USPH Q1 revenue +7.9% to $198M; operating income -36% on contingent-consideration swing

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

• high

  Operating income fell 36% YoY to $12.5M (6.3% margin) from $19.6M (10.7% margin), driven by a $6.8M swing in contingent earn-out revaluation (from a $4.8M gain in Q1 2025 to a $2.0M loss in Q1 2026) and higher corporate costs, partially offset by revenue growth.

  MD&A: Operating Income verify on EDGAR →
• high

  CFO Carey Hendrickson resigned effective April 24, 2026; SVP of Finance Jason Curtis assumed the role on an interim basis while the company conducts a search for a permanent successor.

  Notes: Subsequent Events verify on EDGAR →
• high

  Company closed a new $450M credit facility on April 14, 2026 (after quarter end), replacing the prior $325M facility and extending maturity to April 2031, providing $125M of additional capacity for acquisitions and growth.

  Notes: Subsequent Events verify on EDGAR →