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AMN Healthcare Announces Fourth Quarter and Full Year 2025 Results

globenewswire.com
AMN The company reported mixed results with increased quarterly revenue but a GAAP loss and lower adjusted EPS compared to the prior year. While the Q1 2026 outlook shows significant revenue growth, driven by labor disruptions, the full-year 2025 results indicate a revenue decrease and lower gross margin. The company is investing in technology and automation, which is positive, but faces ongoing challenges in revenue mix and segment performance.

Quarterly revenue of $748 million;

GAAP loss of ($0.20)/share and adjusted EPS of $0.22

DALLAS, Feb. 19, 2026 (GLOBE NEWSWIRE) -- AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total talent solutions for healthcare organizations across the United States, today announced its fourth quarter and full year 2025 financial results. Financial highlights are as follows:

Dollars in millions, except per share amounts.

* See “Non-GAAP Measures” below for a discussion of our use of non-GAAP items and the table entitled “Non-GAAP Reconciliation Tables” for a reconciliation of non-GAAP items.

2025 & Recent Highlights

“Over the past year we gained nurse and allied staffing market share, competing successfully in direct and vendor-neutral while broadening our solution set into our strategic MSP clients,” said Cary Grace, President and Chief Executive Officer of AMN Healthcare. “Our strategy to invest in people, processes and technology to more effectively serve the broader market as the industry shifts its focus to growth. AMN is well positioned as healthcare organizations seek innovative workforce solutions to enable volume growth amid cost and reimbursement pressures.

“Starting in the fourth quarter and continuing into the beginning of 2026, AMN has supported strategic clients in some unusually large labor disruption events to ensure they have continuity of care for their patients. Our efforts and investments in automation and leading technology have increased our fulfillment scalability, and our team has reached new highs in order fill rates for these events. I am extremely proud of how the entire AMN organization has risen to this unprecedented challenge, to manage the supply of thousands of healthcare professionals in these events while also maintaining high-quality service across all our clients.”

Fourth Quarter 2025 Results

Consolidated revenue for the quarter was $748 million, a 2% increase over prior year and 18% higher than prior quarter. We reported a net loss of ($8 million), or ($0.20) per diluted share. This is compared with net loss of ($188 million), or ($4.90) per diluted share, in the same quarter last year. Adjusted diluted EPS was $0.22 compared with $0.75 in the year-ago quarter.

Revenue for the Nurse and Allied Solutions segment was $491 million, higher by 8% year over year and 36% sequentially. We recorded labor disruption revenue of $124 million. Travel nurse revenue was down 9% year over year and up 6% sequentially. Allied division revenue declined 1% year over year and increased 3% versus prior quarter.

The Physician and Leadership Solutions segment reported revenue of $170 million, down 2% year over year and down 5% sequentially. Locum tenens revenue was flat year over year, and was down 7% sequentially. Interim leadership revenue was down 8% year over year and up 4% sequentially. Search revenue was lower by 8% year over year and up 1% quarter over quarter.

Technology and Workforce Solutions segment revenue was $88 million reflecting a decrease of 18% year over year and 7% sequentially. Language services revenue was $70 million in the quarter, down 9% year over year and 7% compared with the prior quarter. Vendor management systems revenue was $16 million, 28% lower year over year and down 4% sequentially.

Consolidated gross margin was 26.1%, lower by 370 basis points year over year and lower by 300 basis points sequentially. The year-over-year decline in gross margin was primarily driven by lower margin in all three segments and unfavorable revenue mix. On a sequential basis, gross margin decreased due to lower margins in Nurse and Allied and Technology and Workforce Solutions and unfavorable revenue mix.

SG&A expenses were $152 million or 20.3% of revenue, compared with $159 million, or 21.6% of revenue, in the same quarter last year. SG&A was $139 million, or 21.8% of revenue, in the previous quarter. The year-over-year decrease in SG&A costs was primarily due to cost-containment efforts. The quarter-over-quarter increase was driven primarily by unfavorable professional liability actuarial adjustments, higher bad debt expenses, and higher labor disruption support costs.

Income from operations was $8 million compared with loss from operations of ($203 million) in the same quarter last year. Adjusted EBITDA was $54 million, reflecting a year-over-year decrease of 27%. Adjusted EBITDA margin was 7.3%, lower by 290 basis points year over year and a decrease of 180 basis points sequentially.

Full Year 2025 Results

Full year 2025 consolidated revenue was $2.730 billion, an 8% decrease from prior year. Full year net loss was ($96 million), or ($2.48) per diluted share, compared with net loss of ($147 million), or ($3.85) per diluted share, in the prior year. Adjusted diluted EPS was $1.36 compared with $3.31 in 2024.

Nurse and Allied Solutions segment revenue was $1.647 billion, a year-over-year decrease of 9%. The Physician and Leadership Solutions segment recorded revenue of $696 million, 4% lower compared with the prior year. Technology and Workforce Solutions segment revenue was $387 million, 12% lower year over year.

Full year consolidated gross margin was 28.3% compared with 30.8% for the prior year. The drop in gross margin year over year is attributable to a lower gross margin in all segments.

Full year consolidated SG&A expenses were $593 million, representing 21.7% of revenue as compared to $632 million, representing 21.2% of revenue, for the prior year. The year-over-year decrease in SG&A expenses was primarily due to reduced employee headcount and related expenses.

Full year loss from operations was ($55 million) compared with loss from operations of ($103 million) in the prior year. Adjusted EBITDA was $234 million, a year-over-year decrease of 31%. Adjusted EBITDA margin was 8.6%, 280 basis points lower year over year.

At December 31, 2025, cash and cash equivalents totaled $34 million. Cash flow from operations was $76 million for the quarter and $269 million for the full year. Capital expenditures were $8 million in the quarter and $36 million for the year. The Company ended the year with total debt outstanding of $775 million, including a revolving credit balance of $25 million, and a net leverage ratio of 3.3 to 1. The Company reduced its revolver balance by $185 million and total debt by $285 million in 2025.

First Quarter 2026 Outlook

*Note: Guidance percentage metrics are approximate. For a reconciliation of adjusted EBITDA margin, see the table entitled “Reconciliation of Guidance Operating Margin to Guidance Adjusted EBITDA Margin” below.

Consolidated revenue in the first quarter of 2026 is projected to be 78-80% higher than the year-ago period. Nurse and Allied Solutions segment revenue is expected to be 137-139% higher than prior year. Labor disruption revenue assumed in guidance is approximately $600 million with the final amount subject to completion of the events. This compares with $39 million in the prior-year quarter. We expect Physician and Leadership Solutions segment revenue in the first quarter to be 5-8% lower year over year. Technology and Workforce Solutions segment revenue is projected to be down 16-18% year over year.

Other first quarter estimates include depreciation expense of $16 million, depreciation in cost of services of $2 million, non-cash amortization expense of $18 million, stock-based compensation expense of $8 million, interest expense of $10 million, integration and other expenses of $2 million, an adjusted tax rate of 28%, and 39.0 million weighted average diluted shares.

Conference Call on February 19, 2026

AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total talent solutions for healthcare, will host a conference call to discuss its fourth quarter and full year 2025 financial results and first quarter 2026 outlook on Thursday, February 19, 2026, at 5:00 p.m. Eastern Time. A live webcast of the call can be accessed through this webcast link, which also will be available at AMN Healthcare’s investor relations website. Interested parties may participate live via telephone by registering at this conference call link. Please follow the link and register with a valid e-mail address. A PIN will be provided to you with dial-in instructions. If you lose track of these details, please re-register at the conference call link above.

About AMN Healthcare

AMN Healthcare is the leader and innovator in total talent solutions for healthcare organizations across the United States. The Company provides access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve patient outcomes. AMN total talent solutions include managed services programs, clinical and interim healthcare leaders, temporary staffing, direct hire and retained search solutions, vendor management systems, recruitment process outsourcing, predictive modeling, language interpretation services, revenue cycle solutions, credentialing, and other services. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, schools, and many other healthcare settings. AMN Healthcare is committed to fostering and maintaining a diverse team that reflects the communities we serve. Our commitment to the inclusion of many different backgrounds, experiences and perspectives enables our innovation and leadership in the healthcare services industry.

The Company’s common stock is listed on the New York Stock Exchange under the symbol “AMN.” For more information about AMN Healthcare, visit www.amnhealthcare.com, where the Company posts news releases, investor presentations, webcasts, SEC filings and other material information. The Company also utilizes email alerts and Really Simple Syndication (“RSS”) as routine channels to supplement distribution of this information. To register for email alerts and RSS, visit http://ir.amnhealthcare.com.

Non-GAAP Measures

This earnings release and the non-GAAP reconciliation tables included with the earnings release contain certain non-GAAP financial information, which the Company provides as additional information, and not as an alternative, to the Company’s condensed consolidated financial statements presented in accordance with GAAP. These non-GAAP financial measures include (1) adjusted EBITDA, (2) adjusted EBITDA margin, (3) adjusted net income, and (4) adjusted diluted EPS. The Company provides such non-GAAP financial measures because management believes that they are useful both to management and investors as a supplement, and not as a substitute, when evaluating the Company’s operating performance. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income, and adjusted diluted EPS serve as industry-wide financial measures. The Company uses adjusted EBITDA for making financial decisions, allocating resources and for determining certain incentive compensation objectives. The non-GAAP measures in this release are not in accordance with, or an alternative to, GAAP measures and may be different from non-GAAP measures, or may be calculated differently than other similarly titled non-GAAP measures, reported by other companies. They should not be used in isolation to evaluate the Company’s performance. A reconciliation of non-GAAP measures identified in this release, along with further detail about the use and limitations of certain of these non-GAAP measures, may be found below in the table entitled “Non-GAAP Reconciliation Tables” under the caption entitled “Reconciliation of Non-GAAP Items” and the footnotes thereto or on the Company’s website at https://ir.amnhealthcare.com/financials/quarterly-results/default.aspx. Additionally, from time to time, additional information regarding non-GAAP financial measures, including pro forma measures, may be made available on the Company’s website.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning client retention, our ability to gain market share, whether our strategy to more effectively serve the broader market or our efforts and investments in automation and technology will be successful, demand for our services, and our outlook for 2026 consolidated revenue, gross margin, SG&A expenses as a percentage of revenue, operating margin, adjusted EBITDA margin, first quarter year-over-year revenue performance for each of our Nurse and Allied, Physician and Leadership, and Technology and Workforce Solutions reporting segments, labor disruption revenue, depreciation expense, depreciation in cost of services, non-cash amortization expense, stock-based compensation expense, interest expense, integration and other expenses, adjusted tax rate, and weighted average diluted shares. In addition, the financial results set forth in this press release reflect the Company’s current preliminary financial results prior to completion of the Company’s audit process and are subject to change. The Company bases these forward-looking statements on its current expectations, estimates and projections about future events and the industry in which it operates using information currently available to it. Forward-looking statements are identified by words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “will,” “may,” “estimates,” variations of such words and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements as a result of a variety of factors, including consummating and incorporating acquisitions into our business, complying with extensive federal and state regulations related to the conduct of our operations, and continuing to recruit and retain sufficient quality healthcare professionals at reasonable costs.

The targets and expectations noted in this release depend upon, among other factors, (i) the duration of the period that hospitals and other healthcare entities decrease their utilization of temporary employees, physicians, leaders and other workforce technology applications, (ii) the ability of our clients to increase the efficiency and effectiveness of their staffing management and recruiting efforts, through predictive analytics, online recruiting, telemedicine or otherwise, and successfully hire and retain permanent staff, (iii) the extent to which the extent and duration challenging economic times will cause an increase in under- and uninsured patients and a corresponding reduction in overall healthcare utilization and demand for our services, (iv) our ability to effectively address client demand by attracting and placing nurses and other clinicians, (v) our ability to anticipate and quickly respond to changing marketplace conditions, such as alternative modes of healthcare delivery, reimbursement, or client needs, (vi) the effects of the COVID-19 pandemic or any future pandemic or health crisis on our business, financial condition and results of operation, (vii) our ability to manage the pricing impact that consolidation of healthcare delivery organizations may have on our business, (viii) the extent to which challenging economic times will have on the financial condition and cash flow of many hospitals and healthcare systems such that it impairs their ability to make payments to us, timely or otherwise, for services rendered, (ix) our ability to recruit and retain sufficient quality healthcare professionals at reasonable costs (x) our ability to develop and evolve our current technology offerings and capabilities and implement new infrastructure and technology systems to optimize our operating results and manage our business effectively, (xiii) our ability to comply with extensive and complex federal and state laws and regulations related to the conduct of our operations, costs and payment for services and payment for referrals as well as laws regarding employment practices, (xi) security breaches and cybersecurity incidents, including ransomware, that could compromise our information and systems and (xi) our ability to consummate and effectively incorporate acquisitions into our business.

For a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above that could cause actual results to differ from those implied by the forward-looking statements contained in this press release, please refer to “Risk Factors” under Item 1A of our most recent Annual Report on Form 10-K for the year ended December 31, 2025, our subsequent Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated and the Company is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Contact:

Randle Reece

Senior Director, Investor Relations

866.861.3229