U.S. Physical Therapy reported second quarter 2026 total net revenue of $214.1 million, an 8.5% increase from the prior year quarter, while net income attributable to shareholders fell to $9.9 million from $12.4 million a year earlier due to higher employee health costs and front-loaded hiring expenses. Physical therapy net revenue grew 8.4% to $182.4 million, driven by record net rates of $107.59 per visit and a 6.6% increase in patient visits to 1,661,694, with visits per clinic per day reaching an all-time high of 33.5. Industrial injury prevention revenue rose 9.1% to $31.7 million, and adjusted EBITDA was relatively flat at $27.0 million compared to $26.9 million in the second quarter of 2025. The company reaffirmed full year 2026 adjusted EBITDA guidance of $102 million to $106 million and noted that it completed the acquisition of a 12-clinic physical therapy practice for a purchase price of $16.4 million, bringing total 2026 acquisition spending to $37.6 million across three acquisitions with combined annualized revenue of approximately $27 million.
U.S. Physical Therapy, Inc.Revenue up but net income down due to higher costs; reaffirmed EBITDA guidance.
