U.S. Physical Therapy (USPH) financial statements
U.S. Physical Therapy reported revenue of $781M in fiscal 2025, up 9.1% a year over 9 years.
Net income was $40M and the operating margin 11.1%, against 13.9% in 2016.
Free cash flow was $61M, and the company returned $27M in dividends and $6M in net buybacks.
The diluted share count rose 21% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from U.S. Physical Therapy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $357M | $414M | $454M | $482M | $423M | $495M | $553M | $605M | $671M | $781M |
| Gross profit | $82M | $91M | $102M | $112M | $94M | $117M | $112M | $122M | $124M | $150M |
| Selling, general and admin | $32M | $36M | $41M | $45M | $42M | $47M | $46M | $52M | $58M | $69M |
| Operating income | $50M | $55M | $60M | $67M | $52M | $71M | $57M | $51M | $63M | $87M |
| Interest expense | $11M | $21M | $2M | $2M | — | — | — | — | — | — |
| Pre-tax income | $38M | $34M | $60M | $71M | $66M | $73M | $56M | $49M | $60M | $78M |
| Income tax | $12M | $6M | $11M | $14M | $13M | $15M | $12M | $12M | $15M | $20M |
| Net income | $21M | $22M | $35M | $40M | $35M | $41M | $32M | $28M | $31M | $40M |
| EPS (diluted) | $1.64 | $1.76 | $1.31 | $2.45 | $2.48 | $2.41 | $2.25 | $1.28 | $1.84 | $1.42 |
| Diluted shares | 12M | 13M | 13M | 13M | 13M | 13M | 13M | 14M | 15M | 15M |
| Gross margin | 23.0% | 21.9% | 22.4% | 23.3% | 22.3% | 23.7% | 20.3% | 20.1% | 18.5% | 19.2% |
| Operating margin | 13.9% | 13.2% | 13.3% | 14.0% | 12.4% | 14.3% | 10.3% | 8.4% | 9.4% | 11.1% |
| Net margin | 5.8% | 5.4% | 7.7% | 8.3% | 8.3% | 8.2% | 5.8% | 4.7% | 4.7% | 5.1% |
Balance sheet
Fiscal years, from U.S. Physical Therapy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $20M | $22M | $23M | $24M | $33M | $29M | $32M | $153M | $41M | $36M |
| Receivables | $39M | $45M | $45M | $46M | $42M | $46M | $52M | $52M | $59M | $64M |
| Total current assets | $66M | $77M | $79M | $85M | $88M | $95M | $111M | $233M | $138M | $140M |
| Property, plant and equipment | $19M | $20M | $20M | $22M | $22M | $23M | $25M | $26M | $32M | $36M |
| Goodwill | $227M | $271M | $294M | $318M | $346M | $435M | $494M | $510M | $667M | $692M |
| Total assets | $351M | $419M | $443M | $631M | $594M | $749M | $858M | $997M | $1.2B | $1.2B |
| Total current liabilities | $25M | $40M | $42M | $61M | $93M | $83M | $85M | $102M | $116M | $139M |
| Long-term debt | $51M | $57M | $38M | $50M | $17M | $118M | $176M | $139M | $143M | $153M |
| Total liabilities | $163M | $110M | $92M | $181M | $184M | $297M | $374M | $345M | $408M | $434M |
| Shareholders' equity | $188M | $205M | $216M | $240M | $276M | $296M | $316M | $476M | $489M | $476M |
| Net debt | $32M | $39M | $16M | $28M | -$11M | $90M | $152M | -$6M | $112M | $127M |
Cash flow
Fiscal years, from U.S. Physical Therapy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $51M | $57M | $73M | $62M | $100M | $76M | $59M | $82M | $75M | $75M |
| Capital spending | $8M | $7M | $7M | $10M | $8M | $8M | $8M | $9M | $9M | $14M |
| Free cash flow | $43M | $49M | $66M | $52M | $92M | $68M | $50M | $73M | $66M | $61M |
| Stock-based compensation | $5M | $5M | $6M | $7M | $8M | $8M | $7M | $7M | $8M | $8M |
| Dividends paid | $9M | $10M | $12M | $15M | $4M | $19M | $21M | $24M | $27M | $27M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$6M |
| Net borrowing | — | — | — | — | $0 | $0 | $148M | -$4M | -$4M | -$9M |
| Free cash flow margin | 12.0% | 11.9% | 14.5% | 10.8% | 21.8% | 13.8% | 9.1% | 12.0% | 9.8% | 7.8% |
| Dividends per share | $0.68 | $0.80 | $0.92 | $1.14 | $0.32 | $1.45 | $1.64 | $1.70 | $1.76 | $1.80 |
Questions
What was U.S. Physical Therapy's revenue in 2025?
$781M in fiscal 2025, from its 10-K filing.
How much free cash flow does U.S. Physical Therapy generate?
$61M in fiscal 2025 (operating cash flow minus capital spending).
From U.S. Physical Therapy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.