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U S Physical Therapy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$20.7M in Q3 2026 · $69.1M over twelve months

Operating cash flow$25.7M
Capital spending−$5.1M
Free cash flow+$20.7M
Cash / net income1.5×

Analysis

In Q3 2026, U S Physical Therapy generated $25.7M of operating cash flow and spent $5.1M on capital projects, leaving free cash flow of $20.7M. That is $5.0M more than in Q3 2025 ($15.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $88.8M; the largest uses were acquisitions ($36.9M), dividends ($27.6M), buybacks ($24.8M); besides operations, cash came from net borrowing (+) / repaid (−) ($41.4M), other financing ($28.9M); the cash balance rose by $7.1M.

Operating cash flow was $25.7M against net income of $17.6M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$6.2M, receivables +$5.6M, prepaid and other assets −$3.7M.

Free cash flow

U S Physical Therapy: free cash flow by quarterU S Physical Therapy: free cash flow by quarter$16.9MQ4 2024−$7.3MQ1 2025$31.6MQ2 2025$15.6MQ3 2025$21.0MQ4 2025−$1.6MQ1 2026$29.0MQ2 2026$20.7MQ3 2026
Operating cash flow less capital spending.
U S Physical Therapy: operating cash flow against capital spendingU S Physical Therapy: operating cash flow against capital spendingOperating cash flowCapital spending$19.4M$2.5MQ4 2024−$4.7M$2.6MQ1 2025$34.9M$3.3MQ2 2025$19.9M$4.3MQ3 2025$24.9M$3.9MQ4 2025$3.8M$5.4MQ1 2026$34.4M$5.4MQ2 2026$25.7M$5.1MQ3 2026
Latest (Q3 2026): Operating cash flow $25.7M, Capital spending $5.1M.

Capital allocation, year by year

U S Physical Therapy: where the cash came from (up) and went (down), by fiscal yearU S Physical Therapy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $76.4MFY2021: Net borrowing $98.0MFY2021: Asset sales $275KFY2021: Capital spending −$8.2MFY2021: Acquisitions −$86.8MFY2021: Dividends −$18.8M$175MFY2021FY2022: Operating cash flow $58.5MFY2022: Net borrowing $65.1MFY2022: Capital spending −$8.2MFY2022: Acquisitions −$59.8MFY2022: Dividends −$21.3M$124MFY2022FY2023: Operating cash flow $82.0MFY2023: Net borrowing −$34.8MFY2023: Shares issued $164MFY2023: Capital spending −$9.3MFY2023: Acquisitions −$26.6MFY2023: Dividends −$24.1M$246MFY2023FY2024: Operating cash flow $74.9MFY2024: Net borrowing $7.2MFY2024: Capital spending −$9.2MFY2024: Acquisitions −$133MFY2024: Dividends −$26.5M$82.2MFY2024FY2025: Operating cash flow $75.1MFY2025: Net borrowing $8.1MFY2025: Capital spending −$14.1MFY2025: Acquisitions −$15.7MFY2025: Buybacks −$5.6MFY2025: Dividends −$27.4M$83.1MFY2025
Over these 5 years operating cash flow totalled $367M; the largest uses were acquisitions ($322M) and dividends ($118M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$38.2M
Debt$246M
Net debt$208M
Due within a year$4.4M

U S Physical Therapy funds itself: free cash flow was $69.1M over the last twelve months, and $38.2M of cash and investments stands against $246M of debt ($4.4M due within a year, 8.7× covered by cash).

Where the cash came from and went

U S Physical Therapy: sources (+) and uses (−) of cash, Q3 2026U S Physical Therapy: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$25.7MNet borrowing (+) / repaid (−)$25.6MAcquisitions−$15.3MCash drawn (+) / kept (−)−$13.3MDividends−$6.9MOther investing−$6.1MCapital spending−$5.1MPartners−$4.4MOther financing−$208K
U S Physical Therapy: sources (+) and uses (−) of cash, TTM to Q3 2026U S Physical Therapy: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$88.8MNet borrowing (+) / repaid (−)$41.4MAcquisitions−$36.9MOther financing$28.9MDividends−$27.6MBuybacks−$24.8MOther investing−$21.5MPartners−$21.4MCapital spending−$19.7MCash drawn (+) / kept (−)−$7.1M

From profit to cash

U S Physical Therapy: net income to operating cash flow, Q3 2026U S Physical Therapy: net income to operating cash flow, Q3 2026Net income$17.6MDepreciation & amortization$6.2MStock-based pay$3.0MDeferred taxes$2.5MGains on disposals$223KReceivables$5.6MPayables−$2.8MContract assets$600KPrepaid and other assets−$3.7MOther liabilities$297KOperating cash flow$25.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$25.7M−$5.1M−$15.3M—−$6.9M$25.6M−$13.3M$20.7M
Q2 2026$34.4M−$5.4M$70K——−$28.5M$3.6M$29.0M
Q1 2026$3.8M−$5.4M−$21.2M——$42.1M$7.1M−$1.6M
Q4 2025$24.9M−$3.9M−$460K−$5.6M−$6.8M$2.1M−$4.5M$21.0M
Q3 2025$19.9M−$4.3M−$8.3M—−$6.8M$125K$3.0M$15.6M
Q2 2025$34.9M−$3.3M−$2.7M——−$5.4M$5.1M$31.6M
Q1 2025−$4.7M−$2.6M−$4.2M——$12.8M$2.2M−$7.3M
Q4 2024$19.4M−$2.5M−$91.9M—−$6.6M$9.8M$75.6M$16.9M

U S Physical Therapy: income statement and cash flow

U S Physical Therapy, Q3 2026: revenue $223M (+13% year over year), operating margin 11.3%. The chart follows the revenue to costs, profit and cash.

U S Physical Therapy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.