U.S. Physical Therapy (USPH) Revenue & Revenue Breakdown

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U.S. Physical Therapy Revenue Highlights

Latest Revenue (Y)

$780.99M

Latest Revenue (Q)

$198.29M

Main Segment (Y)

Net Patient Revenues

U.S. Physical Therapy Revenue by Period

U.S. Physical Therapy Revenue by Year

Date	Revenue	Change
2025-12-31	$780.99M	16.33%
2024-12-31	$671.35M	11.00%
2023-12-31	$604.80M	9.34%
2022-12-31	$553.14M	11.74%
2021-12-31	$495.02M	17.04%
2020-12-31	$422.97M	-12.24%
2019-12-31	$481.97M	6.18%
2018-12-31	$453.91M	9.63%
2017-12-31	$414.05M	16.13%
2016-12-31	$356.55M	7.62%
2015-12-31	$331.30M	8.60%
2014-12-31	$305.07M	15.53%
2013-12-31	$264.06M	4.75%
2012-12-31	$252.09M	6.36%
2011-12-31	$237.01M	12.20%
2010-12-31	$211.23M	4.88%
2009-12-31	$201.41M	7.31%
2008-12-31	$187.69M	23.73%
2007-12-31	$151.69M	12.20%
2006-12-31	$135.19M	2.33%
2005-12-31	$132.12M	11.68%
2004-12-31	$118.31M	12.07%
2003-12-31	$105.57M	11.43%
2002-12-31	$94.74M	17.04%
2001-12-31	$80.95M	28.04%
2000-12-31	$63.22M	26.61%
1999-12-31	$49.94M	13.49%
1998-12-31	$44.00M	13.40%
1997-12-31	$38.80M	20.50%
1996-12-31	$32.20M	29.32%
1995-12-31	$24.90M	44.77%
1994-12-31	$17.20M	104.76%
1993-12-31	$8.40M	-

U.S. Physical Therapy generated $780.99M in revenue during NA 2025, up 16.33% compared to the previous quarter, and up 184.64% compared to the same period a year ago.

U.S. Physical Therapy Revenue by Quarter

Date	Revenue	Change
2026-03-31	$198.29M	-2.19%
2025-12-31	$202.73M	23.60%
2025-09-30	$164.02M	-0.10%
2025-06-30	$164.18M	7.63%
2025-03-31	$152.55M	-15.46%
2024-12-31	$180.45M	7.39%
2024-09-30	$168.03M	0.50%
2024-06-30	$167.19M	7.40%
2024-03-31	$155.68M	0.56%
2023-12-31	$154.80M	3.20%
2023-09-30	$150.01M	-0.98%
2023-06-30	$151.49M	2.00%
2023-03-31	$148.51M	5.19%
2022-12-31	$141.18M	1.13%
2022-09-30	$139.60M	-0.75%
2022-06-30	$140.66M	6.80%
2022-03-31	$131.70M	1.44%
2021-12-31	$129.83M	3.13%
2021-09-30	$125.89M	-0.82%
2021-06-30	$126.93M	12.96%
2021-03-31	$112.37M	-4.34%
2020-12-31	$117.47M	7.84%
2020-09-30	$108.93M	29.90%
2020-06-30	$83.86M	-25.60%
2020-03-31	$112.72M	-7.70%
2019-12-31	$122.11M	4.15%
2019-09-30	$117.25M	-7.22%
2019-06-30	$126.37M	8.73%
2019-03-31	$116.23M	-0.95%
2018-12-31	$117.35M	3.74%
2018-09-30	$113.12M	-1.72%
2018-06-30	$115.10M	6.24%
2018-03-31	$108.34M	-0.79%
2017-12-31	$109.20M	5.99%
2017-09-30	$103.03M	-1.17%
2017-06-30	$104.25M	6.85%
2017-03-31	$97.56M	7.37%
2016-12-31	$90.86M	2.85%
2016-09-30	$88.34M	-2.31%
2016-06-30	$90.43M	4.05%
2016-03-31	$86.91M	0.21%
2015-12-31	$86.72M	3.18%
2015-09-30	$84.05M	0.91%
2015-06-30	$83.29M	7.83%
2015-03-31	$77.24M	-2.71%
2014-12-31	$79.39M	2.15%
2014-09-30	$77.72M	-0.62%
2014-06-30	$78.20M	12.09%
2014-03-31	$69.77M	1.69%
2013-12-31	$68.61M	4.22%
2013-09-30	$65.83M	-2.08%
2013-06-30	$67.22M	6.54%
2013-03-31	$63.10M	0.64%
2012-12-31	$62.69M	-0.25%
2012-09-30	$62.85M	-1.73%
2012-06-30	$63.96M	2.20%
2012-03-31	$62.58M	3.14%
2011-12-31	$60.68M	1.68%
2011-09-30	$59.67M	-0.40%
2011-06-30	$59.91M	5.59%
2011-03-31	$56.74M	6.40%
2010-12-31	$53.33M	-0.13%
2010-09-30	$53.40M	-1.30%
2010-06-30	$54.10M	7.34%
2010-03-31	$50.41M	-0.02%
2009-12-31	$50.42M	-1.22%
2009-09-30	$51.04M	-1.45%
2009-06-30	$51.79M	7.51%
2009-03-31	$48.17M	0.74%
2008-12-31	$47.81M	1.23%
2008-09-30	$47.23M	-0.33%
2008-06-30	$47.39M	4.72%
2008-03-31	$45.25M	2.48%
2007-12-31	$44.15M	-

U.S. Physical Therapy generated $198.29M in revenue during Q1 2026, up -2.19% compared to the previous quarter, and up 109.89% compared to the same period a year ago.

U.S. Physical Therapy Revenue Breakdown

U.S. Physical Therapy Revenue Breakdown by Product

Annual Revenue by Product

Product/Service	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21
Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues	$130.56M	$110.79M	$90.25M	-	-
Net Patient Revenues	$650.43M	$560.55M	$514.56M	$464.59M	$438.33M
Management Contract Revenues	-	-	-	$8.10M	$9.85M
Other Revenues	-	-	-	$3.41M	$2.94M
Physical Therapy Operations	-	-	-	$468.00M	$441.27M

U.S. Physical Therapy's latest annual revenue breakdown by segment (product or service), as of Dec 25: Net Patient Revenues (83.28%), and Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues (16.72%).

Quarterly Revenue by Product

Product/Service	Mar 26	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Jun 24	Mar 24	Dec 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22	Dec 21	Sep 21	Jun 21	Mar 21
Net Patient Revenues	$164.33M	$169.68M	$164.02M	$164.18M	$152.55M	$150.06M	$139.15M	$140.27M	$131.07M	$258.69M	$129.28M	$126.58M	$120.15M	$116.71M	$118.20M	$109.54M	$113.51M	$112.33M	$113.24M	$99.25M
Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues	$33.96M	$33.05M	$33.11M	$33.16M	$31.24M	$30.39M	$28.89M	$26.92M	$24.60M	-	-	-	-	-	-	-	-	-	-	-
Other Revenues	-	-	-	-	-	-	-	-	-	-	$792.00K	$799.00K	$884.00K	$753.00K	$898.00K	$872.00K	$717.00K	$759.00K	$918.00K	$546.00K
Management Contract Revenues	-	-	-	-	-	-	-	-	-	-	$2.17M	$1.78M	$1.76M	$1.98M	$2.13M	$2.23M	$2.24M	$2.31M	$2.74M	$2.56M
Physical Therapy Operations	-	-	-	-	-	-	-	-	-	-	$130.07M	$127.38M	$121.03M	$117.46M	$119.09M	$110.41M	$114.23M	$113.09M	$116.89M	$102.36M

U.S. Physical Therapy's latest quarterly revenue breakdown by segment (product or service), as of Mar 26: Net Patient Revenues (82.87%), and Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues (17.13%).

U.S. Physical Therapy Peer Comparison by Revenue

Ticker	Company	Last Year Revenue	Last Quarter Revenue
SEM	Select Medical	$5.45B	$1.42B
AHCO	AdaptHealth	$3.24B	$819.80M
ASTH	Astrana Health	$3.18B	$965.10M
HCSG	Healthcare Services Group	$1.84B	$462.77M
CNMD	CONMED	$1.37B	$317.05M
PNTG	Pennant Group	$947.71M	$219.50M
NEOG	Neogen	$894.66M	$211.20M
GDRX	GoodRx	$792.32M	$196.03M
USPH	U.S. Physical Therapy	$780.99M	$198.29M
KMTS	Kestra Medical	$27.81M	$24.55M
ZBIO	Zenas BioPharma	$10.00M	-

USPH Revenue FAQ

What is U.S. Physical Therapy’s yearly revenue?

U.S. Physical Therapy's yearly revenue for 2025 was $780.99M, representing an increase of 16.33% compared to 2024. The company's yearly revenue for 2024 was $671.34M, representing an increase of 11.00% compared to 2023. USPH's yearly revenue for 2023 was $604.8M, representing an increase of 9.34% compared to 2022.

What is U.S. Physical Therapy’s quarterly revenue?

U.S. Physical Therapy's quarterly revenue for Q1 2026 was $198.29M, a -2.19% decrease from the previous quarter (Q4 2025), and a 29.98% increase year-over-year (Q1 2025). The company's quarterly revenue for Q4 2025 was $202.73M, a 23.60% increase from the previous quarter (Q3 2025), and a 12.35% increase year-over-year (Q4 2024). USPH's quarterly revenue for Q3 2025 was $164.02M, a -0.10% decrease from the previous quarter (Q2 2025), and a -2.39% decrease year-over-year (Q3 2024).

What is U.S. Physical Therapy’s revenue growth rate?

U.S. Physical Therapy's revenue growth rate for the last 3 years (2023-2025) was 29.13%, and for the last 5 years (2021-2025) was 57.77%.

What are U.S. Physical Therapy’s revenue streams?

U.S. Physical Therapy's revenue streams in c 25 are Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues, and Net Patient Revenues. Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues generated $130.56M in revenue, accounting 16.72% of the company's total revenue, up 17.84% year-over-year. Net Patient Revenues generated $650.43M in revenue, accounting 83.28% of the company's total revenue, up 16.03% year-over-year.

What is U.S. Physical Therapy’s main source of revenue?

For the fiscal year ending Dec 25, the largest source of revenue of U.S. Physical Therapy was Net Patient Revenues. This segment made a revenue of $650.43M, representing 83.28% of the company's total revenue.