US Physical Therapy Q2 FY26 net income drops 20.1% to $9.9 million; revenue rises 8.5% to $214.1 million
USPH•Q2 results and margins
USPh Q2 2026 net revenue rose 8.5% to $214.1 million; GAAP EPS fell to $0.25.
GAAP net income attributable to shareholders dropped to $9.9 million; adjusted EBITDA edged up to $27 million.
Physical therapy net revenue increased 8.4% to $182.4 million; margin narrowed 1.7 percentage points to 19.5%.
Guidance and clinic integrations
USPh reaffirmed full-year 2026 adjusted EBITDA guidance of $102 million-$106 million; 31 hospital-affiliated clinics integrated, 39 more slated for Q3.
Patient visits and revenue per visit
Patient visits climbed 6.6% to 1,661,694; revenue per visit increased to $107.59 from Q2 2025.
