U.S. Physical Therapy, Inc. (USPH) Earnings
U.S. Physical Therapy, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.85. USPH has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -0.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.55 | $0.46 | -16.4% | $198M | -1.3% |
| Feb 26, 2026 | $0.67 | $0.67 | +0.0% | $170M | -15.2% |
| Nov 5, 2025 | $0.67 | $0.66 | -1.5% | $164M | -18.0% |
| Aug 6, 2025 | $0.71 | $0.81 | +14.1% | $164M | -13.5% |
| May 7, 2025 | $0.46 | $0.48 | +4.3% | $153M | -18.9% |
| Feb 26, 2025 | $0.69 | $0.65 | -5.8% | $180M | +4.2% |
| Aug 13, 2024 | $0.81 | $0.73 | -9.9% | $167M | +3.0% |
| Feb 28, 2024 | $0.57 | $0.59 | +3.5% | $155M | +0.0% |
| May 3, 2023 | $0.52 | $0.59 | +13.5% | $149M | +5.5% |
| Feb 22, 2023 | $0.58 | $0.58 | +0.0% | $141M | +0.1% |
| Nov 2, 2022 | $0.56 | $0.58 | +3.6% | $140M | +1.1% |
| Aug 4, 2022 | $0.95 | $0.90 | -5.3% | $141M | -1.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Key objectives include semi-virtualization of front desk for savings in labor and efficiency, AI-assisted ambient listening documentation technology to improve productivity, reengagement with remote therapeutic monitoring after CMS rule changes, expansion of cash-based programs across top partnerships, and investment in partnerships with large hospitals like NYU and Gulf Coast region. - Q1 highlights: Revenue increase in physical therapy of 7.2% with 2.5% same-store increase driven by 6.9% patient volume bump; injury prevention revenue up 11.8% with margin increase; completed renegotiation of five-year credit facility; repurchased equity in two strong partnerships with total spend over $14 million.
Guidance
Reaffirmed full-year 2026 adjusted EBITDA guidance of $102 million to $106 million. Q1 results were in line with expectations, and the impact of 2026 objectives will ramp up throughout the year.
Segment performance
Physical therapy: First quarter 2026 physical therapy revenue was $168 million, a 7.2% increase versus prior year first quarter. Mature clinic revenue increased 2.5% in Q1 2026. Patient volume increased 6.9%, with visits per clinic per day reaching 31.8. Lost over 31,000 visits to weather, which impacted revenue and margins. Net rate for the quarter rose to $106.49. Commercial rates increased 3.4% year-over-year, with a small Medicare pricing increase and a slight drop in Medicaid rate. Injury prevention: IIP revenue was $31 million in Q1 2026, an 11.8% increase versus the prior year. Excluding the Q1 2026 IIP acquisition, IIP revenue increased 8.2%. Same-store revenue increased 8.2% while margin increased to 20.4% compared to 18.6% in Q1 2025. Added a therapy partnership in the Pacific Northwest and opened seven de novo clinics in the quarter.
Risks & headwinds
- Weather impacted visits, leading to revenue loss and margin drag. - Slight drop in Medicaid rate which needs to be monitored throughout the year.
Analyst Q&A
Q: On Q1, the guidance build, weather impact on EBITDA headwind, quarter vs expectations, ramp-up of rest of year, hospital alliances and acquisitions' contribution.
A: Quarter came in almost where budgeted, weather impact about $3.3 million, acquisitions in January and February included in guidance, hospital ramp-up for 2027 with partial year impact, more activity to come not included in initial guidance.
Q: Rent, supplies, other expense lines running hot, what's driving growth?
A: Worse weather impact, a bit lighter revenue than expected, more contract labor in some partnerships, upfront investments in 2026 initiatives.
Q: Cadence and confidence in more hospital partnerships and M&A?
A: Cadence not predictable, but confident in more hospital side and active in acquisitions as hospital opportunities are chunky but take time due to dealing with big institutions.
Q: Hospital alliances potential over 3 - 5 years, volume growth and pricing?
A: Potential significant increase if current trends continue, pricing: blended rate less than expected, Medicare lagging but expecting full 1.75% build, Medicaid down a few percent not a big part.
Q: PT operating costs per visit, weather-lost visits by month and volumes exiting quarter into April?
A: Operating cost per visit expected to come down, no weather in Q2, turnover sub-18% now, visits rebounded nicely in April.
Q: Hospital pipeline, cash-based program initiative?
A: There are bigger opportunities than NYU, cash-based programs include laser, shockwave, dry needling with traction, partners successful in driving cash-based services.