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EarningsQ2 2026 Earnings Report
USPH Q2 2026 EPS Results
Actual EPS$0.75
Consensus EPS$0.81
Beat/MissMissed by -$0.06
One Year Ago EPS$0.81
USPH Q2 2026 Revenue Results
Actual Revenue$214.06M
Expected Revenue$211.36M
Beat/MissBeat by +$2.70M
YoY Revenue Growth+8.47%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
USPH Upcoming Earnings
US Physical Therapy's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
USPH Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call portrays strong operational momentum — solid revenue growth, record visit volumes, improving revenue per visit, active M&A and an expanding hospital-affiliation pipeline that management expects will materially lift results in late 2023 and 2027. Near-term profitability was pressured by elevated employee self-insured medical costs, front-loaded hiring for hospital rollouts and integration costs, leading to margin compression, lower net income and EPS. Management reaffirmed full-year adjusted EBITDA guidance and highlighted meaningful upside from ongoing hospital affiliations and rate increases, indicating confidence in future performance.Company Guidance
Revenue Growth
Total Q2 2026 revenue was $214.0M, up 8.5% year-over-year; Physical Therapy revenue was $182.0M, up 8.4% YoY; Industrial Injury Prevention (IIP) revenue was $32.0M, up 9.1% YoY.
Record Visit Activity and Volume
Q2 visits were 1,662,000, a 6.6% increase YoY; visits per clinic per day reached an all-time high of 33.5 (vs. 32.7 in Q2 2025) and the company has set visit-per-clinic records for 24 consecutive months.
Revenue per Visit and Payer Rate Improvements
Physical therapy revenue per visit was $107.59, up $2.26 vs prior year (net rate lift); Medicare revenue per visit increased 3.7% in Q2; commercial and workers' comp revenue per visit rose 1.2% and 2.0%, respectively.
Hospital Affiliation Rollout Driving Early Revenue
Integrated 31 clinics into hospital affiliations in Q2 with $5.6M of Q2 revenue attributable to initial phases; remaining 39 clinics expected to integrate in Q3, with management projecting material additional lift into Q4 and 2027.
IIP Margin Stability
IIP margin held steady at 20.4% in Q2 2026 versus 20.3% in Q2 2025 while delivering 9.1% revenue growth, indicating stable profitability in that segment.
M&A and Development Activity
Completed acquisition of a 12-clinic PT practice for $16.4M (annual revenue $12M, 112k visits); three 2026 acquisitions total $38M purchase price with combined annualized revenue of $27M; pipeline for additional hospital partnerships and tuck-ins remains active.
Liquidity and Capital Deployment
Upsized $450M credit facility with $125M accordion increases revolver availability to $229M (vs $145M prior year); repurchased 306,000 shares for $19.2M in Q2; year-to-date operating cash flow $38M vs $30M prior year.
Reaffirmed Full-Year Guidance
Company reaffirmed full year 2026 adjusted EBITDA guidance of $102M to $106M despite near-term implementation costs, citing expected hospital affiliation benefits and Medicare/commercial rate lifts into the back half.
USPH Earnings History
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.
Beat
Missed