U.S. Physical Therapy Raises Quarterly Dividend 2.2% to $0.46
U.S. Physical Therapy, Inc. (NYSE: USPH), a national operator of outpatient physical therapy clinics, raised its quarterly dividend to $0.46 per share from $0.45, marking a 2.2% increase effective immediately.
U.S. Physical Therapy, Inc. (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, raised its quarterly dividend to $0.46 per share from $0.45, marking a 2.2% increase. The company's board of directors approved the higher rate effective immediately for the first quarter of 2026. Read more dividend announcements.
The dividend will be paid on April 10, 2026, to shareholders of record as of March 13, 2026. The announcement came as the Houston-based company reported results for the fourth quarter and full year ended December 31, 2025.
| Dividend Details | Information |
|---|---|
| Amount | $0.46 per share |
| Previous Amount | $0.45 per share |
| Change | +2.2% |
| Record Date | March 13, 2026 |
| Payment Date | April 10, 2026 |
| Frequency | Quarterly |
Recent Corporate Activity
U.S. Physical Therapy reported adjusted EBITDA of $95.0 million for the full year 2025. The company has been active on the acquisition front, completing three transactions in early 2026.
On January 2, 2026, the company acquired a 50% interest in an eight-clinic practice generating approximately $8.0 million in annual revenue and 66,000 annual visits. Two weeks later, on January 31, 2026, it acquired a 70% interest in an industrial injury prevention business producing approximately $7.0 million in annual revenue.
The company also repurchased 81,322 shares of its common stock for total consideration of $5.6 million on the open market during the fourth quarter of 2025.
Strategic Hospital Partnerships
U.S. Physical Therapy announced two 10-year strategic alliances with hospital systems in February 2026. The first partnership, announced February 2, involves its subsidiary Metro MSO LLC and a prominent New York hospital system, bringing 60 existing outpatient physical therapy clinics into the hospital's clinical services network.
A second alliance, announced February 25, connects another subsidiary partner's 10 outpatient physical therapy clinics with a local hospital system. Upon full integration of Metro's 60 clinics, the incremental annualized EBITDA contribution to Metro is expected to reach at least $12 million, with U.S. Physical Therapy's share estimated at $6 million based on its 50% ownership interest.
2026 Guidance
Management expects adjusted EBITDA for 2026 to range between $102.0 million and $106.0 million. The guidance incorporates an estimated $2.5 million in incremental revenue from the 1.75% Medicare rate increase that took effect January 1, 2026.
The company also factored in a modest contribution from the strategic hospital alliances, given the phased ramp-up beginning mid-year 2026. Chief Executive Officer Chris Reading said the team delivered revenue growth of more than 16% and gross profit growth exceeding 20% for 2025.
Leadership Changes
U.S. Physical Therapy appointed Mark Curtis as interim Chief Financial Officer. Curtis brings 25 years of finance experience, including previous public-company CFO roles at Shift Technologies, Inc. and Stage Stores, Inc. He also served as CFO at Chair King Backyard Stores and Boscovs.