USPH Posts 8.5% Revenue Growth to $214M in Q2, Reaffirms Full-Year Outlook
USPH sits 31% above its 52-week low of $58.19 on elevated volume (1.8× avg).
Summary
U.S. Physical Therapy reported Q2 2026 revenue of $214.1 million, an 8.5% increase year-over-year, and reaffirmed its full-year adjusted EBITDA guidance of $102–$106 million. Net income attributable to shareholders was $9.9 million, or $0.25 per share, weighed down by non-cash revaluation charges.
Key Events · Earnings and Guidance · USPH
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Q2 Revenue Rises 8.5%
Total net revenue reached $214.1 million, up from $197.3 million in Q2 2025, driven by a 6.6% increase in patient visits and a $2.26 rise in revenue per visit.
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EPS Drops on Non-Cash Revaluation
Net income attributable to USPH shareholders was $9.9 million, or $0.25 per share, compared to $12.4 million, or $0.58 per share, a year ago. The decline reflects a non-cash revaluation of redeemable non-controlling interests, not operational weakness.
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Full-Year Guidance Reaffirmed
Management reiterated its 2026 adjusted EBITDA guidance of $102 million to $106 million, implying acceleration in the second half as hospital affiliation integrations and margin initiatives take effect.
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Share Repurchases Signal Confidence
The company bought back 306,256 shares for $19.2 million at an average price of $62.80 during Q2 2026, a significant return of capital that underscores management's belief in the stock's value.
Analysis · USPH · Industrial Applications And Services
U.S. Physical Therapy turned in a solid second quarter, with revenue climbing 8.5% to $214.1 million on the back of higher patient visits and improved revenue per visit. Net income attributable to shareholders, however, slipped to $9.9 million from $12.4 million a year ago, largely because of a non-cash revaluation of redeemable non-controlling interests that compressed EPS to $0.25 from $0.58. Adjusted EBITDA held nearly steady at $27.0 million. Looking ahead, management reaffirmed its full-year 2026 adjusted EBITDA guidance of $102–$106 million, signaling confidence that the back half will benefit from progressing hospital affiliation integrations and margin initiatives. During the quarter, the company also repurchased $19.2 million of its own stock—a meaningful return of capital that underscores management's conviction in the business's intrinsic value.
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In the 30 days to Sep 16, 2026, 30% of the 1759 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.34%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, USPH was trading at $76.46 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $58.19 to $93.50. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.