U S Physical Therapy Inc (USPH) Financial Statements
Industry: Health Services (Services)
In fiscal 2025, U S Physical Therapy reported revenue of $781.0M, up 16.3% from $671.3M the year before. Net income was $39.6M (a 5.1% net margin), or $1.42 per diluted share. Gross margin was 19.2% and operating margin was 11.1%. Operating activities generated $75.1M of cash, leaving $61.0M of free cash flow. At fiscal year end, U S Physical Therapy held $1.20B in total assets against $433.8M in total liabilities, including $35.6M of cash and equivalents.
Open the full interactive U S Physical Therapy financials → Quarterly statements, key ratios, valuation history and price charts.
U S Physical Therapy Key Stats
| Share Price | $85.44 |
|---|---|
| Market Cap | $1.29B |
| P/E Ratio | 60.2 |
| Revenue YoY Growth | +16.3% |
| 52-Week Range | $58.22 – $90.82 |
| Shares Outstanding | 15.1 million (basic, 2026 Q2) |
U S Physical Therapy Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $423.0M | $495.0M | $553.1M | $604.8M | $671.3M | $781.0M |
| Cost of Goods Sold | $328.5M | $377.8M | $441.1M | $483.3M | $547.4M | $631.3M |
| Gross Profit | $94.5M | $117.2M | $112.0M | $121.5M | $123.9M | $149.7M |
| Operating Income | $52.4M | $70.6M | $56.8M | $52.1M | $63.2M | $86.7M |
| Pre-Tax Income | $65.5M | $73.2M | $55.6M | $49.4M | $60.2M | $77.8M |
| Income Tax | $13.0M | $15.3M | $12.2M | $12.2M | $14.6M | $19.8M |
| Net Income | $35.2M | $40.8M | $32.2M | $28.2M | $31.4M | $39.6M |
| Diluted EPS | $2.48 | $2.41 | $2.25 | $1.28 | $1.84 | $1.42 |
U S Physical Therapy Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $197.1M | $202.7M | $198.3M | $214.1M |
| Net Income | $13.1M | $4.2M | $5.0M | $9.9M |
| Diluted EPS | $0.48 | $0.27 | -$0.12 | $0.25 |
U S Physical Therapy Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $32.9M | $28.6M | $31.6M | $152.8M | $41.4M | $35.6M |
| Current Assets | $87.6M | $95.2M | $111.3M | $233.4M | $137.6M | $140.0M |
| Total Assets | $594.4M | $749.4M | $858.2M | $997.2M | $1.17B | $1.20B |
| Current Liabilities | $93.5M | $83.5M | $85.5M | $102.2M | $116.3M | $139.0M |
| Total Long-Term Debt | $21.5M | $118.4M | $183.7M | $146.7M | $153.5M | $162.5M |
| Total Liabilities | $184.4M | $297.0M | $373.6M | $345.0M | $408.4M | $433.8M |
| Shareholders' Equity | $276.2M | $295.6M | $315.8M | $476.2M | $488.9M | $476.4M |
U S Physical Therapy Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $100.0M | $76.4M | $58.5M | $82.0M | $74.9M | $75.1M |
| Cash From Investing | -$51.2M | -$124.1M | -$81.3M | -$45.0M | -$149.4M | -$36.7M |
| Cash From Financing | -$39.4M | $43.4M | $25.8M | $84.3M | -$37.0M | -$44.1M |
| Free Cash Flow | $92.4M | $68.2M | $50.3M | $72.7M | $65.8M | $61.0M |
Figures from U S Physical Therapy's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full U S Physical Therapy financials page for every line item.
U S Physical Therapy Company Profile
| Ticker | USPH |
|---|---|
| Exchange | NYSE |
| Industry | Health Services (Services) |
| Headquarters | Houston, Texas |
| Incorporated in | Nevada |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000885978 |
Frequently Asked Questions
What was U S Physical Therapy's revenue in fiscal 2025?
U S Physical Therapy (USPH) reported revenue of $781.0M for fiscal 2025.
What is U S Physical Therapy's annual revenue history?
U S Physical Therapy's annual revenue by fiscal year: 2020: $423.0M; 2021: $495.0M; 2022: $553.1M; 2023: $604.8M; 2024: $671.3M; 2025: $781.0M.
What was U S Physical Therapy's net income in fiscal 2025?
U S Physical Therapy reported net income of $39.6M for fiscal 2025.
What was U S Physical Therapy's earnings per share (EPS) in fiscal 2025?
U S Physical Therapy's diluted EPS was $1.42 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did U S Physical Therapy generate in fiscal 2025?
U S Physical Therapy generated $61.0M of free cash flow in fiscal 2025.
What was U S Physical Therapy's revenue last quarter?
In its most recent reported quarter (2026 Q2), U S Physical Therapy reported revenue of $214.1M.
How much debt does U S Physical Therapy have?
U S Physical Therapy reported $162.5M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of U S Physical Therapy are outstanding?
U S Physical Therapy reported a weighted average of 15.1 million basic shares outstanding in 2026 Q2.
What is U S Physical Therapy's market cap?
Based on its latest closing price, U S Physical Therapy (USPH) has a market capitalization of about $1.29B.
When does U S Physical Therapy's fiscal year end?
U S Physical Therapy's fiscal year end, as registered with the SEC, is December 31.
Where is U S Physical Therapy headquartered?
U S Physical Therapy lists its business address in Houston, Texas in its SEC filings.