20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.
U.S. Physical Therapy, Inc. (USPH) operates in the MEDICAL CARE FACILITIES industry and is headquartered in Houston, United States with about 4,653 employees. Its market capitalization is roughly $1 billion. In the fiscal year ended 2025-12-31, USPH reported $781M in revenue and $15M in net income.
U.S. Physical Therapy, Inc., together with its subsidiaries, operates and manages outpatient physical therapy clinics. It operates through two segments, Physical Therapy Operations and Industrial Injury Prevention Services.
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| Income statement | TTM → 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | $779M | $781M | $671M | $605M | $553M | $495M | $423M | $482M | $454M | $414M | $357M | $331M | $305M | $264M | $252M | $237M | $211M | $201M | $188M | $152M | $135M |
| Gross Profit | $149M | $157M | $124M | $122M | $112M | $117M | $94M | $112M | $102M | $91M | $82M | $78M | $76M | $65M | $63M | $64M | $59M | $55M | $48M | $37M | $36M |
| Gross Margin % | 19.2% | 20.2% | 18.5% | 20.1% | 20.2% | 23.7% | 22.3% | 23.3% | 22.4% | 21.9% | 23.0% | 23.6% | 25.0% | 24.5% | 24.8% | 27.2% | 28.1% | 27.4% | 25.4% | 24.6% | 26.5% |
| Operating Income (EBIT) | $84M | $80M | $63M | $52M | $57M | $71M | $52M | $67M | $60M | $55M | $50M | $47M | $46M | $39M | $38M | $36M | $33M | $28M | $24M | $20M | $19M |
| Operating Margin % | 10.8% | 10.3% | 9.4% | 8.6% | 10.3% | 14.3% | 12.4% | 14.0% | 13.3% | 13.2% | 13.9% | 14.3% | 15.0% | 14.7% | 15.0% | 15.2% | 15.7% | 14.1% | 12.7% | 13.2% | 13.8% |
| Net Income | ($6M) | $15M | $26M | $15M | $28M | $28M | $31M | $28M | $10M | $22M | $21M | $22M | $20M | $13M | $18M | $21M | $16M | $12M | $10M | $9M | $6M |
| Net Margin % | -0.8% | 1.9% | 3.9% | 2.4% | 5.1% | 5.6% | 7.2% | 5.8% | 2.2% | 5.4% | 5.8% | 6.7% | 6.5% | 4.8% | 7.1% | 8.8% | 7.4% | 5.8% | 5.3% | 5.9% | 4.7% |
| EBITDA | $100M | $110M | $87M | $74M | $76M | $86M | $78M | $83M | $72M | $65M | $58M | $55M | $53M | $44M | $43M | $47M | $39M | $34M | $30M | $25M | $23M |
| Earnings Per Share (EPS) | $-0.40 | $0.99 | $1.76 | $1.03 | $2.18 | $2.16 | $2.38 | $2.21 | $0.80 | $1.77 | $1.64 | $1.80 | $1.62 | $1.05 | $1.51 | $1.75 | $1.32 | $1.00 | $0.83 | $0.76 | $0.54 |
| Shares Outstanding (M) | 15M | 15M | 15M | 14M | 13M | 13M | 13M | 13M | 13M | 13M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Quarterly income statement | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | $214M | $198M | $203M | $164M | $164M | $153M | $180M | $168M |
| Gross Profit | $42M | $29M | $42M | $37M | $42M | $31M | $34M | $29M |
| Gross Margin % | 19.6% | 14.5% | 20.6% | 22.5% | 25.4% | 20.4% | 18.7% | 17.3% |
| Operating Income (EBIT) | $22M | $15M | $22M | $25M | $25M | $20M | $15M | $15M |
| Operating Margin % | 10.2% | 7.5% | 10.9% | 15.4% | 15.2% | 12.9% | 8.1% | 8.8% |
| Net Income | $2M | ($4M) | ($11M) | $7M | $9M | $10M | $7M | $6M |
| Net Margin % | 0.8% | -2.2% | -5.2% | 4.4% | 5.4% | 6.5% | 4.1% | 3.3% |
| EBITDA | $28M | $19M | $22M | $31M | $31M | $25M | $26M | $19M |
| Earnings Per Share (EPS) | $0.11 | $-0.29 | $-0.70 | $0.48 | $0.58 | $0.65 | $0.49 | $0.37 |
| Shares Outstanding (M) | 15M | 15M | 15M | 15M | 15M | 15M | 15M | 15M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Cash flow | TTM → 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations (CFO) | $83M | $75M | $75M | $82M | $59M | $76M | $100M | $62M | $73M | $57M | $51M | $41M | $45M | $45M | $39M | $33M | $31M | $31M | $30M | $19M | $18M |
| Capital Expenditures (CapEx) | $19M | $14M | $9M | $9M | $8M | $8M | $8M | $10M | $7M | $7M | $8M | $6M | $5M | $5M | $4M | $3M | $4M | $4M | $4M | $4M | $5M |
| Free Cash Flow (FCF) | $64M | $61M | $66M | $73M | $50M | $68M | $92M | $52M | $66M | $49M | $43M | $35M | $40M | $40M | $35M | $29M | $27M | $27M | $26M | $15M | $14M |
| FCF Margin % | 8.2% | 7.8% | 9.8% | 12.0% | 9.1% | 13.8% | 21.8% | 10.8% | 14.5% | 11.9% | 12.0% | 10.6% | 13.1% | 15.2% | 13.9% | 12.4% | 12.7% | 13.4% | 13.8% | 9.9% | 10.2% |
| Dividends Paid | $35M | $27M | $27M | $24M | $21M | $19M | $4M | $15M | $12M | $10M | $9M | $7M | $6M | $5M | $9M | $4M | $10M | $9M | — | — | — |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Quarterly cash flow | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations (CFO) | $34M | $4M | $25M | $20M | $35M | ($5M) | $19M | $22M |
| Capital Expenditures (CapEx) | $5M | $5M | $4M | $4M | $3M | $3M | $2M | $3M |
| Free Cash Flow (FCF) | $29M | ($1M) | $21M | $16M | $32M | ($7M) | $17M | $20M |
| FCF Margin % | 13.5% | -0.7% | 10.4% | 9.5% | 19.2% | -4.8% | 9.4% | 11.7% |
| Dividends Paid | $14M | $7M | $7M | $7M | $14M | $7M | $7M | $7M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Balance sheet | 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B | $1.2B | $1.2B | $997M | $858M | $749M | $594M | $561M | $443M | $419M | $351M | $280M | $245M | $224M | $172M | $163M | $141M | $111M | $118M | $96M | $71M |
| Cash & Cash Equivalents | $25M | $36M | $41M | $153M | $32M | $29M | $33M | $24M | $23M | $22M | $20M | $16M | $14M | $13M | $12M | $10M | $9M | $6M | $10M | $8M | $11M |
| Total Liabilities | $482M | $434M | $408M | $345M | $374M | $297M | $184M | $181M | $92M | $110M | $93M | $78M | $70M | $69M | $37M | $42M | $24M | $19M | $30M | $21M | $12M |
| Total Debt (Short + Long-Term) | $263M | $205M | $193M | $182M | $217M | $149M | $49M | $78M | $40M | $61M | $52M | $49M | $36M | $41M | $18M | $24M | $6M | $1M | $14M | $9M | $1M |
| Total Shareholders' Equity | $449M | $476M | $489M | $476M | $316M | $296M | $276M | $240M | $216M | $205M | $188M | $163M | $146M | $155M | $117M | $107M | $104M | $87M | $82M | $69M | $56M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive USPH viewer.
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