Earnings

AMN Healthcare Reports 13% Third-Quarter Revenue Growth

The Tip Desk · November 11, 2026 · 4 min read

Third-quarter revenue reached $717.3 million, 13% above a year earlier, as travel-nurse demand and a labor-disruption reserve release lifted results.

AMN Healthcare Services (AMN), the Dallas-based provider of talent solutions for U.S. healthcare organizations, reported third-quarter 2026 revenue of $717.3 million, a 13% increase from a year earlier and a 7% increase from the prior quarter, after a 2% year-over-year rise in the second quarter.

The company said quarterly revenue and earnings exceeded guidance, driven by travel nurse and allied businesses and a labor disruption reserve release. Demand for travel nursing and allied staffing strengthened further, the company said, and volume rose double digits over the prior year, producing revenue growth for a third straight quarter.

Nurse and Allied Solutions revenue was $460 million, up 27% year over year and 9% sequentially, after an 11% year-over-year increase in the second quarter. Travel nurse staffing revenue was higher by 19% year over year and up 2% sequentially. Allied division revenue increased 11% year over year and was flat sequentially. Labor disruption contributed $59 million of revenue in the quarter, compared with $25 million in the prior quarter and $12 million in the year-ago quarter. Average travelers on assignment were 9,486.

Consolidated gross margin was 31.9%, 280 basis points higher year over year and 130 basis points sequentially. The company said higher margin in Nurse and Allied Solutions, driven by the labor disruption reserve release, accounted for the sequential improvement. Adjusted EBITDA was $93.6 million, with a 13.0% margin, 390 basis points higher than the year-ago period.

GAAP net income was $33.4 million, or $0.83 a share, compared with $29 million, or $0.76 a share, a year earlier. Adjusted diluted EPS was $1.16, compared with $0.39 in the same quarter of 2025. Income from operations was $51 million, with an operating margin of 7.0%. SG&A was $149 million, or 20.8% of revenue. The company said the year-over-year increase in SG&A was primarily due to liability insurance expense and the allowance for credit losses.

Physician and Leadership Solutions revenue was $171 million, down 4% year over year and up 4% sequentially. Locum tenens revenue was $138 million, down 5% year over year and up 6% sequentially. Interim leadership revenue was down 5% year over year and flat sequentially. Search revenue increased 15% year over year and was down 9% sequentially. Days filled in the segment were 48,298, with revenue per day filled of $2,867. The company said locum tenens results were on track with expectations amid the business’s ongoing process and technology transformation.

Technology and Workforce Solutions revenue was $86 million, down 9% year over year and 1% sequentially. Language services revenue was $69 million, down 8% from the prior year and 1% sequentially. Vendor management systems revenue was $15 million.

Cash and cash equivalents were $256 million at September 30, 2026, with a leverage ratio of 1.3x under the credit agreement. Cash flow from operations was ($88 million) in the third quarter. The company said the sequentially lower cash balance and negative operating cash flow resulted from refunding the majority of client deposits related to previous labor disruption events. Capital expenditures were $10 million. The company used $8.4 million to repurchase 250,685 shares at an average price of $33.50 and ended the quarter with $750 million of total debt and nothing drawn on its revolving credit facility.

Fourth-quarter 2026 revenue is guided at $655 million to $670 million, expected to be 10-12% lower than the prior year. The outlook assumes labor disruption revenue of $5 million, compared with $124 million in the fourth quarter of 2025. Nurse and Allied Solutions segment revenue is expected to be down 13-15% year over year, or up 13-15% excluding labor disruption. Physician and Leadership Solutions revenue is expected to be down 5-7% year over year, and Technology and Workforce Solutions revenue is projected to be down 8-10% year over year. Gross margin is guided at 25.7% to 26.2%, and adjusted EBITDA margin at 5.8% to 6.3%.

President and Chief Executive Officer Cary Grace said demand strengthened during the third quarter and through October and that the team is delivering through faster recruiting, automation, and around-the-clock execution.

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