Business Wire·Feb 25, 2026, 6:28 PM ET

U.S. Physical Therapy Reports Fourth Quarter and Full Year 2025 Results

USPH

U.S. Physical Therapy reported full-year 2025 Adjusted EBITDA of $95.0 million, a 16.2% increase from $81.8 million in 2024, with fourth-quarter Adjusted EBITDA rising 13.5% to $24.8 million.
Full-year net income attributable to shareholders was $39.6 million compared to $31.4 million in 2024, while fourth-quarter net income decreased to $4.2 million from $9.2 million due to a $5.2 million loss on contingent earnout consideration.
Earnings per share for the full year were $1.42 compared to $1.84 in 2024, and the fourth quarter resulted in a loss per share of $0.44 versus $0.52 in the prior year quarter, primarily driven by revaluation adjustments to redeemable noncontrolling interests.
Total net revenue for 2025 reached $781.0 million, a 16.3% increase from 2024, with fourth-quarter net revenue growing 13.0% to $173.8 million.
Physical therapy operations in the fourth quarter saw gross profit increase 25.3% to $35.2 million, while patient visits rose 11.2% to 1,593,336, with net rate per visit reaching $106.49.
Industrial injury prevention services revenue increased 8.7% to $28.9 million in the fourth quarter, with gross profit up 11.5% to $5.0 million.
The clinic portfolio grew to 780 locations by year-end 2025, reflecting 11 new additions and 10 closures in the fourth quarter.
Recent acquisitions include an eight-clinic practice acquired on January 2, 2026, generating $8.0 million in annual revenue, and an industrial injury prevention business acquired on January 31, 2026, generating $7.0 million in annual revenue.
Strategic alliances announced in February 2026 will integrate 60 clinics via Metro LLC with a New York hospital system and 10 clinics via another subsidiary partner with a local hospital system, expected to be fully operational by year-end 2026.
The Board increased the quarterly dividend to $0.46 per share, with the first quarter 2026 dividend payable on April 10, 2026, to shareholders of record on March 13, 2026.
Management forecasts 2026 Adjusted EBITDA to be between $102.0 million and $106.0 million, incorporating estimated Medicare rate increases and phased contributions from new hospital alliances.
CFO Carey Hendrickson will resign on April 24, 2026, with Senior Vice President Jason Curtis assuming CFO duties on an interim basis.
The Company repurchased 81,322 shares for $5.6 million in the fourth quarter, while total cash and cash equivalents stood at $35.6 million as of December 31, 2025.