Filing Flows › U S Physical Therapy (USPH) › Q2 2026 › vs Q2 2025
U S Physical Therapy (USPH) Q2 2026 vs Q2 2025 (year over year)
U S Physical Therapy's revenue rose $16.7M (+8%) from $197M in Q2 2025 to $214M in Q2 2026. The biggest changes: Net Patient Revenue +$9.0M (+6%); Hospital Affiliation Revenue +$5.6M (—); Other Revenue +$2.1M (+6%). Gross margin 19.6% against 21.1% (-1.5 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 19.6% | 21.1% | -1.5 pts |
| Operating margin | 10.3% | 12.6% | -2.4 pts |
| Net margin | 4.6% | 6.3% | -1.7 pts |
| Free cash flow margin | 13.6% | 16.0% | -2.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Net Patient Revenue | $173M | $164M | $9.0M | +6% |
| Other Revenue | $35.3M | $33.2M | $2.1M | +6% |
| Hospital Affiliation Revenue | $5.6M | $0 | $5.6M | — |
| Revenue | $214M | $197M | $16.7M | +8% |
| Gross profit | $41.9M | $41.6M | $319K | +0.8% |
| Cost of revenue | $172M | $156M | $16.4M | +11% |
| Operating profit | $21.9M | $24.9M | −$3.0M | -12% |
| Operating expenses | $20.0M | $16.7M | $3.3M | +20% |
| Pre-tax earnings | $19.1M | $22.7M | −$3.6M | -16% |
| Other expense, net | $2.9M | $2.3M | $608K | +27% |
| Net earnings | $9.9M | $12.4M | −$2.5M | -20% |
| Minority interests | $5.0M | $5.3M | −$327K | -6% |
| Income tax | $4.2M | $4.9M | −$778K | -16% |
| Depreciation & amortization | $5.9M | $6.1M | −$122K | -2% |
| Share-based compensation | $3.2M | $2.1M | $1.1M | +50% |
| Working capital & other | $15.4M | $14.3M | $1.1M | +8% |
| Operating cash flow | $34.4M | $34.9M | −$491K | -1% |
| Free cash flow (OCF − capex) | $29.0M | $31.6M | −$2.6M | -8% |
| Capital expenditures | $5.4M | $3.3M | $2.1M | +65% |
Questions
How much did U S Physical Therapy's revenue grow year over year in Q2 2026?
U S Physical Therapy's revenue rose $16.7M (+8%) from $197M in Q2 2025 to $214M in Q2 2026.
What drove U S Physical Therapy's revenue change in Q2 2026?
Net Patient Revenue +$9.0M (+6%); Hospital Affiliation Revenue +$5.6M (—); Other Revenue +$2.1M (+6%).