AMN earnings analysis
What we found in AMN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
AMN Healthcare recorded a remarkable Q1 2026 with a 100% increase in revenue to $1.378 billion, exceeding estimates by $254 million, while EPS surged to $2.10, significantly above the expected $1.61. Strong performance stemmed from the nurse and allied solutions segment, driven by extensive labor disruption services, with management providing an optimistic revenue guidance of $3.1 billion to $3.3 billion for the full year, reflecting an improved demand outlook.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Massive Revenue Growth
- Revenue soared to $1.378 billion, a 100% increase from $689.5 million in Q1 2025.
- Record EPS
- GAAP EPS reached $2.10, up from $0.18 in Q1 2025, significantly exceeding estimates by 30%.
- Strong Growth in Nurse Segment
- Nurse and allied solutions segment revenue increased by 173%, reaching $1.127 billion.
- Robust Operating Cash Flow
- Net cash provided by operating activities increased to $562.5 million, up from $92.7 million year-over-year.
- Improved SG&A Management
- SG&A expenses decreased to 15.8% of revenue, down from 21.4% in the prior year.
- Significant Free Cash Flow
- Free cash flow rose to $83 million, showcasing improved cash generation.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Segment Performance Declines
- Physician and leadership solutions revenue fell by 6% to $163.9 million, partially offsetting growth.
- Technology Segment Impacted
- Revenue from the technology and workforce solutions segment dropped 15% to $87.1 million.
- Labor Disruption Dependency
- Revenue growth heavily reliant on unpredictable labor disruption events, creating potential volatility.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.1
- Gross margin
- 26.8%
- Operating margin
- 8.5%
- Segment
- Nurse and Allied Solutions: $1,127.3M
- Segment
- Physician and Leadership Solutions: $163.9M
- Segment
- Technology and Workforce Solutions: $87.1M
What they said about what is next.
Revenue guidance raised to $3.1B-$3.3B for 2026, reflecting strong demand.
The filing reads better than the one before it.
What came before.
- 10-K · February 20, 2026
- AMN reported FY2025 revenue of $2,730.4M, down 8% from $2,983.8M in 2024, and a net loss of $(95.7)M (diluted loss per share $2.48). The business cites a strategy to expand technology-enabled recurring revenue (MSP,…
- 10-Q · May 9, 2025
- AMN reported revenue of $689.5 million for Q1 2025, down 16% from $820.9 million a year ago, with operating margin compressed to 1.8% from 4.9% a year earlier. Segment declines were broad-based — nurse & allied was the…
- 10-Q · November 8, 2024
- AMN reported Q3 revenue of $687.5 million, down 19% year-over-year, with gross margin compressing to 31.0% (from 33.9%) and operating margin declining to 3.2% (from 10.2%). Segment results were mixed: nurse & allied…
- 10-Q · May 10, 2024
- AMN reported Q1 revenue of $820.9 million, down 27% year-over-year from $1,126.2 million, driven primarily by a 37% decline in its nurse & allied business. Gross margin compressed to 31.4% (from 32.8%) and operating…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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