U.S. Physical Therapy, Inc. (USPH) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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USPH Revenue Growth
Revenue Breakdown (FY 2025)
USPH's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
USPH Revenue Analysis (2014–2025)
As of May 8, 2026, U.S. Physical Therapy, Inc. (USPH) generated trailing twelve-month (TTM) revenue of $695.3 million, reflecting solid growth of +7.7% year-over-year. The most recent quarter (Q1 2026) recorded $164.3 million in revenue, down 18.9% sequentially.
Looking at the longer-term picture, USPH's 5-year compound annual growth rate (CAGR) stands at +13.0%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $781.0 million in 2025, representing a new all-time high.
Revenue diversification analysis shows USPH's business is primarily driven by Net Patient Revenues (83%), and Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues (17%). With over half of revenue concentrated in Net Patient Revenues, the company maintains significant focus in this area while developing other growth vectors.
When compared to Healthcare sector peers including AFCG (-85.0% YoY), CCRN (-39.5% YoY), and NHC (+22.1% YoY), USPH has underperformed the peer group in terms of revenue growth. Compare USPH vs AFCG →
USPH Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| USPHCurrent | $695M | +7.7% | +13.0% | 10.3% | |
 AFCG | $31M | -85.0% | +22.2% | -43.6% | |
 CCRN | $1.1B | -39.5% | +4.7% | -0.3% | |
 NHC | $1.5B | +22.1% | +8.4% | 8.7% | |
 ENSG | $5.1B | +19.2% | +16.1% | 8.6% | |
 ACHC | $3.3B | +6.8% | +9.7% | 11.7% |
USPH Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $781.0M | +16.3% | $157.3M | 20.1% | $80.4M | 10.3% |
| 2024 | $671.3M | +11.0% | $123.9M | 18.5% | $63.2M | 9.4% |
| 2023 | $604.8M | +9.3% | $121.5M | 20.1% | $52.1M | 8.6% |
| 2022 | $553.1M | +11.7% | $112.0M | 20.3% | $56.8M | 10.3% |
| 2021 | $495.0M | +17.0% | $117.2M | 23.7% | $70.6M | 14.3% |
| 2020 | $423.0M | -12.2% | $94.5M | 22.3% | $52.4M | 12.4% |
| 2019 | $482.0M | +6.2% | $112.5M | 23.3% | $67.4M | 14.0% |
| 2018 | $453.9M | +9.6% | $101.7M | 22.4% | $60.3M | 13.3% |
| 2017 | $414.1M | +16.1% | $90.6M | 21.9% | $54.7M | 13.2% |
| 2016 | $356.5M | +7.6% | $82.0M | 23.0% | $49.5M | 13.9% |
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Start ComparisonUSPH — Frequently Asked Questions
Quick answers to the most common questions about buying USPH stock.
Is USPH's revenue growth accelerating or slowing?
USPH maintains +7.7% revenue growth, in line with its 5-year CAGR of +13.0%. TTM revenue stands at $695M. Growth rate remains consistent with historical average.
What is USPH's long-term revenue growth rate?
U.S. Physical Therapy, Inc.'s 5-year revenue CAGR of +13.0% reflects the sustained expansion pattern. Current YoY growth of +7.7% is near this long-term average.
How is USPH's revenue distributed by segment?
USPH reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.