# AMN HEALTHCARE SERVICES INC (AMN)

Informational only - not investment advice.

CIK: 0001142750
SIC: 7363 Services-Help Supply Services
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7363 Services-Help Supply Services](/industry/7363/)
Latest 10-K filed: 2026-02-20
SEC page: https://www.sec.gov/edgar/browse/?CIK=1142750
Filing source: https://www.sec.gov/Archives/edgar/data/1142750/000162828026009918/amn-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-20 · accession 0001628280-26-009918 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001142750.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,730,429,000 USD | 2025 | verified |
| Net income | -95,702,000 USD | 2025 | verified |
| Assets | 2,094,107,000 USD | 2025 | verified |
| Free cash flow | 233,828,000 USD | 2025 | computed |
| Net margin | -3.51% | 2025 | computed |
| Operating margin | -2.03% | 2025 | computed |
| Revenue YoY | -8.49% | 2025 | computed |
| ROE | -14.90% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | AMN | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -3.5% | -0.1% | 31 | 14 |
| Operating margin | -2.0% | 0.3% | 31 | 14 |
| Revenue growth | -8.5% | -2.4% | 15 | 14 |
| FCF margin | 8.6% | 3.8% | 100 | 13 |
| ROE | -14.9% | -0.6% | 42 | 13 |
| ROA | -4.6% | -0.2% | 38 | 14 |
| Liabilities / equity | 2.26 | 1.92 | 75 | 13 |
| Current ratio | 0.94 | 1.66 | 8 | 14 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7363 Services-Help Supply Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2730429000 | USD | 2025 | 2026-02-20 |
| Net income | -95702000 | USD | 2025 | 2026-02-20 |
| Assets | 2094107000 | USD | 2025 | 2026-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001142750.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 1,902,225,000 | 1,988,454,000 | 2,136,074,000 | 2,222,107,000 | 2,393,714,000 | 3,984,235,000 | 5,243,242,000 | 3,789,254,000 | 2,983,781,000 | 2,730,429,000 |
| Net income | 105,838,000 | 132,558,000 | 141,741,000 | 113,988,000 | 70,665,000 | 327,388,000 | 444,050,000 | 210,679,000 | -146,979,000 | -95,702,000 |
| Operating income | 191,632,000 | 212,440,000 | 202,828,000 | 176,915,000 | 149,265,000 | 477,998,000 | 647,101,000 | 338,429,000 | -102,673,000 | -55,472,000 |
| Gross profit | 619,724,000 | 644,419,000 | 696,383,000 | 743,465,000 | 791,778,000 | 1,309,601,000 | 1,716,684,000 | 1,249,581,000 | 919,376,000 | 774,058,000 |
| Diluted EPS | 2.15 | 2.68 | 2.91 | 2.40 | 1.48 | 6.81 | 9.90 | 5.36 | -3.85 | -2.48 |
| Operating cash flow | 133,909,000 | 160,518,000 | 226,993,000 | 224,862,000 | 256,826,000 | 305,356,000 | 653,733,000 | 372,165,000 | 320,418,000 | 269,457,000 |
| Capital expenditures | 21,956,000 | 26,529,000 | 35,206,000 | 35,218,000 | 37,702,000 | 53,573,000 | 75,831,000 | 103,687,000 | 80,891,000 | 35,629,000 |
| Share buybacks | 13,261,000 | 20,164,000 | 67,013,000 | 18,705,000 | 0.00 | 2,688,000 | 576,767,000 | 424,744,000 | 0.00 | 0.00 |
| Assets | 1,186,881,000 | 1,253,957,000 | 1,492,721,000 | 1,931,646,000 | 2,353,507,000 | 3,131,906,000 | 2,888,351,000 | 2,924,394,000 | 2,415,727,000 | 2,094,107,000 |
| Liabilities | 737,498,000 | 691,430,000 | 853,731,000 | 1,194,904,000 | 1,533,830,000 | 1,969,879,000 | 1,844,717,000 | 2,093,138,000 | 1,709,107,000 | 1,452,001,000 |
| Stockholders' equity | 449,383,000 | 562,527,000 | 638,990,000 | 736,742,000 | 819,677,000 | 1,162,027,000 | 1,043,634,000 | 831,256,000 | 706,620,000 | 642,106,000 |
| Cash and cash equivalents | 10,622,000 | 15,147,000 | 13,856,000 | 82,985,000 | 29,213,000 | 180,928,000 | 64,524,000 | 32,935,000 | 10,649,000 | 33,972,000 |
| Free cash flow | 111,953,000 | 133,989,000 | 191,787,000 | 189,644,000 | 219,124,000 | 251,783,000 | 577,902,000 | 268,478,000 | 239,527,000 | 233,828,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 5.56% | 6.67% | 6.64% | 5.13% | 2.95% | 8.22% | 8.47% | 5.56% | -4.93% | -3.51% |
| Operating margin | 10.07% | 10.68% | 9.50% | 7.96% | 6.24% | 12.00% | 12.34% | 8.93% | -3.44% | -2.03% |
| Return on equity | 23.55% | 23.56% | 22.18% | 15.47% | 8.62% | 28.17% | 42.55% | 25.34% | -20.80% | -14.90% |
| Return on assets | 8.92% | 10.57% | 9.50% | 5.90% | 3.00% | 10.45% | 15.37% | 7.20% | -6.08% | -4.57% |
| Liabilities / equity | 1.64 | 1.23 | 1.34 | 1.62 | 1.87 | 1.70 | 1.77 | 2.52 | 2.42 | 2.26 |
| Current ratio | 1.64 | 1.79 | 1.57 | 1.48 | 1.26 | 1.39 | 1.27 | 1.28 | 1.09 | 0.94 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/AMN/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001142750.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 2.10 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 2.02 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.55 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 853,463,000 | 53,174,000 | 1.39 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 818,269,000 | 12,489,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 820,878,000 | 17,328,000 | 0.45 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 740,685,000 | 16,237,000 | 0.42 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 687,509,000 | 6,989,000 | 0.18 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 734,709,000 | -187,533,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 689,533,000 | -1,092,000 | -0.03 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 658,175,000 | -116,202,000 | -3.02 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 634,496,000 | 29,288,000 | 0.76 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 748,225,000 | -7,696,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,378,361,000 | 62,166,000 | 1.59 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 673,237,000 | 21,160,000 | 0.53 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from AMN's latest 10-K: [/company/AMN/business/](/company/AMN/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from AMN's latest 10-K: [/company/AMN/risk-factors/](/company/AMN/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1142750/000162828026054507/amn-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto and other financial information included elsewhere herein and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 20, 2026 (“2025 Annual Report”). Certain statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are “forward-looking statements.” See “Special Note Regarding Forward-Looking Statements.” We undertake no obligation to update the forward-looking statements in this Quarterly Report. References in this Quarterly Report to “AMN Healthcare,” the “Company,” “we,” “us” and “our” refer to AMN Healthcare Services, Inc. and its wholly owned subsidiaries.

Overview of Our Business

We provide technology-enabled healthcare workforce solutions and staffing services to healthcare organizations across the nation. The Company provides access to a comprehensive network of healthcare professionals through its recruitment strategies and breadth of career opportunities. We help providers optimize their workforce to reduce complexity and increase efficiency. Our total talent solutions include vendor-neutral and managed services programs, clinical and interim healthcare leaders, temporary staffing, permanent placement, executive search, vendor management systems, recruitment process outsourcing, language services, revenue cycle solutions, labor disruption and other services. Our diverse client base includes acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, schools, inpatient and outpatient rehabilitation facilities, ambulatory care facilities, outpatient surgical facilities, and many other healthcare settings.

We conduct business through three reportable segments: (1) nurse and allied solutions, (2) physician and leadership solutions, and (3) technology and workforce solutions. For the three months ended June 30, 2026, we recorded revenue of $673.2 million, as compared to $658.2 million for the same period last year. For the six months ended June 30, 2026, we recorded revenue of $2,051.6 million, as compared to $1,347.7 million for the same period last year.

Nurse and allied solutions segment revenue comprised 76% and 59% of total consolidated revenue for the six months ended June 30, 2026 and 2025, respectively. Through our nurse and allied solutions segment, we provide hospitals, other healthcare facilities, and schools with a comprehensive set of staffing solutions, including direct, vendor-neutral, and managed services solutions in which we manage and staff all the temporary and permanent nursing and allied staffing needs, as well as the revenue cycle management needs, of a client. A majority of our placements in this segment are under our managed services solution. 

Physician and leadership solutions segment revenue comprised 16% and 26% of total consolidated revenue for the six months ended June 30, 2026 and 2025, respectively. Through our physician and leadership solutions segment, we place physicians of all specialties, as well as dentists and advanced practice providers, with clients on a temporary basis, generally as independent contractors. We also recruit physicians and healthcare leaders for permanent placement and place interim leaders and executives on variable-length assignments across all healthcare settings.

Technology and workforce solutions segment revenue comprised 8% and 15% of total consolidated revenue for the six months ended June 30, 2026 and 2025, respectively. Through our technology and workforce solutions segment, we provide hospitals and other healthcare facilities with a range of workforce solutions, including: (1) language services, (2) software-as-a-service (“SaaS”)-based VMS technologies through which our clients can self-manage the procurement of contingent clinical labor and their internal float pool, (3) workforce optimization services that include advisory, planning, and analytics, and (4) recruitment process outsourcing services in which we recruit, hire and/or onboard permanent clinical and nonclinical positions on behalf of our clients.

In states where healthcare professionals have union representation, clients value the Company’s ability to support them through labor disruption events. Strategic clients expect the Company to support them as part of building long-term partnerships. Even if somewhat recurrent over the long term, labor disruption events are unpredictable and have driven spikes in demand and related financial outcomes when they happen.

Operating Metrics

In addition to our consolidated and segment financial results, we monitor the following key metrics to help us evaluate our results of operations and financial condition and make strategic decisions. We believe this information is useful in understanding our operational performance and trends affecting our businesses.

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•Average travelers on assignment represents the average number of nurse and allied healthcare professionals on assignment during the period, which is used by management as a measure of volume in our nurse and allied solutions segment;

•Bill rates represent the hourly straight-time rates that we bill to clients, which are an indicator of labor market trends and costs within our nurse and allied solutions segment;

•Billable hours represent the number of hours worked by our healthcare professionals that we are able to bill on client engagements, which are used by management as a measure of volume in our nurse and allied solutions segment;

•Days filled is calculated by dividing total locum tenens hours filled during the period by eight hours, which is used by management as a measure of volume in our locum tenens business within our physician and leadership solutions segment;

•Revenue per day filled is calculated by dividing revenue of our locum tenens business by days filled for the period, which is an indicator of labor market trends and costs in our locum tenens business within our physician and leadership solutions segment; and

•Minutes represent the time-based utilization of interpretation services that we are able to bill our clients, which are used by management as a measure of volume in our language services business within our technology and workforce solutions segment.

Recent Trends

The nurse and allied solutions segment included substantial labor disruption staffing revenue in the first quarter. The travel nurse division also was impacted by the labor disruption events, with heightened demand for rapid response nurses at elevated bill rates in the first quarter. While labor disruption and travel nurse revenue was lower sequentially in the second quarter, we are seeing positive trends in our base travel nurse business. Demand for travel nurses increased compared to the prior quarter and prior year along with increases in the percentage of orders filled, and as a result, traveler volume was higher than prior year. The international nurse business continued its sequential growth and year-over-year growth in the second quarter with strong traveler and direct placement growth. Allied staffing continued to experience sequential increases in demand during the second quarter, with volume demonstrating strong year-over-year growth.

In our physician and leadership solutions segment, demand for our locum tenens staffing business in the second quarter increased from prior year and prior quarter. Days filled were lower compared to prior year but up slightly sequentially. Revenue per day filled was in line with prior year but was down sequentially. Certified registered nurse anesthetists (CRNAs) continue to be the largest specialty for our locum tenens staffing business. Volume for our search business in the second quarter was higher compared to prior year and prior quarter, with particular strength in physician permanent placement and executive search. Demand for interim leadership was lower compared to prior year but higher sequentially.

In our technology and workforce solutions segment, second quarter minutes in our language services business were in line with prior year and higher compared to prior quarter. Ongoing pricing pressure for language services continues to be a headwind due to increased market competition. Volume in our VMS business declined compared to prior year and prior quarter.

Critical Accounting Policies and Estimates

The preparation of our consolidated financial statements in conformity with United States generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and judgments that affect our reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to intangible assets purchased in a business combination, asset impairments, accruals for self-insurance, compensation and related benefits, accounts receivable, contingencies and litigation, contingent consideration (“earn-out”) liabilities associated with acquisitions, and income taxes. We base these estimates on the information that is currently available to us, and on various other assumptions that we believe are reasonable under the circumstances. Actual results could vary from these estimates under different assumptions or conditions. If these estimates differ significantly from actual results, our consolidated financial statements and future results of operations may be materially impacted. There have been no material changes in our critical accounting policies and estimates as compared to the critical accounting policies and estimates described in our 2025 Annual Report.

20

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Results of Operations

The following table sets forth, for the periods indicated, selected unaudited condensed consolidated statements of operations data as a percentage of revenue. Our results of operations include three reportable segments: (1) nurse and allied solutions, (2) physician and leadership solutions, and (3) technology and workforce solutions. Our historical results are not necessarily indicative of our future results of operations.

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Unaudited Condensed Consolidated Statements of Operations:"],["Revenue","100.0","%","","100.0","%","","100.0","%","","100.0","%"],["Cost of revenue","69.4","","","70.2","","","72.0","","","70.7"],["Gross profit","30.6","","","29.8","","","28.0","","","29.3"],["Selling, general and administrative","21.9","","","23.5","","","17.8","","","22.4"],["Depreciation and amortization","4.7","","","5.7","","","3.2","","","5.7"],["Goodwill impairment loss","\u2014","","","16.6","","","\u2014","","","8.1"],["Long-lived assets impairment loss","\u2014","","","2.8","","","\u2014","","","1.4"],["Income (loss) from operations","4.0","","","(18.8)","","","7.0","","","(8.3)"],["Interest expense, net, and other","1.0","","","1.7","","","0.6","","","1.7"],["Income (loss) before income taxes","3.0","","","(20.5)","","","6.4","","","(10.0)"],["Income tax expense (benefit)","(0.1)","","","(2.8)","","","2.3","","","(1.3)"],["Net income (loss)","3.1","%","","(17.7)","%","","4.1","%","","(8.7)","%"]]
[[/GREPCENT_TABLE]]

Comparison of Results for the Three Months Ended June 30, 2026 to the Three Months Ended June 30, 2025

Revenue. Revenue increased 2% to $673.2 million for the three months ended June 30, 2026 from $658.2 million for the same period in 2025, attributable to higher revenue in our nurse and allied solutions segment. Revenue broken down among the reportable segments is as follows:

[[GREPCENT_TAB

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1142750/000162828026009918/amn-20251231.htm
Complete FY 2025 MD&A: /company/AMN/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-20
Report date: 2025-12-31

Item 7.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion in conjunction with our consolidated financial statements and the notes thereto and other financial information included elsewhere in this Annual Report on Form 10-K. Certain statements in this “Management’s Discussion and Analysis (“MD&A”) of Financial Condition and Results of Operations” are “forward-looking statements.” See “Special Note Regarding Forward-Looking Statements” under Item 1, “Business.” We intend this MD&A section to provide you with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. The following sections comprise this MD&A:

•Overview of Our Business

•Operating Metrics

•Recent Trends

•Results of Operations

•Liquidity and Capital Resources

•Critical Accounting Policies and Estimates

•Recent Accounting Pronouncements

Overview of Our Business

We provide technology-enabled healthcare workforce solutions and staffing services to healthcare organizations across the nation. The Company provides access to a comprehensive network of healthcare professionals through its recruitment strategies and breadth of career opportunities. We help providers optimize their workforce to reduce complexity and increase efficiency. Our total talent solutions include vendor neutral and managed services programs (“MSP”), clinical and interim healthcare leaders, temporary staffing, permanent placement, executive search, vendor management systems (“VMS”), recruitment process outsourcing, language services, revenue cycle solutions, labor disruption and other services. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, schools and many other healthcare settings.

Through our nurse and allied solutions segment, we provide hospitals, other healthcare facilities, and schools with a comprehensive set of staffing solutions, including direct, vendor neutral, and managed services solutions in which we manage and staff all the temporary and permanent nursing and allied staffing needs, as well as the revenue cycle management needs, of a client. A majority of our placements in this segment are under our managed services solution.

Through our physician and leadership solutions segment, we place physicians of all specialties, as well as dentists and advanced practice providers, with clients on a temporary basis, generally as independent contractors. We also recruit physicians and healthcare leaders and executives for permanent placement and place interim leaders and executives across all healthcare settings. The interim healthcare leaders and executives we place are typically placed on contracts with assignment lengths ranging from a few days to one year.

Through our technology and workforce solutions segment, we provide hospitals and other healthcare facilities with a range of workforce solutions, including: (1) language services, (2) software-as-a-service (“SaaS”)-based VMS technologies through which our clients can self-manage the procurement of contingent clinical labor and their internal float pool, (3) workforce optimization services that include advisory, planning, and analytics, and (4) recruitment process outsourcing services in which we recruit, hire and/or onboard permanent clinical and nonclinical positions on behalf of our clients.

For the year ended December 31, 2025, we recorded revenue of $2,730.4 million, as compared to $2,983.8 million for 2024. We recorded net loss of $(95.7) million for 2025, as compared to $(147.0) million for 2024. Nurse and allied solutions segment revenue comprised 60% and 61% of total consolidated revenue for the years ended December 31, 2025 and 2024, respectively. Physician and leadership solutions segment revenue comprised 26% and 24% of total consolidated revenue for the years ended December 31, 2025 and 2024, respectively. Technology and workforce solutions segment revenue comprised 14% and 15% of total consolidated revenue for the years ended December 31, 2025 and 2024, respectively. For a description of the services we provide under each of our business segments, please see, “Item 1. Business—Our Services.”

We believe we are recognized as a market-leading innovator in providing healthcare talent solutions in the United States. We seek to advance our position through a number of strategies that focus on market penetration, expansion of our talent solutions, increasing operational efficiency and scalability and increasing our supply of qualified healthcare professionals. Our market growth strategy continues to focus on broadening and investing, both organically and through strategic acquisitions, in

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service and technology offerings beyond our traditional temporary staffing and permanent placement services, to include more strategic and recurring revenue sources from innovative talent solutions offerings such as MSP, VMS, workforce optimization service, and other technology-enabled services. We also seek strategic opportunities to expand into complementary service offerings to our staffing businesses that leverage our core capabilities of recruiting and credentialing healthcare professionals.

Operationally, our strategic initiatives focus on investing in digitizing and further developing our processes and systems to achieve market leading efficiency and scalability, which we believe will provide operating leverage as our revenue grows. From a healthcare professional supply perspective, we continue to invest in new candidate recruitment and engagement initiatives and technologies to retain and grow our network of qualified healthcare professionals.

Over the last several years, we have worked to execute on our management strategies and intend to continue to do so in the future. As part of our long-term growth strategy to add value for our clients, healthcare professionals, and stockholders, we acquired MSI Systems Corp. and DrWanted.com LLC (together “MSDR”) on November 30, 2023. See additional information in “Item 8. Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note (2), Acquisitions.”

On July 1, 2025, we completed the sale of our Smart Square healthcare scheduling software. See additional information in “Item 8. Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note (3), Sale of Disposal Group.”

We typically experience modest seasonal fluctuations during our fiscal year and they tend to vary among our business segments. These fluctuations can vary slightly in intensity from year to year. Over the past five years, these quarterly fluctuations have been muted in our consolidated results.

In states where healthcare professionals have union representation, clients value the Company’s ability to support them through labor disruption events. Strategic clients expect the Company to support them as part of the building long-term, mutually beneficial partnerships. Even if somewhat recurrent over the long term, labor disruption events are unpredictable and have driven spikes in demand and related financial outcomes when they happen.

Operating Metrics

In addition to our consolidated and segment financial results, we monitor the following key metrics to help us evaluate our results of operations and financial condition and make strategic decisions. We believe this information is useful in understanding our operational performance and trends affecting our businesses.

•Average travelers on assignment represents the average number of nurse and allied healthcare professionals on assignment during the period, which is used by management as a measure of volume in our nurse and allied solutions segment;

•Bill rates represent the hourly straight-time rates that we bill to clients, which are an indicator of labor market trends and costs within our nurse and allied solutions segment;

•Billable hours represent the number of hours worked by our healthcare professionals that we are able to bill on client engagements, which are used by management as a measure of volume in our nurse and allied solutions segment;

•Days filled is calculated by dividing total locum tenens hours filled during the period by eight hours, which is used by management as a measure of volume in our locum tenens business within our physician and leadership solutions segment;

•Revenue per day filled is calculated by dividing revenue of our locum tenens business by days filled for the period, which is an indicator of labor market trends and costs in our locum tenens business within our physician and leadership solutions segment; and

•Minutes represent the time-based utilization of interpretation services that we are able to bill our clients, which are used by management as a measure of volume in our language services business within our technology and workforce solutions segment.

Recent Trends

Demand across most of our businesses in the first quarter of 2025 was healthy with travel nurse showing a strong year-over-year increase. During the second quarter, uncertainty about government policy impacts appeared to place the healthcare sector in a more conservative stance with demand declining compared to the first quarter. In the third quarter, demand increased over the second quarter with our nurse business benefitting from strong winter orders but remained below prior year. In the fourth quarter, demand continued to increase throughout most of the quarter and ended above prior year. Full year demand for travel nurse was higher than prior year with favorable demand levels as we exited 2025. In allied staffing, demand in the fourth quarter increased sequentially, growing throughout the quarter, and was in line with prior year. Full year demand for allied staffing was also higher than prior year with favorable demand levels as we exited 2025. We experienced an increase in client

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requests for support with potential labor disruption events during 2025, primarily for nurse and allied staffing, and expect this trend to continue into next year.

Staffing volumes for our nurse and allied solutions segment in the fourth quarter were higher than prior quarter after sequential declines in the second and third quarters. The increase in staffing volume was due to strong winter orders and volume in travel nursing, seasonal growth in allied staffing for schools, and a return to modest growth of the international nurse business after nine quarters of decline. Additionally, we supported a significant labor disruption event in the fourth quarter which favorably impacted the segment’s revenue. Bill rates for the nurse and allied solutions segment in the fourth quarter were slightly higher than prior quarter and flat compared to prior year, indicating stabilization of market rates.

In our physician and leadership solutions segment, demand for our locum tenens staffing business in the fourth quarter increased from the prior quarter and was in line with the prior year. Certified registered nurse anesthetists (CRNAs) continue to be the largest specialty for our locum tenens staffing business. Revenue per day filled increased in the fourth quarter as compared to both the prior year and prior quarter while days filled were lower compared to prior quarter and prior year. Demand in the fourth quarter for interim leadership was higher compared to prior year but lower sequentially. Demand for our search business was lower as compared to prior year and prior quarter. Both businesses have been impacted by healthcare organizations deferring hiring decisions or increasing insourcing.

In our technology and workforce solutions segment, our language services business experienced a seasonal drop in minutes sequentially in the f

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/AMN/mda/fy2025/
All MD&A years: /company/AMN/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/AMN/mda/fy2024/): filed 2025-02-21; accession 0001142750-25-000011 (https://www.sec.gov/Archives/edgar/data/1142750/000114275025000011/amn-20241231.htm)
- [FY 2023 MD&A](/company/AMN/mda/fy2023/): filed 2024-02-22; accession 0001142750-24-000016 (https://www.sec.gov/Archives/edgar/data/1142750/000114275024000016/amn-20231231.htm)
- [FY 2022 MD&A](/company/AMN/mda/fy2022/): filed 2023-02-22; accession 0001142750-23-000006 (https://www.sec.gov/Archives/edgar/data/1142750/000114275023000006/amn-20221231.htm)
- [FY 2021 MD&A](/company/AMN/mda/fy2021/): filed 2022-02-24; accession 0001142750-22-000010 (https://www.sec.gov/Archives/edgar/data/1142750/000114275022000010/amn-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7363 Services-Help Supply Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/AMN.md · JSON record: /company/AMN.json · verified financials: /company/AMN/financials.json / /company/AMN/financials.csv · machine TOC for the whole site: /llms.txt