Filing Flows › U S Physical Therapy (USPH) › Q3 2025
U S Physical Therapy (USPH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
U S Physical Therapy (USPH) reported revenue of $197M for the third quarter 2025 (Q3 2025), +17% from a year earlier and -0.1% from the quarter before. Operating margin was 12.8%, net earnings $13.1M (6.7% of revenue).
U S Physical Therapy, Q3 2025: revenue $197M (+17% year over year), operating margin 12.8%, net earnings $13.1M, operating cash flow $19.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $197M | -0.1% | +17% |
| Gross profit | $36.9M | -11% | +27% |
| Operating profit | $25.3M | +2% | +97% |
| Net earnings | $13.1M | +6% | +98% |
| Operating cash flow | $19.9M | -43% | -10% |
| Free cash flow | $15.6M | -51% | -20% |
What changed
Revenue was $197.1M in Q3 2025, up 17% year over year and roughly flat from the previous quarter. Net Patient Revenue was the largest line at 83% of revenue. Net Patient Revenue added $24.9M year over year (up 18%), 85% of the total change.
Gross margin was 18.7%, up 1.4 points from a year earlier. Operating profit was $25.3M, a 12.8% margin (up 5.2 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, above the 8% margin then. Operating expenses fell 29% while revenue rose 17%. Net earnings were $13.1M, up 98% year over year. The effective tax rate was 22.9%.
Operating cash flow was $19.9M (down 10% year over year), 113% of net income including minority interests. Non-cash charges added back $5.8M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items used $5.8M. Capital expenditures of $4.3M left free cash flow of $15.6M.
Questions
What was U S Physical Therapy's revenue in the third quarter 2025?
U S Physical Therapy (USPH) reported revenue of $197M for the third quarter 2025 (Q3 2025), +17% from a year earlier and -0.1% from the quarter before.
Was U S Physical Therapy profitable in the third quarter 2025?
Operating profit was $25.3M (12.8% of revenue) and net earnings $13.1M.