US Physical Therapy (USPH) Q2 2026 earnings summary

Executive summary

• Q2 2026 net revenue rose 8.5% year-over-year to $214.1 million, with record-high daily visits per clinic at 33.5 and strong volume growth across all partnerships, especially hospital-affiliated clinics.

• Net income attributable to shareholders was $9.9 million for Q2 2026, down from $12.4 million in Q2 2025; EPS was $0.25 versus $0.58.

• Adjusted EBITDA for Q2 2026 was $27.0 million, nearly flat year-over-year.

• Strategic acquisitions and hospital affiliations contributed to clinic expansion and revenue growth, with 31 clinics integrated in Q2 and 39 more expected in Q3.

• Operates 796 owned/managed outpatient therapy locations in 45 states as of June 30, 2026, with 85% of revenue from physical therapy and 15% from industrial injury prevention services.

Financial highlights

• Total Q2 2026 revenue was $214.1 million, up 8.5% year-over-year; physical therapy revenue was $182.4 million (up 8.4%), and IIP revenue was $31.7 million (up 9.1%).

• Patient visits increased 6.6% to 1,661,694 in Q2 2026; average daily visits per clinic rose to 33.5.

• Adjusted EBITDA for Q2 2026 was $27.0 million; net income attributable to shareholders was $9.9 million, down from $12.4 million.

• Earnings per share were $0.25, down from $0.58 in Q2 2025.

• For the six months ended June 30, 2026, net revenue grew 8.2% to $412.3 million, with gross profit up 2.8% to $74.7 million.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance reaffirmed at $102 million–$106 million.

• Management expects further margin and revenue improvements in the second half of 2026 as hospital integrations and operational initiatives take effect.

• Medicare rate increase of 1.75% for 2026 expected to add $2.5 million in revenue.

• Positive early indicators for further Medicare rate improvements in 2028.

• Implementation costs for a new financial and HR system will continue through year-end 2026.