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US Physical Therapy USPH · USD

Health Care · US listing · 🇺🇸 United States

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99.84

+0.35%

Close of 9 Nov 2026, in USD

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US Physical Therapy annual report

Filed with the US Securities and Exchange Commission

10-K

The latest annual report covers the year to 31 Dec 2025, filed on 27 Feb 2026.

Read the 10-K on SEC.gov ↗

Five-year highlights

In USD.

FY2025FY2024FY2023FY2022FY2021
Revenue$781.0m$671.3m$604.8m$553.1m$495.0m
Operating income$80.4m$63.2m$52.1m$56.8m$71.4m
Net income$15.1m$26.5m$14.7m$28.3m$27.8m
Free cash flow$61.0m$65.8m$72.7m$50.3m$68.2m
Total assets$1.20bn$1.17bn$997.2m$858.2m$749.4m
Shareholders' equity$476.4m$488.9m$476.2m$315.8m$295.6m

Revenue by business

Year to 31 Dec 2025

  • Net patient revenues (patient revenues less estimated contractual adjustments) are reported at the estimated net realizable amounts from third-party payors, patients and others for services rendered. $650.4m · 83.3%
  • Other revenues includes management contract revenues, industrial injury prevention services revenues and services provided on-site, such as schools and industrial worksites, for physical or occupational therapy services, and athletic trainers and gym membership fees. Contract terms and rates are agreed to in advance between the Company and the third parties. Services are typically performed over the contract period and revenue is recorded in accordance with the contract terms. If the services are paid in advance, revenue is deferred over the period of the agreement and recognized when the services are performed. $130.6m · 16.7%
  • Management contract revenues are derived from contractual arrangements whereby the Company manages a clinic for third party owners. Revenues are determined based on the number of visits conducted at the clinic and recognized when services are performed. $9.6m · 1.2%

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