Filing Flows › U S Physical Therapy (USPH) › Q1 2026
U S Physical Therapy (USPH) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
U S Physical Therapy (USPH) reported revenue of $198M for the first quarter 2026 (Q1 2026), +8% from a year earlier and -2% from the quarter before. Operating margin was 6.3%, net earnings $5.0M (2.5% of revenue).
U S Physical Therapy, Q1 2026: revenue $198M (+8% year over year), operating margin 6.3%, net earnings $5.0M, operating cash flow $3.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $198M | -2% | +8% |
| Gross profit | $32.8M | -18% | +5% |
| Operating profit | $12.5M | -26% | -36% |
| Net earnings | $5.0M | +21% | -49% |
| Operating cash flow | $3.8M | -85% | — |
What changed
Revenue was $198.3M in Q1 2026, up 8% year over year and down 2% from the previous quarter. Net Patient Revenue was the largest line at 83% of revenue. Net Patient Revenue added $11.8M year over year (up 8%), 81% of the total change.
Gross margin was 16.5%, down 0.4 points from Q1 2025. Operating profit was $12.5M, a 6.3% margin (down 4.4 points year over year). Operating profit fell $7.2M even though revenue rose $14.5M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 77% against revenue growth of 8%. Net earnings were $5.0M, down 49% year over year. The effective tax rate was 22.8%.
Operating cash flow was $3.8M, 47% of net income including minority interests. Non-cash charges added back $6.0M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items used $12.7M. Capital expenditures of $5.4M exceeded it, leaving free cash flow of −$1.6M.
Questions
What was U S Physical Therapy's revenue in the first quarter 2026?
U S Physical Therapy (USPH) reported revenue of $198M for the first quarter 2026 (Q1 2026), +8% from a year earlier and -2% from the quarter before.
Was U S Physical Therapy profitable in the first quarter 2026?
Operating profit was $12.5M (6.3% of revenue) and net earnings $5.0M.