Net revenue for 2025 increased by 16.3% to $781.0 million, up from $671.3 million in 2024. Net income attributable to USPH shareholders (GAAP) rose 26.0% to $39.6 million in 2025, compared to $31.4 million in 2024. Basic and diluted earnings per share (GAAP) were $1.42 for 2025, a decrease from $1.84 in 2024, primarily due to a $24.5 million revaluation of redeemable non-controlling interests. Adjusted EBITDA (non-GAAP) increased by 16.2% to $95.0 million in 2025 from $81.8 million in 2024. Operating Results (non-GAAP) increased by $3.1 million to $40.0 million in 2025, with Operating Results per share at $2.63. The company owned and/or managed 780 clinics in 44 states as of December 31, 2025, an increase from 761 clinics at the end of 2024. Total patient visits for physical therapy operations reached 6,150,104 in 2025, a 14.9% increase from 5,353,189 in 2024. The average net rate per patient visit increased to $105.76 in 2025 from $104.71 in 2024. The Board of Directors raised the quarterly dividend rate from $0.45 to $0.46 per share, effective for Q1 2026. The company repurchased 81,322 shares of common stock for $5.6 million in Q4 2025, with $19.4 million remaining under the authorized share repurchase program. Two 10-year strategic alliances with hospital systems were announced in February 2026, expected to be accretive to revenue, operating income, and margins.