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US Physical Therapy USPH Q2 2025 earnings

Reported August 6, 2025 · After market close

Revenue$164.2MMiss by $25.7M
EPS$0.81Beat by $0.10
Revenue estimate$189.9M
EPS estimate$0.71

Next report

Nov 4, 2026 (in 2 months)
Revenue estimate$214.5M
EPS estimate$0.76

Financials

Q2 2025

Income statement

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Revenue$197.3M+18.0%
Gross profit$41.6M+22.9%
Operating income$24.9M+60.2%
Net income$12.4M+65.1%
EPS (diluted)$0.58+23.4%

Balance sheet

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Cash & equivalents$34.1M-69.8%
Total debt$153.8M+23.3%
Total equity$500.8M+3.3%
Total assets$1.2B+15.3%

Cash flow

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Operating cash flow$34.9M+20.2%
CapEx$3.3M+39.2%
Free cash flow$31.6M+18.6%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$1.2B-13.5%
Enterprise value$1.32B-5.7%
P/E31.5×-23.0×
P/S1.6×-0.6×

Profitability

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Gross margin18.4%-0.8pp
Operating margin10.6%+3.2pp
Net margin5.2%+1.2pp
FCF margin8.3%-2.4pp

Returns & leverage

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Return on equity7.7%+2.5pp
Debt / equity0.3×0.0×
Current ratio1.2×-0.7×

Segments

By product

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Net Patient Revenues$164.2M+17.0%
Other Revenues Including Management Contract Revenues And Industrial Injury Prevention Services Revenues$33.2M+23.2%
Hospital Affiliation Revenue-—

By segment

See full
Physical Therapy Operations$168.3M+17.3%
Industrial Injury Prevention Services Revenues$29.1M+22.6%

FAQ

When did US Physical Therapy report Q2 2025 earnings?
US Physical Therapy (USPH) reported Q2 2025 earnings on August 6, 2025 after market close.
What were US Physical Therapy's Q2 2025 revenue and EPS?
US Physical Therapy reported revenue of $164.2M and eps of $0.81 for Q2 2025.
Did US Physical Therapy beat estimates in Q2 2025?
Revenue missed the consensus estimate of $189.9M by $25.7M. EPS beat the consensus estimate of $0.71 by $0.10.
How did US Physical Therapy's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 1.8% from $167.2M a year earlier and eps grew 11.0% from $0.73.
Where can I find US Physical Therapy's Q2 2025 SEC filings?
You can read the 8-K earnings release (0000885978-25-000041) and the 10-Q periodic report (0001140361-25-029744) directly on SEC EDGAR. The filing index links above go to sec.gov.