Filing Flows › U S Physical Therapy (USPH) › Q2 2025
U S Physical Therapy (USPH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
U S Physical Therapy (USPH) reported revenue of $197M for the second quarter 2025 (Q2 2025), +18% from a year earlier and +7% from the quarter before. Operating margin was 12.6%, net earnings $12.4M (6.3% of revenue).
U S Physical Therapy, Q2 2025: revenue $197M (+18% year over year), operating margin 12.6%, net earnings $12.4M, operating cash flow $34.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $197M | +7% | +18% |
| Gross profit | $41.6M | +34% | +23% |
| Operating profit | $24.9M | +27% | +60% |
| Net earnings | $12.4M | +25% | +65% |
| Operating cash flow | $34.9M | — | +20% |
| Free cash flow | $31.6M | — | +19% |
What changed
Revenue was $197.3M in Q2 2025, up 18% year over year and up 7% from the previous quarter. Net Patient Revenue was the largest line at 83% of revenue. Net Patient Revenue added $23.9M year over year (up 17%), 79% of the total change.
Gross margin was 21.1%, up 0.8 points from a year earlier. Operating profit was $24.9M, a 12.6% margin (up 3.3 points year over year). Of the extra revenue versus a year earlier, 31% reached operating profit, above the 9% margin then. Operating expenses fell 9% while revenue rose 18%. Net earnings were $12.4M, up 65% year over year. The effective tax rate was 21.8%.
Operating cash flow was $34.9M (up 20% year over year), 197% of net income including minority interests. Non-cash charges added back $6.1M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $9.0M. Capital expenditures of $3.3M left free cash flow of $31.6M.
Questions
What was U S Physical Therapy's revenue in the second quarter 2025?
U S Physical Therapy (USPH) reported revenue of $197M for the second quarter 2025 (Q2 2025), +18% from a year earlier and +7% from the quarter before.
Was U S Physical Therapy profitable in the second quarter 2025?
Operating profit was $24.9M (12.6% of revenue) and net earnings $12.4M.