Revenue contraction remains persistent, with a 17.8% year-over-year decline in 2026Q1 contributing to a compressed gross margin of 18.2% and negative operating income.
Cross Country Healthcare, Inc. (CCRN) annual income statement — 27-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 | Dec'99 |
|---|
| Sales/Revenue | 1B | 1.05B | 1.34B | 2.02B | 2.8B | 1.68B | 836.42M | 822.22M | 816.48M | 865.05M | 833.54M | 767.42M | 617.83M | 438.31M | 442.63M | 503.99M | 468.56M | 578.24M | 734.25M | 718.27M | 655.15M | 645.39M | 654.11M | 686.93M | 639.95M | 500.5M | 367.69M | 193.77M |
| Revenue Growth % | -20.37% | -21.56% | -33.46% | -27.95% | 67.2% | 100.46% | 1.73% | 0.7% | -5.61% | 3.78% | 8.62% | 24.21% | 40.96% | -0.98% | -12.17% | 7.56% | -18.97% | -21.25% | 2.22% | 9.63% | 1.51% | -1.33% | -4.78% | 7.34% | 27.86% | 36.12% | 89.75% | - |
| Cost of Goods Sold | 803.11M | 857.52M | 1.07B | 1.57B | 2.18B | 1.3B | 633.68M | 618.22M | 606.92M | 636.46M | 611.8M | 570.06M | 460.02M | 324.85M | 331.05M | 366.04M | 336.25M | 420.86M | 541.66M | 543.61M | 502.47M | 503.1M | 509.57M | 519.96M | 478.55M | 374.65M | 273.09M | 148.22M |
| COGS % of Revenue | - | 81.34% | 79.59% | 77.7% | 77.72% | 77.63% | 75.76% | 75.19% | 74.33% | 73.58% | 73.4% | 74.28% | 74.46% | 74.11% | 74.79% | 72.63% | 71.76% | 72.78% | 73.77% | 75.68% | 76.69% | 77.95% | 77.9% | 75.69% | 74.78% | 74.86% | 74.27% | 76.49% |
| Gross Profit | 198.84M | 196.78M | 274.25M | 450.41M | 624.46M | 375M | 202.73M | 204.01M | 209.56M | 228.59M | 221.74M | 197.37M | 157.8M | 113.46M | 111.58M | 137.94M | 132.31M | 157.38M | 192.59M | 174.66M | 152.68M | 142.29M | 144.54M | 166.97M | 161.4M | 125.85M | 94.6M | 45.55M |
| Gross Margin % | 19.84% | 18.66% | 20.41% | 22.3% | 22.28% | 22.37% | 24.24% | 24.81% | 25.67% | 26.42% | 26.6% | 25.72% | 25.54% | 25.89% | 25.21% | 27.37% | 28.24% | 27.22% | 26.23% | 24.32% | 23.31% | 22.05% | 22.1% | 24.31% | 25.22% | 25.14% | 25.73% | 23.51% |
| Gross Profit Growth % | - | -28.25% | -39.11% | -27.87% | 66.52% | 84.97% | -0.63% | -2.65% | -8.32% | 3.09% | 12.35% | 25.07% | 39.08% | 1.68% | -19.11% | 4.26% | -15.93% | -18.28% | 10.26% | 14.4% | 7.31% | -1.56% | -13.43% | 3.45% | 28.25% | 33.04% | 107.67% | - |
| Operating Expenses | 219.72M | 200.24M | 291.12M | 337.7M | 354.58M | 235.69M | 211.89M | 219.72M | 192.01M | 197.61M | 189M | 169.34M | 148.46M | 112.3M | 116.58M | 127.4M | 121.17M | 137.95M | 392.66M | 132.65M | 124.51M | 112.56M | 107.98M | 118.99M | 102.73M | 87.4M | 65.77M | 176.12M |
| OpEx % of Revenue | - | 18.99% | 21.66% | 16.72% | 12.65% | 14.06% | 25.33% | 26.72% | 23.52% | 22.84% | 22.67% | 22.07% | 24.03% | 25.62% | 26.34% | 25.28% | 25.86% | 23.86% | 53.48% | 18.47% | 19% | 17.44% | 16.51% | 17.32% | 16.05% | 17.46% | 17.89% | 90.89% |
| Selling, General & Admin | 147.11M | 200.68M | 254.81M | 314.95M | 324.21M | 220.04M | 176.84M | 183.97M | 182.43M | 189.26M | 180.41M | 162.27M | 142.03M | 106.12M | 109.42M | 116.54M | 108.98M | 124.82M | 137.77M | 124.25M | 110.63M | 105.97M | 100.49M | 110.9M | 95.17M | 69.67M | 49.46M | 21.95M |
| SG&A % of Revenue | - | 19.03% | 18.96% | 15.59% | 11.56% | 13.12% | 21.14% | 22.37% | 22.34% | 21.88% | 21.64% | 21.15% | 22.99% | 24.21% | 24.72% | 23.12% | 23.26% | 21.59% | 18.76% | 17.3% | 16.89% | 16.42% | 15.36% | 16.14% | 14.87% | 13.92% | 13.45% | 11.33% |
| 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.06M | -441K | 36.31M | 22.74M | 30.37M | 15.65M | 35.05M | 35.75M | 418K | 155K | 230K | 306K | 30K | 119K | -16K | 10.86M | 12.19M | 12.79M | 254.9M | 8.39M | 13.88M | 6.58M | 7.48M | 8.09M | 7.56M | 17.74M | 16.31M | 154.18M |
| Operating Income | -20.88M | -3.46M | -16.86M | 112.71M | 269.88M | 139.3M | -9.16M | -15.71M | -12.88M | 11.75M | 6.18M | 20.57M | -10.47M | -8.02M | -24.52M | 10.54M | 376K | 17.7M | -200.08M | 42.02M | 28.18M | 29.73M | 36.56M | 47.98M | 58.67M | 38.45M | 28.82M | 17.65M |
| Operating Margin % | -2.08% | -0.33% | -1.25% | 5.58% | 9.63% | 8.31% | -1.1% | -1.91% | -1.58% | 1.36% | 0.74% | 2.68% | -1.69% | -1.83% | -5.54% | 2.09% | 0.08% | 3.06% | -27.25% | 5.85% | 4.3% | 4.61% | 5.59% | 6.98% | 9.17% | 7.68% | 7.84% | 9.11% |
| Operating Income Growth % | - | 79.47% | -114.96% | -58.24% | 93.73% | 1620.79% | 41.7% | -21.98% | -209.64% | 89.97% | -69.93% | 296.46% | -30.49% | 67.28% | -332.6% | 2703.46% | -97.88% | 108.85% | -576.15% | 49.13% | -5.23% | -18.68% | -23.8% | -18.22% | 52.6% | 33.4% | 63.26% | - |
| EBITDA | -5.19M | 13.33M | 635K | 131.06M | 282.46M | 148.76M | 411K | -4.54M | -1.1M | 21.92M | 15.37M | 28.63M | -3.03M | -1.84M | -17.35M | 20.82M | 12.27M | 30.49M | -189.27M | 50.53M | 35.34M | 37.28M | 44.11M | 56.11M | 65.34M | 56.19M | 43.85M | 22.94M |
| EBITDA Margin % | -0.52% | 1.26% | 0.05% | 6.49% | 10.08% | 8.87% | 0.05% | -0.55% | -0.13% | 2.53% | 1.84% | 3.73% | -0.49% | -0.42% | -3.92% | 4.13% | 2.62% | 5.27% | -25.78% | 7.03% | 5.39% | 5.78% | 6.74% | 8.17% | 10.21% | 11.23% | 11.92% | 11.84% |
| EBITDA Growth % | -65.75% | 1999.53% | -99.52% | -53.6% | 89.88% | 36093.67% | 109.06% | -312.36% | -105.02% | 42.67% | -46.33% | 1045.85% | -64.33% | 89.38% | -183.31% | 69.72% | -59.76% | 116.11% | -474.57% | 42.97% | -5.2% | -15.48% | -21.38% | -14.14% | 16.3% | 28.14% | 91.15% | - |
| D&A (Non-Cash Add-back) | 15.69M | 16.79M | 17.5M | 18.35M | 12.58M | 9.45M | 9.57M | 11.18M | 11.78M | 10.17M | 9.18M | 8.07M | 7.44M | 6.18M | 7.17M | 10.28M | 11.89M | 12.79M | 10.8M | 8.51M | 7.17M | 7.55M | 7.55M | 8.12M | 6.67M | 17.74M | 15.02M | 5.29M |
| EBIT | -84.11M | -81.29M | -725K | 110.99M | 267.49M | 145.1M | 16.32M | 8.87M | -12.54M | 8.52M | 32.14M | 27.02M | -27.16M | -9.19M | -24.55M | 6.47M | -3.71M | 17.83M | -199.94M | 42.02M | 28.18M | 28.37M | 36.56M | 48.32M | 57.57M | 39.69M | 28.82M | -130.57M |
| Net Interest Income | 1.18M | 913K | -138K | -8.09M | -14.38M | -6.87M | -2.89M | -5.31M | -5.65M | -4.21M | -6.11M | -6.81M | -4.16M | -849K | -2.34M | -2.86M | -4.24M | -6.17M | -4.22M | -2.59M | -1.46M | -3.46M | -4.02M | -4.32M | -3.75M | -14.42M | -15.44M | 0 |
| Interest Income | 3.42M | 3.13M | 2.05M | 0 | 10K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.24M | 2.22M | 2.19M | 8.09M | 14.39M | 6.87M | 2.89M | 5.31M | 5.65M | 4.21M | 6.11M | 6.81M | 4.16M | 849K | 2.34M | 2.86M | 4.07M | 6.17M | 4.22M | 2.59M | 1.46M | 3.46M | 4.02M | 4.32M | 3.75M | 14.42M | 15.44M | 0 |
| Other Income/Expense | -65.46M | -80.05M | 467K | -9.82M | -16.78M | -6.1M | -3.17M | -8.5M | -5.32M | -7.45M | -1.64M | -16.41M | -20.85M | -2.02M | -2.38M | -2.31M | 38.29K | -8.12M | -248.19M | -2.68M | -1.46M | -4.82M | -4.02M | -5.28M | -3.73M | -22.42M | -15.44M | -5.24M |
| Pretax Income | -86.34M | -83.51M | -16.4M | 102.89M | 253.1M | 133.21M | -12.33M | -24.21M | -18.2M | 4.3M | 4.54M | 4.16M | -31.32M | -10.04M | -26.89M | 8.23M | -3.77M | 11.65M | -204.17M | 39.34M | 26.71M | 24.92M | 32.54M | 42.7M | 54.92M | 24.03M | 13.39M | 12.41M |
| Pretax Margin % | -8.62% | -7.92% | -1.22% | 5.09% | 9.03% | 7.94% | -1.47% | -2.94% | -2.23% | 0.5% | 0.55% | 0.54% | -5.07% | -2.29% | -6.08% | 1.63% | -0.8% | 2.02% | -27.81% | 5.48% | 4.08% | 3.86% | 4.97% | 6.22% | 8.58% | 4.8% | 3.64% | 6.41% |
| Income Tax | 12.28M | 11.34M | -1.84M | 30.26M | 67.11M | 1.21M | -188K | 31.73M | -2.48M | -34.5M | -4.19M | -794K | 216K | 26.83M | -6.15M | 4.13M | -997K | 4.96M | -61.22M | 14.76M | 10.15M | 9.58M | 11.94M | 16.53M | 21.25M | 10.36M | 6.73M | 672K |
| Effective Tax Rate % | -14.23% | -13.58% | 11.23% | 29.41% | 26.52% | 0.91% | 1.52% | -131.06% | 13.62% | -802.16% | -92.1% | -19.09% | -0.69% | -267.23% | 22.87% | 50.21% | 26.43% | 42.56% | 29.99% | 37.52% | 37.98% | 38.43% | 36.68% | 38.7% | 38.7% | 43.14% | 50.28% | 5.41% |
| Net Income | -98.63M | -94.85M | -14.56M | 72.63M | 185.98M | 132M | -12.96M | -57.71M | -16.95M | 37.51M | 7.97M | 4.42M | -31.78M | -34.59M | -42.22M | 4.1M | -2.77M | 6.69M | -142.94M | 24.58M | 16.64M | 14.75M | 20.66M | 25.82M | 29.78M | 8.67M | 4.6M | 11.54M |
| Net Margin % | -9.84% | -9% | -1.08% | 3.6% | 6.63% | 7.87% | -1.55% | -7.02% | -2.08% | 4.34% | 0.96% | 0.58% | -5.14% | -7.89% | -9.54% | 0.81% | -0.59% | 1.16% | -19.47% | 3.42% | 2.54% | 2.29% | 3.16% | 3.76% | 4.65% | 1.73% | 1.25% | 5.96% |
| Net Income Growth % | -456.03% | -551.64% | -120.04% | -60.95% | 40.89% | 1118.38% | 77.54% | -240.47% | -145.19% | 370.85% | 80.33% | 113.9% | 8.1% | 18.09% | -1130.28% | 247.68% | -141.45% | 104.68% | -681.56% | 47.75% | 12.77% | -28.59% | -19.99% | -13.3% | 243.43% | 88.6% | -60.17% | - |
| Net Income (Continuing) | -98.63M | -94.85M | -14.56M | 72.63M | 185.98M | 132M | -12.14M | -55.94M | -15.72M | 38.8M | 8.73M | 4.95M | -31.53M | -54.25M | -20.75M | 4.1M | -5.26M | 6.69M | -142.94M | 24.58M | 16.57M | 15.34M | 20.6M | 26.38M | 33M | 9.62M | 6.66M | 11.74M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.28M | 0 | 0 | 0 | 0 | 0 | 0 | 70.04K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 534K | 868K | 670K | 630K | 559K | 496K | 454K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.13 | -2.93 | -0.44 | 2.05 | 5.02 | 3.53 | -0.34 | -1.56 | -0.48 | 1.01 | 0.15 | 0.14 | -1.02 | -1.12 | -1.37 | 0.13 | -0.09 | 0.22 | -4.61 | 0.76 | 0.51 | 0.45 | 0.63 | 0.79 | 0.88 | 0.34 | 0.20 | 0.50 |
| EPS Growth % | -472.55% | -565.91% | -121.46% | -59.16% | 42.21% | 1138.24% | 78.21% | -225% | -147.52% | 573.33% | 7.14% | 113.73% | 8.93% | 18.25% | -1153.85% | 245.58% | -140.59% | 104.77% | -706.58% | 49.02% | 13.33% | -28.57% | -20.25% | -10.23% | 158.82% | 70% | -60% | - |
| EPS (Basic) | - | -2.93 | -0.44 | 2.07 | 5.09 | 3.60 | -0.34 | -1.56 | -0.48 | 1.07 | 0.25 | 0.14 | -1.02 | -1.12 | -1.37 | 0.13 | -0.09 | 0.22 | -4.64 | 0.77 | 0.52 | 0.46 | 0.65 | 0.80 | 0.92 | 0.35 | 0.20 | 0.50 |
| Diluted Shares Outstanding | 31.47M | 32.41M | 33.38M | 35.48M | 37.54M | 37.39M | 36.09M | 35.81M | 35.66M | 36.17M | 36.25M | 32.16M | 31.19M | 31.01M | 30.84M | 31.19M | 31.06M | 31M | 31.01M | 32.48M | 32.74M | 32.77M | 32.58M | 32.53M | 33.65M | 25.22M | 23.21M | 23.21M |
| Basic Shares Outstanding | 31.47M | 32.41M | 33.38M | 35.16M | 37.01M | 36.69M | 36.09M | 35.81M | 35.31M | 35.02M | 32.13M | 31.51M | 31.16M | 31M | 30.84M | 31.15M | 31.06M | 30.82M | 30.83M | 31.97M | 32.08M | 32.23M | 31.99M | 32.09M | 32.43M | 24.88M | 23.21M | 23.21M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CCRN stock.
For fiscal year 2025, Cross Country Healthcare, Inc. (CCRN) reported total revenue of $1.05B. This represents a 444.1% increase compared to $193.8M in 1999.
Cross Country Healthcare, Inc. (CCRN) reported a net loss of $94.9M for the fiscal year ending 2025.
Cross Country Healthcare, Inc. (CCRN) reported an operating income of $-3.5M, resulting in an operating profit margin of -0.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Cross Country Healthcare, Inc. (CCRN) generated $196.8M in gross profit for the year, representing a gross profit margin of 18.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Structural Revenue Normalization
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
As indicated by the most recent quarterly data, CCRN's revenue has experienced a sustained decline, with a 17.8% year-over-year contraction in 2026Q1, reflecting the ongoing normalization of demand for contingent healthcare labor following the elevated activity levels observed during the pandemic-era market peak.
The consistent double-digit revenue declines suggest that the company is struggling to find a stable floor in a post-pandemic environment. This trend appears to be driven by a combination of reduced hospital utilization of travel nurses and a broader cooling of the healthcare staffing market.
Structural Margin Compression Remains Evident
Based on reported financial statements, CCRN's gross margin has compressed to 18.2% in 2026Q1, down from historical levels, highlighting the difficulty in maintaining pricing power as the bill-pay spread narrows amidst a more competitive and cost-conscious hospital procurement environment for temporary clinical staffing.
The inability to sustain gross margins above the 20% threshold suggests that the company lacks the pricing leverage to offset rising clinician pay requirements. Investors should monitor whether this margin erosion is a permanent feature of the current business mix or a temporary cyclical trough.
Operating Leverage Remains Under Pressure
According to recent SEC filings, CCRN's operating income has turned negative, reaching -0.8% in 2026Q1, which demonstrates that the company has not yet successfully aligned its fixed SG&A cost structure with the significantly lower revenue base currently being generated by its core staffing segments.
The failure to achieve positive operating income indicates that the company's overhead remains too high relative to its current volume. This lack of operating leverage suggests that management may need to implement more aggressive cost-rationalization measures to return to profitability.
Earnings Quality Obscured by Losses
As reported in financial statements, CCRN's net income has remained consistently negative, with a net margin of -1.8% in 2026Q1, suggesting that the company's bottom-line performance is currently burdened by both operational inefficiencies and the lack of non-operating income to offset core business losses.
The persistent net losses raise concerns regarding the quality of earnings, as the company is currently unable to generate positive returns for shareholders. The absence of significant stock-based compensation in recent quarters may indicate a lack of incentive alignment or a pause in equity-based compensation programs during this downturn.
Downside Risks to Recovery Narrative
Based on the provided financial data, the primary risk to the investment thesis is that the current revenue contraction is not merely cyclical but reflects a permanent shift in hospital staffing preferences that could keep CCRN's operating margins in negative territory for an extended period.
Short-sellers would likely focus on the company's inability to return to profitability despite a clean balance sheet. If the company cannot demonstrate a clear path to margin expansion, the current cash position may be depleted by ongoing operating losses rather than being used for strategic growth.