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AMN Healthcare Services (AMN) investor relations material
AMN Healthcare Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue was $634.5 million, down 8% year-over-year but exceeded guidance, driven by strong performance in Nurse and Allied and Physician and Leadership Solutions, and a $39.2 million gain from the sale of Smart Square software.
Net income for Q3 2025 was $29.3 million, up from $7 million in Q3 2024, aided by the Smart Square gain; adjusted EBITDA was $57.5–$58 million, with a 9.1% margin.
All business segments saw year-over-year revenue declines, with Nurse and Allied Solutions leading in performance and Technology and Workforce Solutions impacted by the Smart Square sale.
Cash flow from operations was $23 million, and proceeds from the Smart Square sale enabled full repayment of the revolving credit facility.
Adjusted results exclude significant non-recurring items such as acquisition, integration, and restructuring costs.
Financial highlights
Q3 2025 revenue: $634.5 million (down 8% YoY); gross margin: 29.1% (down 190 basis points YoY); adjusted EBITDA: $57.5–$58 million (9.1% margin); net income: $29.3 million.
Adjusted diluted EPS was $0.39, down 36% year-over-year; GAAP EPS was $0.76.
Operating cash flow was $23 million in Q3; free cash flow was $15 million; cash and equivalents at quarter-end were $52.6–$53 million; total debt at $850 million.
Year-to-date revenue through September 30, 2025, was $1.98 billion, down 12% from the prior year; nine-month net loss was $88 million, impacted by a $109.5 million goodwill impairment.
SG&A expenses were $138.6–$139 million (21.8% of revenue), down from $150 million in Q3 2024.
Outlook and guidance
Q4 2025 consolidated revenue is projected at $715–$730 million, including about $100 million from labor disruption support.
Gross margin guidance for Q4 is 25.5%–26%, with adjusted EBITDA margin expected at 6.8%–7.3%; SG&A expected at 20%–20.5% of revenue, including $5 million extra for labor disruption support.
Nurse and Allied Solutions revenue is expected to grow 1%–3% year-over-year; Technology and Workforce Solutions is projected to decline 14%–16%.
Excluding labor disruption, gross margin would be about 100 basis points higher.
Management expects improvement in international staffing and high-margin services to lift consolidated gross margin in 2026.
Impact of contingent vs. perm cost spread?
Key drivers for 2026 gross margin improvement?
Outlook for Labor Disruption business in 2026?
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Next AMN Healthcare Services earnings date
Q4 202520 Feb, 2026
Next AMN Healthcare Services earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
AMN Healthcare Services Inc provides workforce solutions and staffing services to healthcare facilities. The company offers travel nursing, locum tenens, allied health, and physician placement, along with workforce management and scheduling technologies. The company is headquartered in Dallas, Texas, and its shares are listed on the NYSE.
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