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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
Operates 779 outpatient clinics in 44 states, with 85% of revenue from physical therapy and 15% from industrial injury prevention services; achieved record-high average daily visits per clinic and robust patient satisfaction.
Net income attributable to shareholders rose to $13.1M for Q3 2025 from $6.6M in Q3 2024; EPS increased to $0.48 from $0.39; Adjusted EBITDA for Q3 2025 was $23.9M, up 13.2% year-over-year.
Added 99 clinics since October 1, 2024, supporting a growth strategy focused on organic expansion and acquisitions.
Board authorized a $25M share repurchase program through 2026 and declared a $0.45/share quarterly dividend payable December 12, 2025.
Management reaffirmed full-year 2025 Adjusted EBITDA guidance of $93M–$97M.
Financial highlights
Q3 2025 net revenue increased 17.3% year-over-year to $197.1M; nine-month revenue up 17.8% to $578.3M.
Q3 2025 gross profit rose 26.6% to $36.9M; nine-month gross profit up 19.9% to $109.6M.
Adjusted EBITDA for the nine months was $70.3M, up from $60.0M in the prior year period.
Cash and cash equivalents were $31.1M at September 30, 2025, with $148.5M in available credit.
Annual dividend of $1.80 per share.
Outlook and guidance
Full-year 2025 Adjusted EBITDA guidance reaffirmed at $93M–$97M, reflecting strong performance and positive outlook.
Management expects continued growth from clinic expansion, acquisitions, 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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