AMN Healthcare Reports Q4 2025 Revenue of $748 Million Amid Losses
- Quarterly Revenue Performance: AMN Healthcare reported Q4 2025 revenue of $748 million, a 2% increase year-over-year but an 8% decline compared to the previous year, indicating intensified market competition and operational challenges.
- Net Loss Situation: The company recorded a net loss of $7.7 million, or $0.20 per share, which is an improvement from a net loss of $188 million in the same quarter last year, reflecting efforts in cost control.
- Adjusted EPS: Adjusted diluted EPS was $0.22, down 70% from $0.75 in the prior year, highlighting ongoing pressure on profitability and the need for stronger business transformation.
- Debt Reduction and Cash Flow: The company reduced debt by $75 million in 2025, with cash flow from operations totaling $269 million, demonstrating positive progress in financial management despite declining overall revenue, maintaining a degree of financial flexibility.
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- Quarterly Revenue Performance: AMN Healthcare reported Q4 2025 revenue of $748 million, a 2% increase year-over-year but an 8% decline compared to the previous year, indicating intensified market competition and operational challenges.
- Net Loss Situation: The company recorded a net loss of $7.7 million, or $0.20 per share, which is an improvement from a net loss of $188 million in the same quarter last year, reflecting efforts in cost control.
- Adjusted EPS: Adjusted diluted EPS was $0.22, down 70% from $0.75 in the prior year, highlighting ongoing pressure on profitability and the need for stronger business transformation.
- Debt Reduction and Cash Flow: The company reduced debt by $75 million in 2025, with cash flow from operations totaling $269 million, demonstrating positive progress in financial management despite declining overall revenue, maintaining a degree of financial flexibility.
- Earnings Report: AMN Healthcare Services reported a Q4 non-GAAP EPS of $0.22, missing expectations by $0.05, indicating pressure on profitability that may affect investor confidence.
- Revenue Growth: The company achieved Q4 revenue of $748.2 million, a 1.8% year-over-year increase, exceeding market expectations by $24.79 million, demonstrating resilience in a competitive healthcare services market.
- Cash Flow Status: Operating cash flow for the quarter was $76 million, with an annual total of $269 million, reflecting robust financial management that supports future investments and expansion.
- Debt Reduction: AMN reduced its debt by $75 million in the quarter, bringing the total debt reduction for the year to $285 million, significantly improving the company's financial structure and enhancing future financial flexibility.
- Earnings Announcement Schedule: AMN Healthcare Services is set to release its Q4 2023 earnings report on February 19 after market close, with consensus EPS estimate at $0.27, reflecting a 64% year-over-year decline, and revenue estimate at $723.41 million, down 1.5% year-over-year, indicating challenges the company faces.
- Historical Performance: Over the past two years, AMN has consistently beaten EPS and revenue estimates 100% of the time, showcasing management's strong forecasting and execution capabilities, which bolsters investor confidence.
- Market Reaction: Ahead of the earnings report, AMN's stock has shown an upward trend, reflecting market optimism regarding the company's expected recovery, even as its current stock price is considered cheap, potentially attracting more investor interest.
- Analyst Ratings: According to Seeking Alpha's Quant Rating, AMN Healthcare Services receives positive evaluations within the industry, further supporting its market position and future growth potential in the healthcare services sector.

- Stock Surge: AMN Healthcare's shares rose approximately 19% following the release of an investor slide deck at the J.P. Morgan Healthcare Conference, reflecting strong market confidence in its growth potential.
- Margin Expansion Plans: The company aims for a 50-100 basis point increase in adjusted EBITDA and gross margins by 2026, based on a normalized Q4 revenue run rate, indicating a positive outlook for future profitability.
- Sustained Growth Expectations: AMN projects a 10%-15% CAGR in adjusted EBITDA post-2026, alongside 4%-6% annual organic revenue growth, which will provide stable cash flow and investment returns for the company.
- Capex Forecast: Management has set a capital expenditure projection of $40M-$45M for 2025, which will support the company's long-term growth strategy and enhance its competitive position in the market.
- Strategic Partnership: Dassault Aviation has formed a strategic partnership with Harmattan AI, leading its $200 million Series B funding round to accelerate the integration of controlled autonomy and AI technologies into combat aviation systems, thereby enhancing the operational capabilities of future fighter jets.
- Global Expansion: Harmattan AI has secured multiple Programs of Record from the French and UK Ministries of Defence for its autonomous systems portfolio, and the funding will be used to expand the deployment of AI-enabled missions across new operational theaters, addressing the growing global demand and enhancing its market competitiveness.
- Technology Integration: This collaboration will support Harmattan AI in developing embedded AI capabilities within Dassault Aviation's future air combat systems, such as the Rafale F5 and UCAS, particularly for unmanned aerial system control, which will improve operational efficiency and responsiveness.
- Industry Leadership: Dassault Aviation will leverage its expertise in complex military platform system architecture to support Harmattan AI, further solidifying its leadership position in the global defense market and driving innovation in autonomous defense systems.
ETF Analysis: The Invesco FTSE RAFI US 1000 ETF (PRF) has an implied analyst target price of $52.02, indicating a potential upside of 14.08% from its current trading price of $45.60.
Notable Holdings: Key underlying holdings with significant upside potential include AMN Healthcare Services (15.11% upside), PulteGroup Inc (14.40% upside), and StoneCo Ltd (14.18% upside) based on their respective analyst target prices.
Market Sentiment: The article raises questions about whether analysts' target prices are justified or overly optimistic, suggesting that high targets could lead to downgrades if they are based on outdated information.
Investor Research: Further research is encouraged for investors to assess the validity of analyst targets in light of recent company and industry developments.









