U S PHYSICAL THERAPY INC /NV

Listed Company

USPHCIK 0000885978NYSELarge AcceleratedServices-Health ServicesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$780.99M

Net Income

$39.58M

Total Assets

$1.20B

Equity

$476.43M

Shares Out

15.22M

Op. Cash Flow

$75.06M

USPH$73.57−1.87% · past yearDBEQ Basic

Daily closing prices

Business

U.S. Physical Therapy, Inc. operates outpatient physical therapy, speech therapy, and occupational therapy clinics providing pre- and post-operative care and rehabilitation services across multiple clinics in numerous states. The company also provides industrial injury prevention services including onsite injury prevention, employment testing, and ergonomic assessments to employers and insurers through its Briotix Health subsidiary. Revenue comes primarily from managed care, commercial insurance, Medicare/Medicaid, and workers' compensation payors, with services delivered through subsidiary clinic partnerships in which the company typically holds a majority ownership stake alongside therapist-partners.

Summary from 10-K filed 2026-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenue	781	671	605	553	495
Salaries and related costs	462	399	353	319	278
Rent, supplies, contract labor and other	140	119	109	102	94
Depreciation and amortization	21	18	15	14	—
Provision for credit losses	8	7	6	6	5
Clinic closure costs - lease and other	270,000	4	175,000	72,000	—
Total operating cost	631	547	483	441	378
Gross profit	150	124	122	112	117
Corporate office costs	69	58	52	46	47
(Gain) loss on change in fair value of contingent earn-out consideration	−6	219,000	2	3	0
Impairment of goodwill and other intangible assets	0	0	17	9	0
Impairment on assets held for sale	0	2	0	0	—
Operating income	87	63	51	57	71
Interest expense, debt and other	−9	−8	−9	−6	−942,000
Interest income from investments	105,000	4	4	0	0
Change in revaluation of put-right liability	−1	−82,000	3	−5,000	0
Equity in earnings of unconsolidated affiliate	1	1	955,000	1	112,000
Loss on sale of a partnership	−123,000	0	0	—	—
Relief funds	0	0	467,000	0	5
Other	458,000	357,000	390,000	859,000	199,000
Total other expense	−9	−3	−1	−1	3
Income before taxes	78	60	49	56	73
Provision for income taxes	20	15	12	12	15
Net income	58	46	37	43	58
Redeemable non-controlling interest - temporary equity	−14	−10	−4	−7	−11
Non-controlling interest - permanent equity	−5	−4	−5	−4	−6
Net income attributable to non-controlling interest	−18	−14	−9	−11	−17
Net income attributable to USPH shareholders	40	31	28	32	41
Basic earnings per share attributable to USPH shareholders (in dollars per share)	1.42	1.84	1.28	2.25	2.41
Diluted earnings per share attributable to USPH shareholders (in dollars per share)	1.42	1.84	1.28	2.25	2.41
Basic earnings per share - weighted-average shares (in shares)	15	15	14	13	13
Shares used in computation - diluted (in shares)	15	15	14	13	13
Dividends declared per common share (in dollars per share)	1.8	1.76	1.72	1.64	1.46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	36	41	153	32	29
Patient accounts receivable, less provision for credit losses of $3,775 and $3,506, respectively	64	59	52	52	46
Accounts receivable - other	24	27	18	17	16
Other current assets	16	11	11	11	4
Total current assets	140	138	233	111	95
Furniture and equipment	68	68	64	62	59
Leasehold improvements	59	51	47	43	39
Fixed assets, gross	127	119	111	105	98
Less accumulated depreciation and amortization	−91	−87	−85	−80	75
Fixed assets, net	36	32	26	25	23
Operating lease right-of-use assets	144	134	103	103	96
Investment in unconsolidated affiliate	12	12	12	12	12
Goodwill	692	667	510	494	435
Other identifiable intangible assets, net	173	179	110	109	86
Other assets	7	5	3	4	2
Total assets	1,204	1,167	997	858	749
Accounts payable - trade	6	6	4	3	3
Accrued expenses	81	60	55	37	46
Current portion of operating lease liabilities	42	40	35	34	30
Current portion of term loan and notes payable	10	11	8	8	830,000
Total current liabilities	139	116	102	85	83
Notes payable, net of current portion	417,000	903,000	1	2	4
Revolving facility	31	11	0	31	114
Term loan, net of current portion and deferred financing costs	122	131	138	143	0
Deferred taxes	28	29	25	21	14
Operating lease liabilities, net of current portion	111	102	77	78	74
Other long-term liabilities	3	18	2	13	7
Total liabilities	434	408	345	374	297
Redeemable non-controlling interest - temporary equity	293	269	175	168	155
Commitments and Contingencies	—	—	—	—	—
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding	0	0	0	0	0
Common stock, $.01 par value, 20,000,000 shares authorized, 17,418,621 and 17,309,120 shares issued, respectively	174,000	172,000	172,000	152,000	151,000
Additional paid-in capital	286	290	281	110	103
Accumulated other comprehensive gain	714,000	3	3	4	0
Retained earnings	227	227	224	233	224
Treasury stock at cost, (2,296,059 and 2,214,737 shares at December 31, 2025 and 2024, respectively)	−37	−32	−32	−32	−32
Total USPH shareholders' equity	476	489	476	316	296
Non-controlling interest - permanent equity	456,000	1	1	1	2
Total USPH shareholders' equity and non-controlling interest - permanent equity	477	490	477	317	297
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity	1,204	1,167	997	858	749

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	22	19	16	15	12
Equity-based awards compensation expense	8	8	7	7	8
Amortization of debt issue costs	422,000	422,000	420,000	305,000	56,000
Change in deferred income taxes	11	5	4	4	6
Loss on sale of clinics and fixed assets	383,000	836,000	166,000	−643,000	0
Patient accounts receivable, net	−12	−5	−6	−10	−9
Accounts receivable - other	3	−7	−356,000	−307,000	−2
Other current and long term assets	−10	−818,000	−197,000	−6	−633,000
Accounts payable and accrued expenses	−8	2	15,000	−8	5
Other long-term liabilities	86,000	−1	1	3	−5
Net cash provided by operating activities	75	75	82	59	76
Purchase of fixed assets	−14	−9	−9	−8	−8
Purchase of majority interest in businesses, net of cash acquired	−16	−133	−27	−60	−87
Purchase of redeemable non-controlling interest, temporary equity	−10	−8	−11	−15	−28
Purchase of non controlling interest, permanent equity	−273,000	−1	−281,000	−280,000	−1
Proceeds on sale of non-controlling interest, permanent equity	30,000	26,000	102,000	0	131,000
Repayment of notes receivable related to sales of redeemable non-controlling interest	531,000	551,000	510,000	—	—
Proceeds on sale of partnership interest - redeemable non-controlling interest, temporary equity	186,000	79,000	875,000	402,000	69,000
Distributions from unconsolidated affiliate	1	1	830,000	1	152,000
Proceeds on sale of partnership interest, clinics and fixed assets	700,000	0	0	373,000	275,000
Other	364,000	143,000	−189,000	0	0
Net cash used in investing activities	−37	−149	−45	−81	−124
Proceeds from issuance of common stock pursuant to the secondary public offering, net of issuance costs	0	0	164	0	0
Proceeds from revolving facility	190	19	24	101	316
Distributions to non-controlling interest, permanent and temporary equity	−19	−15	−16	−15	−17
Cash dividends paid to shareholders	−27	−27	−24	−21	−19
Payments on revolving facility	−170	−8	−55	−184	−218
Payments on term loan	−9	−4	−4	−2	0
Cash used for the repurchase of common stock	−6	0	0	—	—
Principal payments on notes payable	−2	−3	−4	−930,000	−5
Net cash (used in) provided by financing activities	−44	−37	84	26	43
Net (decrease) increase in cash and cash equivalents	−6	−111	121	3	−4
Income taxes	14	5	5	8	12
Interest paid	9	7	9	6	1
Purchase of businesses - seller financing portion	300,000	2	2	2	3
Liabilities assumed associated with a purchase of a business	0	670,000	524,000	0	0
Fair market value of initial contingent consideration related to purchase of businesses	5	18	200,000	3	—
Notes payable related to purchase of redeemable non-controlling interest, temporary equity	173,000	71,000	1	1	—
Payable related to the purchase of redeemable non-controlling interest, temporary equity	4	0	0	—	—
Offset to notes receivable associated with purchase of redeemable non-controlling interest	358,000	726,000	0	0	—
Notes receivable related to sale of redeemable non-controlling interest	0	2	4	2	914,000
Notes payable related to the purchase of non-controlling interest, permanent equity	0	0	200,000	296,000	—
Payable related to the purchase of non-controlling interest, permanent equity	8	0	0	—	—
Notes receivable related to the sale of non-controlling interest, permanent equity	73,000	282,000	458,000	0	0
Issuance of restricted stock related to purchase of business	0	2	0	0	—

Filings

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Frequently asked questions

What is U S PHYSICAL THERAPY INC /NV's CIK number?

U S PHYSICAL THERAPY INC /NV's SEC CIK number is 0000885978 (885978). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find U S PHYSICAL THERAPY INC /NV's SEC filings?

All of U S PHYSICAL THERAPY INC /NV's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did U S PHYSICAL THERAPY INC /NV last report earnings?

U S PHYSICAL THERAPY INC /NV (USPH) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0000885978-26-000019). This is U S PHYSICAL THERAPY INC /NV's most recent earnings filing of record — not a forecast of its next earnings date.

What is U S PHYSICAL THERAPY INC /NV's most recent earnings 8-K?

U S PHYSICAL THERAPY INC /NV's latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0000885978-26-000019. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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