The financials
U.S. Physical Therapy, Inc. by the numbers
U.S. Physical Therapy, Inc. (USPH) reported revenue of $198M in Q1 2026 (quarter ended March 31, 2026), up 7.9% from the same quarter a year earlier. That came with a gross margin of 17% and net income of $5.0M (2.5% of revenue). For the full year FY2025, revenue was $781M (+16% year on year) and net income $40M.
| Income statement | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | $198M | $184M | +7.9% |
| Gross profit | $33M | $31M | +5.4% |
| Operating income | $12M | $20M | −36% |
| Net income | $5.0M | $9.9M | −49% |
| Diluted EPS | −$0.12 | $0.80 | to a loss |
Medical Care Facilities
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