Filing Flows › U S Physical Therapy (USPH) › Q3 2026 › vs Q3 2025
U S Physical Therapy (USPH) Q3 2026 vs Q3 2025 (year over year)
U S Physical Therapy's revenue rose $25.4M (+13%) from $197M in Q3 2025 to $223M in Q3 2026. The biggest changes: Hospital Affiliation Revenue +$25.0M (—); Other Revenue +$3.3M (+10%); Net Patient Revenue −$2.9M (-2%). Gross margin 19.3% against 18.7% (+0.6 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 19.3% | 18.7% | +0.6 pts |
| Operating margin | 11.3% | 12.8% | -1.6 pts |
| Net margin | 5.0% | 6.7% | -1.7 pts |
| Free cash flow margin | 9.3% | 7.9% | +1.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Net Patient Revenue | $161M | $164M | −$2.9M | -2% |
| Other Revenue | $36.4M | $33.1M | $3.3M | +10% |
| Hospital Affiliation Revenue | $25.0M | $0 | $25.0M | — |
| Revenue | $223M | $197M | $25.4M | +13% |
| Gross profit | $43.0M | $36.9M | $6.2M | +17% |
| Cost of revenue | $180M | $160M | $19.3M | +12% |
| Operating profit | $25.1M | $25.3M | −$229K | -0.9% |
| Operating expenses | $17.9M | $11.5M | $6.4M | +55% |
| Pre-tax earnings | $21.6M | $22.9M | −$1.3M | -6% |
| Other expense, net | $3.5M | $2.5M | $1.1M | +44% |
| Net earnings | $11.0M | $13.1M | −$2.1M | -16% |
| Minority interests | $6.5M | $4.5M | $2.0M | +45% |
| Income tax | $4.0M | $5.2M | −$1.3M | -24% |
| Depreciation & amortization | $6.2M | $5.8M | $415K | +7% |
| Share-based compensation | $3.0M | $2.3M | $734K | +32% |
| Working capital & other | $5.4M | −$1.3M | $6.7M | — |
| Operating cash flow | $25.7M | $19.9M | $5.8M | +29% |
| Free cash flow (OCF − capex) | $20.7M | $15.6M | $5.0M | +32% |
| Capital expenditures | $5.1M | $4.3M | $758K | +18% |
Questions
How much did U S Physical Therapy's revenue grow year over year in Q3 2026?
U S Physical Therapy's revenue rose $25.4M (+13%) from $197M in Q3 2025 to $223M in Q3 2026.
What drove U S Physical Therapy's revenue change in Q3 2026?
Hospital Affiliation Revenue +$25.0M (—); Other Revenue +$3.3M (+10%); Net Patient Revenue −$2.9M (-2%).