U.S. Physical Therapy, Inc. (USPH) Income Statement
USPH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsUSPH revenue and net income
Where USPH's revenue goes
2025Each bar shows an amount and its share of revenue. USPH kept 1.9% of revenue as net income.
USPH profit margins
USPH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +16.3% | +12.2% | +13.0% | +9.0% |
| Gross profit | +27.0% | +12.0% | +10.7% | +7.2% |
| Operating income | +27.2% | +12.3% | +8.9% | +5.5% |
| Net income | −43.1% | −18.9% | −13.2% | −3.8% |
| EPS (diluted) | +7.4% | −1.1% | +1.9% | +3.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
USPH quarterly EPS vs estimates
U.S. Physical Therapy beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.76).
USPH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $781.0M | $671.3M | $604.8M | $553.1M | $495.0M | $423.0M | $482.0M | $453.9M | $414.1M | $356.5M |
| Cost of revenue | $623.6M | $547.4M | $483.3M | $441.1M | $377.8M | $328.5M | $369.5M | $352.2M | $323.4M | $274.5M |
| Gross profit | $157.3M | $123.9M | $121.5M | $112.0M | $117.2M | $94.5M | $112.5M | $101.7M | $90.6M | $82.0M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | $58.3M | $61.5M | $46.1M | $46.5M | $42.0M | $45.0M | $41.3M | $35.9M | $32.5M |
| Total operating expenses | $76.9M | $60.7M | $69.4M | $55.2M | $46.5M | $42.0M | $45.0M | $41.3M | $35.9M | $32.5M |
| Operating income | $80.4M | $63.2M | $52.1M | $56.8M | $70.6M | $52.4M | $67.4M | $60.3M | $54.7M | $49.5M |
| Interest income | $105,000 | $3.9M | $3.0M | $859,000 | $199,000 | $142,000 | $46,000 | $93,000 | $88,000 | $93,000 |
| Interest expense | $9.5M | $8.0M | $9.3M | $5.8M | $942,000 | $1.6M | $2.1M | $2.0M | $21.1M | $11.5M |
| Income before taxes | $77.8M | $60.2M | $49.4M | $55.6M | $73.2M | $65.5M | $70.9M | $60.2M | $33.8M | $38.1M |
| Income taxes | $19.8M | $14.6M | $12.2M | $12.2M | $15.3M | $13.0M | $13.6M | $11.4M | $6.0M | $11.9M |
| Net income | $15.1M | $26.5M | $14.7M | $28.3M | $27.8M | $30.6M | $28.1M | $10.1M | $22.3M | $20.6M |
| EBITDA | $109.7M | $86.9M | $74.4M | $76.1M | $85.7M | $77.7M | $83.1M | $72.0M | $64.5M | $58.4M |
| EPS (diluted) | $2.62 | $2.44 | $2.56 | $2.71 | $3.17 | $2.39 | $2.82 | $2.10 | $2.04 | $1.92 |
| Gross margin | 20.1% | 18.5% | 20.1% | 20.3% | 23.7% | 22.3% | 23.3% | 22.4% | 21.9% | 23.0% |
| Operating margin | 10.3% | 9.4% | 8.6% | 10.3% | 14.3% | 12.4% | 14.0% | 13.3% | 13.2% | 13.9% |
| Net margin | 1.9% | 3.9% | 2.4% | 5.1% | 5.6% | 7.2% | 5.8% | 2.2% | 5.4% | 5.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $214.1M | $198.3M | $202.7M | $164.0M | $164.2M | $152.5M | $180.4M | $168.0M | $167.2M | $155.7M | $154.8M | $150.0M |
| Cost of revenue | $172.1M | $169.6M | $160.9M | $127.2M | $122.6M | $121.5M | $146.8M | $138.9M | $133.3M | $127.3M | $124.3M | $122.1M |
| Gross profit | $41.9M | $28.7M | $41.9M | $36.9M | $41.6M | $31.1M | $33.7M | $29.1M | $33.9M | $28.4M | $30.5M | $27.9M |
| Sales, general & admin | — | — | — | — | $17.5M | $16.2M | $15.6M | $14.4M | — | $14.1M | $16.4M | $12.0M |
| Total operating expenses | $20.0M | $13.7M | $19.9M | $11.5M | $16.7M | $11.4M | $19.2M | $14.4M | $18.3M | $13.5M | $31.4M | $12.0M |
| Operating income | $21.9M | $14.9M | $22.0M | $25.3M | $24.9M | $19.6M | $14.5M | $14.7M | $15.6M | $14.9M | −$880,000 | $15.9M |
| Interest income | $29,000 | $16,000 | $20,000 | $33,000 | $28,000 | $24,000 | $306,000 | $1.0M | $1.1M | $1.5M | $1.6M | $1.7M |
| Interest expense | $3.2M | $2.8M | $2.4M | $2.4M | $2.4M | $2.3M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.1M |
| Income before taxes | $19.1M | $10.6M | $15.0M | $22.9M | $22.7M | $17.3M | $18.3M | $12.3M | $14.8M | $14.8M | $106,000 | $15.8M |
| Income taxes | $4.2M | $2.4M | $5.8M | $5.2M | $4.9M | $3.9M | $5.8M | $2.6M | $3.1M | $3.1M | $1.4M | $3.6M |
| Net income | $1.6M | −$4.3M | −$10.5M | $7.2M | $8.8M | $9.9M | $7.4M | $5.5M | $6.9M | $6.6M | −$7.9M | $7.0M |
| EBITDA | $28.2M | $19.4M | $21.9M | $31.1M | $31.1M | $25.5M | $26.1M | $18.7M | $21.3M | $20.8M | $6.2M | $21.8M |
| EPS (diluted) | $0.75 | $0.46 | $0.67 | $0.66 | $0.81 | $0.48 | $0.51 | $0.69 | $0.73 | $0.51 | $0.59 | $0.62 |
| Gross margin | 19.6% | 14.5% | 20.7% | 22.5% | 25.4% | 20.4% | 18.7% | 17.3% | 20.3% | 18.2% | 19.7% | 18.6% |
| Operating margin | 10.3% | 7.5% | 10.9% | 15.4% | 15.2% | 12.9% | 8.1% | 8.8% | 9.3% | 9.6% | −0.6% | 10.6% |
| Net margin | 0.7% | −2.2% | −5.2% | 4.4% | 5.4% | 6.5% | 4.1% | 3.3% | 4.1% | 4.2% | −5.1% | 4.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in USPH's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
USPH financial results
In fiscal year 2025 (ended December 31, 2025), U.S. Physical Therapy reported revenue of $781.0 million, up 16.3% from the year before. It had net income of $15.1 million (down 43.1%), a net profit margin of 1.9%. Diluted earnings per share came to $2.62. Over five years revenue grew at an average rate of 13.0% a year.
See the USPH stock overview for the latest quote and news, or the USPH chart for price history and technical indicators.
USPH income statement FAQ
What is U.S. Physical Therapy's annual revenue?
U.S. Physical Therapy reported total revenue of $781.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 16.3% from $671.3 million the previous year.
Is U.S. Physical Therapy profitable?
Yes. U.S. Physical Therapy reported net income of $15.1 million in fiscal 2025, a net profit margin of 1.9%; its operating margin was 10.3%.
What is U.S. Physical Therapy's gross margin?
U.S. Physical Therapy's gross margin was 20.1% in fiscal 2025: for every $100 of revenue, U.S. Physical Therapy kept $20 after the direct cost of its products and services.
How fast is U.S. Physical Therapy growing?
Revenue grew 13.0% a year on average over the last five fiscal years, from $423.0 million to $781.0 million.
What are U.S. Physical Therapy's earnings per share?
U.S. Physical Therapy earned $2.62 per diluted share in fiscal 2025, compared with $2.44 a year earlier.
When will U.S. Physical Therapy report its next earnings?
U.S. Physical Therapy is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does U.S. Physical Therapy's fiscal year end?
U.S. Physical Therapy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.