10-Q · May 8, 2026
U.S. Physical Therapy reported a disappointing Q1 2026, with revenue of $198.3 million and EPS of $0.46, both below consensus estimates and lower compared to the prior quarter. Operating income saw a significant…
Earnings analysis · 10-Q
USPH earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
U.S. Physical Therapy reported revenue of $214.059 million and diluted EPS of $0.75, with revenue up approximately 8.1% sequentially and 8.7% year over year and EPS improving from the prior quarter and prior year. EPS…
Read full summary
U.S. Physical Therapy reported revenue of $214.059 million and diluted EPS of $0.75, with revenue up approximately 8.1% sequentially and 8.7% year over year and EPS improving from the prior quarter and prior year. EPS nevertheless missed the $0.85 consensus estimate. The balance sheet remains leveraged, with a $221.0 million term note and $46.0 million revolver balance, while floating-rate exposure could change annualized interest expense by $1.0 million for each 1% rate change. The supplied filing text provides no current segment results, margin data, free cash flow, or quantitative outlook.
Reported figures
- Earnings per share
- $0.75
What stood out
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Revenue Reaccelerated
Revenue was $214.059 million, up from $198 million in Q1 2026 and $197 million in Q2 2025, representing sequential growth of approximately 8.1% and year-over-year growth of approximately 8.7%.
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EPS Improved, Missed Consensus
Diluted EPS was $0.75, improving from a loss of $0.12 in Q1 2026 and rising from $0.58 in Q2 2025; however, it was below the $0.85 consensus estimate.
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Debt Remains Elevated
Management reported $221.0 million outstanding under the term note and $46.0 million drawn on the revolving facility as of June 30, 2026.
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Share Repurchase Nearly Complete
The company repurchased 306,256 shares for $19.2 million during the quarter and stated that it had materially completed its $25.0 million authorization as of June 30, 2026.
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Controls Remained Effective
Management concluded that disclosure controls and procedures were effective and reported no changes in internal control that materially affected, or were reasonably likely to materially affect, financial reporting during the quarter.
What to watch
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Floating-Rate Interest Exposure
The $46.0 million revolving-facility balance is subject to fluctuating interest rates; a 1% rate change would alter annualized interest expense by $1.0 million.
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Material Debt Obligations
Total reported acquisition seller notes and Senior Credit Facility balances were $1.5 million and $221.0 million, respectively, in addition to the $46.0 million revolver balance, increasing leverage and liquidity sensitivity.
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Regulatory and Litigation Risk
The company states that future DOJ, CMS, or other federal and state investigations could result in sanctions, damages, recoupments, fines, or other penalties with a material adverse effect on liquidity and results; the filing does not quantify these exposures.
Management's outlook
The supplied 10-Q text does not include quantitative guidance or an MD&A outlook. Prior revenue guidance of $830 million-$850 million was disclosed in the July 6, 2026 8-K, not in the provided filing text.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.