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US Physical Therapy USPH Physical Therapy Operations — Gross Profit

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Industrial Injury Prevention Services Revenues
$6.47M+9.7%

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Other financials

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

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Market cap$1.16B+5.4%
Enterprise value$1.31B+7.0%
P/E36.1×+7.2×
P/S1.4×-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×

Where this comes from

Reported directly by US Physical Therapy in its filing.

Tagged under the XBRL concept us-gaap:GrossProfit.

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
Total clinic closure costs$6$69$(62)$311
Total Company$172,116$155,720$337,649$308,443
Gross profit:
Physical therapy operations$35,471$35,724$61,968$61,683
Industrial injury prevention services6,4725,90012,72711,006
Total Company$41,943$41,624$74,695$72,689
Unallocated amounts
Corporate office costs$19,005$17,476$37,279$33,721

Item 1. Financial Statements.

FAQ

What is US Physical Therapy's physical therapy operations — gross profit?
US Physical Therapy (USPH) reported physical therapy operations — gross profit of $35.47M in Q2 2026.
How has US Physical Therapy's physical therapy operations — gross profit changed year-over-year?
US Physical Therapy's physical therapy operations — gross profit decreased by 0.7% year-over-year, from $35.72M to $35.47M.
What is the long-term trend for US Physical Therapy's physical therapy operations — gross profit?
Over 4 years (2021 to 2025), US Physical Therapy's physical therapy operations — gross profit has grown at a 4.7% compound annual growth rate (CAGR), from $106.49M to $128.06M.
What does physical therapy operations — gross profit mean?
Calculated as total segment revenues minus the direct costs of providing physical therapy services, such as labor and supplies. This metric measures the core profitability of the clinical operations before corporate overhead and administrative expenses. It is the primary indicator of the segment's ability to generate value from its core service offerings.

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