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US Physical Therapy USPH Q3 2025 earnings

Reported November 5, 2025 · After market close

Revenue$164.0MMiss by $36.1M
EPS$0.66Miss by $0.01
Revenue estimate$200.1M
EPS estimate$0.67

Next report

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

Financials

Q3 2025

Income statement

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Revenue$197.1M+17.3%
Gross profit$36.9M+26.6%
Operating income$25.3M+97.2%
Net income$13.1M+98.2%
EPS (diluted)$0.48+23.1%

Balance sheet

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Cash & equivalents$31.1M-73.4%
Total debt$157.5M+29.1%
Total equity$503.6M+4.3%
Total assets$1.2B+16.2%

Cash flow

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Operating cash flow$19.9M-9.9%
CapEx$4.3M+71.0%
Free cash flow$15.6M-20.3%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$1.29B+1.3%
Enterprise value$1.42B+10.7%
P/E28.9×-26.9×
P/S1.7×-0.3×

Profitability

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Gross margin18.7%-0.2pp
Operating margin11.8%+5.1pp
Net margin5.9%+2.4pp
FCF margin7.5%-3.9pp

Returns & leverage

See full
Return on equity9.1%+4.4pp
Debt / equity0.3×+0.1×
Current ratio1.2×-0.6×

Segments

By segment

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Physical Therapy Operations$168.1M+17.8%
Industrial Injury Prevention Services Revenues$29.0M+14.6%

By product

See full
Net Patient Revenues$164.0M+17.9%
Other Revenues Including Management Contract Revenues And Industrial Injury Prevention Services Revenues$33.1M+14.6%

FAQ

When did US Physical Therapy report Q3 2025 earnings?
US Physical Therapy (USPH) reported Q3 2025 earnings on November 5, 2025 after market close.
What were US Physical Therapy's Q3 2025 revenue and EPS?
US Physical Therapy reported revenue of $164.0M and eps of $0.66 for Q3 2025.
Did US Physical Therapy beat estimates in Q3 2025?
Revenue missed the consensus estimate of $200.1M by $36.1M. EPS missed the consensus estimate of $0.67 by $0.01.
How did US Physical Therapy's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 2.4% from $168.0M a year earlier and eps declined 4.3% from $0.69.
Where can I find US Physical Therapy's Q3 2025 SEC filings?
You can read the 8-K earnings release (0000885978-25-000053) and the 10-Q periodic report (0001140361-25-041152) directly on SEC EDGAR. The filing index links above go to sec.gov.