U S Physical Therapy (USPH) FY2025 results: revenue $781 million, up 16.3% on the year
U S Physical Therapy Inc. (USPH) reported revenue of $781 million for fiscal 2025, the year ended 31 December 2025, up 16.3% on the year before. Net income was $40 million, up 26.0%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$781 million
+16.3% on the year
FY2018FY2025
Operating margin
11.1%
9.4% a year earlier
FY2018FY2025
Net income
$40 million
+26.0% on the year
FY2018FY2025
Diluted EPS
$1.42
-22.8% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
75.1
74.9
82.0
+0.2%
Capital expenditure
14.1
9.2
9.3
+53.2%
Free cash flow
61.0
65.8
72.7
-7.2%
Free cash flow margin
7.8%
9.8%
12.0%
Cash from investing
-36.7
-149
-45.0
Cash from financing
-44.1
-37.0
84.3
Depreciation and amortisation
22.4
18.7
15.7
+19.9%
Share-based compensation
8.3
7.8
7.2
+5.7%
Buybacks
5.6
0.0
0.0
Dividends paid
27.4
26.5
24.1
+3.1%
Dividend per share
$1.80
$1.76
$1.72
+2.3%
Diluted shares, weighted
15m
15m
14m
+0.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
476
489
476
-2.6%
Non-controlling interest
0.5
1.1
1.2
-58.2%
Redeemable equity
293
269
175
+9.0%
Debt
162
154
147
+5.8%
Operating lease liabilities
111
102
76.7
+8.5%
Other liabilities
161
153
122
+5.1%
Total liabilities and equity
1,204
1,167
997
+3.1%
Fixed assets
35.7
32.1
26.1
+10.9%
Goodwill
692
667
510
+3.8%
Intangible assets
173
179
110
-3.6%
Cash and equivalents
35.6
41.4
153
-14.0%
Receivables
64.2
59.0
51.9
+8.8%
Other assets
203
188
147
+7.9%
Total assets
1,204
1,167
997
+3.1%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.