Welcome to our dedicated page for U S Physical Therapy SEC filings (Ticker: USPH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
U.S. Physical Therapy filings document the public-company record for a Nevada-incorporated operator of outpatient physical therapy clinics and provider of industrial injury prevention services. Its 8-K reports cover operating results, conference-call transcripts, investor presentations, dividends, acquisitions, strategic alliances, and material financing agreements, including amended senior credit facilities.
Proxy materials describe annual meeting matters such as director elections, advisory executive compensation votes, auditor ratification, board governance, and equity-based compensation arrangements. Other disclosures address common stock, restricted stock units, dividend equivalents, executive compensation plans, leadership changes, reimbursement and operating risks, and the company’s physical therapy and industrial injury prevention business model.
Motsenbocker Anne reported acquisition or exercise transactions in this Form 4 filing.
U S Physical Therapy director Anne Motsenbocker received a grant of 2,306 shares of common stock at $61.61 per share as equity compensation. This award increased her direct holdings to 9,812 shares of the company’s stock.
The 2,306 granted shares are restricted stock. According to the terms, restrictions lapse as to 1,153 shares on August 20, 2026, 576 shares on November 20, 2026, and 577 shares on March 6, 2027, if she remains a director on those dates.
Swanson Regg E. reported acquisition or exercise transactions in this Form 4 filing.
U.S. Physical Therapy director Regg E. Swanson reported an equity award of company stock. He received a grant of 2,306 shares of common stock as restricted stock at a reference price of $61.61 per share, increasing his direct holdings to 15,492 shares.
The footnotes state these 2,306 restricted shares were granted under the Company Amended and Restated 2003 Stock Incentive Plan. Restrictions are scheduled to lapse on August 20, 2026 for 1,153 shares, November 20, 2026 for 576 shares, and March 6, 2027 for 577 shares, if he remains a director on those dates. He also has 7,596 shares held indirectly through the Regg E. Swanson Revocable Trust, where he is beneficiary and trustee.
Minan Peter Francis reported acquisition or exercise transactions in this Form 4 filing.
U.S. Physical Therapy director Peter Francis Minan received a grant of 2,306 shares of Common Stock as restricted stock. The award is valued at $61.61 per share for reporting purposes and increases his direct holdings to 2,431 shares.
According to the grant terms, restrictions lapse as to 1,153 shares on August 20, 2026, 576 shares on November 20, 2026, and 577 shares on March 6, 2027, if he continues to serve as a director on those dates.
Harris Bernard A Jr reported acquisition or exercise transactions in this Form 4 filing.
U.S. Physical Therapy director Bernard A. Harris Jr. received 2,306 shares of common stock as a restricted stock award. The shares were granted at a reference price of $61.61 per share under the Company Amended and Restated 2003 Stock Incentive Plan. Following this grant, he directly holds 20,914 shares.
The award vests over time if he continues serving as a director. Restrictions lapse on 1,153 shares on August 20, 2026, 576 shares on November 20, 2026, and 577 shares on March 6, 2027, conditioned on his board service on those dates.
Gilmartin Kathleen A reported acquisition or exercise transactions in this Form 4 filing.
U.S. Physical Therapy director Kathleen A. Gilmartin received an award of 2,306 shares of Common Stock, valued at $61.61 per share. This restricted stock grant increases her direct holdings to 27,092 shares. Restrictions lapse in stages through March 6, 2027, contingent on continued board service.
U S Physical Therapy, Inc. director Peter Francis Minan filed an initial Form 3 reporting his ownership in the company. The filing shows he directly holds 125 shares of Common Stock, establishing his beneficial ownership position. The filing does not report any recent share purchases or sales, only current holdings.
U.S. Physical Therapy, Inc. reported the results of its Annual Meeting of Shareholders held on May 19, 2026. Shareholders elected seven directors, each receiving more than 13.2 million votes in favor, with Peter F. Minan receiving 14,005,301 votes for and 102,931 withheld.
Shareholders approved, on an advisory basis, the Company’s named executive officer compensation with 13,203,434 votes for, 894,885 against, 9,913 abstentions, and 494,670 broker non-votes. They also ratified the appointment of Grant Thornton LLP as independent registered public accounting firm for the year ending December 31, 2026, with 14,475,354 votes for, 126,323 against, and 1,225 abstentions.
U.S. Physical Therapy, Inc. reported Q1 2026 results and reaffirmed its full-year 2026 adjusted EBITDA guidance of $102 million to $106 million. Management said performance was in line with internal expectations.
Physical therapy revenue was $168 million, up 7.2% year over year, with mature clinic revenue up 2.5% and visits per clinic per day rising to 31.8 despite losing over 31,000 visits to weather. The net rate per visit increased to $106.49 from $105.66, helped by higher commercial and Medicare rates, partly offset by weaker Medicaid pricing.
Industrial injury prevention revenue reached $31 million, up 11.8%, and segment margin improved to 20.4% from 18.6%. Company-wide adjusted EBITDA was $20.2 million, about $0.7 million higher than Q1 2025, while adjusted physical therapy margin eased to 16.1% from 16.8% and adjusted corporate expense rose slightly as a percentage of revenue.
Net income attributable to shareholders declined to $5.0 million from $9.9 million, and GAAP loss per share was $(0.12) versus earnings of $0.80, largely due to a $2.0 million loss on contingent earn-out revaluation and adverse movements in redeemable non-controlling interests. Operating results per share, a non-GAAP metric, were $0.46 compared with $0.48.
The company completed two Q1 acquisitions: a 50% stake in an eight-clinic physical therapy practice with $8 million of revenue and 66,000 visits, and a 70% interest in an industrial injury prevention business with $7 million of revenue. It also spent slightly more than $14 million to repurchase equity in two partnerships.
Cash was $28 million and credit facility borrowings were $204 million at quarter-end. In April 2026, U.S. Physical Therapy closed a new five-year, $450 million credit facility, upsized from a $400 million launch and larger than its prior $325 million facility, with improved pricing. Management highlighted strong demand, ongoing hospital alliances, expansion of cash-based programs, remote therapeutic monitoring and an ERP rollout, and expressed confidence in achieving 2026 goals.
U.S. Physical Therapy, Inc. reported higher Q1 2026 revenue but sharply lower profit as non-cash items weighed on results. Net revenue rose to $198.3 million from $183.8 million, driven by net patient revenue of $164.3 million and other revenue of $34.0 million.
Operating income fell to $12.5 million from $19.6 million as salaries, rent and other operating costs increased and a $2.0 million loss on contingent earn-out revaluation replaced a prior-year gain. Net income attributable to USPH shareholders dropped to $5.0 million from $9.9 million, and after a large non-cash upward revaluation of redeemable non-controlling interests, basic and diluted earnings swung to a $(0.12) loss per share from $0.80 per share.
Total assets increased to $1.24 billion, including goodwill of $715.9 million, while total liabilities rose to $459.2 million, reflecting higher borrowings on the revolving facility. The company added clinics and completed two acquisitions in January 2026, investing about $21.7 million in majority interests in new businesses.
Copeland Capital Management reported beneficial ownership of 836,831 shares of U S PHYSICAL THERAPY INC common stock, equal to 5.5% of the class as reported on 03/31/2026. The filing shows 545,129 shares with sole voting power and 129,298 with shared voting power. The filer certifies the position is not held to change or influence control and includes a signature by the filer's General Counsel and CCO.