U S Physical Therapy Inc /nv (USPH) · Nov 6, 2026 · Earnings

U.S. Physical Therapy earnings beat as affiliations lift EBITDA

Beat — Adjusted EPS $0.80 vs ~$0.76 consensus

U.S. Physical Therapy earnings beat adjusted EPS and revenue expectations as hospital affiliations started contributing, though debt and benefit costs remain pressure points.

USPH is in the middle of shifting from a clinic-acquisition story toward a hospital-affiliation growth model: two previously announced alliances are being integrated across dozens of existing clinics, with the goal of driving referrals and better economics. The direction was already known after Q2, when management said the remaining affiliated clinics would be integrated in Q3 and reaffirmed 2026 adjusted EBITDA guidance of $102 million to $106 million.

The quarter cleared the market’s earnings bar, but only modestly. Adjusted EPS was $0.80 versus $0.66 a year earlier and approximately $0.76 consensus, while reported revenue of $222.6 million exceeded published estimates of roughly $214.9 million.

	Q3 2026	Q3 2025	Consensus / prior
Adjusted EPS (Reconciliation table)	$0.80	$0.66	~$0.76 consensus
Adjusted EBITDA (Reconciliation table)	$27.8M	$23.9M
Net income (Income Statement)	$11.0M	$13.1M

The hospital-affiliation strategy is beginning to show up in operating profit. The 72 clinics operating under hospital affiliation agreements generated $25 million of Q3 revenue, and adjusted EBITDA rose to $27.8 million from $23.9 million. The key change is that the affiliations are no longer just a future initiative; they are now contributing measurable revenue and EBITDA, although management still expects referral volumes and clinic additions to build over time.

Underlying execution improved despite a real cost headwind. Physical therapy margin held at 19%, while adjusted physical therapy margin increased 150 basis points year over year; management said higher company-provided health benefit costs created an approximately 150-basis-point headwind. 〔0〕〔1〕 That makes the operating improvement better than the headline margin suggests, but also shows that cost control remains necessary to convert growth into shareholder earnings.

The balance sheet is the main restraint on an otherwise decent quarter. Borrowings under the credit facility increased to $247 million from $162 million at year-end, while cash was only $38 million. The new interest-rate swap provides some visibility on term-debt costs beginning June 30, 2027, but the higher debt load makes continued affiliation execution and EBITDA growth more important.

GAAP per-share results look much worse than the operating result because of ownership-accounting volatility. USPH posted a $1.04 loss per share in Q3, versus $0.48 of earnings a year earlier, largely because the value of redeemable non-controlling interests is included in EPS even though it is excluded from net income. The adjusted figures are therefore the cleaner benchmark for this quarter, but the dilution mechanism remains a structural complication rather than a one-off reporting nuisance.

Bottom line: This was a modest beat that validates the early hospital-affiliation ramp and shows better underlying EBITDA, but it does not rewrite the story because debt and benefit costs still limit the quality of the earnings improvement.

What to watch next

Q4 earnings report and 2027 affiliation ramp

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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U.S. Physical Therapy earnings beat as affiliations lift EBITDA

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