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US Physical Therapy USPH Operating Income

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Other financials

Income statement

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Revenue$214.1M+8.5%
Gross profit$41.9M+0.8%
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

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Market cap$1.16B-7.6%
Enterprise value$1.31B-5.1%
P/E36.1×+3.1×
P/S1.4×-0.3×

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×

Where this comes from

Reported directly by US Physical Therapy in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: US Physical Therapy’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 4:08 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001140361-26-031825
Line itemThree Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Gross profit41,94341,62474,69572,689
Corporate office costs19,00517,47637,27933,721
Loss (gain) on change in fair value of contingent earn-out consideration992(790)2,989(5,612)
Operating income21,94624,93834,42744,580
Other (expense) income
Interest expense, debt and other(3,213)(2,422)(6,004)(4,701)
Interest income from investments29284552
Change in revaluation of put-right liability(168)(339)195(743)

Item 1. Financial Statements.

FAQ

What is US Physical Therapy's operating income?
US Physical Therapy (USPH) reported operating income of $21.95M in Q2 2026.
How has US Physical Therapy's operating income changed year-over-year?
US Physical Therapy's operating income decreased by 12.0% year-over-year, from $24.94M to $21.95M.
What is the long-term trend for US Physical Therapy's operating income?
Over 4 years (2021 to 2025), US Physical Therapy's operating income has grown at a 5.2% compound annual growth rate (CAGR), from $70.65M to $86.68M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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