# EDGAR Filing Document

**Accession Number:** 0000885978
**File Stem:** 0000885978-25-000053
**Filing Date:** 2025-11
**Character Count:** 78973
**Document Hash:** d9b18308808a93660a0341155157fd39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000885978-25-000053.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0000885978-25-000053

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** U S PHYSICAL THERAPY INC /NV
- **CENTRAL INDEX KEY:** 0000885978
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HEALTH SERVICES [8000]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 760364866
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11151
- **FILM NUMBER:** 251458681

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 WEST SAM HOUSTON PARKWAY SOUTH
- **STREET 2:** SUITE 300
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77043
- **BUSINESS PHONE:** 7132977000

**MAIL ADDRESS:**
- **STREET 1:** 1300 WEST SAM HOUSTON PARKWAY SOUTH
- **STREET 2:** SUITE 300
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77043

?xml version='1.0' encoding='ASCII'?

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, DC 20549

### FORM 8-K
**CURRENT REPORT**

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): November 5, 2025

## U.S. PHYSICAL THERAPY, INC.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada**<br>| **001-11151**<br>| **76-0364866**<br>|
| **(State or other jurisdiction**<br> **of incorporation or organization)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **1300 WEST SAM HOUSTON PARKWAY,**<br> **SUITE 300, HOUSTON, Texas** | **77043**<br>|
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code: (713) 297-7000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $.01 par value | USPH | New York Stock Exchange |
| Common Stock, $.01 par value | USPH | NYSE Texas, Inc. |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

#### ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL RESULTS.
On November 5, 2025 – U.S. Physical Therapy, Inc. ("USPH" or the "Company") (NYSE, NYSE Texas: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, reported results for the three and nine months ended September 30, 2025.

A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**ITEM 8.01 OTHER EVENTS**

The Company's Board of Directors declared a quarterly dividend of $0.45 per share payable on December 12, 2025, to shareholders of record on November 17, 2025.

------

#### ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

---

| | |
|:---|:---|
| **Exhibits** | **Description of Exhibits** |
| [99.1](ex99-1.htm) | Registrant's Press Release dated November 5, 2025 <br>|

---

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **U.S. PHYSICAL THERAPY, INC.** | **U.S. PHYSICAL THERAPY, INC.** |
| Dated: November 6, 2025 <br>| By: | /s/ CAREY HENDRICKSON |
|  |  | Carey Hendrickson<br>|
|  |  | Chief Financial Officer |
|  |  | (duly authorized officer and principal financial and accounting officer) |

---

## Exhibit 99.1

![](logo_usph2020.jpg)

#### <br>

#### CONTACT:
U.S. Physical Therapy, Inc.

Carey Hendrickson, Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Email: Chendrickson@usph.com<br>

Chris Reading, Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(713) 297-7000

Three Part Advisors

Joe Noyons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(817) 778-8424

## U.S. Physical Therapy Reports <br>

## Third Quarter 2025 Results

**Houston, TX, November 5, 2025** – U.S. Physical Therapy, Inc. ("USPH" or the "Company") (NYSE, NYSE Texas: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, today reported results for the three and nine months ended September 30, 2025. <br>

#### FINANCIAL HIGHLIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA <sup>(1)</sup>, a non-Generally Accepted Accounting Principles ("GAAP") measure, was $23.9 million for the three months ended September 30, 2025 ("2025 Third Quarter"), an increase of $2.8 million, or 13.2%, from $21.1 million for the three months ended September 30, 2024 ("2024 Third Quarter") primarily driven by clinic additions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to USPH shareholders ("USPH Net Income"), a GAAP measure, was $13.1 million for the 2025 Third Quarter compared to $6.6 million for the 2024 Third Quarter. In accordance with GAAP, the revaluation of redeemable noncontrolling interest, net of taxes, is not included in net income but is charged directly to retained earnings. However, this change is included in the computation of earnings per share. Earnings per share was $0.48 and $0.39 in 2025 Third Quarter and 2024 Third Quarter, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating Results <sup>(1)</sup>, a non-GAAP measure, was $10.1 million for the 2025 Third Quarter compared to $10.4 million for the 2024 Third Quarter. On a per share basis, Operating Results was $0.66 for the 2025 Third Quarter compared to $0.69 for the 2024 Third Quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue from physical therapy operations for the 2025 Third Quarter increased $25.4 million, or 17.8%, to $168.1 million from $142.7 million for the 2024 Third Quarter. Physical therapy operations gross profit was $31.2 million for the 2025 Third Quarter, an increase of $7.2 million, or 30.0%, from $24.0 million for the 2024 Third Quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net rate per patient visit for the 2025 Third Quarter was $105.54 compared to $105.65 for the 2024 Third Quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total patient visits were 1,554,207, which includes 30,137 home-care visits, for the 2025 Third Quarter, an 18.0% increase from the 2024 Third Quarter. For the nine months ended September 30, 2025 ("2025 Nine Months"), the Company had 4,556,768 total patient visits, which includes 81,573 home-care visits, compared to 3,920,388 for the nine months ended September 30, 2024 ("2024 Nine Months"). There were no home-care visits in the 2024 Nine Months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average daily patient visits per clinic, which does not include home-care visits, was 32.2 for the 2025 Third Quarter, a record-high volume per clinic for a third quarter, compared to 30.1 for the 2024 Third Quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Industrial injury prevention services ("IIP") revenue was $29.0 million for the 2025 Third Quarter, an increase of 14.6% as compared to the 2024 Third Quarter. IIP gross profit was $5.7 million for the 2025 Third Quarter, an increase of $0.5 million, or 10.7%, from $5.1 million for the 2024 Third Quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company added 18 and closed seven owned and/or managed clinics in the 2025 Third Quarter bringing its total count to 779 as of September 30, 2025, compared to 700 as of September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 31, 2025, the Company acquired a 60% equity interest in a three-clinic practice with the original practice owners retaining a 40% equity interest. The business currently generates $5.3 million in annual revenue and approximately 28,000 in annual visits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's Board of Directors declared a quarterly dividend of $0.45 per share payable on December 12, 2025, to shareholders of record on November 17, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management reaffirmed its full-year 2025 Adjusted EBITDA guidance range of $93.0 million to $97.0 million. See "2025 Earnings Guidance" below for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(1) *These are non-GAAP Measures. See pages 12 to 13 of this release for the definition and reconciliation of Adjusted EBITDA, Operating Results and other non-GAAP measures to the most directly comparable GAAP measure.* 

------

U.S. Physical Therapy Press Release Page 2<br>November 5, 2025 <br>

**<br>

#### MANAGEMENT'S COMMENTS
Chris Reading, Chief Executive Officer, said, "This was a very solid quarter for us across the board with record visits per clinic per day, continued clinic expansion with 84 net owned additions since the third quarter of 2024, and sustained double-digit growth in our injury prevention business. Importantly, we are also making progress on some key initiatives that will benefit our 2026 growth and performance, along with an expected and overdue Medicare pricing lift."

#### 2025 Third Quarter Versus 2024 Third Quarter
Additional supplemental tables of financial and performance metrics are presented on page 14 of this release.

#### Physical Therapy Operations

#### <br>
 *---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Variance |
|  | September 30, 2025 | September 30, 2024 | % |
|  | (In thousands, except percentages) | (In thousands, except percentages) | (In thousands, except percentages) |
| Revenue related to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mature Clinics <sup>(1)</sup> | $131831 | $131532 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clinic additions <sup>(2)</sup> | 32051 | 4535 | \*<br><sup>(9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clinics sold or closed <sup>(3)</sup> | 142 | 3079) | \*<br><sup>(9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Patient Revenue | 164024 | 139146 | 17.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(4)</sup> | 4086 | 3568 | 14.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 168110 | 142714 | 17.8% |
| Operating costs <sup>(5) (7)</sup> | 136917 | 118715 | 15.3% |
| Gross profit | $31193 | $23999 | 30.0% |
| Financial and operating metrics (not in thousands): |  |  |  |
| Net rate per patient visit <sup>(1)</sup> | $105.54 | $105.65) | (0.1)% |
| Patient visits <sup>(1)</sup> | 1554207 | 1317051 | 18.0% |
| Average daily visits per clinic <sup>(1)</sup> | 32.2 | 30.1 | 7.0% |
| Adjusted gross profit margin <sup>(4)(5)(6)</sup> | 18.6% | 19.2% |  |
| Salaries and related costs per visit <sup>(6)(8)</sup> | $62.07 | $62.47) | (0.6)% |
| Operating costs per visit <sup>(6)(8)</sup> | $86.88 | $86.00 | 1.0% |
| (1) See Glossary of Terms - Revenue Metrics for definitions. | (1) See Glossary of Terms - Revenue Metrics for definitions. | (1) See Glossary of Terms - Revenue Metrics for definitions. | (1) See Glossary of Terms - Revenue Metrics for definitions. |
| (2) Includes 36 owned clinics added during the nine months ended September 30, 2025, and 96 owned clinics added during the year ended December 31, 2024. See Clinic Count Roll Forward on page 14 for additional information. | (2) Includes 36 owned clinics added during the nine months ended September 30, 2025, and 96 owned clinics added during the year ended December 31, 2024. See Clinic Count Roll Forward on page 14 for additional information. | (2) Includes 36 owned clinics added during the nine months ended September 30, 2025, and 96 owned clinics added during the year ended December 31, 2024. See Clinic Count Roll Forward on page 14 for additional information. | (2) Includes 36 owned clinics added during the nine months ended September 30, 2025, and 96 owned clinics added during the year ended December 31, 2024. See Clinic Count Roll Forward on page 14 for additional information. |
| (3) Includes 13 owned clinics closed during the nine months ended September 30, 2025 and 45 owned clinics closed during the year ended December 31, 2024. See Clinic Count Roll Forward on page 14 for additional information. | (3) Includes 13 owned clinics closed during the nine months ended September 30, 2025 and 45 owned clinics closed during the year ended December 31, 2024. See Clinic Count Roll Forward on page 14 for additional information. | (3) Includes 13 owned clinics closed during the nine months ended September 30, 2025 and 45 owned clinics closed during the year ended December 31, 2024. See Clinic Count Roll Forward on page 14 for additional information. | (3) Includes 13 owned clinics closed during the nine months ended September 30, 2025 and 45 owned clinics closed during the year ended December 31, 2024. See Clinic Count Roll Forward on page 14 for additional information. |
| (4) Includes revenues from management contracts. | (4) Includes revenues from management contracts. | (4) Includes revenues from management contracts. | (4) Includes revenues from management contracts. |
| (5) Includes costs from management contracts. | (5) Includes costs from management contracts. | (5) Includes costs from management contracts. | (5) Includes costs from management contracts. |
| (6) Excludes $0.1 million of certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. See the reconciliation of non-GAAP measures to the most directly comparable GAAP measure on page 14. | (6) Excludes $0.1 million of certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. See the reconciliation of non-GAAP measures to the most directly comparable GAAP measure on page 14. | (6) Excludes $0.1 million of certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. See the reconciliation of non-GAAP measures to the most directly comparable GAAP measure on page 14. | (6) Excludes $0.1 million of certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. See the reconciliation of non-GAAP measures to the most directly comparable GAAP measure on page 14. |
| (7) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (7) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (7) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (7) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. |
| (8) Per visit costs exclude management contract costs. | (8) Per visit costs exclude management contract costs. | (8) Per visit costs exclude management contract costs. | (8) Per visit costs exclude management contract costs. |
| (9) Not meaningful. | (9) Not meaningful. | (9) Not meaningful. | (9) Not meaningful. |

---

* <br>

Net revenue from physical therapy operations increased $25.4 million, or 17.8%, to $168.1 million for the 2025 Third Quarter from $142.7 million for the 2024 Third Quarter. This growth was due to the increase in visits from the 84 net owned clinics added since the comparable prior year period. Net rate per patient visit for the 2025 Third Quarter was $105.54 compared to $105.65 for the 2024 Third Quarter.

Operating costs from physical therapy operations increased $18.2 million, or 15.3%, to $136.9 million for the 2025 Third Quarter from $118.7 million for the 2024 Third Quarter primarily driven by the 84 net owned clinics added since the comparable prior year period. Excluding certain incentive costs related to the Metro acquisition and gains and losses related to clinic closures for both periods, salaries and related costs per visit was $62.07 for the 2025 Third Quarter compared to $62.47 for the 2024 Third Quarter while total operating costs per visit was $86.88 in the 2025 Third Quarter compared to $86.00 in the comparable prior year period.

Gross profit from physical therapy operations increased $7.2 million or 30.0% to $31.2 million for the 2025 Third Quarter as compared to $24.0 million for the 2024 Third Quarter. Excluding certain incentive costs related to the Metro acquisition and gains and losses related to clinic closures for both periods, the adjusted gross profit margin increased $3.7 million or 13.5% over the comparable periods. See the reconciliation of non-GAAP measures to the more directly comparable GAAP measure provided on pages 13 to 14 for more information.

<br>**

<br> ------

U.S. Physical Therapy Press Release Page 3<br>November 5, 2025 <br>

 ***#### Industrial Injury Prevention Services

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Variance |
|  | September 30, 2025 | September 30, 2024 | $% |
|  | (In thousands, except percentages) | (In thousands, except percentages) | (In thousands, except percentages) |
| Net revenue | $29022 | $25319 | 14.6% |
| Operating costs <sup>(1)</sup> | 23343 | 20187 | 15.6% |
| Gross profit | $5679 | $5132 | 10.7% |
| Gross profit margin | 19.6% | 20.3% |  |
| (1) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (1) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (1) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (1) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. |

---

*

IIP revenue increased $3.7 million, or 14.6%, to $29.0 million for the 2025 Third Quarter as compared to $25.3 million for the 2024 Third Quarter. Gross profit from IIP operations for the 2025 Third Quarter increased $0.5 million, or 10.7%, to $5.7 million from $5.1 million for the 2024 Third Quarter. Gross profit margin from IIP operations was 19.6% for the 2025 Third Quarter compared to 20.3% for the 2024 Third Quarter.

#### Corporate Office Costs and Other Expenses

Corporate office costs increased to $17.4 million for the 2025 Third Quarter from $14.4 million for the 2024 Third Quarter, primarily to support the larger number of clinics, as well as costs associated with acquisition integration and the implementation of a new financial and human resources system. Implementation costs associated with the new financial and human resources system are expected to continue through the end of 2026. As a percentage of net revenue, corporate office costs was 8.8% for the 2025 Third Quarter compared to 8.6% for the 2024 Third Quarter. Excluding the acquisition integration costs and the costs associated with the implementation of the new financial and human resources system of $0.7 million, corporate office costs was 8.5% of net revenue for the 2025 Third Quarter.

The Company revalued contingent consideration related to certain acquisitions and recognized a net gain (a decrease in the related liabilities) of $5.9 million for the 2025 Third Quarter compared to a net loss (an increase in the related liabilities) of $1.9 million for the 2024 Third Quarter.

Operating income was $25.3 million for the 2025 Third Quarter compared to $12.8 million for the 2024 Third Quarter. Excluding the impact of change in value of contingent consideration as discussed above, operating income increased to $19.5 million for the 2025 Third Quarter from $14.7 million in the 2024 Third Quarter.

Interest expense increased by $0.4 million to $2.4 million for the 2025 Third Quarter compared to $2.0 million for the 2024 Third Quarter due to a higher average outstanding balance on our revolving credit facility for the 2025 Third Quarter. The interest rate associated with borrowings on the Company's credit facilities was 5.0% for the 2025 Third Quarter and 4.7% for the 2024 Third Quarter, with an all-in-effective interest rate (including all associated costs), of 5.7% and 5.4% over the same periods, respectively.

Interest income was less than $0.1 million during the 2025 Third Quarter compared to $1.0 million for the 2024 Third Quarter as the excess cash on the balance sheet at the end of the 2024 Third Quarter has since been deployed to fund acquisitions.

The Company revalued a put-right liability related to the future purchase of an IIP business and recognized a net non-cash expense (an increase in the related liability) of $0.7 million for the 2025 Third Quarter compared to net non-cash gain (a decrease in the related liability) of $0.2 million for the 2024 Third Quarter.

The provision for income taxes was $5.2 million for the 2025 Third Quarter compared to $2.6 million during the 2024 Third Quarter while the effective tax rate was 28.5% and 27.9% over the same periods, respectively.**

<br> USPH Net Income and Non-GAAP Measures

Net income attributable to non-controlling interest (temporary and permanent) was $4.5 million for the 2025 Third Quarter compared to $3.1 million for the 2024 Third Quarter.

USPH Net Income was $13.1 million for the 2025 Third Quarter compared to $6.6 million for the 2024 Third Quarter. In accordance with GAAP, the revaluation of redeemable noncontrolling interest, net of taxes, is not included in net income but is charged directly to retained earnings; however, this change is included in the computation of earnings per share. Earnings per share was $0.48 for the 2025 Third Quarter and $0.39 the 2024 Third Quarter.

Non-GAAP Adjusted EBITDA <sup>(1)</sup> was $23.9 million for the 2025 Third Quarter, an increase of $2.8 million or 13.2%, from $21.1 million for the 2024 Third Quarter. Non-GAAP Operating Results <sup>(1)</sup> was $10.1 million, or $0.66 per share, for the 2025 Third Quarter compared to $10.4 million, or $0.69 per share, for the 2024 Third Quarter.

&nbsp;&nbsp;&nbsp;&nbsp;(1) *These are Non-GAAP Measures. See pages 12 to 13 of this release for the definition and reconciliation of Adjusted EBITDA, Operating Results, and other non-GAAP measures to the most directly comparable GAAP measure.* 

------

U.S. Physical Therapy Press Release Page 4<br>November 5, 2025

<u>2025 Nine Months Versus 2024 Nine Months</u>

Total net revenue for the 2025 Nine Months increased $87.4 million, or 17.8%, to $578.3 million from $490.9 million for the 2024 Nine Months while operating costs increased $69.2 million, or 17.3%, to $468.7 million from $399.5 million over the same periods, respectively. Gross profit for the 2025 Nine Months was $109.6 million, or 18.9% of net revenue, compared to $91.4 million for the 2024 Nine Months, or 18.6% of net revenue.

Revenues from physical therapy operations increased $72.2 million, or 17.2% in the 2025 Nine Months versus the comparable prior year period due to increased volume from the 84 net owned clinics added since the comparable prior year period as well as an increase in net rate per patient visit to $105.50 for 2025 Nine Months from $104.71 for 2024 Nine Months. Gross profit from physical therapy operations increased $15.0 million, or 19.3%, to $92.9 million for the 2025 Nine Months from $77.8 million for the 2024 Nine Months. Excluding certain incentive costs related to the Metro acquisition and losses related to clinic closures, adjusted gross profit <sup>(1)</sup>, increased $11.5 million or 14.0% over the comparable periods.

Revenues from IIP increased $15.2 million, or 21.6%, from $70.3 million for the 2024 Nine Months to $85.5 million for the 2025 Nine Months. Gross profit from IIP operations increased $3.1 million, or 23.0%, from $13.6 million in the 2024 Nine Months to $16.7 million for the 2025 Nine Months. The gross profit margin from IIP operations was 19.5% for the 2025 Nine Months compared to 19.3% for the 2024 Nine Months. Excluding the IIP acquisition made in April 2024, IIP revenue increased by $10.5 million or 16.0% in the 2025 Nine Months and gross profit increased $2.0 million or 16.1% in the 2025 Nine Months over the comparable prior year period.

Corporate office costs were $51.1 million for the 2025 Nine Months, compared to $42.7 million for the 2024 Nine Months. As a percentage of net revenue, corporate office costs were 8.8% and 8.7% over the same periods, respectively. Excluding the acquisition integration costs and the costs associated with the implementation of the new financial and human resources system of $1.8 million, corporate office costs was 8.5% of net revenue for the 2025 Nine Months.

The Company revalued contingent consideration related to certain acquisitions and recognized a net gain (a decrease in the related liabilities) of $11.5 million for the 2025 Nine Months compared to a net loss of $5.3 million for the 2024 Nine Months (an increase in the related liabilities).

Operating income was $69.9 million for the 2025 Nine Months compared to $43.3 million for the 2024 Nine Months. Excluding the impact of change in value of contingent consideration discussed above, operating income increased to $58.4 million for the 2025 Nine Months from $48.7 million for the 2024 Nine Months, an increase of 20.0%.

Other expenses were $7.1 million for the 2025 Nine Months compared to $1.5 million for the 2024 Nine Months, with the increase primarily due to higher interest expense as a result of increased borrowings and lower interest income as the excess cash on the balance sheet as of September 30, 2024 has been deployed to fund acquisitions since that time. Additionally, the Company revalued a put-right liability related to the future purchase of an IIP business and recognized a net non-cash expense (an increase in the related liability) of $1.4 million for the 2025 Nine Months compared to net non-cash expense of $0.1 million for the 2024 Nine Months.

The provision for income tax was $14.0 million for the 2025 Nine Months and $8.8 million for the 2024 Nine Months. The effective tax rate was 28.4% over the comparable periods.

USPH Net Income was $35.4 million for the 2025 Nine Months as compared to $22.2 million for the 2024 Nine Months while earnings per share was $1.85 for the 2025 Nine Months compared to $1.32 for the 2024 Nine Months.

Non-GAAP Adjusted EBITDA <sup>(1)</sup> increased $10.3 million to $70.3 million for the 2025 Nine Months from $60.0 million for the 2024 Nine Months while non-GAAP Operating Results <sup>(1)</sup> increased $0.6 million to $29.7 million, or $1.96 per share, for the 2025 Nine Months from $29.2 million, or $1.94 per share, for the 2024 Nine Months.

&nbsp;&nbsp;&nbsp;&nbsp;(1) *These are Non-GAAP Measures. See pages 12 to 13 of this release for the definition and reconciliation of Adjusted EBITDA, Operating Results, and other non-GAAP measures to the most directly comparable GAAP measure.* 

For additional information on 2025 Nine Months results, please refer to the Company's Quarterly Report on Form 10-Q which is expected to be filed with the Securities and Exchange Commission on November 7, 2025.

#### BALANCE SHEET AND CASH FLOW

Total cash and cash equivalents were $31.1 million as of September 30, 2025, compared to $41.4 million as of December 31, 2024, and $117.0 million as of September 30, 2024. The Company had $159.6 million in outstanding borrowings and $148.5 million in available credit under the Company's revolving facility as of September 30, 2025. This compares to $151.6 million of outstanding borrowings and $164.0 million in available credit under the Company's revolving facility as of December 31, 2024.

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U.S. Physical Therapy Press Release Page 5<br>November 5, 2025

#### RECENT ACQUISITIONS

On July 31, 2025, the Company acquired a 60% equity interest in a three-clinic practice with the practice owners retaining a 40% equity interest. The business currently generates approximately $5.3 million in annual revenue and approximately 28,000 in annual visits.

The Company's strategy is to continue acquiring multi-clinic outpatient physical therapy practices and home-care physical and speech therapy practices, to develop outpatient physical therapy clinics as satellites in existing partnerships, and to continue acquiring companies that provide industrial injury prevention services.

#### 2025 EARNINGS GUIDANCE

Management reaffirmed its full-year 2025 Adjusted EBITDA guidance range of $93.0 million to $97.0 million, reflecting third-quarter results and the Company's current expectations for the remainder of the year.

#### QUARTERLY DIVIDEND

The Company's Board of Directors declared a quarterly dividend of $0.45 per share payable on December 12, 2025, to shareholders of record on November 17, 2025.

#### CONFERENCE CALL INFORMATION

U.S. Physical Therapy's management will host a conference call at 10:30 a.m. ET / 9:30 a.m. CT, on November 6, 2025, to discuss the Company's financial results for the three and nine months ended September 30, 2025. Interested parties may participate in the call by dialing (800) 245-3047 (Primary) or (203) 518-9765 (Alternate) and conference ID of USPHQ325. Please call approximately 10 minutes before the call is scheduled to begin. To listen to the live call, go to the Company's website at www.usph.com at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, a playback of the conference call can be accessed until February 4, 2026, on the Company's website.

#### FORWARD-LOOKING STATEMENTS

This press release contains statements that are considered to be forward-looking within the meaning under Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words such as "believes", "expects", "intends", "plans", "appear", "should" and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we expect. Included among such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment
 status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays
 owed by patients;

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; private third-party payors for our services may adopt payment policies that could limit our future revenue and profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and associated
 fines and penalties for failure to comply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with state laws and regulations relating to the corporate practice of medicine and fee splitting, and associated fines and penalties for
 failure to comply ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur
 losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of future public health crises and epidemics/pandemics, such as was the case with the novel strain of COVID-19 and its variants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain of our acquisition agreements contain put-rights related to a future purchase of significant equity interests in our subsidiaries or in a
 separate company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of future vaccinations and/or testing mandates at the federal, state and/or local level, which could have an adverse impact on staffing,
 revenue, costs and the results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing and our ability to
 operate our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes as the result of government enacted national healthcare reform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to control variable interest entities for which we do not have a direct ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business and regulatory conditions including federal and state regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and
 increased costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revenue and earnings expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contingent consideration provisions in certain of our acquisition agreements, the value of which may impact future financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal actions, which could subject us to increased operating costs and uninsured liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions, including but not limited to inflationary and recessionary periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or perceived events involving banking volatility or limited liability, defaults or other adverse developments that affect the U.S or the
 international financial systems, may result in market wide liquidity problems which could have a material and adverse impact on our available cash and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business depends on hiring, training, and retaining qualified employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability and cost of qualified physical therapists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competitive environment in the industrial injury prevention services business, which could result in the termination or non-renewal of contractual
 service arrangements and other adverse financial consequences for that service line;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to identify and complete acquisitions, and the successful integration of the operations of the acquired businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact on the business and cash reserves resulting from retirement or resignation of key partners and resulting purchase of their non-controlling
 interest (minority interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining our information technology systems with adequate safeguards to protect against cyber-attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a security breach of our or our third party vendors' information technology systems may subject us to potential legal action and reputational harm
 and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information Technology for Economic and Clinical Health Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining clients for which we perform management, industrial injury prevention related services, and other services, as a breach or termination
 of those contractual arrangements by such clients could cause operating results to be less than expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining adequate internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining necessary insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability, terms, and use of capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weather and other seasonal factors.

Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. For additional information regarding these and other risks and uncertainties, that could cause actual results to differ materially from those contained in our forward-looking statements, please refer to "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission ("SEC") on March 3, 3025 and any risk factors contained in subsequent quarterly and annual reports we file with the SEC. Our forward-looking statements represent our estimates and assumptions only as of the date of this report. Except as required by law, we are under no obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

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U.S. Physical Therapy Press Release Page 6<br>November 5, 202

#### GLOSSARY OF TERMS – REVENUE METRICS

*<u>Mature clinics</u>* are clinics (physical clinic locations and home-care business units) opened or acquired prior to January 1, 2024, and are still operating as of the balance sheet date.

*<u>Net rate per patient visit</u>* is net patient revenue related to our physical therapy operations divided by total number of patient visits (defined below) during the periods presented.

*<u>Patient visits</u>* is the number of unique patient visits during the periods presented for both physical clinic locations and home-care.

*<u>Average daily visits per clinic per day</u>* is patient visits (excluding home-care visits) divided by the number of days in which normal business operations were conducted during the periods presented and further divided by the average number of clinics in operation during the periods presented.

#### ABOUT U.S. PHYSICAL THERAPY, INC.

Founded in 1990, U.S. Physical Therapy, Inc. owns and/or manages 779 outpatient physical therapy clinics in 44 states. USPH clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. USPH also has an industrial injury prevention business which provides onsite services for clients' employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments.

More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information included on that website is not incorporated into this press release. <br>

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U.S. Physical Therapy Press Release Page 7<br>November 5, 2025

#### <br>
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

#### UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

#### (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

### <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | ****<br>**Nine Months Ended**  | ****<br>**Nine Months Ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net patient revenue | $164024 | $139146 | $480754 | $410492 |
| Other revenue | 33108 | 28887 | 97510 | 80406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenue | 197132 | 168033 | 578264 | 490898 |
| Operating cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salaries and related costs | 116619 | 99835 | 341656 | 289900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rent, supplies, contract labor and other | 36115 | 29756 | 104086 | 88104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 5495 | 4158 | 16776 | 12326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | 2073 | 1721 | 5916 | 5065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on clinic closures - lease and other | (42) | 3432 | 269 | 4109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating cost | 160260 | 138902 | 468703 | 399504 |
| Gross profit | 36872 | 29131 | 109561 | 91394 |
| Corporate office costs | 17414 | 14385 | 51135 | 42719 |
| (Gain) loss on change in fair value of contingent earn-out consideration | (5872) | 1899 | (11484) | 5332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | 25330 | 12847 | 69910 | 43343 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, debt and other | (2408) | (2018) | (7109) | (5966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from investments | 33 | 1018 | 85 | 3635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in revaluation of put-right liability | (663) | 168 | (1406) | (136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in earnings of unconsolidated affiliate | 361 | 231 | 1155 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of partnership | - | - | (123) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 222 | 90 | 344 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense | (2455) | (511) | (7054) | (1456) |
| Income before taxes | 22875 | 12336 | 62856 | 41887 |
| Provision for income taxes | 5233 | 2559 | 14026 | 8781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 17642 | 9777 | 48830 | 33106 |
| Less: Net income attributable to non-controlling interest: | Less: Net income attributable to non-controlling interest: | Less: Net income attributable to non-controlling interest: | Less: Net income attributable to non-controlling interest: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable non-controlling interest - temporary equity | (3790) | (1998) | (9716) | (7539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest - permanent equity | (714) | (1151) | (3684) | (3387) |
|  | (4504) | (3149) | (13400) | (10926) |
| Net income attributable to USPH shareholders | $13138 | $6628 | $35430 | $22180 |
| Basic and diluted earnings per share attributable to USPH shareholders <sup>(1)</sup> | $0.48 | $0.39 | $1.85 | $1.32 |
| Shares used in computation – basic and diluted | 15204 | 15077 | 15178 | 15055 |
| Dividends declared per common share | $0.45 | $0.44 | $1.35 | $1.32 |
| (1) See page 12 of this press release for the calculation of basic and diluted earnings per share. | (1) See page 12 of this press release for the calculation of basic and diluted earnings per share. | (1) See page 12 of this press release for the calculation of basic and diluted earnings per share. | (1) See page 12 of this press release for the calculation of basic and diluted earnings per share. |  |

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U.S. Physical Therapy Press Release Page 8<br>November 5, 2025

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

#### UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

#### (IN THOUSANDS)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net income | $17642 | $9777 | $48830 | $33106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on cash flow hedge | (360) | (3687) | (2489) | (1937) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect at statutory rate (federal and state) | 92 | 942 | 636 | 495 |
| Comprehensive income | $17374 | $7032 | $46977 | $31664 |
| Comprehensive income attributable to non-controlling interest | (4504) | (3149) | (13400) | (10926) |
| Comprehensive income attributable to USPH shareholders | $12870 | $3883 | $33577 | $20738 |

---

### <br>

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U.S. Physical Therapy Press Release Page 9<br>November 5, 2025

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

#### CONSOLIDATED BALANCE SHEET

#### (IN THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| ASSETS | (unaudited) |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $31102 | $41362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patient accounts receivable, less provision for credit losses of $4,263 and $3,506, respectively | 67629 | 59040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable - other | 23672 | 26626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 16032 | 10555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 138435 | 137583 |
| Fixed assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Furniture and equipment | 67522 | 68128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasehold improvements | 58015 | 51105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed assets, gross | 125537 | 119233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less accumulated depreciation and amortization | (91315) | (87093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed assets, net | 34222 | 32140 |
| Operating lease right-of-use assets | 139926 | 133936 |
| Investment in unconsolidated affiliate | 12289 | 12190 |
| Goodwill | 690412 | 667152 |
| Other identifiable intangible assets, net | 176429 | 179311 |
| Other assets | 4557 | 5155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $1196270 | $1167467 |
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, USPH SHAREHOLDERS' EQUITY AND NON-CONTROLLING INTEREST |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable - trade | $7417 | $5936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 56901 | 59513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease liabilities | 41960 | 39835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of term loan and notes payable | 8802 | 10999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 115080 | 116283 |
| Notes payable, net of current portion | 576 | 903 |
| Revolving facility | 26500 | 11000 |
| Term loan, net of current portion and deferred financing costs | 124384 | 130627 |
| Deferred taxes | 35695 | 29465 |
| Operating lease liabilities, net of current portion | 106178 | 101868 |
| Other long-term liabilities | 5414 | 18275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 413827 | 408421 |
| Redeemable non-controlling interest - temporary equity | 277661 | 269025 |
| Commitments and Contingencies |  |  |
| U.S. Physical Therapy, Inc. ("USPH") shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp; Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding | - | - |
| &nbsp;&nbsp;&nbsp; Common stock, $.01 par value, 20,000,000 shares authorized, |  |  |
| &nbsp;&nbsp;&nbsp; 17,418,856 and 17,309,120 shares issued, respectively | 172 | 172 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 296806 | 290321 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive gain | 945 | 2799 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 237272 | 227265 |
| &nbsp;&nbsp;&nbsp; Treasury stock at cost, 2,214,737 shares | (31628) | (31628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total USPH shareholders' equity | 503567 | 488929 |
| Non-controlling interest - permanent equity | 1215 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total USPH shareholders' equity and non-controlling interest - permanent equity | 504782 | 490021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, redeemable non-controlling interest, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;USPH shareholders' equity and non-controlling interest - permanent equity | $1196270 | $1167467 |

---

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U.S. Physical Therapy Press Release Page 10<br>November 5, 2025

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

#### UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

#### (IN THOUSANDS)

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **OPERATING ACTIVITIES** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income including non-controlling interest | $48830 | $33106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 17756 | 12996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | 5916 | 5065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity-based awards compensation expense | 6151 | 5837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issue costs | 315 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in deferred income taxes | 11163 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in revaluation of put-right liability | 1406 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of contingent earn-out consideration | (11484) | 5332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity of earnings in unconsolidated affiliate | (1155) | (750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of fixed assets | 420 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of a partnership | 123 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | - | (169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patient accounts receivable, net | (13604) | (8870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable - other | 3559 | (960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current and long term assets | (8155) | (1808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | (10908) | 5003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term liabilities | (207) | (589) |
| Net cash provided by operating activities | 50126 | 55531 |
| **INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of fixed assets | (10145) | (6697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of interest in businesses, net of cash acquired | (15214) | (41196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of redeemable non-controlling interest, temporary equity | (8579) | (6957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of non-controlling interest, permanent equity | (196) | (756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of non-controlling interest, permanent equity | 9 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of partnership interest - redeemable non-controlling interest, temporary equity | 149 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of notes receivable related to sales of redeemable non-controlling interest | 387 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of partnership | 700 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from unconsolidated affiliate | 1089 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 531 | (535) |
| Net cash (used in) investing activities | (31269) | (54597) |
| **FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from revolving facility | 146500 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on revolving facility | (131000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to non-controlling interest, permanent and temporary equity | (14610) | (11399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash dividends paid to shareholders | (20520) | (19898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on term loan | (7500) | (3750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal payments on notes payable | (1994) | (1726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 7 | (27) |
| Net cash (used in) financing activities | (29117) | (36800) |
| Net (decrease) in cash and cash equivalents | (10260) | (35866) |
| Cash and cash equivalents - beginning of period | 41362 | 152825 |
| Cash and cash equivalents - end of period | $31102 | $116959 |
| **SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION** |  |  |
| Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | $11809 | $5759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid | 7305 | 5630 |
| Non-cash investing and financing transactions during the period: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of businesses - seller financing portion | 300 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair market value of initial contingent consideration related to purchase of businesses | 5731 | 6440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offset of notes receivable associated with purchase of redeemable non-controlling interest | 254 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes payable related to purchase of redeemable non-controlling interest, temporary equity | 135 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes receivable related to sale of redeemable non-controlling interest, temporary equity | 2017 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes receivable related to the sale of non-controlling interest, permanent equity | 29 | 282 |

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U.S. Physical Therapy Press Release Page 11<br>November 5, 2025

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

#### ADJUSTED EBITDA AND OPERATING RESULTS

The following tables provide details of the basic and diluted earnings per share computation and reconcile net income attributable to USPH shareholders calculated in accordance with GAAP to Adjusted EBITDA and Operating Results. The tables also provide a reconciliation of additional non-GAAP measures to the most comparable GAAP measure. Management believes providing Adjusted EBITDA and Operating Results to investors is useful for comparing the Company's period-to-period results as well as for comparing with other similar businesses since most do not have redeemable instruments and therefore have different equity structures. Management uses Adjusted EBITDA and Operating Results, which eliminate certain items described above that can be subject to volatility and unusual costs, as the principal measures to evaluate and monitor financial performance period over period.

Adjusted EBITDA, a non-GAAP measure, is defined as net income attributable to USPH shareholders before interest income, interest expense, taxes, depreciation, amortization, change in fair value of contingent earn-out consideration, changes in revaluation of put-right liability, equity-based awards compensation expense, clinic closure costs, business acquisition related costs, costs related to a one-time financial and human resources systems upgrade, loss on sale of a partnership and other income and related portions for non-controlling interests.

Operating Results, a non-GAAP measure, equals net income attributable to USPH shareholders less, changes in revaluation of a put-right liability, clinic closure costs, loss on sale of a partnership, changes in fair value of contingent earn-out consideration, business acquisition related costs, costs related to a one-time financial and human resources systems upgrade and any allocations to non-controlling interests, all net of taxes. Operating Results per share also excludes the impact of the revaluation of redeemable non-controlling interest and the associated tax impact.

Adjusted EBITDA and Operating Results are not measures of financial performance under GAAP. Adjusted EBITDA, Operating Results and other non-GAAP measures should not be considered in isolation or as an alternative to, or substitute for, net income attributable to USPH shareholders presented in the consolidated financial statements.

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U.S. Physical Therapy Press Release Page 12<br>November 5, 2025

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

#### ADJUSTED EBITDA, OPERATING RESULTS AND EARNINGS PER SHARE

#### (IN THOUSANDS, EXCEPT PER SHARE DATA)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** |
| <br>***Adjusted EBITDA (a non-GAAP measure)*** | | | | |
| Net income attributable to USPH shareholders | $13138 | $6628 | $35430 | $22180 |
| &nbsp;&nbsp;&nbsp; Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | 5233 | 2559 | 14026 | 8781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 5832 | 4387 | 17756 | 12996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, debt and other, net | 2408 | 2018 | 7109 | 5966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity-based awards compensation expense | 2263 | 1921 | 6151 | 5837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from investments | (33) | (1018) | (85) | (3635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in revaluation of put-right liability | 663 | (168) | 1406 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on change in fair value of contingent earn-out consideration | (5872) | 1899 | (11484) | 5332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clinic closure costs <sup>(1)</sup> | (42) | 3432 | 269 | 4109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business acquisition related costs <sup>(2)</sup> | 70 | 314 | 870 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERP implementation costs <sup>(3)</sup> | 664 | - | 885 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of partnership | - | - | 123 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | (222) | (90) | (344) | (261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation to non-controlling interests | (247) | (811) | (1856) | (1789) |
|  | $23855 | $21071 | $70256 | $59966 |
| ***Operating Results (a non-GAAP measure)*** |  |  |  |  |
| Net income attributable to USPH shareholders | $13138 | $6628 | $35430 | $22180 |
| &nbsp;&nbsp;&nbsp; Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on change in fair value of contingent earn-out consideration | (5872) | 1899 | (11484) | 5332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in revaluation of put-right liability | 663 | (168) | 1406 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clinic closure costs <sup>(1)</sup> | (42) | 3432 | 269 | 4109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business acquisition related costs <sup>(2)</sup> | 70 | 314 | 870 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERP implementation costs <sup>(3)</sup> | 664 | - | 885 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of partnership | - | - | 123 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation to non-controlling interests | 397 | (429) | 279 | (513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect at statutory rate (federal and state) | 1053 | (1290) | 1955 | (2396) |
|  | $10071 | $10386 | $29733 | $29162 |
| &nbsp;&nbsp;&nbsp; Operating Results per share (a non-GAAP measure) | $0.66 | $0.69 | $1.96 | $1.94 |
| ***Earnings per share*** |  |  |  |  |
| Computation of earnings per share - USPH shareholders: |  |  |  |  |
| Net income attributable to USPH shareholders | $13138 | $6628 | $35430 | $22180 |
| Charges to retained earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revaluation of redeemable non-controlling interest | (7918) | (1097) | (9821) | (3158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect at statutory rate (federal and state) | 2023 | 280 | 2509 | 807 |
|  | $7243 | $5811 | $28118 | $19829 |
| &nbsp;&nbsp;&nbsp; Earnings per share (basic and diluted) | $0.48 | $0.39 | $1.85 | $1.32 |
| &nbsp;&nbsp;&nbsp; Shares used in computation – basic and diluted | 15204 | 15077 | 15178 | 15055 |
| (1) Costs associated with the closure of 13 owned clinics during the 2025 Nine Months and 43 owned clinics during the 2024 Nine Months. See Clinic Count Roll Forward on page 14 for additional information. | (1) Costs associated with the closure of 13 owned clinics during the 2025 Nine Months and 43 owned clinics during the 2024 Nine Months. See Clinic Count Roll Forward on page 14 for additional information. | (1) Costs associated with the closure of 13 owned clinics during the 2025 Nine Months and 43 owned clinics during the 2024 Nine Months. See Clinic Count Roll Forward on page 14 for additional information. | (1) Costs associated with the closure of 13 owned clinics during the 2025 Nine Months and 43 owned clinics during the 2024 Nine Months. See Clinic Count Roll Forward on page 14 for additional information. | (1) Costs associated with the closure of 13 owned clinics during the 2025 Nine Months and 43 owned clinics during the 2024 Nine Months. See Clinic Count Roll Forward on page 14 for additional information. |
| (2) Primarily consists of retention bonuses, legal and consulting expenses related to the acquisitions of equity interests in certain partnerships. | (2) Primarily consists of retention bonuses, legal and consulting expenses related to the acquisitions of equity interests in certain partnerships. | (2) Primarily consists of retention bonuses, legal and consulting expenses related to the acquisitions of equity interests in certain partnerships. | (2) Primarily consists of retention bonuses, legal and consulting expenses related to the acquisitions of equity interests in certain partnerships. | (2) Primarily consists of retention bonuses, legal and consulting expenses related to the acquisitions of equity interests in certain partnerships. |
| (3) Consists of costs related to a one-time financial and human resources systems upgrade. | (3) Consists of costs related to a one-time financial and human resources systems upgrade. | (3) Consists of costs related to a one-time financial and human resources systems upgrade. | (3) Consists of costs related to a one-time financial and human resources systems upgrade. | (3) Consists of costs related to a one-time financial and human resources systems upgrade. |

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U.S. Physical Therapy Press Release Page 13<br>November 5, 2025

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

#### RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES

#### (IN THOUSANDS, EXCEPT PER SHARE DATA AND PERCENTAGES)

**<br>

The tables below reconcile other non-GAAP measures to the most directly comparable GAAP measures for the 2025 Third Quarter and the 2025 Nine Months.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 |
|  | Reported<br> (GAAP) | Adjustments <sup>(1)</sup> | Adjusted<br> (Non-GAAP) | Reported<br> (GAAP) | Adjustments <sup>(1)</sup> | Adjusted<br> (Non-GAAP) |
|  | (in thousands, except percentages) | (in thousands, except percentages) | (in thousands, except percentages) | (in thousands, except percentages) | (in thousands, except percentages) | (in thousands, except percentages) |
| Segment information - Physical Therapy Operations |  |  |  |  |  |  |
| Salaries and related costs <sup>(2)</sup> | $96470 | $8 | $96478 | $82281 | $- | $82281 |
| Operating costs <sup>(2)(3)</sup> | $134979 | $50 | $135029 | $116698 | $(3432) | $113266 |
| Gross profit | $31193 | $(50) | $31143 | $23999 | $3432 | $27431 |
| Gross profit margin | 18.6% | \* | 18.6% | 16.8% | \* | 19.2% |
| Number of visits | 1554207 |  | 1554207 | 1317051 |  | 1317051 |
| Salaries and related costs per visit <sup>(2)</sup> | $62.07 | \* | $62.07 | $62.47 | $- | $62.47 |
| Operating costs per visit <sup>(2)(3)</sup> | $86.85 | $0.03 | $86.88 | $88.61 | $(2.61) | $86.00 |
|  | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
|  | Reported<br> (GAAP) | Adjustments <sup>(1)</sup> | Adjusted<br> (Non-GAAP) | Reported<br> (GAAP) | Adjustments <sup>(1)</sup> | Adjusted<br> (Non-GAAP) |
|  | (in thousands, except percentages) | (in thousands, except percentages) | (in thousands, except percentages) | (in thousands, except percentages) | (in thousands, except percentages) | (in thousands, except percentages) |
| *Segment information - Physical Therapy Operations* |  |  |  |  |  |  |
| Salaries and related costs <sup>(2)</sup> | $282146 | $(286) | $281860 | $239829 | $- | $239829 |
| Operating costs <sup>(2)(3)</sup> | $394060 | $(555) | $393505 | $336917 | $(4109) | $332808 |
| Gross profit | $92877 | $555 | $93432 | $77830 | $4109 | $81939 |
| Gross profit margin | 18.8% | \* | 19.0% | 18.5% | \* | 19.5% |
| Number of visits | 4556768 |  | 4556768 | 3920388 |  | 3920388 |
| Salaries and related costs per visit <sup>(2)</sup> | $61.92 | $(0.06) | $61.86 | $61.17 | $- | $61.17 |
| Operating costs per visit <sup>(2)(3)</sup> | $86.48 | $(0.12) | $86.36 | $85.94 | $(1.05) | $84.89 |
| (1) Certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. | (1) Certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. | (1) Certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. | (1) Certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. | (1) Certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. | (1) Certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. | (1) Certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. |
| (2) Excludes costs related to management contracts. | (2) Excludes costs related to management contracts. | (2) Excludes costs related to management contracts. | (2) Excludes costs related to management contracts. | (2) Excludes costs related to management contracts. | (2) Excludes costs related to management contracts. | (2) Excludes costs related to management contracts. |
| (3) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (3) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (3) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (3) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (3) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (3) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. | (3) Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. |
| *\* Not meaningful* | *\* Not meaningful* | *\* Not meaningful* | *\* Not meaningful* | *\* Not meaningful* | *\* Not meaningful* | *\* Not meaningful* |

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U.S. Physical Therapy Press Release Page 14<br>November 5, 2025

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

#### SUPPLEMENTAL FINANCIAL AND PERFORMANCE METRICS

#### Revenue Metrics

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Rate Per Patient Visit <sup>(1)</sup>** | **Net Rate Per Patient Visit <sup>(1)</sup>** | **Patient Visits <sup>(1)</sup>** | **Patient Visits <sup>(1)</sup>** | **Average Visits Per Clinic Per Day <sup>(2)</sup>** | **Average Visits Per Clinic Per Day <sup>(2)</sup>** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| First quarter | $105.66 | $103.37 | 1443805 | 1268002 | 31.2 | 29.5 |
| Second quarter | $105.33 | $105.05 | 1558756 | 1335335 | 32.7 | 30.6 |
| Third quarter | $105.54 | $105.65 | 1554207 | 1317051 | 32.2 | 30.1 |
| Fourth quarter |  | $104.73 |  | 1432801 |  | 31.6 |
| Year |  | $104.71 | 4556768 | 5353189 |  | 30.4 |
| (1) See definition of the metrics above in the Glossary of Terms – Revenue Metrics on page 7. | (1) See definition of the metrics above in the Glossary of Terms – Revenue Metrics on page 7. | (1) See definition of the metrics above in the Glossary of Terms – Revenue Metrics on page 7. | (1) See definition of the metrics above in the Glossary of Terms – Revenue Metrics on page 7. | (1) See definition of the metrics above in the Glossary of Terms – Revenue Metrics on page 7. | (1) See definition of the metrics above in the Glossary of Terms – Revenue Metrics on page 7. | (1) See definition of the metrics above in the Glossary of Terms – Revenue Metrics on page 7. |
| (2) Excludes home-care visits. | (2) Excludes home-care visits. | (2) Excludes home-care visits. | (2) Excludes home-care visits. | (2) Excludes home-care visits. | (2) Excludes home-care visits. | (2) Excludes home-care visits. |

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#### Clinic Count Roll Forward <sup>(1)</sup>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Owned** | **Managed** | **Total** | **Owned** | **Managed** | **Total** |
| Number of clinics, beginning of period | 722 | 39 | 761 | 671 | 43 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q1 additions | 14 | - | 14 | 14 | - | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q1 closed or sold | (7) | (2) | (9) | (6) | (2) | (8) |
| Number of clinics, end of period | 729 | 37 | 766 | 679 | 41 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 additions | 6 | - | 6 | 7 | - | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 closed or sold | (3) | (1) | (4) | (5) | **-** | (5) |
| Number of clinics, end of period | 732 | 36 | 768 | 681 | 41 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q3 additions | 16 | 2 | 18 | 12 | **-** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q3 closed or sold | (3) | (4) | (7) | (32) | (2) | (34) |
| Number of clinics, end of period | 745 | 34 | 779 | 661 | 39 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q4 additions |  |  |  | 63 | **-** | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q4 closed or sold |  |  |  | (2) | **-** | (2) |
| Number of clinics, end of period |  |  |  | 722 | 39 | 761 |
| Year-to-date 2025 and full-year 2024 additions | 36 | 2 | 38 | 96 | **-** | 96 |
| Year-to-date 2025 and full-year 2024 sold or closed | (13) | (7) | (20) | (45) | (4) | (49) |
| (1) Excludes the home care business. | (1) Excludes the home care business. | (1) Excludes the home care business. | (1) Excludes the home care business. | (1) Excludes the home care business. | (1) Excludes the home care business. | (1) Excludes the home care business. |

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