Earnings ·
U.S. Physical Therapy reported Q2 2026 total revenue of $214 million, an 8.5% increase year-over-year, driven by…
USPHU S Physical Therapy Inc
U.S. Physical Therapy reported Q2 2026 total revenue of $214 million, an 8.5% increase year-over-year, driven by strong visit volumes and record net rates. Adjusted EBITDA was $27.0 million, while adjusted EPS declined to $0.75 from $0.81 in the prior year period due to higher-than-average employee medical claims ($3.2 million impact) and front-loaded hiring costs for new hospital affiliations. The company completed the acquisition of a 12-clinic practice for $16.4 million, bringing cumulative 2026 M&A spend to $38 million. Management reaffirmed full-year adjusted EBITDA guidance of $102–$106 million and highlighted significant growth potential from transitioning clinics into hospital affiliation partnerships, including a major NYU Langone agreement. U.S. Physical Therapy operates outpatient physical therapy clinics and provides industrial injury prevention services across the United States.