U S PHYSICAL THERAPY INC /NV (USPH) U.S. Physical Therapy, Inc., through its various subsidiaries, manages a network of outpatient physical therapy facilities. These clinics deliver a range of services, including rehabilitation before and after surgery, treatment for musculoskeletal conditions, recovery from sports-related trauma, proactive health measures, assistance for workers recovering from injuries, and care for neurological conditions. The company's business is divided into two primary divisions: Physical Therapy Operations and Industrial Injury Prevention Services. Within its industrial segment, it provides specialized services like on-site injury avoidance and recovery programs, strategies for enhancing physical performance, pre-employment screening tests, assessments of an individual's work capacity, and workplace ergonomic reviews. These offerings are delivered by licensed physical therapists and expert certified athletic trainers to a diverse clientele, including Fortune 500 corporations, insurance providers, and their associated contractors. By the end of 2021, specifically December 31st, the company had established 591 operational clinics across 39 states, in addition to overseeing 35 other physical therapy sites. Established in 1990, the company maintains its headquarters in Houston, Texas.
Sector: Services-Health Services
Industry: Medical - Care Facilities
U.S. Physical Therapy, Inc. NYSE:USPH Healthcare · Medical - Care Facilities
Mkt Cap $1.32B
Div Yield 2.07%
AH Close $88.53 +0.00% vs close
AH Close $88.53 +0.00% vs close
Mkt Cap $1.32B
Div Yield 2.07%
All Press Release SEC Filings News
SEC Filing
USPH: 8-K · material agreement
U.S. Physical Therapy, Inc. entered into a 45-month forward-starting interest rate swap with Bank of America on September 22, 2026, with an initial notional amount of $170.6 million. The swap fixes the variable interest component on the company's term loan at 4.578% per annum, effective June 30, 2027, when its existing swap expires.
The notional amortizes in line with the term loan under the Fourth Amended and Restated Credit Agreement dated April 14, 2026, and the swap terminates April 14, 2031. The company pays fixed and receives one-month SOFR.
The deal is a routine liability-management hedge that locks in rate exposure ahead of the existing swap's expiry, reducing interest-rate uncertainty but not changing the company's overall debt levels or operations.
SEC 8-K • 27d ago AI analysis › SEC Filing
USPH: 8-K · leadership change
U.S. Physical Therapy, Inc. announced in an 8-K filed September 21, 2026 that its Board of Directors approved the appointment of Myra Davis as a director, effective October 1, 2026.
Davis is Executive Vice President and Chief Information Innovation Officer at Texas Children's Hospital, where she has held CIO-level roles since 2009, and she also serves on the board of global medical diagnostics company Werfen. She brings more than two decades of healthcare technology and digital transformation leadership.
Chairman and CEO Chris Reading said her technology experience and strategic insight will provide valuable perspective as the company positions for long-term success. Davis will receive the standard annual cash retainer and annual equity grant under the company's director compensation policy and has not yet been appointed to any Board committee.
The appointment is routine governance news with no immediate financial impact; USPH operates 799 outpatient physical therapy clinics across 45 states.
SEC 8-K • 1mo ago AI analysis › SEC Filing ⚠ 2
USPH: 8-K · leadership change
Nchacha Etta was appointed Executive Vice President and Chief Financial Officer of U.S. Physical Therapy, effective September 1, 2026, ending an interim period during which Jason Curtis led the finance organization since April 24, 2026. Curtis remains Senior Vice President of Finance and Accounting.
Etta brings more than 25 years of finance experience, most recently as EVP and CFO of Omnicell from 2023 to 2025, and previously as CFO of Essilor of America and Worldwide VP and CFO of Johnson & Johnson Vision, along with nine years in senior finance roles at The Coca-Cola Company.
His employment agreement provides a $625,000 annual base salary, an initial stock grant of approximately $550,000 vesting quarterly over four years, an additional 2026 grant of roughly $200,000, and a $283,333 change-in-control benefit under a two-year auto-renewing term with two-year non-compete and non-solicitation covenants.
The hire restores permanent finance leadership at the operator of 796 outpatient physical therapy clinics in 45 states, a constructive step after a months-long executive search.
SEC 8-K • 2mo ago AI analysis › SEC Filing ⚠ 2
USPH: 8-K · other
U.S. Physical Therapy filed an 8-K on August 12, 2026 furnishing an updated investor presentation (Item 7.01, Exhibit 99.1) covering the three and six months ended June 30, 2026; the filing contains no new financial results or agreements.
The presentation highlights 796 owned or managed outpatient physical therapy locations across 45 states, trailing-twelve-month revenue of $812 million, TTM Adjusted EBITDA of $96 million, 8% year-over-year revenue growth, and a $1.84 annual dividend.
Fifty-two clinics have been added since August 1, 2025, and the industrial injury prevention segment grew YTD revenue 10.4% with a 20.4% gross margin through June 30, 2026.
On capital allocation, the company repurchased 306,256 shares for $19.2 million in 2Q26 and upsized its credit facility from $325 million to $450 million in April 2026, with a maturity date of April 14, 2031.
SEC 8-K • 2mo ago SEC Filing ⚠ 7
USPH: 8-K · earnings release
U.S. Physical Therapy furnished its Q2 2026 earnings call transcript via 8-K (Items 7.01 and 9.01). Q2 total revenue was $214 million, up 8.5% year over year, with adjusted EBITDA of $27.0 million versus $26.9 million a year ago, and management reaffirmed full year 2026 adjusted EBITDA guidance of $102 million to $106 million.
Profitability was pressured: net income attributable to shareholders fell to $9.9 million ($0.25 EPS) from $12.4 million ($0.58) a year ago, reflecting an approximately $3.2 million adverse swing in self-insured healthcare costs, upfront hiring for hospital affiliation transitions, and interest expense rising to $3.2 million from $2.4 million.
Growth indicators remain strong: visits per clinic per day hit a record 33.5, PT revenue per visit reached a best-ever $107.59, and 31 clinics were integrated into hospital affiliations in Q2 with the remaining 39 Metro clinics expected in Q3; hospital affiliation revenue contributed $5.6 million in the quarter.
The company ended Q2 with $25 million in cash and $221 million drawn on its upsized $450 million credit facility with a $125 million accordion, repurchased 306,000 shares for $19.2 million, and closed a 12-clinic acquisition for $16.4 million after quarter-end, bringing cumulative 2026 announced acquisitions to $38 million of purchase price with $27 million of annualized revenue.
SEC 8-K • 2mo ago Press Release ⚠ 3
USPH Reports Second Quarter 2026 Results, Reaffirms Full Year Guidance
U.S. Physical Therapy reported Q2 2026 revenue of $214.1 million, an 8.5% increase year-over-year, driven by growth in both physical therapy and industrial injury prevention segments.
Despite the top-line growth, GAAP net income fell to $9.9 million with EPS of $0.25 compared to $0.58 in the prior year, a decline attributed to redeemable noncontrolling interests and a 170 basis point contraction in physical therapy margins.
The company reaffirmed full-year adjusted EBITDA guidance of $102.0 million to $106.0 million, repurchased $19.2 million of shares, and declared a $0.46 dividend.
• 2mo ago AI analysis › Press Release
U.S. Physical Therapy, Inc. Schedules Second Quarter 2026 Earnings Release and Conference Call Dates
U.S. Physical Therapy, Inc. announced it will report its financial results for the second quarter of 2026 on Wednesday, August 5, 2026, after the market closes.
The company will host a conference call to discuss the results on Thursday, August 6, 2026, at 10:30 am Eastern Time.
USPH operates 798 outpatient physical therapy clinics across 45 states and provides industrial injury prevention services.
• 3mo ago AI analysis › SEC Filing
USPH: 8-K · acquisition merger
U.S. Physical Therapy, Inc. announced the acquisition of a 67% equity interest in a twelve-clinic physical therapy practice, effective July 1, 2026.
The acquired practice currently generates approximately $12 million in annual revenue and accounts for about 112,000 annual visits.
This transaction expands the company's operational footprint from 44 to 45 states, furthering its strategy of national growth.
SEC 8-K • 3mo ago Press Release
U.S. Physical Therapy Announces the Acquisition of a Twelve-Clinic Physical Therapy Practice
U.S. Physical Therapy acquired a 67% equity interest in a twelve-clinic physical therapy practice, effective July 1, 2026, expanding its footprint into a new state.
The acquired practice currently generates approximately $12 million in annual revenue and 112,000 annual visits, bringing USPH's total presence to 45 states.
Management highlighted the expansion as an important step in the company's growth, noting the new partners' reputation for clinical care.
• 3mo ago AI analysis › Press Release
U.S. Physical Therapy Presented at the BofA Securities 2026 Healthcare Conference
U.S. Physical Therapy, Inc. (USPH) presented at the BofA Securities 2026 Healthcare Conference on May 13, 2026.
The presentation, led by CEO Chris Reading, covered the overall operating environment in healthcare, key initiatives, and a broad overview of opportunities.
USPH operates 784 outpatient physical therapy clinics across 44 states and provides industrial injury prevention services.
• 5mo ago AI analysis › SEC Filing ⚠ 2
USPH: 8-K · earnings release
U.S. Physical Therapy, Inc. (USPH) reported first quarter 2026 revenue of $198 million, a 7.9% increase from the prior year. This growth was driven by a 7.2% increase in physical therapy revenue and an 11.8% increase in industrial injury prevention (IIP) revenue. The company lost over 31,000 visits due to weather, which impacted both revenue and margins. Despite this, the quarter came in line with the company's expectations.
Net income for the quarter was $5.0 million, down from $9.9 million in Q1 2025. The decrease was primarily due to a $2.0 million loss on the change in fair value of contingent earn-out considerations, which increased the company's earn-out liability. The company reaffirmed its full-year 2026 adjusted EBITDA guidance of $102 million to $106 million, citing ongoing growth initiatives and the ramp-up of hospital partnerships.
USPH completed two significant acquisitions in the first quarter, including a 50% interest in an eight-clinic physical therapy practice and a 70% interest in an IIP business. These acquisitions, along with the repurchase of equity in two partnerships for $14 million, were included in the company's guidance. The company also announced a new $450 million credit facility, upsized from $325 million, with a maturity date of April 14, 2031.
The company is focusing on several growth initiatives, including the semi-virtualization of front desks, AI-assisted ambient listening documentation, and the expansion of cash-based programs. These initiatives are expected to improve efficiency and patient satisfaction, and the company is confident they will contribute to the growth plan as the year progresses.
SEC 8-K • 5mo ago Press Release
U.S. Physical Therapy, Inc. Schedules First Quarter 2026 Earnings Release and Conference Call Dates
U.S. Physical Therapy, Inc. scheduled the release of its first quarter 2026 financial results for Wednesday, May 6, 2026, after the market closes.
The company will host a conference call to review the quarterly performance on Thursday, May 7, 2026, at 10:30 am Eastern Time.
USPH currently owns and manages 783 outpatient physical therapy clinics across 44 states.
• 6mo ago AI analysis › Recent SEC filings with analysis 
