US Physical Therapy earnings date
US Physical Therapy (UPH) Q3 2026 Earnings Report
DE:UPH Q3 2026 EPS Results
- Actual EPS
- EUR 0.72
- Consensus EPS
- EUR 0.68
- Beat/Miss
- Beat by +EUR 0.04
- One Year Ago EPS
- EUR 0.60
DE:UPH Q3 2026 Revenue Results
- Actual Revenue
- EUR 201.18M
- Expected Revenue
- EUR 193.88M
- Beat/Miss
- Beat by +EUR 7.30M
- YoY Revenue Growth
- +12.90%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- After Close
- Conference Call
- Wednesday, November 4, 2026
US Physical Therapy's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive overall. The company delivered double-digit revenue, EBITDA, physical therapy, and injury-prevention growth; achieved record visit volumes; expanded hospital affiliations; improved revenue per visit and margins; generated higher operating cash flow; and reaffirmed full-year EBITDA guidance. These strengths were tempered by elevated self-insured health costs, higher debt and interest expense, GAAP earnings pressure, seasonal injury-prevention weakness, and integration and staffing challenges.
The company reaffirmed full year EBITDA guidance of $102 million to $106 million; the fourth quarter will be the first quarter with both hospital partnerships and all 72 facilities for the entirety of the quarter, and management expects hospital-affiliation performance to continue, with “a little bit more rate progression” as the percentage of revenue under the hospital side grows. Management expects margins to continue to improve as volume and net rate improve, while focusing on keeping expenses flat; employee expenses “may continue into the fourth quarter.” No numerical guidance was provided for next year, with guidance expected in February, while the IPSI modifier phaseout is expected to begin in 2027, with benefits over “a many year period” and “continuing beyond the phase out,” and the fourth quarter is usually the seasonally soft quarter for injury prevention.
- Double-Digit Revenue and EBITDA GrowthThird-quarter total revenue was $223 million, up 13% year over year, with comparable revenue up 7%. EBITDA grew more than 16%, with growth across hospital, traditional physical therapy, and industrial injury prevention.
- Record Physical Therapy VolumePhysical therapy visits increased 8% to 1.68 million, while daily visits per clinic rose to 33 from 32 a year ago. Every month of 2026 has set a record for that month, extending the record streak to 27 consecutive months.
- Physical Therapy Revenue and Income ExpansionPhysical therapy revenue was $190 million, up 13%, while PT income grew 15%. Mature clinic revenue increased 6%, described as the highest mature revenue growth posted in some time.
- Improved Revenue per VisitRevenue per visit reached $111, an increase of $5 from the prior year, driven primarily by higher reimbursement rates at hospital-affiliated clinics. Net rate per visit rose by more than $5 during the quarter, and September reached $112 per visit, both company records.
- Hospital Affiliations Scaling RapidlyHospital affiliation revenue exceeded $25 million in the third quarter and increased from less than 5% of revenue in Q2 to more than 13% in the latest quarter. The company has converted 72 clinics, consisting of 62 Metro facilities and 10 Gulf Coast facilities, with both partnerships expected to be fully loaded for the entire fourth quarter.
- Strong Performance Despite Metro Integration WorkThe majority of Metro New York facilities moved into the NYU Langone relationship during the third quarter, requiring teams to learn and navigate a new hospital-based EMR and other operational changes. Despite the implementation work, Metro volume reached its highest level and continued to grow.
- Industrial Injury Prevention GrowthIndustrial injury prevention revenue increased 14% to $33 million, or 8% excluding the acquisitions completed in January. Profitability increased 27%, and the segment margin improved 230 basis points to 22%.
- Workers' Compensation MomentumWorkers' compensation revenue per visit increased 8% year over year, with penetration approaching 11%, the highest share of total payer mix since 2020. Management cited expanded agreements, particularly on the higher-paying PPO side, and said additional contracts are scheduled to come online.
- Margin and Corporate-Leverage ImprovementAdjusted physical therapy margin was 19%, up 60 basis points year over year. Adjusted corporate expenses declined to 8% of revenue, an 80-basis-point improvement, reflecting leverage as the company grows.
- Adjusted Earnings GrowthAdjusted net income was $12 million, up $2 million from the third quarter of 2025. Adjusted earnings per share were $0.80, an increase of $0.14 year over year.
- Operating Cash Flow and Capital ReturnsYear-to-date operating cash flow increased to $64 million from $50 million in the same period last year. The company deployed $36 million for business acquisitions, $23 million for minority-interest purchases, $21 million in dividends, and $19 million for share repurchases. The quarterly dividend is $0.46 per share.
- Full-Year EBITDA Guidance ReaffirmedManagement reaffirmed full-year EBITDA guidance of $102 million to $106 million, citing year-to-date performance and acceleration in the third quarter.
- Acquisition and Development PipelineThe company announced a 12-clinic acquisition, added a significant sports medicine practice on Long Island, and said its hospital initiative continues to attract interested partners. Management also cited de novo opportunities, tuck-in acquisitions, and capacity to add staff at existing facilities.
- Potential Medicare Methodology BenefitManagement said the base physician fee schedule components appear to be 0.7% positive for next year. CMS is also expected to phase out the IPSI modifier over two years beginning in 2027; management expects the change to provide a significant benefit over multiple years, although the precise impact is still being evaluated.
- Balance-Sheet and Interest-Rate ManagementThe company ended the quarter with $38 million in cash versus $36 million at year-end 2025. A new interest-rate swap fixes the SOFR index for the term loan at 4.6% beginning June 30, 2027, with an initial notional value of $171 million; combined with the existing swap, a sizable portion of floating-rate debt is hedged.
- Revenue-Cycle and Efficiency InitiativesManagement is rolling out revenue-cycle, billing, collections, and process initiatives. WelcomeWare is deployed in 420 locations, and the company said further rollout, billing centralization, and process changes are expected to generate additional labor-cost savings, including more benefits in 2027.
DE:UPH Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 0.79- | 0.61 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 0.680.72 | 0.6 | 21.21% (+0.13) | |
| Aug 05, 2026 | 2026 (Q2) | 0.740.68 | 0.73 | -7.41% (-0.05) | |
| May 06, 2026 | 2026 (Q1) | 0.470.42 | 0.43 | -4.17% (-0.02) | |
| Feb 25, 2026 | 2025 (Q4) | 0.610.61 | 0.46 | 31.37% (+0.14) | |
| Nov 05, 2025 | 2025 (Q3) | 0.610.60 | 0.62 | -4.35% (-0.03) | |
| Aug 07, 2025 | 2025 (Q2) | 0.650.73 | 0.66 | 10.96% (+0.07) | |
| May 07, 2025 | 2025 (Q1) | 0.390.43 | 0.46 | -5.88% (-0.03) | |
| Feb 26, 2025 | 2024 (Q4) | 0.620.46 | 0.53 | -13.56% (-0.07) | |
| Nov 05, 2024 | 2024 (Q3) | 0.620.62 | 0.56 | 11.29% (+0.06) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
