Filing Flows › AMN Healthcare Services (AMN) › Q3 2025
AMN Healthcare Services (AMN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
AMN Healthcare Services (AMN) reported revenue of $634M for the third quarter 2025 (Q3 2025), -8% from a year earlier and -4% from the quarter before. Operating margin was 7.5%, net earnings $29.3M (4.6% of revenue).
AMN Healthcare Services, Q3 2025: revenue $634M (-8% year over year), operating margin 7.5%, net earnings $29.3M, operating cash flow $22.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $634M | -4% | -8% |
| Gross profit | $184M | -6% | -13% |
| Operating profit | $47.6M | — | +114% |
| Net earnings | $29.3M | — | +319% |
| Operating cash flow | $22.7M | -71% | -66% |
| Free cash flow | $14.8M | -79% | -69% |
What changed
Revenue was $634.5M in Q3 2025, down 8% year over year and down 4% from the previous quarter. Travel nurse staffing was the largest line at 31% of revenue. Travel nurse staffing lost $47.9M year over year (down 20%), 90% of the total change.
Gross margin was 29.1%, down 1.9 points from a year earlier. Operating profit was $47.6M, a 7.5% margin (up 4.3 points year over year). Operating expenses fell 28% while revenue fell 8%. Net earnings were $29.3M, up 319% year over year. The effective tax rate was 22.9%.
Operating cash flow was $22.7M (down 66% year over year), 77% of net earnings. Non-cash charges added back $39.6M of depreciation and amortization and $6.7M of share-based compensation. Working capital and other items used $53.0M. Capital expenditures of $7.9M left free cash flow of $14.8M.
Questions
What was AMN Healthcare Services' revenue in the third quarter 2025?
AMN Healthcare Services (AMN) reported revenue of $634M for the third quarter 2025 (Q3 2025), -8% from a year earlier and -4% from the quarter before.
Was AMN Healthcare Services profitable in the third quarter 2025?
Operating profit was $47.6M (7.5% of revenue) and net earnings $29.3M.