U.S. Physical Therapy, Inc. released its fourth‑quarter and full‑year 2025 financial results, reporting total revenue of $202.73 million for the quarter—up 12.3% year‑over‑year—and $781.0 million for the year, a 16.3% increase from 2024.
The company’s earnings per share of $0.67 matched analyst consensus and represented a 31.4% rise over the $0.51 EPS reported in Q4 2024. Adjusted EBITDA climbed to $24.8 million for the quarter, a 13.5% gain, and $95.0 million for the year, a 16.2% increase from $81.8 million in 2024. The stronger earnings were driven by disciplined cost management and a favorable mix shift toward higher‑margin physical therapy services.
Patient visits totaled 1.59 million in Q4, up 11.2% from the same period in 2024, reflecting continued demand for the company’s core physical therapy operations. Gross profit margin for the physical therapy segment expanded to 20.2% in Q4 from 18.3% in Q3, while the full‑year margin for the segment was 19.2% versus 18.5% in 2024, indicating sustained pricing power and operational efficiency.
Industrial Injury Prevention Services generated $28.9 million in revenue in Q4, an 8.7% increase, and contributed $0.5 million in gross profit, up 11.5% from Q4 2024. The growth in this segment complements the core physical therapy business and supports the company’s broader service mix.
Management reiterated its 2026 outlook, projecting adjusted EBITDA in the range of $102 million to $106 million. CEO Chris Reading noted that “our record patient visit volumes and strategic initiatives position us well for continued growth, despite ongoing Medicare rate challenges.” The guidance reflects confidence in Medicare reimbursement tailwinds and the impact of recent hospital alliances and acquisitions.
The company also raised its quarterly dividend to $0.46 per share, up from $0.45, and announced that CFO Carey Hendrickson will step down with Jason Curtis assuming the interim CFO role. These corporate actions underscore the company’s focus on shareholder returns and leadership continuity.
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