U.S. Physical Therapy, Inc. (USPH) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 4M | 24.93M | 19.94M | 34.86M | -4.67M | 19.41M | 22.12M | 29.16M | 4.42M | 26.84M | 16.36M | 27.43M | 11.35M | 17.3M | 13.73M | 15.86M | 11.65M | 15.9M | 24.95M | 17.88M |
| Operating CF Margin % | 2.44% | 12.3% | 12.16% | 21.23% | -3.06% | 10.76% | 13.16% | 17.44% | 2.84% | 17.34% | 10.91% | 18.11% | 7.64% | 12.25% | 9.83% | 11.28% | 8.84% | 12.25% | 19.81% | 14.09% |
| Operating CF Growth % | 185.63% | 28.46% | -9.86% | 19.56% | -205.79% | -27.67% | 35.17% | 6.3% | -61.06% | 55.12% | 19.21% | 72.93% | -2.58% | 8.76% | -44.97% | -11.3% | -34.09% | -37.36% | -4.96% | -44.08% |
| Net Income | -1.84M | 5.61M | 17.64M | 17.72M | 9.9M | 12.49M | 9.78M | 7.04M | 11.62M | -1.29M | 12.22M | 14.86M | 11.43M | 3.35M | 12.82M | 15.26M | 11.98M | 14.44M | 14.12M | 17.47M |
| Depreciation & Amortization | 6M | 4.63M | 5.83M | 6.06M | 5.87M | 5.68M | 4.39M | 4.51M | 4.09M | 4.11M | 3.97M | 3.83M | 3.79M | 3.79M | 3.65M | 3.47M | 3.82M | 3.07M | 3.04M | 2.8M |
| Stock-Based Compensation | 0 | 2.12M | 2.26M | 2.12M | 1.77M | 1.99M | 1.92M | 0 | 2M | 1.78M | 1.86M | 1.79M | 1.81M | 1.8M | 1.8M | 1.81M | 1.85M | 1.59M | 2.88M | 1.75M |
| Deferred Taxes | 3.29M | 243K | 3.88M | 2.04M | 5.24M | 4.76M | -165K | -1.17M | 1.94M | -903K | 3.59M | 1.58M | 221K | -1.77M | 1.77M | 2.17M | 2.13M | 4.4M | -1.87M | 979K |
| Other Non-Cash Items | 15.98M | 10.2M | -3.41M | 1.69M | 835K | -336K | 3.39M | 12.64M | 935K | 18.43M | 1.1M | 527K | 2.21M | 16.39M | -1.78M | 1.12M | 456K | 1.02M | 1.36M | 1.37M |
| Working Capital Changes | -19.43M | 2.13M | -6.27M | 5.25M | -28.29M | -5.18M | 2.81M | 6.13M | -16.17M | 4.7M | -6.38M | 4.85M | -8.1M | -6.27M | -4.54M | -7.98M | -8.59M | -8.62M | 5.42M | -6.5M |
| Change in Receivables | -8.48M | 985K | -168K | -3.31M | -7.34M | 3.52M | -1.41M | 1.65M | -9.11M | 1.04M | -74K | 658K | -6.79M | -2.69M | -1.81M | -3.5M | -6.82M | -2.7M | -3.06M | -728K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.94M | -3.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -11.99M | 3.11M | 0 | 6.32M | -14.23M | -3.29M | 6.48M | 5.2M | 0 | 0 | -6.94M | 3.18M | 0 | -5.31M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -40M | -5.44M | -11.94M | -12.71M | -6.63M | -94.85M | -5.84M | -28.46M | -20.46M | -8.41M | -16.94M | -6.98M | -12.68M | -43.39M | -14.34M | -7.6M | -15.94M | -79.88M | -10.88M | -20.17M |
| Capital Expenditures | -5.37M | -3.93M | -4.32M | -3.25M | -2.58M | -2.49M | -2.52M | -2.34M | -1.84M | -2.22M | -2.55M | -2.46M | -2.06M | -958K | -2.72M | -2.04M | -2.53M | -2.21M | -2.69M | -1.69M |
| CapEx % of Revenue | 3.27% | 1.94% | 2.63% | 1.98% | 1.69% | 1.38% | 1.5% | 1.4% | 1.18% | 1.43% | 1.7% | 1.63% | 1.39% | 0.68% | 1.95% | 1.45% | 1.92% | 1.7% | 2.14% | 1.33% |
| Acquisitions | -34.95M | 0 | -8.39M | 0 | 0 | -93.38M | -3.3M | -26.28M | -19.08M | -6.66M | -14.56M | -4.78M | -10.87M | -42.47M | -12.29M | -5.97M | -13.55M | -77.83M | -8.19M | -18.48M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 324K | -1.52M | 769K | -9.46M | -4.05M | 1.02M | -22K | 156K | 455K | 470K | 172K | 264K | 245K | 39K | 672K | 416K | 132K | 152K | 0 | 0 |
| Cash from Financing | 28.86M | -15.02M | -10.99M | -27.25M | 9.12M | -153K | -12.23M | -20.08M | -4.49M | -13.28M | -12.48M | 107.68M | 2.34M | 19.77M | -10.05M | 16.08M | -43K | 73.35M | -15.29M | 4.77M |
| Debt Issued (Net) | 41.55M | 2.05M | -241K | -6.53M | 12.78M | 9.77M | -2.49M | -1.66M | -1.33M | -2.46M | -2.73M | -39.6M | 5.64M | 28.69M | -158K | 30.21M | 3.67M | 80.76M | -5.46M | 17.94M |
| Equity Issued (Net) | 0 | -5.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9K | 163.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -6.84M | -6.84M | -13.68M | -6.84M | -6.64M | -6.63M | -13.26M | 0 | -6.45M | -6.45M | -11.24M | 0 | -5.33M | -5.33M | -10.66M | 0 | -4.83M | -4.91M | -9.03M |
| Share Repurchases | 0 | -5.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -12.69M | -4.67M | -3.91M | -7.04M | 3.18M | -3.29M | -3.11M | -5.16M | -3.16M | -4.37M | -3.3M | -5.13M | -3.3M | -3.59M | -4.56M | -3.48M | -3.71M | -2.58M | -4.93M | -4.14M |
| Net Change in Cash | -7.13M | 4.47M | -2.98M | -5.1M | -2.18M | -75.6M | 4.05M | -19.38M | -20.54M | 5.14M | -13.05M | 128.13M | 1.01M | -6.32M | -10.66M | 24.34M | -4.34M | 9.38M | -1.23M | 2.48M |
| Free Cash Flow | -1.37M | 21.01M | 15.63M | 31.61M | -7.25M | 16.92M | 19.6M | 26.82M | 2.58M | 24.61M | 13.81M | 24.97M | 9.29M | 16.34M | 11.01M | 13.82M | 9.12M | 13.7M | 22.25M | 16.19M |
| FCF Margin % | -0.83% | 10.36% | 9.53% | 19.25% | -4.76% | 9.38% | 11.66% | 16.04% | 1.66% | 15.9% | 9.21% | 16.48% | 6.26% | 11.57% | 7.88% | 9.83% | 6.93% | 10.55% | 17.67% | 12.75% |
| FCF Growth % | 81.11% | 24.15% | -20.27% | 17.86% | -381.05% | -31.26% | 41.87% | 7.43% | -72.22% | 50.63% | 25.5% | 80.64% | 1.85% | 19.28% | -50.53% | -14.63% | -43.23% | -41.07% | -12.33% | -46.22% |
| FCF per Share | -0.09 | 1.38 | 1.03 | 2.08 | -0.48 | 1.12 | 1.30 | 1.78 | 0.17 | 1.64 | 0.92 | 1.82 | 0.71 | 1.26 | 0.85 | 1.06 | 0.71 | 1.06 | 1.72 | 1.25 |
| FCF Conversion (FCF/Net Income) | 0.79x | -2.36x | 2.75x | 3.95x | -0.47x | 2.61x | 4.00x | 4.24x | 0.67x | -3.39x | 2.33x | 3.41x | 1.51x | -15.87x | 1.47x | 1.40x | 1.35x | 1.75x | 2.95x | 1.70x |
| Interest Paid | 0 | 0 | 2.62M | 2.48M | 2.21M | 1.58M | 1.92M | 0 | 1.84M | 1.66M | 2.98M | 2.63M | 1.38M | 3.53M | 840K | 794K | 525K | 157K | 454K | 443K |
| Taxes Paid | 0 | 0 | 1.98M | 2.47M | 7.36M | -5.76M | 827K | 0 | 367K | 2.19M | 1.49M | 799K | 442K | 86K | 3M | 4.44M | 81K | 1.44M | 3.81M | 6.91M |