Filing Flows › U S Physical Therapy (USPH) › Q2 2026
U S Physical Therapy (USPH) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 7, 2026
U S Physical Therapy (USPH) reported revenue of $214M for the second quarter 2026 (Q2 2026), +8% from a year earlier and +8% from the quarter before. Operating margin was 10.3%, net earnings $9.9M (4.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $214M | +8% | +8% |
| Gross profit | $41.9M | +28% | +0.8% |
| Operating profit | $21.9M | +76% | -12% |
| Net earnings | $9.9M | +96% | -20% |
| Operating cash flow | $34.4M | +803% | -1% |
| Free cash flow | $29.0M | — | -8% |
What changed
Revenue was $214.1M in Q2 2026, up 8% year over year and up 8% from the previous quarter. Net Patient Revenue was the largest line at 81% of revenue. Net Patient Revenue added $9.0M year over year (up 6%), 54% of the total change.
Gross margin was 19.6%, down 1.5 points from Q2 2025. Operating profit was $21.9M, a 10.3% margin (down 2.4 points year over year). Operating profit fell $3.0M even though revenue rose $16.7M versus Q2 2025, so costs grew faster than sales. Operating expenses grew 20% against revenue growth of 8%. Net earnings were $9.9M, down 20% year over year. The effective tax rate was 21.8%.
Operating cash flow was $34.4M (down 1% year over year), 231% of net income including minority interests. Non-cash charges added back $5.9M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items added $10.4M. Capital expenditures of $5.4M left free cash flow of $29.0M.
Questions
What was U S Physical Therapy's revenue in the second quarter 2026?
U S Physical Therapy (USPH) reported revenue of $214M for the second quarter 2026 (Q2 2026), +8% from a year earlier and +8% from the quarter before.
Was U S Physical Therapy profitable in the second quarter 2026?
Operating profit was $21.9M (10.3% of revenue) and net earnings $9.9M.