Filing Flows › Health Care › U S Physical Therapy (USPH)
U S Physical Therapy (USPH) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · U S Physical Therapy (USPH) Q3 2026 earnings results →
Q3 2026 Revenue up 13% year over year to $223M · 5¢ of every $1 of revenue kept as net profit · operating margin 11.3%
U S Physical Therapy made $223M in Q3 2026 (+13% Y/Y): Net Patient Revenue $161M, Other Revenue $36.4M, Hospital Affiliation Revenue $25.0M. Operating margin 11.3%, net earnings $11.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $222.6M in Q3 2026, up 13% year over year and up 4% from the previous quarter. Net Patient Revenue was the largest line at 72% of revenue. Other Revenue added $3.3M year over year (up 10%), 13% of the total change. Net Patient Revenue declined 2%.
Gross margin was 19.3%, up 0.6 points from Q3 2025. Operating profit was $25.1M, a 11.3% margin (down 1.6 points year over year). Operating profit fell $229K even though revenue rose $25.4M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 55% against revenue growth of 13%. Net earnings were $11.0M, down 16% year over year. The effective tax rate was 18.4%.
Operating cash flow was $25.7M (up 29% year over year), 146% of net income including minority interests. Non-cash charges added back $6.2M of depreciation and amortization and $3.0M of share-based compensation. Capital expenditures of $5.1M left free cash flow of $20.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $223M | +13% | 11.3% | $11.0M | $25.7M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $214M | +8% | 10.3% | $9.9M | $34.4M |
| Q1 2026 | 10-Q | May 8, 2026 | $198M | +8% | 6.3% | $5.0M | $3.8M |
| Q4 2025 | 10-K | Feb 27, 2026 | $203M | +12% | 8.3% | $4.2M | $24.9M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $197M | +17% | 12.8% | $13.1M | $19.9M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $197M | +18% | 12.6% | $12.4M | $34.9M |
| Q1 2025 | 10-Q | May 9, 2025 | $184M | +18% | 10.7% | $9.9M | −$4.7M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- Medicare & Medicaid — 36% of its revenue · Stated in 10-K (sentence) · source
U S Physical Therapy against its Services-Health Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +13%. Operating margin: 11.3% against the peers' median 5.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| USPH U S Physical Therapy | Q3 2026 | $223M | +13% | 11.3% |
| PRVA Privia Health Group | Q3 2026 | $657M | +13% | 3.1% |
| LFST LifeStance Health Group | Q3 2026 | $456M | +25% | 7.3% |
| PIII P3 Health Partners | Q2 2026 | $386M | +9% | 10.7% |
| PNTG Pennant Group | Q3 2026 | $302M | +32% | 5.5% |
| INNV InnovAge Holding | Q1 FY27 | $265M | +12% | 7.6% |
| WGS GeneDx Holdings | Q2 2026 | $114M | +11% | -15.3% |
| OMDA Omada Health | Q3 2026 | $91.3M | +34% | 5.3% |
| DCGO DocGo | Q2 2026 | $73.4M | -9% | -24.4% |
Source: U S Physical Therapy 10-Q on SEC EDGAR · CIK 885978 · Services-Health Services
13F: who owns USPH and who is buying
More on USPH
- How U S Physical Therapy makes money: revenue by segment
- U S Physical Therapy next earnings date and what analysts expect
- U S Physical Therapy stock forecast, price target and fair value
- Who owns U S Physical Therapy stock: holders, funds and Congress trades
- U S Physical Therapy guidance and outlook
- Is U S Physical Therapy a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- U S Physical Therapy guidance history: guided vs reported
- U S Physical Therapy gross margin by quarter
- U S Physical Therapy operating margin by quarter
- U S Physical Therapy net income by quarter
- U S Physical Therapy free cash flow by quarter
- U S Physical Therapy capital expenditures by quarter
- U S Physical Therapy Net Patient Revenue revenue by quarter
- U S Physical Therapy Other Revenue revenue by quarter
Compare USPH with
- U S Physical Therapy vs Pennant Group (USPH vs PNTG)
- U S Physical Therapy vs InnovAge Holding (USPH vs INNV)
- U S Physical Therapy vs P3 Health Partners (USPH vs PIII)
- U S Physical Therapy vs GeneDx Holdings (USPH vs WGS)
- U S Physical Therapy vs Omada Health (USPH vs OMDA)
- U S Physical Therapy vs DocGo (USPH vs DCGO)