AMN Healthcare Services Inc
NYSE:AMN
AMN Healthcare Services Inc
AMN Healthcare Services, Inc. provides healthcare workforce solutions and staffing services to healthcare facilities across the nation. The company is headquartered in Dallas, Texas and currently employs 3,800 full-time employees. The company went IPO on 2001-11-13. The firm operates through three segments: nurse and allied solutions; physician and leadership solutions, and technology and workforce solutions. The nurse and allied solutions segment includes its travel nurse staffing, rapid response nurse staffing and labor disruption, allied staffing, local staffing, and revenue cycle solutions 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 its language interpretation services, vendor management systems, credentialing, and flex pool management businesses. Its Clients include acute-care hospitals, community health centers, and clinics.
AMN Healthcare Services, Inc. provides healthcare workforce solutions and staffing services to healthcare facilities across the nation. The company is headquartered in Dallas, Texas and currently employs 3,800 full-time employees. The company went IPO on 2001-11-13. The firm operates through three segments: nurse and allied solutions; physician and leadership solutions, and technology and workforce solutions. The nurse and allied solutions segment includes its travel nurse staffing, rapid response nurse staffing and labor disruption, allied staffing, local staffing, and revenue cycle solutions 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 its language interpretation services, vendor management systems, credentialing, and flex pool management businesses. Its Clients include acute-care hospitals, community health centers, and clinics.
Revenue Beat: Q4 revenue was $748 million, up 2% YoY, and exceeded the high end of guidance by $18 million, mainly due to higher labor disruption revenue.
Labor Disruption: Labor disruption revenue soared to $124 million in Q4—almost double last year—and is expected to reach $600 million in Q1 2026, driving overall revenue growth but weighing on margins.
Margins Pressure: Q4 gross margin was 26.1%, down 370 basis points YoY, with labor disruption events reducing margin by 130 bps; consolidated adjusted EBITDA margin fell to 7.3%.
Mixed Segment Trends: Nurse and Allied revenue excluding labor disruption fell 7% YoY but improved sequentially; Technology and Workforce Solutions revenue declined 18% YoY, mainly due to an adverse mix and competitive pressure.
2026 Guidance: Q1 2026 revenue is expected at $1.225–$1.24 billion, with a large labor disruption component; Nurse and Allied revenue ex-labor disruption projected to grow 2–4% YoY and 4–6% sequentially.
Debt Reduction & Cash Flow: AMN reduced debt by $285 million in 2025 and ended the year with a net leverage ratio of 3.3x, targeting below 3x in 2026.
Long-Term Outlook: Management reiterated a long-term target of 4–6% organic revenue growth and 10–15% adjusted EBITDA growth per year, driven by market share gains and operating leverage.
AI & Competitive Response: Management emphasized AI investments across recruiting and operations, and noted new strategies to combat competitive pricing in Language Services.
