AMN Healthcare Services (AMN) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 13% YoY to $717.3M; net income was $33.4M and adjusted EBITDA was $93.6M, with results above guidance.

• Nurse and Allied growth and labor-disruption revenue led results; five businesses returned to YoY growth, with a path for others to grow in 2027.

Financial highlights

• Revenue was $717.3M versus $634.5M; gross profit was $229.1M, up 24% YoY, and gross margin was 31.9% versus 29.1%.

• GAAP net income was $33.4M versus $29.3M; diluted EPS was $0.83 versus $0.76, and adjusted diluted EPS was $1.16 versus $0.39.

• Adjusted EBITDA was $93.6M versus $57.5M, with a 13.0% margin versus 9.1%; $59M of labor-disruption revenue was recognized versus $7M assumed in guidance.

• 9M revenue increased 40% to $2.77B; net income was $116.7M versus a prior-year net loss of $88.0M.

Outlook and guidance

• Q4 revenue guidance is $655M-$670M, down 10%-12% YoY, with $5M of labor-disruption revenue assumed versus $124M in Q4 2025; gross margin is 25.7%-26.2% and adjusted EBITDA margin 5.8%-6.3%.

• Q4 segment revenue outlook: Nurse and Allied down 13%-15% YoY, or up 13%-15% excluding labor disruption; Physician and Leadership down 5%-7%; Technology and Workforce down 8%-10%.

• Management expects top- and bottom-line growth through 2027; Q4-to-Q1 EBITDA is expected to be broadly stable, with modest gross-margin improvement in Q1.

• Visa appointment constraints are expected to limit international nurse placements into 2027; any improvement may benefit the second half, with clinician starts 4-5 months after appointments.

• Language-services pricing pressure is expected to ease from a high-single-digit impact in 2026 to mid-single digits in 2027; broader interpreter capacity may support margin recovery.