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US Physical Therapy USPH Q4 2025 Annual earnings

Reported February 25, 2026 · After market close

Revenue$202.7MBeat by $2.8M
EPS$0.67In line
Revenue estimate$199.9M
EPS estimate$0.67

Next report

Aug 5, 2026 (In 1 week)
Revenue estimate$211.4M
EPS estimate$0.85

Financials

Q4 2025

Income statement

See full
Revenue$202.7M+12.3%
Gross profit$40.1M+23.4%
Operating income$16.8M-14.7%
Net income$4.2M-55.1%

Balance sheet

See full
Cash & equivalents$35.6M-14.0%
Total debt$163.0M+6.1%
Total equity$476.4M-2.6%
Total assets$1.2B+3.1%

Cash flow

See full
Operating cash flow$24.9M+28.5%
CapEx$3.9M+57.7%
Free cash flow$21.0M+24.1%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$1.19B-11.3%
Enterprise value$1.31B-9.4%
P/E30×-12.6×
P/S1.5×-0.5×

Profitability

See full
Gross margin19.2%+0.7pp
Operating margin11.1%+1.7pp
Net margin5.1%+0.4pp
FCF margin7.8%-2.0pp

Returns & leverage

See full
Return on equity8.2%+1.7pp
Debt / equity0.3×0.0×
Current ratio1×-0.2×

Segments

By segment

See full
Physical Therapy Operations$173.8M+13.0%
Industrial Injury Prevention Services Revenues$28.9M+8.7%

By product

See full
Net Patient Revenues$169.7M+13.1%
Other Revenues Including Management Contract Revenues And Industrial Injury Prevention Services Revenues$33.1M+8.8%

Versus estimates

Revenue

Q1 2026$198.3MMiss by $2.7M
Q4 2025$202.7MBeat by $2.8M
Q3 2025$164.0MMiss by $36.1MQ2 2025$164.2MMiss by $25.7MQ1 2025$152.5MMiss by $35.6MQ4 2024$180.4MBeat by $7.3M

Diluted EPS

Q1 2026$0.46Miss by $0.09
Q4 2025$0.67In line
Q3 2025$0.66Miss by $0.01Q2 2025$0.81Beat by $0.10Q1 2025$0.48Beat by $0.02Q4 2024$0.65Miss by $0.04

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Questions, answered.

When did US Physical Therapy report Q4 2025 earnings?
US Physical Therapy (USPH) reported Q4 2025 earnings on February 25, 2026 after market close.
What were US Physical Therapy's Q4 2025 revenue and EPS?
US Physical Therapy reported revenue of $202.7M and eps of $0.67 for Q4 2025.
Did US Physical Therapy beat estimates in Q4 2025?
Revenue beat the consensus estimate of $199.9M by $2.8M. EPS beat the consensus estimate of $0.67 by $0.00.
How did US Physical Therapy's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 12.3% from $180.4M a year earlier and eps grew 3.1% from $0.65.
Where can I find US Physical Therapy's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001140361-26-006882) and the 10-K periodic report (0001140361-26-007170) directly on SEC EDGAR. The filing index links above go to sec.gov.