Net Patient Revenue was U S Physical Therapy’s largest revenue line in fiscal 2025, bringing in $650.43M of $790.59M (82%).
| Products and Services | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Patient Revenue | $464.59M | $514.56M | $560.55M | $650.43M | ||||||
| Net Patient Revenues (Patient Revenues Less Estimated Contractual Adjustments) Are Reported At The Estimated Net Realizable Amounts From Third-Party Payors, Patients & Others For Services Rendered | — | — | — | — | ||||||
| Other Revenue | $88.55M | $90.25M | $110.79M | $130.56M | ||||||
| Revenues From The Industrial Injury Prevention Business Are Derived From Onsite Services Provided To Clients' Employees Including Injury Prevention, Rehabilitation, Ergonomic Assessments & Performance Optimization. Revenues Are Determined Based On The Number Of Hours And Respective Rate For Services Provided. The Company Has Agreements With Third-Party Payers That Provide For Payments To The Company At Amounts Different From Its Established Rates. The Allowance For Estimated Contractual Adjustments Is Based On Terms Of Payer Contracts And Historical Collection And Write-Off Experience | — | — | — | — | ||||||
| Management Contract Revenue | $8.10M | $8.60M | $9.80M | $9.60M | ||||||
| Management Contract Revenues Are Derived From Contractual Arrangements Whereby The Company Manages A Clinic For Third Party Owners. Revenues Are Determined Based On The Number Of Visits Conducted At The Clinic & Recognized When Services Are Performed | — | — | — | — | ||||||
| Other Revenues Include Services Provided On-Site, Such As Schools & Industrial Worksites, For Physical Or Occupational Therapy Services, And Athletic Trainers And Gym Membership Fees. Contract Terms And Rates Are Agreed To In Advance Between The Company And The Third Parties. Services Are Typically Performed Over The Contract Period And Revenue Is Recorded In Accordance With The Contract Terms. If The Services Are Paid In Advance, Revenue Is Deferred Over The Period Of The Agreement And Recognized When The Services Are Performed | — | — | — | — | ||||||
| Total | $561.24M | $613.40M | $681.15M | $790.59M |
U S Physical Therapy brought in $790.59M from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 16.1% from $681.15M in fiscal 2024. Net Patient Revenue was the largest at $650.43M (82.3%), ahead of Other Revenue at $130.56M (16.5%) and Management Contract Revenue at $9.60M (1.2%).
Compared with fiscal 2024, Other Revenue grew 17.8% to $130.56M and Net Patient Revenue grew 16.0% to $650.43M. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $561.24M to $790.59M, a compound annual growth rate of 12.1%. Net Patient Revenue's share of the total fell from 82.8% to 82.3%.
Physical Therapy Operations was U S Physical Therapy’s largest segment in fiscal 2025, bringing in $666.59M of $780.99M (85%).
| Segment | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Physical Therapy Operations | $476.09M | $526.55M | $574.43M | $666.59M | ||||
| Physical Therapy Operations Consist Of Physical Therapy & Occupational Therapy Clinics That Provide Pre-And Post-Operative Care And Treatment For Orthopedic Related Disorders, Sports-Related Injuries, Preventive Care, Rehabilitation Of Injured Workers And Neurological Injuries. Services Provided By Industrial Injury Prevention Services Segment Include Onsite Injury Prevention And Rehabilitation, Performance Optimization And Ergonomic Assessments | — | — | — | — | ||||
| Industrial Injury Prevention Services | $77.05M | $78.25M | $96.91M | $114.40M | ||||
| Revenues From The Industrial Injury Prevention Business Are Derived From Onsite Services Provided To Clients' Employees Including Injury Prevention, Rehabilitation, Ergonomic Assessments & Performance Optimization. Revenues Are Determined Based On The Number Of Hours And Respective Rate For Services Provided. The Company Has Agreements With Third-Party Payers That Provide For Payments To The Company At Amounts Different From Its Established Rates. The Allowance For Estimated Contractual Adjustments Is Based On Terms Of Payer Contracts And Historical Collection And Write-Off Experience | — | — | — | — | ||||
| Total | $553.14M | $604.80M | $671.35M | $780.99M |
U S Physical Therapy brought in $780.99M from its two segments in fiscal 2025, the year ended December 31, 2025. That was up 16.3% from $671.35M in fiscal 2024. Physical Therapy Operations was the largest at $666.59M (85.4%), ahead of Industrial Injury Prevention Services at $114.40M (14.6%).
Compared with fiscal 2024, Industrial Injury Prevention Services grew 18.0% to $114.40M and Physical Therapy Operations grew 16.0% to $666.59M. From fiscal 2022 to 2025, combined revenue from these segments grew from $553.14M to $780.99M, a compound annual growth rate of 12.2%. Physical Therapy Operations' share of the total fell from 86.1% to 85.4%.
U S Physical Therapy (USPH) reports its revenue by products and services and by segment. In fiscal 2025, Net Patient Revenue was its largest revenue line, bringing in $650.43M (82.3% of the total), followed by Other Revenue at $130.56M (16.5%).
Net Patient Revenue was U S Physical Therapy's largest revenue line in fiscal 2025, bringing in $650.43M, or 82.3% of the $790.59M total across its three revenue lines.
Physical Therapy Operations was U S Physical Therapy's largest segment in fiscal 2025, bringing in $666.59M, or 85.4% of the $780.99M total across its two segments.
Other Revenue grew faster than Net Patient Revenue in fiscal 2025, up 17.8% from $110.79M to $130.56M. Net Patient Revenue grew 16.0% to $650.43M.
Every figure comes from U S Physical Therapy's annual financial filings, as reported. Each line keeps the name U S Physical Therapy gives it, and years follow its fiscal calendar.
U S Physical Therapy's revenue by products and services goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.