AMN Healthcare Services (AMN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $673.2 million, up 2% year-over-year and above guidance, driven by growth in nurse, allied, travel nurse, international nurse, schools, search, and labor disruption services.

• Adjusted EBITDA was $73.4 million (10.9% margin), up from $58.3 million (8.9%) last year; adjusted EPS was $0.77, compared to $0.30 last year.

• Net income was $21.2 million, reversing a net loss of $116.2 million in Q2 2025; GAAP EPS was $0.53.

• Strong cash position of $362 million enabled two strategic acquisitions and share repurchases.

• Search revenue increased 27% year-over-year, reflecting strong demand in executive search and physician permanent placement.

Financial highlights

• Gross margin was 30.6%, up from 29.8% last year and 210 basis points above guidance.

• Operating income was $27 million (4.0% margin), compared to a loss of $124 million (-18.8%) last year.

• Cash and equivalents ended at $362 million; free cash flow was negative at ($199 million), mainly due to working capital changes.

• Total debt was $750 million, with a leverage ratio of 1.5x, improved from 3.3x a year ago.

• SG&A expenses were $147 million; adjusted SG&A was $135 million, down 4% year-over-year.

Outlook and guidance

• Q3 2026 consolidated revenue expected between $640 million and $655 million; gross margin 27.0–27.5%; adjusted EBITDA margin 6.5–7.0%.

• Nurse and Allied Solutions revenue projected to grow 9–11% year-over-year in Q3; Physician and Leadership Solutions to decline 5–7%; Technology and Workforce Solutions to decline 11–13%.

• Strike-related revenue guidance for Q3 is $7–$8 million.

• Management expects continued settlement of labor disruption event reconciliations in Q3 and Q4 2026.

• Annual effective tax rate for 2026 is estimated at approximately 36%.