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US Physical Therapy
US Physical Therapy (USPH) investor relations material
US Physical Therapy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Adjusted EBITDA for 2025 increased by $13.2 million, up 16.2% year-over-year, with net revenue rising 16.3%.
Physical therapy and injury prevention businesses grew 16% and 18%, respectively, with gross profit up over 20% in both segments.
Record patient visit volumes achieved for both Q4 and the full year, with seven consecutive quarters of record per-day visits.
Several acquisitions completed, including a major Pacific Northwest PT group and a New York injury prevention team, expanding service offerings and market presence.
Announced two exclusive, long-term hospital alliances expected to drive substantial future EBITDA and patient reach.
Financial highlights
Full year 2025 net revenue rose 16.3% to $781.0M; gross profit up 20.8% to $149.7M (19.2% margin).
Q4 2025 adjusted EBITDA rose to $24.8 million from $21.8 million in Q4 2024; full-year adjusted EBITDA reached $95 million, up 16.1%.
Physical therapy revenues for Q4 2025 were $173.8 million, up 13% year-over-year.
Net rate per patient visit increased 1% for the year and 1.7% in Q4, despite a 2.9% Medicare rate reduction.
Net income attributable to shareholders was $39.6M (EPS $1.42), down from $1.84 in 2024 due to noncontrolling interest revaluation.
Outlook and guidance
2026 adjusted EBITDA expected between $102 million and $106 million, including $2.5 million from Medicare rate increases.
Hospital affiliations to phase in mid-2026, expected to contribute at least $14 million in PT revenue and $7.3 million in adjusted EBITDA by year-end.
Same-store revenue growth projected at 2.5%-3% for 2026, driven by both visit and rate increases.
Wage inflation expected to remain manageable, with no significant pressure anticipated.
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Next US Physical Therapy earnings date
Q1 20267 May, 2026
US Physical Therapy
Next US Physical Therapy earnings date
Q1 20267 May, 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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