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US Physical Therapy USPH Q2 2026 earnings

Reported August 5, 2026 · After market close

Revenue$214.1MBeat by $2.7M
EPS$0.75Miss by $0.06
Revenue estimate$211.4M
EPS estimate$0.81
“Our second quarter 2026 results include an important milestone for USPH as we completed the integration of 31 existing clinics into our hospital affiliations. The remaining 39 hospital affiliated clinics are expected to integrate in the third quarter, resulting in increasing physical therapy revenues and margins. Combined with the partial virtualization of front desk processes and expansion of cash-based programs in our largest partnerships, we expect to accelerate our year over year adjusted EBITDA improvement in the back half of 2026, and for these initiatives to propel us into 2027.”
Chief Executive Officer

Next report

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

Financials

Q2 2026

Income statement

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Revenue$214.1M+8.5%
Gross profit$41.9M+0.8%
Operating income$21.9M-12.0%
Net income$9.9M-20.1%
EPS (diluted)$0.25-56.9%

Balance sheet

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Cash & equivalents$24.9M-27.0%
Total debt$171.2M+11.3%
Total equity$448.7M-10.4%
Total assets$1.2B+5.9%

Cash flow

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Operating cash flow$34.4M-1.4%
CapEx$5.4M+65.0%
Free cash flow$29.0M-8.2%

Valuation & ratios

Valuation

as of 09/16/26
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Market cap$1.22B+2.3%
Enterprise value$1.37B+4.1%
P/E37.9×+6.6×
P/S1.5×-0.1×

Profitability

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Gross margin18.7%+0.3pp
Operating margin9.4%-1.1pp
Net margin4%-1.3pp
FCF margin7.9%-0.5pp

Returns & leverage

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Return on equity6.8%-1.0pp
Debt / equity0.4×+0.1×
Current ratio1.3×+0.1×

Segments

By product

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Net Patient Revenues$173.2M+5.5%
Other Revenues Including Management Contract Revenues And Industrial Injury Prevention Services Revenues$35.3M+6.4%
Hospital Affiliation Revenue$5.6M—

By segment

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Physical Therapy Operations$182.4M+8.4%
Industrial Injury Prevention Services Revenues$31.7M+9.1%

FAQ

When did US Physical Therapy report Q2 2026 earnings?
US Physical Therapy (USPH) reported Q2 2026 earnings on August 5, 2026 after market close.
What were US Physical Therapy's Q2 2026 revenue and EPS?
US Physical Therapy reported revenue of $214.1M and eps of $0.75 for Q2 2026.
Did US Physical Therapy beat estimates in Q2 2026?
Revenue beat the consensus estimate of $211.4M by $2.7M. EPS missed the consensus estimate of $0.81 by $0.06.
How did US Physical Therapy's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 30.4% from $164.2M a year earlier and eps declined 7.4% from $0.81.
Where can I find US Physical Therapy's Q2 2026 SEC filings?
You can read the 8-K earnings release (0000885978-26-000042) and the 10-Q periodic report (0001140361-26-031825) directly on SEC EDGAR. The filing index links above go to sec.gov.