Filing Flows › U S Physical Therapy (USPH) › How it makes money
How U S Physical Therapy (USPH) makes money
U S Physical Therapy (USPH) made $223M of revenue in the third quarter 2026 (Q3 2026), +13% from a year earlier. Net Patient Revenue brought in $161M (72%); Other Revenue brought in $36.4M (16%); Hospital Affiliation Revenue brought in $25.0M (11%). Of every dollar of revenue, 19¢ was left as gross profit, 11¢ was left as operating profit, 5¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Net Patient Revenue | $161M | 72.4% | -7% | -2% |
| Other Revenue | $36.4M | 16.4% | +3% | +10% |
| Hospital Affiliation Revenue | $25.0M | 11.3% | +350% | — |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $223M | 100.0% |
| Cost of revenue | $180M | 80.7% |
| Gross profit | $43.0M | 19.3% |
| Operating expenses | $17.9M | 8.1% |
| Operating profit | $25.1M | 11.3% |
| Income tax | $4.0M | 1.8% |
| Net earnings | $11.0M | 5.0% |
| Operating cash flow | $25.7M | 11.6% |
| Free cash flow | $20.7M | 9.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $223M | +13% |
| Q2 2026 | $214M | +8% |
| Q1 2026 | $198M | +8% |
| Q4 2025 | $203M | +12% |
| Q3 2025 | $197M | +17% |
| Q2 2025 | $197M | +18% |
| Q1 2025 | $184M | +18% |
From U S Physical Therapy's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does U S Physical Therapy make money?
U S Physical Therapy (USPH) made $223M of revenue in the third quarter 2026 (Q3 2026), +13% from a year earlier. Net Patient Revenue brought in $161M (72%); Other Revenue brought in $36.4M (16%); Hospital Affiliation Revenue brought in $25.0M (11%). Of every dollar of revenue, 19¢ was left as gross profit, 11¢ was left as operating profit, 5¢ was left as net earnings.
What is U S Physical Therapy's biggest business?
Net Patient Revenue: $161M in the third quarter 2026, 72% of revenue, -2% from a year earlier.
What is U S Physical Therapy's profit margin?
Net earnings were $11.0M, 5.0% of revenue, in the third quarter 2026; the operating margin was 11.3%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.