Short answer
U S PHYSICAL THERAPY INC /NV (USPH) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $781M (+16.3% year over year) and net income of $40M.
- Top risk flagged: Regulatory risk from cybersecurity laws with Compliance Committee oversight and Diligent Cyber Risk Certification for Board members
FY2025 key financial metrics · XBRL
- Revenue
- $781M
- +16.3% YoY
- Net income
- $40M
- +26.0% YoY
- Operating margin
- 11.1%
- +1.7 pp YoY
- Gross margin
- 19.2%
- +0.7 pp YoY
- EPS (diluted)
- $1.42
- −22.8% YoY
- ROE
- 8.3%
- +1.9 pp YoY
- Operating cash flow
- $75M
- +0.2% YoY
Source: XBRL data from the U S PHYSICAL THERAPY INC /NV (USPH) FY2025 10-K on SEC EDGAR. USD.
U S PHYSICAL THERAPY INC /NV FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: outpatient physical therapy clinics and industrial injury prevention services
- Emphasis on AI integration with focus on operational support and risk management of emerging technologies
- Strategic focus on growth via acquisitions despite associated integration and liability risks
- Reserved 315,221 shares for future equity grants as of December 31, 2025, potential dilution risk highlighted
- Noteworthy risks include potential clinic closures, client contract terminations, and regulatory challenges with AI use
Management Discussion & Analysis
- Total net revenue $781.0M, up 16.3% YoY (+$109.6M); physical therapy operations revenue $666.6M, up 16.0% YoY (+$92.2M)
- Operating margin increased to 11.1% in 2025 from 9.4% in 2024; gross profit margin 19.2% vs 18.5% YoY
- Best segment: Industrial Injury Prevention (IIP) revenue up 18.0% to $114.4M with 18.9% gross margin; worst: Clinic closures impact with 23 closures in 2025 vs 45 in 2024
- Share repurchases $5.6M (81,322 shares) in Q4 2025; dividend raised to $0.46/share quarterly in 2026; capex details not specified
- 2026 outlook includes Medicare reimbursement increase of ~1.75%; new 10-year hospital alliances expected to boost revenue, operating income, margins
Risk Factors
- Regulatory risk from cybersecurity laws with Compliance Committee oversight and Diligent Cyber Risk Certification for Board members
- Operational risk from evolving cybersecurity threats managed by CISO with 25+ years of experience, using external consultants for remediation
- Governance risk with regular CISO reporting to CFO, President, CEO, Compliance Committee, and full Board to maintain enterprise-wide cybersecurity oversight
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