The miss on the Street-tracked non-GAAP EPS metric may weigh on the stock in the near term, but reaffirmed guidance and revenue growth provide support. Focus on the conference call for hospital alliance integration updates and margin trajectory.
Price Chart
Executive Summary
USPH reported Q1 2026 revenue of $198.3M (+7.9% YoY), but GAAP net income fell to $5.0M from $9.9M and GAAP EPS was a loss of $0.12 due to non-cash revaluation of redeemable noncontrolling interests. The Street-followed non-GAAP operating results per share was $0.46, below consensus of $0.55, a -16% miss. Adjusted EBITDA rose slightly to $20.2M and full-year EBITDA guidance was reaffirmed at $102M-$106M. The dividend was increased to $0.46.
Key Financial Metrics
Key Facts
- Q1 2026 net revenue $198.3M, +7.9% YoY (record first-quarter revenue)
- GAAP EPS $(0.12) vs $0.80 in Q1 2025, driven by $9.4M charge from revaluation of redeemable noncontrolling interest
- Non-GAAP operating results per share $0.46 vs $0.48 in Q1 2025, miss of consensus estimate of $0.55
- Adjusted EBITDA $20.2M vs $19.5M in Q1 2025, +3.6%
- Full-year 2026 adjusted EBITDA guidance reaffirmed at $102M-$106M
- Quarterly dividend increased to $0.46 per share from $0.45
- Closed new $450M credit facility on April 14, 2026 with $175M term loan and $275M revolver
- Clinic count grew to 783, with 15 additions and 12 closures in Q1
Financial Impact
Non-GAAP operating results per share missed consensus by $0.09 (-16.4%), while GAAP EPS swung to a loss due to non-cash items.
Risk Factors
- Continued dilution from revaluation of redeemable noncontrolling interests may distort GAAP EPS
- Integration of Metro clinics and hospital alliances may take longer than expected
- Rising debt levels ($203.9M outstanding borrowings) and interest expense may pressure earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000885978-26-000019 |
| Document: form8-k.htm | 0000885978-26-000019 |
| Document: 0000885978-26-000019-index-headers.html | 0000885978-26-000019 |
| Document: 0000885978-26-000019-index.html | 0000885978-26-000019 |
| Document: 0000885978-26-000019.txt | 0000885978-26-000019 |
| 8-K Data (Synthetic) | 0000885978-26-000019 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | SC 13G | $85.44 $87.02 | ▲ +1.85% | ▲ +3.00% | $87.47 (+2.38%) |
Aug 10, 2026 11w ago | 8-K | $81.67 $78.21 | ▼ −4.24% | ▼ −3.83% | $87.47 (+7.10%) |
May 6, 2026 24w ago | 8-K | $59.00 $60.14 | ▼ −1.93% | ▼ −0.43% | $87.47 (−48.25%) |
Apr 15, 2026 27w ago | 8-K | $78.18 $74.76 | ▼ −4.37% | ▼ −5.36% | $87.47 (+11.88%) |
Feb 26, 2026 34w ago | 8-K | $78.87 $82.14 | ▲ +4.15% | ▲ +5.27% | $87.47 (+10.90%) |
US Market Status
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