Revenue stabilized with 2.3% growth in Q2 2026 and gross margin improved to 30.6%, yet operating margin remains razor-thin at 4.0% and TTM net margin is negative at -3.5%.
AMN Healthcare Services, Inc. (AMN) annual income statement — 26-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 3.43B | 2.73B | 2.98B | 3.79B | 5.24B | 3.98B | 2.39B | 2.22B | 2.14B | 1.99B | 1.9B | 1.46B | 1.04B | 1.01B | 953.95M | 887.47M | 689.22M | 759.79M | 1.22B | 1.16B | 1.08B | 705.84M | 629.02M | 714.21M | 775.68M | 517.79M | 230.77M |
| Revenue Growth % | 23.99% | -8.49% | -21.26% | -27.73% | 31.6% | 66.45% | 7.72% | 4.03% | 7.42% | 4.53% | 30.02% | 41.22% | 2.39% | 6.07% | 7.49% | 28.76% | -9.29% | -37.58% | 4.57% | 7.61% | 53.25% | 12.21% | -11.93% | -7.93% | 49.81% | 124.38% | - |
| Cost of Goods Sold | 2.48B | 1.96B | 2.06B | 2.54B | 3.53B | 2.67B | 1.6B | 1.48B | 1.44B | 1.34B | 1.28B | 993.7M | 719.91M | 714.54M | 683.55M | 638.15M | 497.69M | 555.37M | 900.21M | 860.86M | 792.41M | 535.61M | 484.65M | 552.05M | 586.9M | 388.28M | 170.61M |
| COGS % of Revenue | - | 71.65% | 69.19% | 67.02% | 67.26% | 67.13% | 66.92% | 66.54% | 67.4% | 67.59% | 67.42% | 67.92% | 69.49% | 70.62% | 71.66% | 71.91% | 72.21% | 73.1% | 73.96% | 73.96% | 73.26% | 75.88% | 77.05% | 77.3% | 75.66% | 74.99% | 73.93% |
| Gross Profit | 954.26M | 774.06M | 919.38M | 1.25B | 1.72B | 1.31B | 791.78M | 743.47M | 696.38M | 644.42M | 619.72M | 469.36M | 316.12M | 297.28M | 270.4M | 249.32M | 191.53M | 204.42M | 316.99M | 303.17M | 289.29M | 170.24M | 144.36M | 162.16M | 188.78M | 129.51M | 60.16M |
| Gross Margin % | 27.79% | 28.35% | 30.81% | 32.98% | 32.74% | 32.87% | 33.08% | 33.46% | 32.6% | 32.41% | 32.58% | 32.08% | 30.51% | 29.38% | 28.34% | 28.09% | 27.79% | 26.9% | 26.04% | 26.04% | 26.74% | 24.12% | 22.95% | 22.7% | 24.34% | 25.01% | 26.07% |
| Gross Profit Growth % | - | -15.81% | -26.43% | -27.21% | 31.08% | 65.4% | 6.5% | 6.76% | 8.06% | 3.98% | 32.04% | 48.48% | 6.34% | 9.94% | 8.45% | 30.18% | -6.31% | -35.51% | 4.56% | 4.8% | 69.93% | 17.92% | -10.97% | -14.1% | 45.77% | 115.28% | - |
| Operating Expenses | 793.58M | 740.89M | 1.02B | 911.15M | 1.07B | 831.6M | 642.51M | 566.55M | 493.56M | 431.98M | 428.09M | 340.48M | 248.21M | 231.78M | 217.06M | 211.67M | 183.21M | 171.05M | 490.21M | 230.82M | 215.82M | 123.5M | 108.02M | 98.19M | 102.52M | 113.03M | 57.91M |
| OpEx % of Revenue | - | 27.13% | 34.25% | 24.05% | 20.4% | 20.87% | 26.84% | 25.5% | 23.11% | 21.72% | 22.5% | 23.27% | 23.96% | 22.91% | 22.75% | 23.85% | 26.58% | 22.51% | 40.27% | 19.83% | 19.95% | 17.5% | 17.17% | 13.75% | 13.22% | 21.83% | 25.09% |
| Selling, General & Admin | 656.52M | 593.02M | 632.49M | 756.24M | 936.58M | 730.45M | 549.75M | 508.03M | 452.32M | 399.7M | 398.47M | 319.53M | 232.22M | 218.23M | 202.9M | 195.35M | 168.13M | 157.24M | 230.66M | 218.25M | 205.5M | 117.33M | 102.19M | 93.37M | 98.68M | 103.36M | 54.61M |
| SG&A % of Revenue | - | 21.72% | 21.2% | 19.96% | 17.86% | 18.33% | 22.97% | 22.86% | 21.18% | 20.1% | 20.95% | 21.84% | 22.41% | 21.57% | 21.27% | 22.01% | 24.39% | 20.7% | 18.95% | 18.75% | 19% | 16.62% | 16.25% | 13.07% | 12.72% | 19.96% | 23.66% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 147.87M | 389.56M | 154.91M | 133.01M | 101.15M | 92.77M | 58.52M | 41.24M | 32.28M | 29.62M | 20.95M | 15.99M | 13.54M | 14.15M | 16.32M | 15.08M | 13.81M | 14.44M | 12.57M | 10.32M | 6.18M | 5.84M | 4.82M | 3.84M | 9.67M | 3.3M |
| Operating Income | 160.68M | 33.17M | -102.67M | 338.43M | 647.1M | 478M | 149.26M | 176.91M | 202.83M | 212.44M | 191.63M | 128.88M | 67.9M | 65.5M | 53.34M | 37.65M | -42.52M | -153.61M | 71.89M | 72.34M | 73.46M | 46.73M | 36.34M | 63.96M | 86.27M | 16.48M | 2.25M |
| Operating Margin % | 4.68% | 1.21% | -3.44% | 8.93% | 12.34% | 12% | 6.24% | 7.96% | 9.5% | 10.68% | 10.07% | 8.81% | 6.55% | 6.47% | 5.59% | 4.24% | -6.17% | -20.22% | 5.91% | 6.21% | 6.79% | 6.62% | 5.78% | 8.96% | 11.12% | 3.18% | 0.97% |
| Operating Income Growth % | - | 132.3% | -130.34% | -47.7% | 35.38% | 220.23% | -15.63% | -12.78% | -4.52% | 10.86% | 48.69% | 89.8% | 3.67% | 22.8% | 41.69% | 188.54% | 72.32% | -313.66% | -0.62% | -1.53% | 57.21% | 28.59% | -43.19% | -25.85% | 423.52% | 633.01% | - |
| EBITDA | 304.78M | 189.77M | 71.11M | 499.36M | 784.21M | 581.7M | 243.45M | 235.44M | 244.06M | 244.72M | 221.25M | 149.83M | 83.9M | 79.05M | 67.49M | 53.97M | -27.43M | -139.8M | 86.33M | 84.02M | 83.79M | 52.91M | 42.18M | 68.78M | 90.1M | 24.19M | 5.55M |
| EBITDA Margin % | 8.87% | 6.95% | 2.38% | 13.18% | 14.96% | 14.6% | 10.17% | 10.6% | 11.43% | 12.31% | 11.63% | 10.24% | 8.1% | 7.81% | 7.08% | 6.08% | -3.98% | -18.4% | 7.09% | 7.22% | 7.75% | 7.5% | 6.71% | 9.63% | 11.62% | 4.67% | 2.41% |
| EBITDA Growth % | 339.53% | 166.88% | -85.76% | -36.32% | 34.82% | 138.94% | 3.41% | -3.54% | -0.27% | 10.61% | 47.67% | 78.59% | 6.13% | 17.12% | 25.05% | 296.73% | 80.38% | -261.93% | 2.76% | 0.27% | 58.36% | 25.45% | -38.68% | -23.66% | 272.47% | 335.8% | - |
| D&A (Non-Cash Add-back) | 144.1M | 156.6M | 173.78M | 160.93M | 137.11M | 103.7M | 94.19M | 58.52M | 41.24M | 32.28M | 29.62M | 20.95M | 15.99M | 13.54M | 14.15M | 16.32M | 15.08M | 13.81M | 14.44M | 11.67M | 10.32M | 6.18M | 5.84M | 4.82M | 3.84M | 7.71M | 3.3M |
| EBIT | 199.81M | -55.47M | -102.67M | 338.43M | 647.1M | 478M | 149.26M | 176.91M | 202.83M | 212.44M | 191.63M | 128.88M | 64.79M | 65.5M | 43.53M | 37.65M | -43.78M | -153.61M | 71.89M | 72.34M | 73.46M | 45.53M | 36.34M | 63.96M | 86.27M | 16.48M | 2.25M |
| Net Interest Income | -35.63M | -45.59M | -69.9M | -54.14M | -40.4M | -34.08M | -57.74M | -28.43M | -16.14M | -19.68M | -15.46M | -7.79M | -9.24M | -9.66M | -26.02M | -23.73M | -19.76M | -11.96M | -10.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 35.63M | 45.59M | 69.9M | 54.14M | 40.4M | 34.08M | 57.74M | 28.43M | 16.14M | 19.68M | 15.46M | 7.79M | 9.24M | 9.66M | 26.02M | 23.73M | 19.77M | 11.96M | 10.69M | 12.46M | 16.7M | 9.56M | 8.44M | 2.3M | 0 | 0 | 0 |
| Other Income/Expense | 3.51M | -134.23M | -69.9M | -54.14M | -40.4M | -34.08M | -57.74M | -28.43M | -16.14M | -19.68M | -15.46M | -7.79M | -9.24M | -9.66M | -26.02M | -23.73M | -19.77M | -11.96M | -10.69M | -11.56M | -16.7M | -9.56M | -8.44M | -2.3M | 343K | -13.93M | -10.01M |
| Pretax Income | 164.19M | -101.06M | -172.57M | 284.29M | 606.7M | 443.92M | 91.52M | 148.49M | 186.69M | 192.76M | 176.17M | 121.09M | 58.67M | 55.84M | 27.32M | 13.92M | -62.29M | -165.56M | 61.2M | 60.78M | 56.77M | 37.16M | 27.9M | 61.66M | 86.61M | 2.54M | -7.76M |
| Pretax Margin % | 4.78% | -3.7% | -5.78% | 7.5% | 11.57% | 11.14% | 3.82% | 6.68% | 8.74% | 9.69% | 9.26% | 8.28% | 5.66% | 5.52% | 2.86% | 1.57% | -9.04% | -21.79% | 5.03% | 5.22% | 5.25% | 5.27% | 4.44% | 8.63% | 11.17% | 0.49% | -3.36% |
| Income Tax | 59.27M | -5.36M | -25.59M | 73.61M | 162.65M | 116.53M | 20.86M | 34.5M | 44.94M | 60.2M | 70.33M | 39.2M | 25.45M | 22.9M | 11.01M | 8.9M | -10.3M | -43.39M | 26.85M | 24.25M | 21.68M | 14.93M | 10.55M | 23.87M | 34.25M | 1.48M | -2.56M |
| Effective Tax Rate % | 36.1% | 5.3% | 14.83% | 25.89% | 26.81% | 26.25% | 22.79% | 23.23% | 24.07% | 31.23% | 39.92% | 32.37% | 43.38% | 41.02% | 40.3% | 63.97% | 16.53% | 26.21% | 43.86% | 39.9% | 38.18% | 40.17% | 37.83% | 38.71% | 39.55% | 58% | 33% |
| Net Income | 104.92M | -95.7M | -146.98M | 210.68M | 444.05M | 327.39M | 70.67M | 113.99M | 141.74M | 132.56M | 105.84M | 81.89M | 33.22M | 32.93M | 17.14M | -26.27M | -51.99M | -122.18M | 34.36M | 36.53M | 35.09M | 22.23M | 17.35M | 37.79M | 52.36M | -4.39M | -5.2M |
| Net Margin % | 3.06% | -3.5% | -4.93% | 5.56% | 8.47% | 8.22% | 2.95% | 5.13% | 6.64% | 6.67% | 5.56% | 5.6% | 3.21% | 3.25% | 1.8% | -2.96% | -7.54% | -16.08% | 2.82% | 3.14% | 3.24% | 3.15% | 2.76% | 5.29% | 6.75% | -0.85% | -2.25% |
| Net Income Growth % | 135.23% | 34.89% | -169.76% | -52.56% | 35.63% | 363.3% | -38.01% | -19.58% | 6.93% | 25.25% | 29.24% | 146.53% | 0.86% | 92.19% | 165.24% | 49.48% | 57.45% | -455.61% | -5.95% | 4.11% | 57.83% | 28.18% | -54.1% | -27.82% | 1293.71% | 15.62% | - |
| Net Income (Continuing) | 104.92M | -95.7M | -146.98M | 210.68M | 444.05M | 327.39M | 70.67M | 113.99M | 141.74M | 132.56M | 105.84M | 81.89M | 33.22M | 32.93M | 16.31M | 5.02M | -51.99M | -122.18M | 34.36M | 36.53M | 35.09M | 22.23M | 17.35M | 37.79M | 52.36M | 1.07M | -5.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.64 | -2.48 | -3.85 | 5.36 | 9.90 | 6.81 | 1.48 | 2.40 | 2.91 | 2.68 | 2.15 | 1.68 | 0.69 | 0.69 | 0.37 | -0.57 | -1.49 | -3.75 | 1.02 | 1.04 | 1.02 | 0.69 | 0.55 | 0.95 | 1.12 | -0.14 | -0.23 |
| EPS Growth % | 134.5% | 35.58% | -171.83% | -45.86% | 45.37% | 360.14% | -38.33% | -17.53% | 8.58% | 24.65% | 27.98% | 143.48% | 0% | 86.49% | 164.91% | 61.75% | 60.27% | -467.65% | -1.92% | 1.96% | 47.83% | 25.45% | -42.11% | -15.18% | 900% | 39.13% | - |
| EPS (Basic) | - | -2.48 | -3.85 | 5.38 | 9.96 | 6.87 | 1.49 | 2.44 | 2.99 | 2.77 | 2.21 | 1.72 | 0.71 | 0.72 | 0.38 | -0.66 | -1.49 | -3.75 | 1.03 | 1.06 | 1.07 | 0.76 | 0.61 | 1.04 | 1.23 | -0.14 | -0.23 |
| Diluted Shares Outstanding | 39.73M | 38.52M | 38.19M | 39.34M | 44.87M | 48.05M | 47.69M | 47.59M | 48.67M | 49.43M | 49.27M | 48.84M | 48.09M | 47.79M | 46.71M | 45.95M | 34.84M | 32.62M | 33.81M | 34.88M | 34.5M | 32.12M | 31.37M | 39.78M | 46.8M | 30.64M | 22.5M |
| Basic Shares Outstanding | 39.02M | 38.52M | 38.19M | 39.17M | 44.59M | 47.69M | 47.42M | 46.7M | 47.37M | 47.81M | 47.95M | 47.52M | 46.5M | 45.96M | 41.63M | 39.91M | 34.84M | 32.62M | 33.38M | 34.38M | 32.66M | 29.13M | 28.25M | 36.46M | 42.53M | 30.64M | 22.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AMN stock.
For fiscal year 2025, AMN Healthcare Services, Inc. (AMN) reported total revenue of $2.73B. This represents a 1083.2% increase compared to $230.8M in 2000.
AMN Healthcare Services, Inc. (AMN) reported a net loss of $95.7M for the fiscal year ending 2025.
AMN Healthcare Services, Inc. (AMN) reported an operating income of $33.2M, resulting in an operating profit margin of 1.2%. This margin reflects the operational efficiency of the business before interest and taxes.
AMN Healthcare Services, Inc. (AMN) generated $774.1M in gross profit for the year, representing a gross profit margin of 28.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Earnings quality and margin sustainability
Metrics are mathematically derived from official filings.
Revenue Stabilization Amidst Post-Pandemic Normalization
AMN's revenue contracted 8.5% year-over-year in 2025, but recent quarters show stabilization with 2.3% growth in Q2 2026, suggesting the demand normalization phase may be bottoming out.
The revenue trajectory reflects a sharp deceleration from the pandemic peak, with year-over-year declines moderating from -27.1% in Q1 2024 to -7.7% in Q3 2025, and turning positive in Q2 2026. This stabilization appears driven by broad-based growth across travel nurse, international nurse, allied, schools, and search solutions, as cited in recent management commentary. However, the maintained guidance of $640–$655 million for the next quarter implies a gradual recovery rather than a sharp rebound, indicating that the growth may be cost-discipline-driven rather than demand-led.
Gross Margin Resilience Amidst Operating Pressure
Gross margin improved to 30.6% in Q2 2026 from 25.2% in Q2 2024, but operating margin remains razor-thin at 4.0%, indicating that pricing power is not translating to bottom-line profitability.
The gross margin expansion suggests that AMN is managing the bill-pay spread effectively, possibly due to a favorable mix shift toward higher-margin technology and workforce solutions. However, the operating margin of 4.0% in Q2 2026, while improved from the negative levels in 2025, remains well below the 5.1% seen in Q2 2024, indicating that SG&A and other operating costs are absorbing the gross profit gains. This suggests that the company is still operating with minimal pricing power or elevated cost structure, leaving it vulnerable to any renewed wage inflation or utilization softness in hospital staffing.
Operating Leverage Still Elusive
Despite a 2.3% revenue increase in Q2 2026, operating income surged to $26.9 million from a loss of $123.7 million in Q2 2025, but the operating margin of 4.0% remains below historical norms, indicating limited operating leverage.
The swing in operating income from -$123.7 million in Q2 2025 to $26.9 million in Q2 2026 appears to be driven by cost reductions and the absence of impairment charges that plagued 2025. However, the operating margin of 4.0% is still below the 5.1% achieved in Q2 2024, suggesting that SG&A expenses have not scaled down proportionally with revenue. This implies that the company has not yet regained the operating leverage it had pre-pandemic, and investors should monitor whether SG&A efficiency improves as revenue grows.
Earnings Quality Questioned by Net Margin Disconnect
Q2 2026 EPS of $0.53 beat consensus, but net margin of 3.1% is far below the 4.5% in Q1 2026, and the company reported a negative net margin of -3.5% for the trailing twelve months, raising concerns about earnings quality.
The reported EPS of $0.53 in Q2 2026 is a significant improvement from the -$3.02 loss in Q2 2025, but the net margin of 3.1% is lower than the 4.5% in Q1 2026, indicating that the beat may be driven by one-off items or below-the-line gains rather than core operational profitability. The persistent negative net margin over the trailing twelve months, despite the EPS beat, suggests that the company may be relying on non-operating items or tax benefits to boost earnings. Investors should scrutinize the upcoming cash flow statement to verify the quality of these earnings.
Cost Discipline Driving Recovery
SG&A expenses declined from $174.8 million in Q1 2024 to $147.4 million in Q2 2026, a 15.7% reduction, while revenue fell only 18% over the same period, indicating management's focus on cost control.
The reduction in SG&A expenses, from $174.8 million in Q1 2024 to $147.4 million in Q2 2026, suggests that management has been actively right-sizing the cost structure in response to the demand normalization. This cost discipline appears to be a key driver of the operating income recovery, as gross profit has remained relatively stable. However, the SG&A-to-revenue ratio of 21.9% in Q2 2026 is still elevated compared to the 21.3% in Q2 2024, indicating that there is room for further efficiency gains. The company's ability to maintain this cost discipline while investing in technology and workforce solutions will be critical for margin expansion.
What Could Invalidate the Recovery Narrative
The sharp improvement in EPS and operating income may be driven by one-off items or cost cuts, not sustainable demand, as net margin remains negative and operating margin is razor-thin at 1.2%.
Short-sellers would argue that the recent EPS beat is not indicative of a fundamental turnaround, given that the net margin remains deeply negative at -3.5% and operating margin is only 1.2% on a trailing basis. The revenue stabilization could be a temporary artifact of seasonal demand or one-time contracts, and the maintained guidance suggests management does not expect acceleration. Additionally, the company's reliance on cost cuts rather than revenue growth to drive profitability may not be sustainable, as further reductions could impair service quality and market share. Investors should monitor whether the gross margin expansion can be sustained and whether the technology segment can grow enough to offset the cyclicality of the staffing business.