U.S. Physical Therapy, Inc.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $9.9M | $5.0M | $4.2M | $13.1M | $12.4M | $9.9M | $9.2M | $6.6M |
| Depreciation & Amortization | $5.6M | $6.0M | $5.3M | $5.5M | $5.7M | $5.9M | $6.1M | $4.2M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $3.0M | $3.0M | $1.8M | $3.2M | $3.1M | $3.1M | $3.1M | $2.2M |
| Stock-Based Compensation | $3.2M | $2.3M | $2.1M | $2.3M | $2.1M | $1.8M | $2.0M | $1.9M |
| Net Cash from Operating Activities | $34.4M | $3.8M | $24.9M | $19.9M | $34.9M | $-4.7M | $19.4M | $22.1M |
| Investing Activities | ||||||||
| Capital Expenditures | $5.4M | $5.4M | $3.9M | $4.3M | $3.3M | $2.6M | $2.5M | $2.5M |
| Business Acquisitions | $-70.0K | $21.2M | $460.0K | $8.3M | $2.7M | $4.2M | $91.9M | $2.5M |
| Net Cash from Investing Activities | $-6.4M | $-39.8M | $-5.4M | $-11.9M | $-12.7M | $-6.6M | $-94.9M | $-5.8M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-31.5M | $28.9M | $-15.0M | $-11.0M | $-27.3M | $9.1M | $-153.0K | $-12.2M |
| Net Change in Cash | $-3.6M | $-7.1M | $4.5M | $-3.0M | $-5.1M | $-2.2M | $-75.6M | $4.0M |
| Free Cash Flow | $29.0M | $-1.6M | $21.0M | $15.6M | $31.6M | $-7.3M | $16.9M | $19.6M |