Earnings Releases·Nov 6, 2026, 4:10 PM ET

U.S. Physical Therapy, Inc. — Third Quarter 2026 Earnings Summary

Total net revenue increased 13% year-over-year to $223 million for Q3 2026, while adjusted net income and adjusted EPS rose to $12 million ($0.80/share) and $30.2 million ($2.01/share) year-to-date, respectively, despite a GAAP net loss of $11 million ($1.04/share) in the quarter.
Management reaffirmed full-year 2026 adjusted EBITDA guidance of $102 million to $106 million, citing margin expansion in the IIP segment and initial benefits from the hospital affiliation rollout, though self-insured medical costs pressured margins by 150 basis points in the quarter.
Strategic activity included the acquisition of a 67% equity interest in a 12-clinic practice for $16 million, the successful integration of 72 hospital-affiliated clinics, and a net addition of 18 locations to reach a total of 799.
Capital allocation and balance sheet updates feature a quarterly dividend declaration of $0.46 per share, $19.2 million in common stock repurchases year-to-date, and a new interest rate swap fixing term debt at 4.6% for $171 million.