AMN Healthcare Services, Inc. (AMN) Q4 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 19 2026
0mins
Should l Buy AMN?
Source: SeekingAlpha
Full Year 2025 Revenue $2.73 billion, a year-over-year decrease of 8%. The decline was attributed to a decrease in demand across various segments.
Full Year 2025 Adjusted EBITDA $234 million, a decrease of 31% year-over-year. This was due to lower revenue and a decline in gross margin.
Debt Reduction in 2025 $285 million. This reduction was part of the company's efforts to improve its financial position.
Fourth Quarter 2025 Revenue $748 million, 2% higher than the year-ago quarter and $18 million above the high end of guidance. The increase was driven by labor disruption revenue.
Labor Disruption Revenue in Q4 2025 $124 million, nearly doubled compared to the year-ago quarter. This was due to two large labor disruption events.
Nurse and Allied Revenue in Q4 2025 $491 million, an 8% year-over-year increase. Excluding labor disruption, the segment revenue was down 7% year-over-year, but improved from a 13% decline in the third quarter.
Physician and Leadership Solutions Revenue in Q4 2025 $170 million, down 2% year-over-year. The decline was attributed to seasonality and disruptions in demand.
Technology and Workforce Solutions Revenue in Q4 2025 $88 million, down 18% year-over-year or 14% excluding the divested Smart Square business. The decline was due to adverse revenue mix and lower margins in Language Services.
Gross Margin for Q4 2025 26.1%, a decline of 370 basis points year-over-year. The reduction was influenced by labor disruption revenue, which reduced gross margin by 130 basis points.
Adjusted EBITDA for Q4 2025 $54 million, down 27% year-over-year. The decline was due to lower gross margins and increased SG&A expenses.
Net Loss for Q4 2025 $8 million, compared to a net loss of $188 million in the prior year period. The prior year's loss included a non-cash goodwill impairment charge.
Adjusted Earnings Per Share for Q4 2025 $0.22, compared to $0.75 in the prior year period. The decline was due to lower adjusted EBITDA.
Operating Cash Flow for Q4 2025 $76 million. This was supported by a reduction in days sales outstanding.
Full Year 2025 Gross Margin 28.3%, a decrease of 250 basis points from the prior year. The decline was due to adverse revenue mix and lower margins in certain segments.
Full Year 2025 Adjusted Earnings Per Share $1.36, compared to $3.31 in the prior year. The decline was due to lower adjusted EBITDA and gross margins.
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Analyst Views on AMN
Wall Street analysts forecast AMN stock price to rise
5 Analyst Rating
3 Buy
2 Hold
0 Sell
Moderate Buy
Current: 18.730
Low
22.00
Averages
23.50
High
25.00
Current: 18.730
Low
22.00
Averages
23.50
High
25.00
About AMN
AMN Healthcare Services, Inc. is a provider of total talent solutions for healthcare organizations across the United States. The Company provides access to a comprehensive network of quality healthcare professionals through its recruitment strategies and breadth of career opportunities. Its segments include nurse and allied solutions, physician and leadership solutions, and technology and workforce solutions. The nurse and allied solutions segment includes its travel nurse staffing, labor disruption staffing, local staffing, international nurse permanent placement, and allied staffing businesses. The physician and leadership solutions segment includes its locum tenens staffing, healthcare interim leadership staffing, executive search, and physician permanent placement businesses. The technology and workforce solutions segment includes the Company’s language services, vendor management systems (VMS), workforce optimization, and outsourced solutions businesses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- 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.
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