Filing Flows › U S Physical Therapy (USPH) › Q3 2026 › vs Q2 2026
U S Physical Therapy (USPH) Q3 2026 vs Q2 2026 (quarter over quarter)
U S Physical Therapy's revenue rose $8.5M (+4%) from $214M in Q2 2026 to $223M in Q3 2026. The biggest changes: Hospital Affiliation Revenue +$19.5M (+350%); Net Patient Revenue −$12.1M (-7%); Other Revenue +$1.2M (+3%). Gross margin 19.3% against 19.6% (-0.3 pts).
U S Physical Therapy, Q3 2026: revenue $223M (+13% year over year), operating margin 11.3%, net earnings $11.0M, operating cash flow $25.7M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 19.3% | 19.6% | -0.3 pts |
| Operating margin | 11.3% | 10.3% | +1.0 pts |
| Net margin | 5.0% | 4.6% | +0.3 pts |
| Free cash flow margin | 9.3% | 13.6% | -4.3 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Net Patient Revenue | $161M | $173M | −$12.1M | -7% |
| Other Revenue | $36.4M | $35.3M | $1.2M | +3% |
| Hospital Affiliation Revenue | $25.0M | $5.6M | $19.5M | +350% |
| Revenue | $223M | $214M | $8.5M | +4% |
| Gross profit | $43.0M | $41.9M | $1.1M | +3% |
| Cost of revenue | $180M | $172M | $7.4M | +4% |
| Operating profit | $25.1M | $21.9M | $3.2M | +14% |
| Operating expenses | $17.9M | $20.0M | −$2.1M | -10% |
| Pre-tax earnings | $21.6M | $19.1M | $2.5M | +13% |
| Other expense, net | $3.5M | $2.9M | $648K | +22% |
| SG&A | $17.8M | $19.0M | −$1.2M | -6% |
| Other operating costs | $104K | $992K | −$888K | -90% |
| Net earnings | $11.0M | $9.9M | $1.1M | +12% |
| Minority interests | $6.5M | $5.0M | $1.5M | +31% |
| Income tax | $4.0M | $4.2M | −$181K | -4% |
| Depreciation & amortization | $6.2M | $5.9M | $312K | +5% |
| Share-based compensation | $3.0M | $3.2M | −$172K | -5% |
| Working capital & other | $5.4M | $15.4M | −$9.9M | -65% |
| Operating cash flow | $25.7M | $34.4M | −$8.6M | -25% |
| Free cash flow (OCF − capex) | $20.7M | $29.0M | −$8.4M | -29% |
| Capital expenditures | $5.1M | $5.4M | −$291K | -5% |
Questions
How much did U S Physical Therapy's revenue grow quarter over quarter in Q3 2026?
U S Physical Therapy's revenue rose $8.5M (+4%) from $214M in Q2 2026 to $223M in Q3 2026.
What drove U S Physical Therapy's revenue change in Q3 2026?
Hospital Affiliation Revenue +$19.5M (+350%); Net Patient Revenue −$12.1M (-7%); Other Revenue +$1.2M (+3%).