U.S. Physical Therapy, Inc. reported significant financial growth in its latest quarterly filing, with net revenue reaching $197.1 million for the third quarter of 2025, a 17.3% increase from $168.0 million in the same period last year. The company's net patient revenue rose to $164.0 million, up 17.9% from $139.1 million, while other revenue also saw a 14.6% increase, totaling $33.1 million. The net income attributable to shareholders was $13.1 million, compared to $6.6 million in the prior year, resulting in earnings per share of $0.48, up from $0.39.
In terms of operational metrics, U.S. Physical Therapy expanded its clinic network, adding 18 clinics in the third quarter, bringing the total to 779 clinics as of September 30, 2025, compared to 700 clinics a year earlier. The company reported a total of 1.55 million patient visits during the quarter, an 18.0% increase from the previous year, with an average of 32.2 visits per clinic per day, marking a record high for the third quarter. The increase in patient visits and clinic count contributed to the overall revenue growth.
The company also made strategic acquisitions, including a 60% equity interest in a three-clinic practice and an outpatient home-care practice, which is expected to enhance its service offerings. The total cash used in investing activities for the nine months ended September 30, 2025, was $31.3 million, primarily for acquisitions and fixed asset purchases. U.S. Physical Therapy's total assets increased to $1.20 billion, up from $1.17 billion at the end of 2024, reflecting its growth strategy.
Despite the positive financial performance, operating costs also rose, increasing by 15.4% to $160.3 million, primarily due to the expansion of clinics and associated operational expenses. The gross profit margin improved to 18.7%, up from 17.3% in the previous year. The company’s corporate office costs also increased, reflecting investments in infrastructure to support its growing operations.
Looking ahead, U.S. Physical Therapy remains optimistic about its growth trajectory, with plans to continue expanding its clinic network and enhancing its service offerings. The company has sufficient liquidity, with $31.1 million in cash and $148.5 million in available credit as of September 30, 2025, to support its operational and strategic initiatives. The board of directors has also declared a quarterly dividend of $0.45 per share, payable in December 2025, indicating confidence in the company's ongoing financial health.
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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