Filing Flows › U S Physical Therapy (USPH) › Q1 2025
U S Physical Therapy (USPH) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
U S Physical Therapy (USPH) reported revenue of $184M for the first quarter 2025 (Q1 2025), +18% from a year earlier and +2% from the quarter before. Operating margin was 10.7%, net earnings $9.9M (5.4% of revenue).
U S Physical Therapy, Q1 2025: revenue $184M (+18% year over year), operating margin 10.7%, net earnings $9.9M, operating cash flow −$4.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $184M | +2% | +18% |
| Gross profit | $31.1M | -4% | +9% |
| Operating profit | $19.6M | +37% | +32% |
| Net earnings | $9.9M | +7% | +23% |
| Operating cash flow | −$4.7M | — | — |
What changed
Revenue was $183.8M in Q1 2025, up 18% year over year and up 2% from the previous quarter. Net Patient Revenue was the largest line at 83% of revenue. Net Patient Revenue added $21.5M year over year (up 16%), 76% of the total change.
Gross margin was 16.9%, down 1.3 points from a year earlier. Operating profit was $19.6M, a 10.7% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 17% reached operating profit, above the 10% margin then. Operating expenses fell 15% while revenue rose 18%. Net earnings were $9.9M, up 23% year over year. The effective tax rate was 22.3%.
Operating cash flow was −$4.7M. Non-cash charges added back $5.9M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items used $25.8M. Capital expenditures of $2.6M exceeded it, leaving free cash flow of −$7.3M.
Questions
What was U S Physical Therapy's revenue in the first quarter 2025?
U S Physical Therapy (USPH) reported revenue of $184M for the first quarter 2025 (Q1 2025), +18% from a year earlier and +2% from the quarter before.
Was U S Physical Therapy profitable in the first quarter 2025?
Operating profit was $19.6M (10.7% of revenue) and net earnings $9.9M.