US Physical Therapy (USPH) Q2 2026 earnings summary

Executive summary

• Q2 2026 net revenue rose 8.5% year-over-year to $214.1 million, with growth in both physical therapy and industrial injury prevention (IIP) segments; net income attributable to shareholders was $9.9 million, down from $12.4 million in Q2 2025, and EPS was $0.25 versus $0.58.

• Adjusted EBITDA for Q2 2026 was $27.0 million, nearly flat year-over-year; management reaffirmed full-year 2026 adjusted EBITDA guidance of $102.0–$106.0 million.

• Record-high daily visits per clinic and strong volumes were driven by successful hospital affiliation transitions, with 31 clinics integrated in Q2 and 39 more expected in Q3.

• Strategic acquisitions and hospital affiliations contributed to clinic expansion and revenue growth, with three acquisitions in 2026 totaling $37.6 million in purchase price and $27.0 million in annualized revenue.

• Operates 796 owned/managed outpatient therapy locations in 45 states as of June 30, 2026, with 85% of revenue from physical therapy and 15% from IIP services.

Financial highlights

• Total Q2 2026 revenue was $214.1 million, up 8.5% year-over-year; physical therapy revenue was $182.4 million, up 8.4%; IIP revenue was $31.7 million, up 9.1%.

• Q2 2026 visits increased 6.6% to 1,661,694; average daily visits per clinic rose to 33.5.

• Adjusted EBITDA for Q2 2026 was $27.0 million; net income attributable to shareholders was $9.9 million, down from $12.4 million in Q2 2025.

• Earnings per share for Q2 2026 was $0.25, compared to $0.58 in Q2 2025.

• YTD 2026 net revenue was $412.3 million, up 8.2% year-over-year; adjusted EBITDA was $47.2 million, up from $46.4 million.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance reaffirmed at $102.0–$106.0 million.

• Management expects further margin and revenue improvements in the second half of 2026 as hospital integrations and operational initiatives take effect.

• Medicare rate increase of 1.75% for 2026 expected to add $2.5 million in revenue; further positive rate movement anticipated for 2028.

• Sufficient liquidity and credit availability are expected to support operations and expansion through at least June 2027.

• Strategy focuses on organic growth, maximizing existing facility profits, strategic acquisitions, and alliances with hospital systems.