USPH 8-K SEC Filing Analysis

Latest settled — T+20d ⚠ clustered

USPH ▲ +4.86% at T+20d

SHORT call ✗ call lost -4.86% · α vs SPY -1.73% · entry $59.00 → $61.87

Next anchor: T+60d in 7w

Last close $65.56 (close Jun 12) · -11.12% from $59.00 entry (call sign-flipped)

Entry anchored
May 6, 2026
via day open

T+1d

+0.49%

call -0.49% · α +0.34%

$59.29

settled 6w ago

T+5d

+1.93%

call -1.93% · α -0.43%

$60.14

settled 5w ago

T+20d

+4.86%

call -4.86% · α -1.73%

$61.87

settled 11d ago

T+60d

—

call — · α —

—

in 7w

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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.

Actionable Insight

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.

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.

epsnetIncomeguidance

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

Exchange

NYSE

Sector

Services-Health Services

Analyst Consensus

85% bullish (13 analysts)

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

3 reports for USPH

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for USPH — sortable, filterable
	Type				Now
May 6, 2026 5w ago	8-K BEARISH ★ 6/10	$59.00 $61.87	▼ −4.86%	▼ −1.73%	$65.56 (−11.12%)
Apr 15, 2026 8w ago	8-K BULLISH ★ 7/10	$78.18 $60.14	▼ −23.07%	▼ −28.89%	$65.56 (−16.14%)
Feb 26, 2026 15w ago	8-K BULLISH ★ 8/10	$78.87 $74.42	▼ −5.64%	▲ +0.76%	$65.56 (−16.88%)

US Market Status

Market Closed — Opens in 4h 36m

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