Filing Flows › AMN Healthcare Services (AMN) › Q4 2025
AMN Healthcare Services (AMN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
AMN Healthcare Services (AMN) reported revenue of $748M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +18% from the quarter before. Operating margin was 1.1%, net loss $7.7M (1.0% of revenue).
AMN Healthcare Services, Q4 2025: revenue $748M (+2% year over year), operating margin 1.1%, net loss $7.7M, operating cash flow $75.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $748M | +18% | +2% |
| Operating profit | $8.1M | -83% | — |
| Net earnings | −$7.7M | -126% | — |
| Operating cash flow | $75.6M | +233% | +4% |
| Free cash flow | $67.6M | +358% | +19% |
What changed
Revenue was $748.2M in Q4 2025, up 2% year over year and up 18% from the previous quarter. Travel nurse staffing was the largest line at 28% of revenue.
Gross margin was 26.1%, down 3.7 points from a year earlier. Operating profit was $8.1M, a 1.1% margin (up 28.7 points year over year). Operating expenses fell 56% while revenue rose 2%. The quarter ended with a net loss of $7.7M, after a profit of $29.3M the previous quarter. Net interest and other expense of $12.3M was the main reason.
Operating cash flow was $75.6M (up 4% year over year). Non-cash charges added back $37.2M of depreciation and amortization and $5.8M of share-based compensation. Working capital and other items added $40.3M. Capital expenditures of $7.9M left free cash flow of $67.6M.
Questions
What was AMN Healthcare Services' revenue in the fourth quarter 2025?
AMN Healthcare Services (AMN) reported revenue of $748M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +18% from the quarter before.
Was AMN Healthcare Services profitable in the fourth quarter 2025?
Operating profit was $8.1M (1.1% of revenue) and net loss $7.7M.