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U.s. Physical Therapy (USPH)
NYSE:USPH
Earnings Data
Report Date
Apr 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.54Last Year’s EPS
0.48Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong operational momentum: record visits per clinic, robust revenue growth (PT +17.3%, IIP +22.6%), margin expansion (PT margin to 21.1%), and higher adjusted EBITDA with raised full-year guidance. The company successfully managed costs (salaries per visit +0.7%; total operating cost per visit down), realized acquisition synergies (Metro), and is growing new revenue streams (home care, cash-based services). Key headwinds persist—most notably multi-year Medicare reimbursement reductions (aggregate ~$25M profit impact), a payer policy change in Michigan, staffing tightness in some markets, and ongoing implementation and working-capital considerations. However, management demonstrated execution on growth, cost containment, and strategic initiatives and increased guidance, indicating confidence in continued momentum.Company Guidance
Record Visits per Clinic per Day
Average visits per clinic per day reached a company record of 32.7 in Q2 2025, up from 30.6 in prior-year Q2 (≈+6.9%), with monthly averages of 33.0 (Apr), 32.9 (May) and 32.3 (Jun).
Physical Therapy Revenue Growth
Physical therapy revenue totaled $168.3M in Q2 2025, a $24.8M increase versus prior-year Q2 (+17.3%), driven largely by acquisitions (Metro contributed ~$19.6M of that growth).
Injury Prevention (IIP) Strong Performance
IIP net revenues increased $5.3M (+22.6% YoY); on an organic basis IIP revenues rose +18.4% and organic gross profit increased +21.8%. IIP margin expanded to 22.0% (from 21.4%).
Adjusted EBITDA and Margin Expansion
Q2 adjusted EBITDA was $26.9M, up $4.7M YoY. Adjusted EBITDA margin expanded to 17.5% from 16.4% in prior-year Q2.
Improved PT Gross Profit Margin and Cost Management
Physical therapy gross profit margin improved to 21.1% vs 20.1% in prior-year Q2. Salaries and related costs per visit were up only 0.7% (to $60.08) while total operating cost per visit decreased year over year.
Net Rate Stability and Commercial Pricing Lift
Net rate per patient visit was $105.33 in Q2 2025 (vs $105.05 in Q2 2024). Commercial rates increased ≈1.0%–1.5% YoY; workers’ comp remained >$150/visit and represented 10.4% of net patient revenues with visits +8.4% YoY.
Metro Acquisition Synergies
Post-acquisition rate improvement at Metro: initial month ~ $101 net rate, averaged $104.50 in Q1 and $107.50 in Q2, helping overall net rate and volume metrics (Metro averages ≈45 visits/clinic/day).
New Revenue Streams and Home Care Reporting
First-time separate reporting of home care visits (28,493 in Q2). Cash-based services rollout contributed ~ $900K incremental revenue in Q2 as the program ramps.
Raised Full-Year Guidance and Capital Actions
Full year 2025 adjusted EBITDA guidance was raised to $93M–$97M (from prior $88M–$93M). Board authorized a share repurchase program of up to $25M through 12/31/2026; acquisitions remain primary capital priority.
Balance Sheet and Interest Rate Management
Term loan balance $135M with an interest rate fixed at 4.7% via swap through mid-2027. Ended Q2 with $34.1M in cash.
USPH Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
USPH Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 25, 2026 | $81.68 | ― | ― |
Nov 05, 2025 | $88.05 | $77.56 | -11.91% |
Aug 07, 2025 | $83.30 | $87.21 | +4.69% |
May 07, 2025 | $70.16 | $70.11 | -0.07% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does U.s. Physical Therapy (USPH) report earnings?
U.s. Physical Therapy (USPH) is schdueled to report earning on Apr 30, 2026, Before Open (Confirmed).
What is U.s. Physical Therapy (USPH) earnings time?
U.s. Physical Therapy (USPH) earnings time is at Apr 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is USPH EPS forecast?
USPH EPS forecast for the fiscal quarter 2026 (Q1) is 0.54.