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AMN Healthcare Services cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$97.3M in Q3 2026 · $327M over twelve months

Operating cash flow−$87.5M
Capital spending−$9.8M
Free cash flow−$97.3M
Cash / net income-2.6×
Cash conversion cycle15 days

Analysis

In Q3 2026, AMN Healthcare Services generated −$87.5M of operating cash flow and spent $9.8M on capital projects, leaving free cash flow of −$97.3M. That is $112M less than in Q3 2025 ($14.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $361M; the largest uses were other financing ($108M), capital spending ($33.5M), buybacks ($10.7M); the cash balance rose by $192M.

Operating cash flow was −$87.5M against net income of $33.4M — -2.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other liabilities −$124M, receivables −$33.7M, depreciation & amortization +$31.8M.

Its cash conversion cycle was 15 days (receivables 51 + inventory 0 − payables 36).

Free cash flow

AMN Healthcare Services: free cash flow by quarterAMN Healthcare Services: free cash flow by quarter$56.6MQ4 2024$82.7MQ1 2025$68.7MQ2 2025$14.8MQ3 2025$67.6MQ4 2025$555MQ1 2026−$198MQ2 2026−$97.3MQ3 2026
Operating cash flow less capital spending.
AMN Healthcare Services: operating cash flow against capital spendingAMN Healthcare Services: operating cash flow against capital spendingOperating cash flowCapital spending$72.8M$16.2MQ4 2024$92.7M$10.0MQ1 2025$78.5M$9.8MQ2 2025$22.7M$7.9MQ3 2025$75.6M$7.9MQ4 2025$562M$7.2MQ1 2026−$190M$8.5MQ2 2026−$87.5M$9.8MQ3 2026
Latest (Q3 2026): Operating cash flow −$87.5M, Capital spending $9.8M.

Capital allocation, year by year

AMN Healthcare Services: where the cash came from (up) and went (down), by fiscal yearAMN Healthcare Services: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $305MFY2021: Capital spending −$53.6MFY2021: Acquisitions −$41.3MFY2021: Buybacks −$2.7M$305MFY2021FY2022: Operating cash flow $654MFY2022: Capital spending −$75.8MFY2022: Acquisitions −$69.6MFY2022: Buybacks −$577M$654MFY2022FY2023: Operating cash flow $372MFY2023: Net borrowing $460MFY2023: Capital spending −$104MFY2023: Acquisitions −$292MFY2023: Buybacks −$425M$832MFY2023FY2024: Operating cash flow $320MFY2024: Net borrowing −$250MFY2024: Capital spending −$80.9M$320MFY2024FY2025: Operating cash flow $269MFY2025: Net borrowing −$285MFY2025: Asset sales $65.3MFY2025: Capital spending −$35.6M$335MFY2025
Over these 5 years operating cash flow totalled $1.9B; the largest uses were buybacks ($1.0B) and net borrowing ($535M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$256M
Debt$767M
Net debt$511M
Cash runway8 months

AMN Healthcare Services is burning cash: its operations consume cash, a free cash flow of −$389M a year at the current rate against $256M of cash and investments: a runway of about 8 months before any new financing.

Where the cash came from and went

AMN Healthcare Services: sources (+) and uses (−) of cash, Q3 2026AMN Healthcare Services: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$115MOperating cash flow−$87.5MCapital spending−$9.8MOther investing−$9.0MBuybacks−$8.4MTaxes on employees’ shares−$322K
AMN Healthcare Services: sources (+) and uses (−) of cash, TTM to Q3 2026AMN Healthcare Services: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$361MCash drawn (+) / kept (−)−$192MOther financing−$108MCapital spending−$33.5MBuybacks−$10.7MOther investing−$10.1MAcquisitions−$3.0MTaxes on employees’ shares−$3.0MAsset & business sales−$41K

From profit to cash

AMN Healthcare Services: net income to operating cash flow, Q3 2026AMN Healthcare Services: net income to operating cash flow, Q3 2026Net income$33.4MDepreciation & amortization$31.8MStock-based pay$8.5MDeferred taxes−$12.9MGains on investments−$41KOther non-cash$703KReceivables−$33.7MPayables−$3.4MEmployee-related liabilities$19.4MDeferred revenue$2.3MPrepaid and other assets−$3.0MOther liabilities−$124MOperating cash flow−$87.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202651—3615
Q2 202653—3814
Q1 202625—169
Q4 202548—2820
Q3 202556—3521
Q2 202556—3719
Q1 202556—3521
Q4 202456—3520

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$87.5M−$9.8M−$8.4M—$115M−$97.3M
Q2 2026−$190M−$8.5M——$205M−$198M
Q1 2026$562M−$7.2M—−$25.0M−$528M$555M
Q4 2025$75.6M−$7.9M—$25.0M$15.7M$67.6M
Q3 2025$22.7M−$7.9M—−$70.0M−$10.4M$14.8M
Q2 2025$78.5M−$9.8M—−$80.0M$22.3M$68.7M
Q1 2025$92.7M−$10.0M—−$60.0M−$5.4M$82.7M
Q4 2024$72.8M−$16.2M—−$75.0M$21.3M$56.6M

AMN Healthcare Services: income statement and cash flow

AMN Healthcare Services, Q3 2026: revenue $717M (+13% year over year), operating margin 7.0%. The chart follows the revenue to costs, profit and cash.

AMN Healthcare Services: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.