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US Physical Therapy (USPH) investor relations material
US Physical Therapy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record-high average daily patient visits per clinic, reaching 32.7 in Q2 and 32.2 in Q3, with total clinics expanding to 779 as of September 30, 2025, up from 700 a year ago.
Net income attributable to shareholders rose to $13.1M for Q3 2025 from $6.6M in Q3 2024; nine-month net income was $35.4M, up from $22.2M year-over-year.
Adjusted EBITDA for Q3 2025 was $23.9M, up 13.2% year-over-year, with nine-month Adjusted EBITDA at $70.3M, up from $60.0M.
Board declared a $0.45/share quarterly dividend payable December 12, 2025, and authorized a $25M share repurchase program through December 2026.
Strong performance in both physical therapy and industrial injury prevention (IIP) segments, with significant contract wins, acquisitions, and expansion.
Financial highlights
Q3 2025 net revenue increased 17.3% year-over-year to $197.1M; nine-month revenue up 17.8% to $578.3M.
Physical therapy revenues grew 17.3% year-over-year to $168.3M in Q2 and 17.8% to $168.1M in Q3 2025.
IIP net revenues increased 22.6% year-over-year in Q2 and 14.6% in Q3; IIP gross profit up 10.7% to $5.7M in Q3.
Adjusted EBITDA rose to $26.9M in Q2 and $23.9M in Q3; margin expanded to 17.5% in Q2.
Net rate per patient visit was $105.33 in Q2 and $105.54 in Q3, nearly flat year-over-year.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance increased and reaffirmed at $93–$97 million, reflecting strong first-half and Q3 performance.
Management expects continued growth through acquisitions, new clinic development, and an anticipated Medicare pricing lift in 2026.
Sufficient liquidity and credit capacity to fund operations and expansion through at least September 2026.
Future acquisition funding strategy
Drivers of Operating Results per share decline
Expected efficiency gains from new HR system
What drives IIP M&A focus over share repurchases?
How were PT operating costs managed effectively?
Payer mix shifts and net rate trajectory
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Next US Physical Therapy earnings date
Q4 202526 Feb, 2026
Next US Physical Therapy earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
US Physical Therapy Inc owns and operates outpatient physical therapy clinics across the United States. The company offers rehabilitation services for orthopedic and neurological conditions and partners with healthcare providers to manage workplace injury and wellness programs. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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