Filing Flows › U S Physical Therapy (USPH) › Q3 2026
U S Physical Therapy (USPH) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
U S Physical Therapy (USPH) reported revenue of $223M for the third quarter 2026 (Q3 2026), +13% from a year earlier and +4% from the quarter before. Operating margin was 11.3%, net earnings $11.0M (5.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $223M | +4% | +13% |
| Gross profit | $43.0M | +3% | +17% |
| Operating profit | $25.1M | +14% | -0.9% |
| Net earnings | $11.0M | +12% | -16% |
| Operating cash flow | $25.7M | -25% | +29% |
| Free cash flow | $20.7M | -29% | +32% |
What changed
Revenue was $222.6M in Q3 2026, up 13% year over year and up 4% from the previous quarter. Net Patient Revenue was the largest line at 72% of revenue. Other Revenue added $3.3M year over year (up 10%), 13% of the total change. Net Patient Revenue declined 2%.
Gross margin was 19.3%, up 0.6 points from Q3 2025. Operating profit was $25.1M, a 11.3% margin (down 1.6 points year over year). Operating profit fell $229K even though revenue rose $25.4M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 55% against revenue growth of 13%. Net earnings were $11.0M, down 16% year over year. The effective tax rate was 18.4%.
Operating cash flow was $25.7M (up 29% year over year), 146% of net income including minority interests. Non-cash charges added back $6.2M of depreciation and amortization and $3.0M of share-based compensation. Capital expenditures of $5.1M left free cash flow of $20.7M.
Questions
What was U S Physical Therapy's revenue in the third quarter 2026?
U S Physical Therapy (USPH) reported revenue of $223M for the third quarter 2026 (Q3 2026), +13% from a year earlier and +4% from the quarter before.
Was U S Physical Therapy profitable in the third quarter 2026?
Operating profit was $25.1M (11.3% of revenue) and net earnings $11.0M.