U.S. Physical Therapy, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2025, with total net revenue reaching $780.99 million, a 16.3% increase from $671.35 million in 2024. The company's net patient revenue rose to $650.43 million, up 16.0% from the previous year, while other revenue also saw a notable increase of 17.8%, totaling $130.56 million. The company’s operating income improved to $86.68 million, reflecting a 37.6% increase compared to $62.99 million in 2024. However, net income attributable to shareholders decreased to $39.58 million, or $1.42 per share, down from $31.42 million, or $1.84 per share, in 2024, primarily due to an increase in the value of redeemable non-controlling interests.
In terms of operational developments, U.S. Physical Therapy expanded its clinic network, ending 2025 with 780 clinics across 44 states, an increase from 761 clinics in 2024. The company completed several acquisitions, including a 60% interest in a three-clinic practice and a 40% interest in an outpatient home care practice, among others. The company’s strategy focuses on acquiring outpatient physical therapy practices and expanding its industrial injury prevention services, which also contributed to revenue growth. The total number of patient visits increased to 6.15 million in 2025, up from 5.35 million in 2024, indicating a 14.9% rise in engagement metrics.
The company also reported a rise in operating costs, which increased by 15.3% to $631.30 million, driven by higher salaries and related costs, which accounted for $461.89 million. Despite the increase in costs, the gross profit margin improved to 19.2%, up from 18.5% in 2024. The company’s corporate office costs also rose to $69.26 million, reflecting ongoing investments in operational efficiency, including the implementation of a new enterprise resource planning (ERP) system.
Looking ahead, U.S. Physical Therapy expressed optimism about future growth, supported by strategic alliances with hospital systems and continued expansion of its clinic network. The company announced a 10-year strategic alliance with a prominent New York hospital system, which is expected to enhance its clinical services network. Additionally, the Board of Directors raised the quarterly dividend rate from $0.45 to $0.46 per share, signaling confidence in the company’s financial health and commitment to returning value to shareholders. The company anticipates that these strategic initiatives will contribute positively to its revenue and operating income in the coming years.
About U S PHYSICAL THERAPY INC /NV
U.S. Physical Therapy, Inc. operates outpatient physical therapy clinics and industrial injury prevention services. It provides orthopedic, neurological, and sports injury rehabilitation, serving healthcare providers, employers, insurers, and patients. The company emphasizes quality care, strategic acquisitions, and partnerships with licensed therapists. Its business model combines clinic ownership, management, and service contracts across multiple states, focusing on cost-effective, high-quality outpatient therapy and injury prevention solutions.
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