Filing Flows › U S Physical Therapy (USPH) › Q4 2025
U S Physical Therapy (USPH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
U S Physical Therapy (USPH) reported revenue of $203M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +3% from the quarter before. Operating margin was 8.3%, net earnings $4.2M (2.0% of revenue).
U S Physical Therapy, Q4 2025: revenue $203M (+12% year over year), operating margin 8.3%, net earnings $4.2M, operating cash flow $24.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $203M | +3% | +12% |
| Gross profit | $40.1M | +9% | +23% |
| Operating profit | $16.8M | -34% | -15% |
| Net earnings | $4.2M | -68% | -55% |
| Operating cash flow | $24.9M | +25% | +28% |
| Free cash flow | $21.0M | +34% | +24% |
What changed
Revenue was $202.7M in Q4 2025, up 12% year over year and up 3% from the previous quarter. Net Patient Revenue was the largest line at 84% of revenue.
Gross margin was 19.8%, up 1.8 points from a year earlier. Operating profit was $16.8M, a 8.3% margin (down 2.6 points year over year). Operating profit fell $2.9M even though revenue rose $22.3M versus a year earlier, so costs grew faster than sales. Operating expenses grew 81% against revenue growth of 12%. Net earnings were $4.2M, down 55% year over year. The effective tax rate was 38.7%.
Operating cash flow was $24.9M (up 28% year over year), 272% of net income including minority interests. Non-cash charges added back $4.6M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $9.0M. Capital expenditures of $3.9M left free cash flow of $21.0M.
Questions
What was U S Physical Therapy's revenue in the fourth quarter 2025?
U S Physical Therapy (USPH) reported revenue of $203M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +3% from the quarter before.
Was U S Physical Therapy profitable in the fourth quarter 2025?
Operating profit was $16.8M (8.3% of revenue) and net earnings $4.2M.