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US Physical Therapy USPH Physical Therapy Operations — Labor And Related Expense

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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$1.22B-7.6%
Enterprise value$1.36B-5.1%
P/E37.8×+3.3×
P/S1.5×-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:LaborAndRelatedExpense.

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 Company$214,059$197,344$412,344$381,132
Operating Costs:
Salaries and related costs:
Physical therapy operations$105,793$95,668$206,280$189,241
Industrial injury prevention services19,61118,12038,61235,796
Total salaries and related costs$125,404$113,788$244,892$225,037
Rent supplies, contract labor and other:
Physical therapy operations$34,301$29,826$68,345$59,925

Item 1. Financial Statements.

FAQ

What is US Physical Therapy's physical therapy operations — labor and related expense?
US Physical Therapy (USPH) reported physical therapy operations — labor and related expense of $105.79M in Q2 2026.
How has US Physical Therapy's physical therapy operations — labor and related expense changed year-over-year?
US Physical Therapy's physical therapy operations — labor and related expense increased by 10.6% year-over-year, from $95.67M to $105.79M.
What is the long-term trend for US Physical Therapy's physical therapy operations — labor and related expense?
Over 4 years (2021 to 2025), US Physical Therapy's physical therapy operations — labor and related expense has grown at a 11.5% compound annual growth rate (CAGR), from $251.26M to $388.63M.
What does physical therapy operations — labor and related expense mean?
Includes all compensation, benefits, and payroll-related costs for clinical and support staff within the physical therapy segment. As labor is the primary driver of service delivery, this metric is essential for monitoring operational efficiency and wage inflation pressures. It directly impacts the segment's operating margins.

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