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, Inc. (USPH) files a range of reports with the U.S. Securities and Exchange Commission that document its operations as a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services. These SEC filings provide detail on its physical therapy operations segment, industrial injury prevention services, clinic additions and closures, financial performance, and capital allocation decisions.
On this Stock Titan page, investors can review U.S. Physical Therapy’s current reports on Form 8-K, which have recently covered topics such as acquisitions of multi-clinic physical therapy practices and management services companies, quarterly earnings results, dividend declarations, investor presentations, and research reports. For example, the company has filed 8-Ks describing acquisitions of a three-clinic physical therapy practice and a physical therapy management services company that manages a practice with eight clinic locations, as well as 8-Ks reporting results for specific quarters and announcing quarterly cash dividends.
In addition to 8-Ks, U.S. Physical Therapy files annual reports on Form 10-K and quarterly reports on Form 10-Q, which provide segment information for physical therapy operations and industrial injury prevention services, along with discussions of revenue, operating costs, gross profit, and key operating metrics such as total patient visits and net rate per patient visit. These filings also include information about the company’s credit facilities, interest expense, and tax provisions.
Stock Titan enhances access to these documents by offering real-time updates from the SEC’s EDGAR system and AI-powered summaries that explain the contents of lengthy filings. Users can quickly see the main points from U.S. Physical Therapy’s 10-K and 10-Q reports, as well as key disclosures from 8-Ks related to acquisitions, earnings, and dividends. This page also serves as a starting point for reviewing any insider transaction reports on Form 4 that may be filed for USPH, alongside the company’s broader regulatory history.
US Physical Therapy Inc: The Vanguard Group filed an amended Schedule 13G (Amendment No. 7) reporting zero shares beneficially owned of Common Stock (CUSIP 90337L108) following an internal realignment. The filing states Vanguard's subsidiaries and business divisions now report separately in reliance on SEC Release No. 34-39538, and Vanguard no longer is deemed to beneficially own securities held by those entities.
U.S. Physical Therapy, Inc. adopted new 2026 incentive and bonus programs for senior executives tying pay more closely to earnings and performance. The plans cover the CEO, President/COO East, COO West and EVP/General Counsel and use a mix of restricted stock units (RSUs), restricted stock awards (RSAs) and cash bonuses.
Under the 2026 Objective Long-Term Incentive Plan, target RSU grants are 12,752 for the CEO, 5,613 for the President, 5,080 for the COO West and 4,314 for the EVP, with a maximum of 150% of target based on 2026 Adjusted EBITDA. RSUs, if granted in the first quarter of 2027, vest quarterly over 16 quarters from May 20, 2027 through March 6, 2030 and include cash-paid dividend equivalents.
A separate 2026 Discretionary LTIP allows the committee to grant up to 19,128 RSUs to the CEO, 8,419 to the President, 7,619 to the COO West and 6,473 to the EVP based on qualitative performance. Two 2026 bonus plans provide potential annual awards: an objective bonus of up to 100% of base salary for the CEO and 75% for the others, tied to 2026 Adjusted EBITDA targets from $101,608,320 (threshold) to $109,697,280 (maximum), and a discretionary bonus of up to 50% of base salary based on subjective goals. Most awards, if approved, are determined in the first quarter of 2027 and require continued employment through year-end 2026.
U.S. Physical Therapy COO Graham D. Reeve sold 662 shares of common stock in an open-market transaction on March 11, 2026 at a weighted average price of $78.86 per share, with individual trade prices ranging from $78.82 to $79.82.
After this sale, he directly holds 30,078 shares, including 21,384 shares of restricted stock granted under the company’s stock incentive plan. These restricted shares are scheduled to vest in multiple tranches between May 20, 2026 and March 6, 2030, contingent on continued employment.
U.S. Physical Therapy COO Graham D. Reeve reported open-market sales of Common Stock through the Reeve Trust. The trust sold 1,807 shares on March 6, 2026 at $82.25 per share and 1 share on March 9, 2026 at $78.52 per share, for a total of 1,808 shares. After these indirect sales, the trust held no shares, while Reeve continued to own 30,740 shares directly as of March 6, 2026. This direct position includes 21,384 restricted shares that vest in scheduled installments between May 20, 2026 and March 6, 2030, contingent on continued employment.
U.S. Physical Therapy reported an insider sale notice for common stock. The Form 144 shows Graham Reeve sold 1,808 shares on 03/10/2026 following the vesting of restricted stock grants issued for services rendered. The broker listed is J.P. Morgan Securities LLC.
U S Physical Therapy's Chief Financial Officer Carey P. Hendrickson reported a disposition of 10,000 shares of common stock back to the issuer. The Form 4 lists the transaction as a "Disposition to issuer" at a reported price of $0.00 per share, often indicating an administrative or compensation-related transfer rather than an open-market trade. Following this transaction, Hendrickson directly owns 27,808 shares of U S Physical Therapy common stock. A footnote explains that 11,070 of these shares are unvested restricted stock granted under the company’s stock incentive plan, scheduled to vest in tranches between May 20, 2026 and March 6, 2029, provided he remains employed on those dates.
U.S. Physical Therapy executive Richard Binstein, EVP, General Counsel and Secretary, sold 3,000 shares of common stock in an open-market transaction at $81.64 per share. After this sale, he directly owns 24,867 shares, including 21,070 restricted shares scheduled to vest in tranches between May 2026 and March 2030, subject to continued employment.
U.S. Physical Therapy, Inc. filed an 8-K to share an updated investor presentation for the year ended December 31, 2025. The deck highlights that the company owns or manages 780 outpatient physical and occupational therapy clinics across 44 states, generating $781mm in trailing twelve-month revenue and $95mm in trailing twelve-month Adjusted EBITDA.
The presentation describes a highly fragmented $40bn+ U.S. rehabilitation market where no single company holds more than 10% share, positioning USPh as one of the largest platforms. It reports 16% year-over-year revenue growth and a $1.80 annual dividend, driven by organic clinic openings and acquisitions in physical therapy and industrial injury prevention services.
US Physical Therapy reported a Rule 144 resale of 3,000 shares of Class A common stock related to the vesting of restricted stock grants issued through 08/20/2025. The sale is listed with J.P. Morgan Securities LLC and dated 03/06/2026, with an execution date shown as 03/09/2026.