v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 24,887 $ 35,570
Patient accounts receivable, less provision for credit losses of $3,824 and $3,775, respectively 69,603 64,249
Accounts receivable - other 28,557 24,087
Other current assets 16,628 16,084
Total current assets 139,675 139,990
Fixed assets:    
Furniture and equipment 74,132 67,891
Leasehold improvements 60,397 58,985
Fixed assets, gross 134,529 126,876
Less accumulated depreciation and amortization (94,095) (91,225)
Fixed assets, net 40,434 35,651
Operating lease right-of-use assets 156,466 144,197
Investment in unconsolidated affiliate 12,712 12,275
Goodwill 716,535 692,392
Other identifiable intangible assets, net 176,547 172,861
Other assets 6,505 6,644
Total assets 1,248,874 1,204,010
Current liabilities:    
Accounts payable - trade 6,917 6,059
Accrued expenses 45,424 49,424
Current portion of operating lease liabilities 42,871 42,134
Current portion of term loan and notes payable 4,563 9,865
Other current liabilities 10,134 31,558
Total current liabilities 109,909 139,040
Notes payable, net of current portion 890 417
Revolving facility 46,000 30,500
Term loan, net of current portion and deferred financing costs 168,566 121,677
Deferred taxes 30,998 28,391
Operating lease liabilities, net of current portion 122,899 110,572
Other long-term liabilities 2,954 3,214
Total liabilities 482,216 433,811
Redeemable non-controlling interest - temporary equity 317,491 293,311
Commitments and Contingencies
U.S. Physical Therapy, Inc. ("USPH") shareholders' equity:    
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding 0 0
Common stock, $.01 par value, 20,000,000 shares authorized, 17,526,791 and 17,418,621 shares issued, respectively 175 174
Additional paid-in capital 290,551 285,522
Accumulated other comprehensive gain 1,047 714
Retained earnings 213,361 227,216
Treasury stock at cost, 2,603,117 shares and 2,296,059 shares, respectively (56,478) (37,194)
Total USPH shareholders' equity 448,656 476,432
Non-controlling interest - permanent equity 511 456
Total USPH shareholders' equity and non-controlling interest - permanent equity 449,167 476,888
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity $ 1,248,874 $ 1,204,010