Outpatient physical therapy provider U.S. Physical Therapy (NYSE: USPH) will be reporting results this Wednesday after market hours. Here’s what investors should know.

U.S. Physical Therapy beat analysts’ revenue expectations by 4.4% last quarter, reporting revenues of $183.8 million, up 18.1% year on year. It was an exceptional quarter for the company, with a solid beat of analysts’ sales volume estimates and a decent beat of analysts’ EPS estimates.

Is U.S. Physical Therapy a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting U.S. Physical Therapy’s revenue to grow 13.3% year on year to $189.4 million, improving from the 10.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.69 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. U.S. Physical Therapy has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 2.1% on average.

Looking at U.S. Physical Therapy’s peers in the healthcare providers & services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Encompass Health delivered year-on-year revenue growth of 12%, beating analysts’ expectations by 2.2%, and Select Medical reported revenues up 4.5%, in line with consensus estimates. Select Medical traded down 15.1% following the results.

Read our full analysis of Encompass Health’s results here and Select Medical’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the healthcare providers & services stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3.3% on average over the last month. U.S. Physical Therapy is down 11.3% during the same time and is heading into earnings with an average analyst price target of $106 (compared to the current share price of $70.36).

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