U S PHYSICAL THERAPY INCUSPHEarnings & Financial Report
U.S. Physical Therapy Inc. operates hundreds of outpatient physical therapy clinics across the U.S. It offers rehabilitative care for patients recovering from injuries, surgeries, chronic pain and mobility impairments, plus specialized services including sports medicine and pediatric rehabilitation.
USPH Q4 FY2025 Key Financial Metrics
Revenue
$202.7M
Gross Profit
$40.1M
Operating Profit
$16.8M
Net Profit
$4.2M
Gross Margin
19.8%
Operating Margin
8.3%
Net Margin
2.0%
YoY Growth
12.3%
EPS
$-0.44
U S PHYSICAL THERAPY INC Q4 FY2025 Financial Summary
U S PHYSICAL THERAPY INC reported revenue of $202.7M (up 12.3% YoY) for Q4 FY2025, with a net profit of $4.2M (down 55.1% YoY) (2.0% margin). Cost of goods sold was $162.6M, operating expenses totaled $23.4M.
Key Financial Metrics
| Total Revenue | $202.7M |
|---|---|
| Net Profit | $4.2M |
| Gross Margin | 19.8% |
| Operating Margin | 8.3% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
U S PHYSICAL THERAPY INC Q4 FY2025 revenue of $202.7M breaks down across 3 segments, led by Net Patient Revenues at $169.7M (83.7% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Net Patient Revenues | $169.7M | 83.7% |
| Industrial Injury Prevention Services Revenues | $28.9M | 14.3% |
| Management Contract Revenues | $2.3M | 1.1% |
U S PHYSICAL THERAPY INC Revenue by Segment — Quarterly Trend
U S PHYSICAL THERAPY INC revenue by segment across the last 4 reported quarters, showing how each business line (such as Net Patient Revenues and Industrial Injury Prevention Services Revenues) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Net Patient Revenues | $169.7M | $164.0M | $164.2M | $152.5M |
| Industrial Injury Prevention Services Revenues | $28.9M | $29.0M | $29.1M | $27.4M |
| Management Contract Revenues | $2.3M | $2.5M | $2.3M | $2.5M |
U S PHYSICAL THERAPY INC Annual Revenue by Year
U S PHYSICAL THERAPY INC annual revenue history includes year-by-year totals (for example, 2025 revenue was $781.0M).
U S PHYSICAL THERAPY INC Quarterly Revenue & Net Profit History
U S PHYSICAL THERAPY INC results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $202.7M | +12.3% | $4.2M | 2.0% |
| Q3 FY2025 | $197.1M | +17.3% | $13.1M | 6.7% |
| Q2 FY2025 | $197.3M | +18.0% | $12.4M | 6.3% |
| Q1 FY2025 | $183.8M | +18.1% | $9.9M | 5.4% |
| Q4 FY2024 | $180.4M | +16.6% | $9.2M | 5.1% |
| Q3 FY2024 | $168.0M | +12.0% | $6.6M | 3.9% |
| Q2 FY2024 | $167.2M | +10.4% | $7.5M | 4.5% |
| Q1 FY2024 | $155.7M | +4.8% | $8.0M | 5.2% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $155.7M | $167.2M | $168.0M | $180.4M | $183.8M | $197.3M | $197.1M | $202.7M |
| YoY Growth | 4.8% | 10.4% | 12.0% | 16.6% | 18.1% | 18.0% | 17.3% | 12.3% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $1.02B | $1.02B | $1.03B | $1.17B | $1.18B | $1.18B | $1.20B | $1.20B |
| Liabilities | $345.3M | $353.2M | $358.5M | $408.4M | $420.7M | $414.0M | $413.8M | $433.8M |
| Equity | $479.8M | $484.6M | $482.8M | $488.9M | $497.3M | $500.8M | $503.6M | $476.4M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $4.4M | $29.0M | $22.1M | $19.4M | $-4.7M | $34.9M | $19.9M | $24.9M |