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MedTech & Diagnostics

U S Physical Therapy Executive Compensation (FY25)

USPH · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Christopher Reading
Latest say-on-pay support
=
May 19, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 12, 2026Latest filing (8-K): May 19, 2026
16 filings cited on this page
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U S Physical Therapy brief$299Get the executive brief
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226 figures on this page: 215 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Christopher Reading: $3,636,676 → $4,468,314 (22.9% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is U S Physical Therapy's chief executive and what were they paid?
Christopher Reading, Chief Executive Officer, received $4,468,314 in total compensation for fiscal 2025. Compared with the $3,636,676 reported for fiscal 2024, Reading's total was 22.9% higher.
What was U S Physical Therapy's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 93.7% of votes cast for or against in favor at the meeting held May 19, 2026.
Which companies are in U S Physical Therapy's peer group?
The disclosed peer group includes Addus HomeCare Corporation, Astrana Health, Inc., Concentra Group Holdings, Inc., Corvel Corporation and Cross Country Healthcare, Inc., among others.
What is U S Physical Therapy's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 92.8:1, against median employee compensation of $48,133.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Christopher Reading
Chief Executive Officer
◇—◇—◇—◇◇
Graham Reeve
Chief Operating Officer - West
◇—◇—◇—◇◇
Eric Williams
Chief Operating Officer - East
◇—◇—◇—◇◇
Carey Hendrickson
Chief Financial Officer
◇—◇—◇—◇◇
Richard Binstein
Executive Vice President, General Counsel and Secretary
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Christopher Reading
Chief Executive Officer
◇—◇—◇—◇◇
Graham Reeve
Chief Operating Officer - West
◇—◇—◇—◇◇
Eric Williams
Chief Operating Officer - East
◇—◇—◇—◇◇
Carey Hendrickson
Chief Financial Officer
◇—◇—◇—◇◇
Richard Binstein
Executive Vice President, General Counsel and Secretary
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Christopher Reading
Chief Executive Officer
◇—◇—◇—◇◇
Eric Williams
President, Chief Operating Officer - East
◇—◇—◇—◇◇
Graham Reeve
Chief Operating Officer - West
◇—◇—◇—◇◇
Carey Hendrickson
Chief Financial Officer
◇—◇—◇—◇◇
Richard Binstein
Executive Vice President, General Counsel and Secretary
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Christopher Reading
Chief Executive Officer
◇—◇—◇—◇◇
Eric Williams
President, Chief Operating Officer - East
◇—◇—◇—◇◇
Graham Reeve
Chief Operating Officer - West
◇—◇—◇—◇◇
Carey Hendrickson
Chief Financial Officer
◇—◇—◇—◇◇
Richard Binstein
Executive Vice President, General Counsel and Secretary
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Carey P. HendricksonPSU◇◇◇—◇—◇
Christopher J. ReadingPSU◇◇◇—◇—◇
Eric J. WilliamsPSU◇◇◇—◇—◇
Graham D. ReevePSU◇◇◇—◇—◇
Richard S. BinsteinPSU◇◇◇—◇—◇
Fiscal 2022 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Christopher ReadingRSU◇◇——
Eric WilliamsRSU◇◇——
Graham ReeveRSU◇◇——
Carey HendricksonRSU◇◇——
Richard BinsteinRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Carey Hendrickson
Chief Financial Officer · Employment agreement
Severance multiple◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Christopher Reading
Chief Executive Officer · Employment agreement
Severance multiple◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Eric Williams
President, Chief Operating Officer - East · Employment agreement
Severance multiple◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Richard Binstein
Executive Vice President, General Counsel and Secretary · Employment agreement
Severance multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Dr. Bernard A. Harris Jr
Lead independent director
◇◇————◇
Regg E. Swanson
◇◇————◇
Kathleen A. Gilmartin
◇◇————◇
Anne B. Motsenbocker
◇◇————◇
Clayton K. Trier
◇◇————◇
Nancy J. Ham
◇◇————◇
Michael G. Mayrsohn
—————◇◇
Christopher J. Reading and Peter F. Minan served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Addus HomeCare Corporation ADUS
  • Astrana Health, Inc. ASTH
  • Concentra Group Holdings, Inc. CON
  • Corvel Corporation CRVL
  • Cross Country Healthcare, Inc. CCRN
  • Enhabit, Inc. EHAB
  • National Healthcare Corp. NHC
  • RadNet, Inc. RDNT
  • Surgery Partners, Inc. SGRY
  • The Pennant Group, Inc. PNTG

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 19, 2026=◇◇◇
2024May 20, 2025=◇◇◇
2023May 21, 2024=◇◇◇
2022May 16, 2023=◇◇◇
2021May 17, 2022=◇◇◇
2020May 18, 2021=◇◇◇
2019August 18, 2020=◇◇◇
2018May 21, 2019=◇◇◇
2017May 22, 2018=◇◇◇
2016October 3, 2017=◇◇◇
2015May 17, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Christopher Reading (Chief Executive Officer), FY2025 total compensation $4,468,314 (base salary $1,003,125) [exec_comp, SEC accession 0001140361-26-014952, filed 2026-04-16]

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What this page does not include

Everything above is a fact U S Physical Therapy disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where U S Physical Therapy sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
226 figures on this page: 215 cited to the filing that reported them, 11 calculated from figures it prints.
215 cited to the filing
11 calculated from the filing

Documents cited

  1. 0000885978-26-000027
    Proposal 2 - Advisory vote to approve named executive officer compensation.
  2. 0001140361-26-014952
    DIRECTOR COMPENSATION TABLE · Severance and Change in Control · Summary Compensation Table
  3. 0000885978-25-000017
    Proposal 2 - Advisory vote to approve named executive officer compensation.
  4. 0000885978-24-000033
    ITEM 5.07 Submission of Matters to a Vote of Security Holders.
  5. 0001140361-23-025301
    ITEM 5.07 Submission of Matters to a Vote of Security Holders.
  6. 0001140361-23-017433
  7. 0000885978-22-000030
    Item 5.07 Submission of Matters to a Vote of Security Holders.
  8. 0000885978-21-000016
    Item 5.07 Submission of Matters to a Vote of Security Holders.
  11. 0000885978-20-000031
    ITEM 5.07 Submission of Matters to a Vote of Security Holders.
  13. 0001140361-19-009655
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0000885978-18-000031
    Item 5.07 Submission of Matters to a Vote of Security Holders.
  15. 0000885978-17-000030
    Item 5.07 Submission of Matters to a Vote of Security Holdders
  16. 0000885978-16-000037
    Item 5.07 Submission of Matters to a Vote of Security Holdders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “U S Physical Therapy executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/USPH (accessed 2026).
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The U S Physical Therapy brief, $299

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $299 for the board report; $449 for both.
Get the executive briefGet the board briefNo account needed.
16 filings cited on this page
Method: intel.velarion.ai/methodology
If a report fails to generate we keep working until you have it. No refunds on one-time reports.
Published by Velarion Company Intelligence
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MedTech & Diagnostics rankings

Chief executive pay — MedTech & DiagnosticsCEO pay ratio — MedTech & DiagnosticsSay-on-pay support — MedTech & Diagnostics

Peers U S Physical Therapy discloses

The companies named in USPH's own disclosed peer group.

Addus HomeCare CorporationAstrana Health, Inc.Concentra Group Holdings, Inc.Corvel CorporationCross Country Healthcare, Inc.Enhabit, Inc.National Healthcare Corp.RadNet, Inc.Surgery Partners, Inc.The Pennant Group, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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