U S Physical Therapy (USPH) Operating Expenses (2010 - 2026)
U S Physical Therapy's Operating Expenses was $172.12 million in Q2 2026, up 10.5% from $155.72 million a year earlier and up 4.0% from the prior quarter.
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Analysis
U S Physical Therapy (USPH) Operating Expenses (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, U S Physical Therapy's Operating Expenses was $660.5 million through Jun 30, 2026, up 11.0% year-over-year; for FY2025, it came in at $631.3 million, up 15.3% from FY2024.
- Operating Expenses has now increased for five consecutive years, with a five-year compound annual growth rate of 14.0% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $547.42 million in FY2024 (+13.3%), $483.29 million in FY2023 (+9.6%), $441.12 million in FY2022 (+16.7%) and $377.84 million in FY2021 (+15.0%).
- The Q2 2026 figure marks the highest quarterly Operating Expenses in data going back to Q2 2010.
- Compared with a year earlier, Operating Expenses has increased for 21 straight quarters, with growth averaging 14.2% over the last eight quarters.
- Across the past five years, year-over-year growth in Operating Expenses ran from 8.2% in Q1 2024 to 22.3% in Q3 2021.
- Per Business Quant data, USPH's Operating Expenses in the three quarters before Q2 2026 was $165.53 million (Q1 2026), $162.59 million (Q4 2025) and $160.26 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | HCA Healthcare | 94.29 Bn | 93.74 Bn | - | 17.74 Bn |
| 2 | Natera | 59.14 Bn | 54.82 Bn | 485.19 Mn | 828.54 Mn |
| 3 | Quest Diagnostics | 26.23 Bn | 24.66 Bn | 1.03 Bn | 2.58 Bn |
| 4 | Labcorp Holdings | 25.04 Bn | 22.81 Bn | 1.11 Bn | 582.30 Mn |
| 5 | Guardant Health | 23.69 Bn | 19.76 Bn | 219.03 Mn | 464.10 Mn |
| 6 | Tenet Healthcare | 20.77 Bn | 11.92 Bn | - | - |
| 7 | Tempus AI | 14.91 Bn | 11.94 Bn | 246.50 Mn | 458.40 Mn |
| 8 | Encompass Health | 12.24 Bn | 12.70 Bn | - | 1.31 Bn |
| 9 | Davita | 11.39 Bn | 10.15 Bn | 1.16 Bn | 2.98 Bn |
| 10 | U S Physical Therapy | 1.29 Bn | 1.48 Bn | 41.94 Mn | 172.12 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 172.12 Mn |
| Mar 31, 2026 | 165.53 Mn |
| Dec 31, 2025 | 162.59 Mn |
| Sep 30, 2025 | 160.26 Mn |
| Jun 30, 2025 | 155.72 Mn |
| Mar 31, 2025 | 152.72 Mn |
| Dec 31, 2024 | 147.92 Mn |
| Sep 30, 2024 | 138.90 Mn |
| Jun 30, 2024 | 133.33 Mn |
| Mar 31, 2024 | 127.27 Mn |
| Dec 31, 2023 | 124.29 Mn |
| Sep 30, 2023 | 122.08 Mn |
| Jun 30, 2023 | 119.28 Mn |
| Mar 31, 2023 | 117.65 Mn |
| Dec 31, 2022 | 113.35 Mn |
| Sep 30, 2022 | 112.82 Mn |
| Jun 30, 2022 | 109.84 Mn |
| Mar 31, 2022 | 105.12 Mn |
| Dec 31, 2021 | 102.65 Mn |
| Sep 30, 2021 | 96.09 Mn |
API Access
U S Physical Therapy Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=USPH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "USPH", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=USPH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();