Companies · USPH
U.S. Physical Therapy
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Latest analysis
Updated Nov 6, 2026
USPH posts record visits and revenue-per-visit in Q3 2026, with hospital affiliation model generating $25M in quarter as 72-clinic rollout completes.
U.S. Physical Therapy delivered Q3 2026 net revenue of $223 million, a 13% year-over-year increase, driven by the first full quarter of hospital affiliation revenue ($25 million) and record physical therapy revenue per visit of $110.61. Adjusted EBITDA reached $28 million versus $24 million in Q3 2025, with the company reaffirming full-year adjusted EBITDA guidance of $102 million to $106 million. Self-insured employee medical cost overruns created approximately 150 basis points of physical therapy margin headwind in the quarter, partially offset by expense control actions implemented mid-quarter.
Tone: mixedRevenue
$781M
USPH 10-K · FY 2025
Employees
7,294
Revenue FY2024
$671.3M
Founded
1990
Profile
USPH 10-K Item 1 · Feb 27, 2026U.S. Physical Therapy, Inc. operates outpatient physical therapy, speech therapy, and occupational therapy clinics across 44 states, primarily through a partnership model in which local therapists retain minority ownership interests. The company also operates an Industrial Injury Prevention Services segment that provides onsite injury prevention, rehabilitation, and ergonomic services to employers including Fortune 500 companies. Revenue is derived predominantly from managed care, commercial insurance, Medicare/Medicaid, and workers' compensation payors.
Read filing description ↓ Collapse description ↑
U.S. Physical Therapy, Inc. through its subsidiaries operates its business through two reportable business segments. Our physical therapy operations segment consists of physical therapy, speech therapy and occupational therapy clinics and home-care physical and speech therapy practices that provide pre- and post-operative care and treatment for a variety of orthopedic-related disorders, sports-related injuries, and rehabilitation of injured workers. Services provided by the industrial injury prevention services ('IIP') segment include onsite services for clients' employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations and ergonomic assessments. The majority of IIP is contracted with and paid for directly by employers, including a number of Fortune 500 companies. IIP is performed through industrial sports medicine professionals with specialized training related to the musculoskeletal system. The Company operated 780 clinics in 44 states as of December 31, 2025. The Company's physical therapy operations segment primarily operates through subsidiary clinic partnerships in which the Company generally serves as the general partner or managing member, with equity interests generally ranging from 65% to 75%. The managing healthcare practitioner is typically a physical therapist who owns the remaining limited partnership interest. Some Clinic Partnerships serve as management services organizations that manage and provide staffing and administrative services to hospitals and hospital systems. The Company was re-incorporated in April 1992 under the laws of the State of Nevada.
Primary products
- Physical therapy
- Speech therapy
- Occupational therapy
- Home-care physical and speech therapy
- Injury prevention and rehabilitation
- Performance optimization
Business segments
End markets
Geographies
Named customers
“We believe that we are one of the largest national outpatient physical therapy services providers.” Competitive position, as stated in the filing
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