U S Physical Therapy annual operating margin
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2025
U S Physical Therapy Operating Margin Growth & History (USPH)
U S Physical Therapy's operating margin was 11.10% for fiscal 2025.
View full U S Physical Therapy company overviewU S Physical Therapy annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 11.10% | +1.72 pp |
| 2024 | 2024-12-31 | 9.38% | +1.03 pp |
| 2023 | 2023-12-31 | 8.35% | −1.92 pp |
| 2022 | 2022-12-31 | 10.27% | −4.00 pp |
| 2021 | 2021-12-31 | 14.27% | +1.88 pp |
| 2020 | 2020-12-31 | 12.39% | −1.60 pp |
| 2019 | 2019-12-31 | 13.99% | +0.70 pp |
| 2018 | 2018-12-31 | 13.29% | +0.07 pp |
| 2017 | 2017-12-31 | 13.22% | −0.67 pp |
| 2016 | 2016-12-31 | 13.89% | −0.38 pp |
| 2015 | 2015-12-31 | 14.28% | −0.73 pp |
| 2014 | 2014-12-31 | 15.00% | +0.32 pp |
| 2013 | 2013-12-31 | 14.68% | −0.70 pp |
| 2012 | 2012-12-31 | 15.38% | +1.81 pp |
| 2011 | 2011-12-31 | 13.57% | −2.14 pp |
| 2010 | 2010-12-31 | 15.71% | +1.69 pp |
| 2009 | 2009-12-31 | 14.03% | — |
U S Physical Therapy quarterly operating margin
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| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 10.25% | −2.38 pp |
| Q1 2026 | 2026-03-31 | 6.29% | −4.39 pp |
| Q4 2025 | 2025-12-31 | 8.27% | −2.62 pp |
| Q3 2025 | 2025-09-30 | 12.85% | +5.20 pp |
| Q2 2025 | 2025-06-30 | 12.64% | +3.33 pp |
| Q1 2025 | 2025-03-31 | 10.69% | +1.10 pp |
| Q4 2024 | 2024-12-31 | 10.89% | +12.46 pp |
| Q3 2024 | 2024-09-30 | 7.65% | −2.94 pp |
| Q2 2024 | 2024-06-30 | 9.31% | −3.93 pp |
| Q1 2024 | 2024-03-31 | 9.59% | −1.86 pp |
| Q4 2023 | 2023-12-31 | −1.57% | −6.38 pp |
| Q3 2023 | 2023-09-30 | 10.59% | −0.08 pp |
| Q2 2023 | 2023-06-30 | 13.24% | −1.03 pp |
| Q1 2023 | 2023-03-31 | 11.45% | +0.03 pp |
| Q4 2022 | 2022-12-31 | 4.81% | −7.87 pp |
| Q3 2022 | 2022-09-30 | 10.67% | −2.78 pp |
| Q2 2022 | 2022-06-30 | 14.28% | −3.24 pp |
| Q1 2022 | 2022-03-31 | 11.41% | −1.96 pp |
| Q4 2021 | 2021-12-31 | 12.68% | −2.81 pp |
| Q3 2021 | 2021-09-30 | 13.45% | −4.85 pp |
| Q2 2021 | 2021-06-30 | 17.51% | +5.28 pp |
| Q1 2021 | 2021-03-31 | 13.37% | +9.81 pp |
| Q4 2020 | 2020-12-31 | 15.50% | +2.98 pp |
| Q3 2020 | 2020-09-30 | 18.30% | +3.96 pp |
| Q2 2020 | 2020-06-30 | 12.24% | −3.51 pp |
| Q1 2020 | 2020-03-31 | 3.56% | −9.71 pp |
| Q4 2019 | 2019-12-31 | 12.52% | −0.10 pp |
| Q3 2019 | 2019-09-30 | 14.34% | +0.70 pp |
| Q2 2019 | 2019-06-30 | 15.75% | +0.95 pp |
| Q1 2019 | 2019-03-31 | 13.27% | +1.22 pp |
| Q4 2018 | 2018-12-31 | 12.62% | −0.17 pp |
| Q3 2018 | 2018-09-30 | 13.64% | +1.13 pp |
| Q2 2018 | 2018-06-30 | 14.79% | −0.25 pp |
| Q1 2018 | 2018-03-31 | 12.05% | −0.46 pp |
| Q4 2017 | 2017-12-31 | 12.79% | +0.73 pp |
| Q3 2017 | 2017-09-30 | 12.51% | −1.14 pp |
| Q2 2017 | 2017-06-30 | 15.04% | −1.59 pp |
| Q1 2017 | 2017-03-31 | 12.50% | −0.72 pp |
| Q4 2016 | 2016-12-31 | 12.06% | −2.49 pp |
| Q3 2016 | 2016-09-30 | 13.65% | −0.57 pp |
| Q2 2016 | 2016-06-30 | 16.62% | +0.36 pp |
| Q1 2016 | 2016-03-31 | 13.22% | +1.33 pp |
| Q4 2015 | 2015-12-31 | 14.54% | +0.99 pp |
| Q3 2015 | 2015-09-30 | 14.22% | −0.30 pp |
| Q2 2015 | 2015-06-30 | 16.27% | −1.92 pp |
| Q1 2015 | 2015-03-31 | 11.89% | −1.75 pp |
| Q4 2014 | 2014-12-31 | 13.55% | −0.11 pp |
| Q3 2014 | 2014-09-30 | 14.51% | −0.53 pp |
| Q2 2014 | 2014-06-30 | 18.19% | +1.65 pp |
| Q1 2014 | 2014-03-31 | 13.64% | +0.20 pp |
| Q4 2013 | 2013-12-31 | 13.66% | −0.11 pp |
| Q3 2013 | 2013-09-30 | 15.05% | −0.31 pp |
| Q2 2013 | 2013-06-30 | 16.54% | −0.03 pp |
| Q1 2013 | 2013-03-31 | 13.44% | −2.33 pp |
| Q4 2012 | 2012-12-31 | 13.77% | +7.95 pp |
| Q3 2012 | 2012-09-30 | 15.35% | +0.86 pp |
| Q2 2012 | 2012-06-30 | 16.57% | −1.59 pp |
| Q1 2012 | 2012-03-31 | 15.77% | +0.47 pp |
| Q4 2011 | 2011-12-31 | 5.82% | −10.54 pp |
| Q3 2011 | 2011-09-30 | 14.50% | −3.97 pp |
| Q2 2011 | 2011-06-30 | 18.16% | — |
| Q1 2011 | 2011-03-31 | 15.30% | — |
| Q3 2010 | 2010-09-30 | 16.35% | — |
| Q2 2010 | 2010-06-30 | 18.46% | — |
U S Physical Therapy operating margin trends
Over the last five reported fiscal years, U S Physical Therapy's operating margin decreased from 12.39% to 11.10%, a change of −1.29 percentage points. The latest reported quarter, Q2 2026, shows 10.25%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review U S Physical Therapy filings at SEC.gov ↗