Filing Flows › U S Physical Therapy (USPH) › Q2 2026 › vs Q1 2026
U S Physical Therapy (USPH) Q2 2026 vs Q1 2026 (quarter over quarter)
U S Physical Therapy's revenue rose $15.8M (+8%) from $198M in Q1 2026 to $214M in Q2 2026. Gross margin 19.6% against 16.5% (+3.1 pts).
U S Physical Therapy, Q2 2026: revenue $214M (+8% year over year), operating margin 10.3%, net earnings $9.9M, operating cash flow $34.4M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 19.6% | 16.5% | +3.1 pts |
| Operating margin | 10.3% | 6.3% | +4.0 pts |
| Net margin | 4.6% | 2.5% | +2.1 pts |
| Free cash flow margin | 13.6% | -0.8% | +14.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $214M | $198M | $15.8M | +8% |
| Gross profit | $41.9M | $32.8M | $9.2M | +28% |
| Cost of revenue | $172M | $166M | $6.6M | +4% |
| Operating profit | $21.9M | $12.5M | $9.5M | +76% |
| Operating expenses | $20.0M | $20.3M | −$274K | -1% |
| Pre-tax earnings | $19.1M | $10.6M | $8.5M | +80% |
| Other expense, net | $2.9M | $1.9M | $975K | +51% |
| SG&A | $19.0M | $18.3M | $731K | +4% |
| Other operating costs | $992K | $2.0M | −$1.0M | -50% |
| Net earnings | $9.9M | $5.0M | $4.9M | +96% |
| Minority interests | $5.0M | $3.1M | $1.9M | +60% |
| Income tax | $4.2M | $2.4M | $1.7M | +73% |
| Depreciation & amortization | $5.9M | $6.0M | −$65K | -1% |
| Share-based compensation | $3.2M | $2.3M | $859K | +37% |
| Working capital & other | $15.4M | −$9.5M | $24.9M | — |
| Operating cash flow | $34.4M | $3.8M | $30.6M | +803% |
| Free cash flow (OCF − capex) | $29.0M | −$1.6M | $30.6M | — |
| Capital expenditures | $5.4M | $5.4M | −$9K | -0.2% |
Questions
How much did U S Physical Therapy's revenue grow quarter over quarter in Q2 2026?
U S Physical Therapy's revenue rose $15.8M (+8%) from $198M in Q1 2026 to $214M in Q2 2026. Gross margin 19.6% against 16.5% (+3.1 pts).