 2025, revenue increased 16.3% to $780.990 million. Therapy patient-revenue growth came principally from the cohort of clinics added during 2024–2025; mature clinics contributed only $0.385 million of the increase. IIP also grew beyond acquisition contributions. Therapy reported margin improved partly because closure costs fell, while its adjusted margin improved much less. A $6.244 million contingent-consideration valuation gain supported operating income but was not cash generated from treating patients. Shareholder net income increased to $39.583 million, yet EPS fell to $1.42 because redeemable minority-interest revaluation reduced the EPS numerator outside net income.
Sources: 10-K · 2025-12-31
The August 7, 2026 Form 10-Q reports first-half revenue of $412.344 million, up 8.2%, but shareholder net income of $14.936 million versus $22.292 million. Therapy gross margin fell to 17.7% from 19.0%; management cited additional locations and unfavorable health-benefit costs, while the subsequent call also described clinicians hired ahead of hospital transitions. IIP margin improved and partly offset the pressure. An earn-out valuation loss replaced a prior-year gain, creating an $8.601 million adverse pretax comparison. Adjusted EBITDA increased modestly to $47.196 million, whereas non-GAAP Operating Results declined. These measures remove different costs and neither is cash flow.
Two ten-year hospital alliances cover 70 existing clinics, not 70 new openings. Thirty-one had transitioned during the second quarter; the remaining 39 were expected in the third quarter. The supplied evidence does not confirm subsequent completion. Hospital-affiliation revenue includes staff-cost reimbursement and replaces revenue previously recorded for those clinics, so the entire $5.564 million first-half amount is not incremental growth. Management reaffirmed $102–106 million of 2026 Adjusted EBITDA in August, conditional on execution and operating conditions.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · EX-99 · 2026-08-05
2025 operating cash flow was $75.058 million, almost unchanged despite higher profit. In first-half 2026 it increased to $38.178 million from $30.186 million, helped by noncash valuation adjustments and working-capital comparisons. It still had to support $10.737 million of fixed-asset purchases, acquisitions, partner-interest purchases and distributions. Common dividends consumed $13.871 million and open-market repurchases $19.233 million during the half. Cash fell to $24.887 million while gross borrowing principal rose to $222.502 million. Acquisition payments, earn-out settlements and purchase-price disclosures overlap and are not separate amounts to accumulate.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The April 14, 2026 refinancing replaced $325 million of facility capacity with $450 million, comprising a $175 million term facility and $275 million revolver, maturing April 14, 2031. At June 30, undrawn revolver availability was $229 million, separate from cash. USPH reported covenant compliance, but numerical headroom is not disclosed. Redeemable minority interests of $317.491 million are temporary equity rather than immediately payable debt. Separately, a business-purchase put first exercisable in January 2027 could require substantially more funding than its derivative liability: hypothetical June 30 exercise for an 80% stake was estimated at $54.1 million.
Sources: 8-K · 2026-04-14 · 10-Q · 2026-06-30
Labor availability limits treatment capacity, while wage and benefit costs can outpace reimbursement. Medicare/Medicaid represented 35.8% of 2025 patient revenue, not consolidated revenue. Hospital and employer arrangements introduce retention and termination risk; referral relationships are not exclusive. Billing estimates and retrospective payer audits can change collections or require refunds. Acquisition integration, large goodwill balances and partner redemption rights add financial uncertainty. The September 22 forward-starting swap addresses benchmark-rate exposure from June 2027, but its 4.578% fixed leg excludes the lending margin and does not establish future savings or remove counterparty and termination risk.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-09-22
USD 780.99 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 780.99 m | 16.3% |
| 2024 | USD 671.345 m | 11.0% |
| 2023 | USD 604.802 m | — |
Consolidated net patient revenue plus other revenue.
Sources: 10-K · 2025-12-31
USD 39.583 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 39.583 m | 26.0% |
| 2024 | USD 31.424 m | — |
Consolidated net income less income attributable to non-controlling interests; before redemption-value adjustments used only in EPS.
Sources: 10-K · 2025-12-31
USD 28.239 m
FY2023 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 28.239 m | — |
Reported parent net income before EPS-only redemption adjustments; not restated for the valuation error disclosed in 2024.
Sources: 10-K · 2025-12-31
USD 75.058 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 75.058 m | 0.2% |
| 2024 | USD 74.94 m | -8.6% |
| 2023 | USD 81.978 m | — |
Consolidated operating cash flow, including cash attributable to non-controlling interests before their financing distributions.
Sources: 10-K · 2025-12-31
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