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Get filing alertsUSPH reports Q1 2026 revenue up 7.9% to $198M, reaffirms full-year guidance despite weather drag
Filed May 11, 2026 · Period ending May 7, 2026 · ~2 min read
Key Changes
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Q1 2026 revenue rose 7.9% to $198M with adjusted EBITDA of $20.2M, though operating EPS slipped to $0.46 from $0.48 as weather disruptions cost 31,000 visits (~$3M revenue) and forced payment of idle staff during closures.
Exhibit 99.1 view on EDGAR → -
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Completed new 5-year $450M credit facility on April 15, 2026, upsized from $400M launch and replacing prior $325M facility, with improved pricing and maturity extended to April 2031.
Exhibit 99.1 view on EDGAR → -
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Reaffirmed full-year 2026 adjusted EBITDA guidance of $102M–$106M, with management expecting 2026 initiatives and hospital affiliation benefits to ramp through the year.
Exhibit 99.1 view on EDGAR → -
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Acquired 50% of an 8-clinic PT practice ($8M revenue) and 70% of an injury prevention business ($7M revenue) in Q1, plus repurchased ~$14M equity in two existing partnerships.
Exhibit 99.1 view on EDGAR → -
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Added 46 owned clinics over the trailing twelve months through March 31, 2026 via de novo openings and acquisitions; industrial injury prevention segment grew revenue 11.8% in Q1.
Exhibit 99.2 view on EDGAR →
Summary
U.S. Physical Therapy furnished its Q1 2026 earnings call transcript and updated investor presentation, disclosing revenue growth of 7.9% to $198 million and adjusted EBITDA of $20.2 million (up $0.7 million year-over-year).
Patient visits increased 6.9% to 1.54 million despite weather disruptions that cost the company approximately 31,000 visits and over $3 million in revenue, while forcing payment of salaried staff during closures—a margin headwind management characterized as now behind them. Operating EPS declined modestly to $0.46 from $0.48 in the prior-year quarter.
The company reaffirmed its full-year 2026 adjusted EBITDA guidance of $102 million to $106 million, expressing confidence that hospital affiliation benefits and other 2026 initiatives will build sequentially through the year. USPH completed a new 5-year $450 million credit facility in April 2026, upsized from a $400 million launch due to strong lender support and replacing its prior $325 million facility with improved pricing. The expanded capacity supports the company's ongoing acquisition strategy: in Q1 alone, USPH acquired interests in two new practices (an 8-clinic PT group and an injury prevention business) and repurchased approximately $14 million of equity in two existing partnerships. The industrial injury prevention segment, now 15% of revenue, grew 11.8% in the quarter. For retail holders, the quarter demonstrates USPH's ability to maintain growth momentum and capital deployment despite near-term weather headwinds, with the reaffirmed guidance signaling management's confidence in the full-year trajectory.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
USPH furnished Q1 2026 earnings call transcript and updated investor presentation under Regulation FD.
Show 2 minor / wording changes
Added in current filing · verify on EDGAR →
On May 7, 2026, U.S. Physical Therapy, Inc. (“USPH”, “the Company”) (NYSE, NYSE Texas: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, hosted a conference call and webcast, to discuss its results for the three months ended March 31, 2026. The transcript of the conference call is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The company held an earnings call on May 7, 2026 to discuss first quarter 2026 results and furnished the transcript as an exhibit. This is a routine quarterly disclosure providing investors access to management's discussion of operating performance for the three months ended March 31, 2026.
Added in current filing · verify on EDGAR →
On the same day, USPH updated its investor presentation. The presentation covers an overview of the Company and is furnished as Exhibit 99.2 to this Current Report on Form 8-K. Additionally, the presentation can be found on the Company's website at www.usph.com under Investor Relations.
The company updated its investor presentation on May 7, 2026, providing an overview of the business. The presentation is available as an exhibit and on the company's investor relations website. This is routine maintenance of investor materials.
Event · Exhibit 99.1
USPH disclosed Q1 2026 earnings via conference call transcript, reaffirming full-year guidance despite weather headwinds and margin compression.
Added in current filing · view on EDGAR →
Total revenue was $198 million, a 7.9% increase versus 2025. Daily visits per clinic increased to 31.8 in the first quarter 2026 compared to 31.2 in Q1 2025. Total patient visits in the first quarter 2026 were 1,543,000, a 6.9% increase versus last year. Net patient revenue per visit was $106.49 in the first quarter of 2026, a $0.83 increase versus the prior year. ... Adjusted EBITDA in Q1 2026 was $20.2 million, a $0.7 million increase compared to Q1 2025. Operating results per share was $0.46 in the first quarter of 2026 compared to $0.48 in the first quarter of 2025.
USPH reported Q1 2026 revenue of $198 million (up 7.9% year-over-year) and adjusted EBITDA of $20.2 million (up $0.7 million). Patient visits increased 6.9% to 1,543,000, and net revenue per visit rose to $106.49. Operating EPS declined slightly to $0.46 from $0.48 in Q1 2025. Management stated the quarter came in right on budget despite weather disruptions.
Added in current filing · view on EDGAR → · paraphrased
At the beginning of January, we acquired a 50% interest in an eight-clinic physical therapy practice with $8 million in revenue and 66,000 visits. At the end of January, we acquired a 70% interest in an industrial injury prevention business with $7 million in revenue. ... we repurchased equity in two very strong partnerships with the total spend of a little more than $14 million where we continue to have strong founding partners who were taking some chips off the table due to their extraordinary growth over time, in one case, and another at a point of the partner's planned retirement, with a strong owner bench still intact.
USPH completed two acquisitions in Q1 2026: a 50% interest in an eight-clinic physical therapy practice with $8 million in revenue and 66,000 visits, and a 70% interest in an industrial injury prevention business with $7 million in revenue. Additionally, the company repurchased equity in two existing partnerships for approximately $14 million, with founding partners remaining involved.
Event · Exhibit 99.2
USPH filed an investor presentation deck summarizing its Q1 2026 results, business model, and growth strategy.
Added in current filing · view on EDGAR → · paraphrased
TTM Revenues(2) $795mm ... TTM Adj EBITDA(2) (4) $96mm ... 8% YoY Revenue Growth(1) ... For the trailing twelve months ended March 31, 2026.
USPH disclosed trailing twelve-month revenues of $795 million and Adjusted EBITDA of $96 million through Q1 2026, with 8% year-over-year revenue growth. The company operates 783 owned/managed outpatient physical and occupational therapy clinics across 44 states, with physical therapy operations representing 85% of revenue and injury prevention services 15%.
Added in current filing · view on EDGAR →
Upsized the Credit Facility from $325M to $450M in April 2026 with maturity date of April 14, 2031
The company increased its credit facility from $325 million to $450 million in April 2026, extending the maturity to April 14, 2031. This enhances financial flexibility for acquisitions and growth initiatives. As of March 31, 2026, the company had $112.9 million in cash and $142.5 million outstanding on its term loan, with $175 million available under its revolving facility.
Added in current filing · view on EDGAR →
Authorization to repurchase up to $25M if market conditions are appropriate. Repurchased 81,322 shares for $5.6 million in 4Q25
USPH repurchased 81,322 shares for $5.6 million in Q4 2025 under a $25 million authorization. The company maintains this authorization to repurchase additional shares if market conditions warrant, demonstrating capital allocation flexibility alongside its dividend program and acquisition strategy.
Added in current filing · view on EDGAR → · paraphrased
46 owned clinics added (1) (2) since April 1, 2025 ... From 4/01/2025 – 3/31/2026 Includes de-novo clinics and acquisitions of single and multi-site practices.
The company added 46 owned clinics between April 1, 2025 and March 31, 2026 through a combination of de novo openings and acquisitions of single and multi-site practices. This expansion continues USPH's strategy of organic and acquisition-driven growth in a highly fragmented market where no company holds more than 10% market share.
Added in current filing · view on EDGAR → · paraphrased
First Quarter 2026: Revenue +11.8% Gross Margin 20.4% ... TTM Revenue through Q1 2026: $117.6 million
The industrial injury prevention segment grew revenue 11.8% in Q1 2026 with a 20.4% gross margin, reaching $117.6 million in trailing twelve-month revenue. This segment, which provides onsite services at over 600 client locations, now represents 15% of total company revenue, up from 5.6% when USPH first entered the space in 2017.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 14, 2026 · How we verify