AMN Healthcare Announces Third Quarter 2025 Results

Quarterly revenue of $634 million and adjusted EBITDA of $58 million;

GAAP income of $0.76/share and adjusted EPS of $0.39

DALLAS, Nov. 06, 2025 (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 third quarter 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.

Business Highlights

“The AMN team responded impressively to the second quarter's marketplace uncertainty, delivering third quarter revenue and earnings ahead of our guidance,” said Cary Grace, President and Chief Executive Officer of AMN Healthcare. “After slower second-quarter staffing demand, we saw demand improve through the third quarter. Winter order volume is up year over year, and our fulfillment team is performing well meeting our client needs.”

Third Quarter 2025 Results

Consolidated revenue for the quarter was $634 million, an 8% decrease from prior year and a 4% decrease from the prior quarter. Net income was $29 million (4.6% of revenue), or $0.76 per diluted share, compared with net income of $7 million (1.0% of revenue), or $0.18 per diluted share, in the third quarter of 2024. Adjusted diluted EPS in the third quarter was $0.39 compared with $0.61 in the same quarter a year ago.

Revenue for the Nurse and Allied Solutions segment was $361 million, lower by 9% year over year and down 5% from the prior quarter. Travel nurse staffing revenue was lower by 20% year over year and 6% sequentially. Allied division revenue increased 1% year over year and was 2% lower than the prior quarter. Labor disruption events contributed $12 million revenue in the quarter.

The Physician and Leadership Solutions segment reported revenue of $178 million, down 1% year over year and 2% higher sequentially. Locum tenens revenue was $146 million, up 3% year over year and 2% sequentially. Interim leadership revenue was down by 20% year over year and 2% higher sequentially. Our physician and leadership search businesses saw revenue decline by 7% year over year and was flat quarter over quarter.

Technology and Workforce Solutions segment revenue was $95 million, a decrease of 12% year over year and 7% sequentially. The sequential decrease in revenue is primarily due to the sale of our Smart Square scheduling software. Language services revenue was $75 million in the quarter, flat from the prior year and down 1% sequentially. Vendor management systems revenue was $17 million, 32% lower year over year and down 11% from the prior quarter.

Consolidated gross margin was 29.1%, 190 basis points lower year over year and down 70 basis points sequentially. Gross margin declined year over year and sequentially across all our business segments.

Consolidated SG&A expenses were $139 million, or 21.8% of revenue, compared with $150 million, or 21.8% of revenue, in the same quarter last year. SG&A was $155 million, or 23.5% of revenue, in the previous quarter. The year-over-year decrease in SG&A costs was driven primarily by lower employee expenses.

Income from operations was $48 million with an operating margin of 7.5%, compared with income of $22 million and 3.2%, respectively, in the same quarter last year. The current quarter income included a gain on the sale of Smart Square totaling $39.2 million. Adjusted EBITDA was $58 million, a year-over-year decrease of 22%. Adjusted EBITDA margin was 9.1%, 160 basis points lower than the year-ago period.

At September 30, 2025, cash and cash equivalents totaled $53 million. Cash flow from operations was $23 million for the third quarter. Capital expenditures were $8 million. The Company ended the quarter with total debt outstanding of $850 million.

Debt Refinancing Transactions

On October 6, 2025, the Company completed the issuance of $400 million aggregate principal amount of 6.500% senior notes due 2031, which mature on January 15, 2031. The same day, the Company amended its senior revolving credit facility to reduce its capacity to $450 million and extend its maturity to October 6, 2030.

With the proceeds from the new 2031 notes, together with borrowings under the credit facility and cash generated from operations, the Company redeemed the entire outstanding $500 million aggregate principal amount of its 2027 senior notes on October 22, 2025.

Fourth Quarter 2025 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.

Revenue in the fourth quarter of 2025 is expected to be 1-3% lower than the prior year and up 13-15% sequentially. Nurse and Allied Solutions segment revenue is expected to be up 1-3% year over year. Physician and Leadership Solutions segment revenue is expected to be down 2-4% year over year. Technology and Workforce Solutions segment revenue is projected to be down 14-16% year over year. Labor disruption revenue assumed in guidance is approximately $100 million, compared with $62 million in the prior-year quarter, with approximately $5 million of incremental SG&A expenses associated with supporting labor disruption events. Gross margin in the fourth quarter is lower by approximately 100 basis points due to a lower margin on labor disruption revenue.

Fourth quarter estimates for certain other financial items include depreciation of $17 million, depreciation in cost of revenue of $2.5 million, non-cash amortization expense of $19 million, share-based compensation expense of $6.5 million, integration and other expenses of $3 million, interest expense of $11.5 million, adjusted tax rate of 28%, and 38.9 million diluted average shares outstanding.

Conference Call on November 6, 2025

AMN Healthcare Services, Inc. (NYSE: AMN) will host a conference call to discuss its third quarter 2025 financial results and fourth quarter 2025 outlook on Thursday, November 6, 2025 at 5:00 p.m. Eastern Time. A live webcast of the call can be accessed through AMN Healthcare’s website at http://ir.amnhealthcare.com. Interested parties may participate live via telephone by registering at this link. Registrants will receive confirmation and dial-in details. Following the conclusion of the call, a replay of the webcast will be available at the Company’s investor relations website.

About AMN Healthcare

AMN Healthcare is the leader and innovator in total talent solutions for healthcare, bringing together the people, processes and technology to deliver better care. Through a steadfast partnership approach, we solve the most pressing workforce challenges to enable better clinical outcomes and access to care. In 2024, our healthcare professionals reached nearly 15 million patients at more than 2,100 healthcare systems, including 87 percent of the top healthcare systems nationwide. We provide a comprehensive network of quality healthcare professionals and deliver a fully integrated and customizable suite of workforce technologies. For more information, visit www.amnhealthcare.com.

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 to both 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, 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. 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 future demand and supply for healthcare, contingent staffing and other services, client preferences, our ability to serve all market channels, our ability to hold market share or increase revenue, whether we will continue to invest in artificial intelligence and technology-enabled services and whether our current or future investments in artificial intelligence will position us to gain market share, our ability to diversify our revenue, the impact of the federal healthcare policy environment on our clients, fourth quarter 2025 financial projections for consolidated and segment revenue, consolidated gross margin, operating margin, SG&A as a percent of revenue, adjusted EBITDA margin, labor disruption revenue, depreciation expense, depreciation in cost of revenue, share-based compensation expense, integration and other expenses, interest expense, gain from the sale of Smart Square, adjusted tax rate, and number of diluted shares outstanding. 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. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are also identified by words such as “believe,” "project," “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.

The targets and expectations noted in this release depend upon, among other factors, (i) the ability of our clients to increase the efficiency and effectiveness of their staffing management and recruiting efforts, through predictive analytics, online recruiting, internal travel agencies and float pools, telemedicine or otherwise and successfully hire and retain permanent staff, (ii) the duration and extent to which hospitals and other healthcare entities adjust their utilization of temporary nurses and allied healthcare professionals, physicians, healthcare leaders and other healthcare professionals and workforce technology applications as a result of the labor market or economic conditions, (iii) the magnitude and duration of the effects of the post-COVID-19 pandemic environment or any future pandemic or health crisis on demand and supply trends, our business, its financial condition and our results of operations, (iv) our ability to effectively address client demand by attracting and placing nurses and other clinicians, (v) our ability to recruit and retain sufficient quality healthcare professionals at reasonable costs, (vi) our ability to anticipate and quickly respond to changing marketplace conditions, such as alternative modes of healthcare delivery, reimbursement, or client needs and requirements, including implementing changes that will make our services more tech-enabled and integrated, (vii) our ability to manage the pricing impact that the labor market or consolidation of healthcare delivery organizations may have on our business, (viii) the effects of economic downturns, inflation or slow recoveries, which could result in less demand for our services, increased client initiatives designed to contain costs, including reevaluating their approach as it pertains to contingent labor and managed services programs, other solutions and providers, pricing pressures and negatively impact payments terms and collectability of accounts receivable, (ix) 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, (x) our ability and the expense 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) our ability to consummate and effectively incorporate acquisitions into our business, (xii) the negative effects that intermediary organizations may have on our ability to secure new and profitable contracts, (xiii) the extent to which the Great Resignation or a future spike in the COVID-19 pandemic or other pandemic or health crisis may disrupt our operations due to the unavailability of our employees or healthcare professionals due to burnout, illness, risk of illness, quarantines, travel restrictions, mandatory vaccination requirements, or other factors that limit our existing or potential workforce and pool of candidates, (xiv) security breaches and cybersecurity incidents, including ransomware, that could compromise our information and systems, which could adversely affect our business operations and reputation and could subject us to substantial liabilities and (xv) the severity and duration of the impact the labor market, economic downturn or any future pandemic or health crisis has 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.

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 our most recent Annual Report on Form 10-K for the year ended December 31, 2024. 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

Vice President, Investor Relations & Strategy

866.861.3229