AMN

MKT CAP:$782M

AMN Healthcare Services, Inc.

Market Cap

$782M

Healthcare·Medical - Care Facilities·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$20.83+$5.71 (+37.76%)

Apr 21, 2026

Company Details

AMN Healthcare Services, Inc. provides healthcare workforce solutions and staffing services to hospitals and healthcare facilities in the United States. It operates through three segments: Nurse and Allied Solutions, Physician and Leadershi...

CEO

Caroline Sullivan Grace

IPO Date

Nov 13, 2001

Website

www.amnhealthcare.com

Key Metrics TTM

Revenue

$2.7B

-8.5% YoY

Net Income

-$96M

EPS (Diluted)

-$2.49

Free Cash Flow

$234M

Revenue / Share

$70.49

Gross Margin

25.7%

Operating Margin

-3.5%

Net Margin

-3.5%

FCF Margin

8.6%

P/S

0.3x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

Q4 2025

Feb 19, 2026

$748M+1.8%EPS -$0.20

Q3 2025

Nov 6, 2025

$634M-7.7%EPS $0.76

Q2 2025

Aug 7, 2025

$658M-11.1%EPS -$3.02

Q1 2025

May 8, 2025

$690M-16.0%EPS -$0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.6B	$496M	$208M
Q2 22	$1.4B	$460M	$184M
Q3 22	$1.1B	$385M	$136M
Q4 22	$1.1B	$375M	$119M
Q1 23	$1.1B	$369M	$126M
Q2 23	$991M	$330M	$92M
Q3 23	$853M	$290M	$87M
Q4 23	$818M	$220M	$34M
Q1 24	$821M	$215M	$40M
Q2 24	$741M	$187M	$38M
Q3 24	$688M	$213M	$22M
Q4 24	$735M	$219M	-$203M
Q1 25	$690M	$198M	$13M
Q2 25	$658M	$196M	-$124M
Q3 25	$634M	$147M	$8M
Q4 25	$748M	$160M	$8M

Valuation

Quarter	P/S	P/E
Q1 22	1.1x	12.3x
Q2 22	1.0x	10.9x
Q3 22	0.9x	10.0x
Q4 22	0.9x	10.2x
Q1 23	0.7x	8.5x
Q2 23	0.9x	12.9x
Q3 23	0.8x	11.5x
Q4 23	0.8x	13.6x
Q1 24	0.7x	16.4x
Q2 24	0.6x	18.9x
Q3 24	0.5x	30.5x
Q4 24	0.3x	—
Q1 25	0.3x	—
Q2 25	0.3x	—
Q3 25	0.3x	—
Q4 25	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$200M	$187M
Q2 22	$224M	$206M
Q3 22	$114M	$89M
Q4 22	$115M	$91M
Q1 23	$43M	$26M
Q2 23	$198M	$171M
Q3 23	$172M	$142M
Q4 23	-$41M	-$73M
Q1 24	$81M	$63M
Q2 24	$100M	$72M
Q3 24	$67M	$47M
Q4 24	$73M	$57M
Q1 25	$93M	$83M
Q2 25	$79M	$69M
Q3 25	$23M	$15M
Q4 25	$76M	$68M

Capital Expenditures

Quarter	CapEx
Q1 22	$14M
Q2 22	$18M
Q3 22	$24M
Q4 22	$25M
Q1 23	$17M
Q2 23	$26M
Q3 23	$30M
Q4 23	$32M
Q1 24	$18M
Q2 24	$27M
Q3 24	$19M
Q4 24	$16M
Q1 25	$10M
Q2 25	$10M
Q3 25	$8M
Q4 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+75.2%	+72.0%
Q2 22	+66.4%	+63.9%
Q3 22	+29.7%	+29.8%
Q4 22	-17.4%	-15.8%
Q1 23	-27.5%	-25.6%
Q2 23	-30.5%	-27.6%
Q3 23	-25.0%	-23.5%
Q4 23	-27.3%	-22.1%
Q1 24	-27.1%	-21.9%
Q2 24	-25.3%	-21.9%
Q3 24	-19.4%	-13.2%
Q4 24	-10.2%	+19.5%
Q1 25	-16.0%	-13.3%
Q2 25	-11.1%	+11.2%
Q3 25	-7.7%	-5.9%
Q4 25	+1.8%	-21.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$11M	0.7%
Q2 22	$9M	0.6%
Q3 22	$5M	0.4%
Q4 22	$5M	0.5%
Q1 23	$10M	0.9%
Q2 23	$5M	0.5%
Q3 23	$306.0K	0.0%
Q4 23	$3M	0.3%
Q1 24	$8M	0.9%
Q2 24	$6M	0.9%
Q3 24	$6M	0.8%
Q4 24	$4M	0.5%
Q1 25	$9M	1.4%
Q2 25	$9M	1.3%
Q3 25	$7M	1.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 22	$258M	—
Q2 22	$244M	—
Q3 22	$215M	—
Q4 22	$219M	—
Q1 23	$206M	—
Q2 23	$202M	—
Q3 23	$163M	—
Q4 23	$571M	—
Q1 24	$175M	—
Q2 24	$149M	—
Q3 24	$150M	—
Q4 24	$159M	—
Q1 25	$148M	—
Q2 25	$155M	—
Q3 25	—	$139M
Q4 25	—	$152M

Revenue Segments

Quarter	Nurse and Allied Healthcare Staffing	Physician And Leadership Solutions	Technology And Workforce Solutions	Physician and Leadership Solutions
Q1 22	$1.2B	$180M	$145M	—
Q2 22	$1.1B	$176M	$149M	—
Q3 22	$828M	$175M	$135M	—
Q4 22	$825M	—	$133M	$168M
Q1 23	$824M	$166M	$136M	—
Q2 23	$689M	$176M	$126M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$113M	$0	$113M
Q2 22	$79M	$0	$79M
Q3 22	$156M	$0	$156M
Q4 22	$65M	$0	$65M
Q1 23	$29M	$0	$29M
Q2 23	$7M	$0	$7M
Q3 23	$29M	$0	$29M
Q4 23	$33M	$0	$33M
Q1 24	$51M	$0	$51M
Q2 24	$48M	$0	$48M
Q3 24	$31M	$0	$31M
Q4 24	$11M	$0	$11M
Q1 25	$56M	$0	$56M
Q2 25	$42M	$0	$42M
Q3 25	$53M	$0	$53M
Q4 25	$34M	$0	$34M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	47M	-1.8%	-1.5%
Q2 22	45M	-5.2%	-6.8%
Q3 22	44M	-1.6%	-8.4%
Q4 22	43M	-1.3%	-9.6%
Q1 23	42M	-4.4%	-11.9%
Q2 23	39M	-5.4%	-12.1%
Q3 23	38M	-2.6%	-13.0%
Q4 23	38M	-0.4%	-12.2%
Q1 24	38M	+0.1%	-8.1%
Q2 24	38M	+0.1%	-2.8%
Q3 24	38M	+0.1%	-0.1%
Q4 24	38M	-0.1%	+0.3%
Q1 25	38M	+0.1%	+0.3%
Q2 25	38M	+0.3%	+0.5%
Q3 25	39M	+0.7%	+1.1%
Q4 25	39M	+0.1%	+1.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$1M	1K
Q2 22	$1M	1K
Q3 22	$1M	1K
Q4 22	$266.1K	4K
Q1 23	$266.2K	4K
Q2 23	$234.3K	4K
Q3 23	$201.8K	4K
Q4 23	$228.2K	4K
Q1 24	$229.0K	4K
Q2 24	$206.6K	4K
Q3 24	$191.8K	4K
Q4 24	$1M	500
Q1 25	$1M	500
Q2 25	$1M	500
Q3 25	$1M	500
Q4 25	$1M	500

Revenue / Employee