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,…
Earnings analysis · 10-Q
AMN earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.1
What stood out
-
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.
What to watch
-
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.
Management's outlook
Revenue guidance raised to $3.1B-$3.3B for 2026, reflecting strong demand.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.