Us Physical Therapy Inc (USPH) financials
Us Physical Therapy revenue and earnings by year
Us Physical Therapy's revenue was $781 million in the fiscal year to December 31, 2025, up 16.3% from the year before. Net income was $39.6 million, 5.1% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 9.1% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 781 | 671 | 605 | 553 | 495 | 423 | 482 | 454 | 414 | 357 |
| Revenue growth | 16.3% | 11.0% | 9.3% | 11.7% | 17.0% | -12.2% | 6.2% | 9.6% | 16.1% | — |
| Gross profit | 150 | 124 | 122 | 112 | 117 | 94 | 112 | 102 | 91 | 82 |
| Gross margin | 19.2% | 18.5% | 20.1% | 20.3% | 23.7% | 22.3% | 23.3% | 22.4% | 21.9% | 23.0% |
| Operating income | 87 | 63 | 51 | 57 | 71 | 52 | 67 | 60 | 55 | 50 |
| Operating margin | 11.1% | 9.4% | 8.4% | 10.3% | 14.3% | 12.4% | 14.0% | 13.3% | 13.2% | 13.9% |
| Net income | 40 | 31 | 28 | 32 | 41 | 35 | 40 | 35 | 22 | 21 |
| Net margin | 5.1% | 4.7% | 4.7% | 5.8% | 8.2% | 8.3% | 8.3% | 7.7% | 5.4% | 5.8% |
| Diluted EPS | — | $1.84 | — | $2.25 | — | $2.48 | — | — | — | — |
| Free cash flow | 61 | 66 | 73 | 50 | 68 | 93 | 52 | 66 | 50 | 43 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open USPH in Markets.
How Us Physical Therapy makes money
Revenue by segment in the quarter to March 31, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Net Patient Revenues | $164M | 82.1% |
| Other Revenues Including Management Contract Revenues & Industrial Injury Prevention Services Revenues | $34.0M | 17.0% |
| Management Contract Revenues | $1.80M | 0.9% |
See also: USPH valuation and P/E history · USPH returns
No forecast, no recommendation. This page describes Us Physical Therapy Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.