U.S. Physical Therapy Posts Strong Q1 2026 Revenue Growth

The latest update is out from US Physical Therapy ( (USPH) ).

On May 7, 2026, U.S. Physical Therapy reported first-quarter 2026 results, highlighting a 7.9% year-over-year increase in total revenue to $198 million and a 7.2% rise in physical therapy revenue driven by higher patient volumes and a 2.5% same-store gain. The company also recorded 11.8% revenue growth in its injury prevention segment, expanded its network with a New York industrial injury prevention acquisition, an eight-clinic Pacific Northwest partnership and seven new clinics, while renegotiating its five-year credit facility on better terms and reaffirming 2026 guidance amid strong demand and ongoing technology and hospital-partner initiatives.

Management detailed operational initiatives including semi-virtualized front desks, AI-assisted documentation, renewed remote therapeutic monitoring for Medicare patients and expanded cash-based programs with top partners, all aimed at improving efficiency and rate capture. Despite losing more than 31,000 visits to weather in the quarter and pressure from lower Medicaid rates, the company cited growing visits per clinic, higher commercial reimbursement and the start of its NYU clinic transition as reasons for confidence in its growth trajectory and for maintaining its outlook for the year and into 2027.

The most recent analyst rating on (USPH) stock is a Buy with a $98.00 price target. To see the full list of analyst forecasts on US Physical Therapy stock, see the USPH Stock Forecast page.

Spark’s Take on USPH Stock

According to Spark, TipRanks’ AI Analyst, USPH is a Neutral.

USPH scores mid-range primarily due to solid revenue growth and ongoing free-cash-flow generation, plus reaffirmed EBITDA guidance and strategic progress from the latest earnings update. The score is held back by sharp recent profitability/return compression and very weak technical signals (price below major moving averages with negative MACD). Valuation also looks stretched with a high P/E despite a moderate dividend yield.

To see Spark’s full report on USPH stock, click here.

More about US Physical Therapy

U.S. Physical Therapy, Inc. is a national operator of outpatient physical therapy clinics and a provider of industrial injury prevention services, with a significant commercial payer mix and partnerships that include large hospital systems such as NYU and a Gulf Coast provider. The company continues to expand through de novo clinic openings, acquisitions and partner-centric development, supported by an enhanced credit facility and investments in technology and cash-based programs.

Average Trading Volume: 185,161

Technical Sentiment Signal: Sell

Current Market Cap: $896.6M

Learn more about USPH stock on TipRanks’ Stock Analysis page.