Revenue growth has faced persistent downward pressure, culminating in a 7.7% year-over-year decline in 2025Q3, while operating margins compressed to a razor-thin 1.1% in 2025Q4.
| 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 | 3.42B | 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 % | 19.87% | -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 | 2.47B | 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 | 944.77M | 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 % | 27.63% | 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 | 934.72M | 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 | 663.72M | 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 | 10.05M | 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 % | 0.29% | 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 | 126.8M | 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 % | 3.71% | 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 % | 225.05% | 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) | 116.74M | 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 | 49.19M | -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 | -39.98M | -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 | 39.98M | 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 | -841K | -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 | 9.21M | -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 % | 0.27% | -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 | 41.66M | -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 % | 452.15% | 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 | -32.44M | -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 % | -0.95% | -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 % | 80.38% | 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) | -32.44M | -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) | -0.83 | -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 % | 79.9% | 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 | 39.12M | 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 | 38.9M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical demand normalization
As reported in recent financial statements, AMN's revenue has faced significant downward pressure, culminating in a 7.7% year-over-year decline in 2025Q3, which underscores the ongoing normalization of healthcare labor demand following the extraordinary volumes observed during the height of the global health crisis.
The consistent revenue contraction across multiple quarters suggests that the company is struggling to find a new baseline as the pandemic-era surge in staffing needs dissipates. Investors should monitor whether the current trajectory reflects a permanent reset in market size or if the company can leverage its MSP and VMS contracts to stabilize top-line performance.
Based on the provided income statement data, AMN's gross margin has fluctuated between 25.2% and 31.0% over the last ten quarters, reflecting the inherent difficulty in maintaining pricing power when hospital clients aggressively tighten their budgets and demand for premium-priced temporary labor wanes.
The volatility in gross margins appears to indicate a lack of pricing leverage, as the company is forced to absorb or pass through clinician wage fluctuations in a competitive environment. The inability to consistently expand these margins suggests that the business remains highly sensitive to the bill-pay spread, which is currently under significant strain.
According to the latest quarterly figures, AMN's operating margin has compressed to a razor-thin 1.1% in 2025Q4, demonstrating that the company's fixed SG&A costs are not scaling efficiently in response to the sharp decline in gross profit generated by its core staffing segments.
The sharp swings in operating income, including significant losses in 2024Q4 and 2025Q2, suggest that the company's cost structure remains too rigid for the current revenue environment. This lack of operating leverage warrants further investigation into whether management can successfully right-size the organization without compromising its long-term service capabilities.
As evidenced by the reported net income of -$187.5M in 2024Q4 and -$116.2M in 2025Q2, AMN's bottom-line performance is currently obscured by significant non-operating charges, which suggests that GAAP earnings may not accurately reflect the underlying cash-generating capacity of the core business operations.
The frequent divergence between operating income and net income implies that investors should look past headline EPS to understand the impact of potential asset impairments or restructuring costs. The persistence of these charges suggests that the company is still working through the financial consequences of its aggressive acquisition strategy during the pandemic.
While management emphasizes the shift toward technology-driven workforce solutions, the income statement data suggests that the core staffing business remains the primary driver of volatility, raising concerns that the company's moat may be less durable than the current valuation or strategic narrative might imply.
Short-sellers would likely focus on the negative net margins and the potential for further revenue degradation as hospitals continue to prioritize permanent staff over expensive temporary labor. The reliance on high-margin, non-recurring labor disruption revenue in the past may have masked the underlying fragility of the company's recurring revenue streams.
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.