AMN HEALTHCARE SERVICES (AMN) Company Report

AMN Healthcare reported Q3 2025 consolidated revenue of $634.5 million, which was above the high end of its guidance range.
The company's Adjusted EBITDA for Q3 2025 was $57.5 million, with an Adjusted EBITDA Margin of 9.1%, also exceeding guidance.
Net income for Q3 2025 was $29.3 million, resulting in earnings per share of $0.76. This income included a $39 million gain on the sale of Smart Square.
For Q4 2025, AMN Healthcare projects consolidated revenue between $715 million and $730 million, with an Adjusted EBITDA Margin guidance of 6.8% to 7.3%.

Nov 6, 2025, 10:00 PM

Presentation

AMN Reports Q3 2025 Results and Provides Q4 2025 Guidance

AMN

Earnings

Guidance Update

Revenue Acceleration/Inflection

Q3 2025 consolidated revenue reached $634 million, with adjusted earnings per share (EPS) at $0.39.
For Q4 2025, AMN projects consolidated revenue between $715 million and $730 million and an adjusted EBITDA margin of 6.8%-7.3%.
The company completed a debt refinancing in early October, extending its earliest debt expiration to 2029 and strengthening its financial position.
Looking to 2026, AMN expects a more favorable revenue mix, with international nurse revenue projected to increase by over 20% and VMS revenue anticipated to turn positive, contributing to higher consolidated gross margins.
Demand for travel nurses has shown significant recovery, increasing approximately 50% from its mid-May low, while allied demand is now flat year-over-year.

Nov 6, 2025, 10:00 PM

Transcript

AMN Healthcare Announces Third Quarter 2025 Results and Q4 2025 Outlook

AMN

Earnings

Guidance Update

Debt Issuance

AMN Healthcare Services, Inc. reported Q3 2025 revenue of $634 million, an 8% decrease from the prior year, and adjusted diluted EPS of $0.39, a 36% decrease year-over-year.
Despite the revenue decline, net income increased significantly to $29.3 million (or $0.76 per diluted share) in Q3 2025, partly driven by a $39.2 million gain from the sale of Smart Square.
The company observed a rebound in staffing orders during Q3 and expects strong sequential volume growth for travel nursing in Q4, with Q4 2025 revenue guidance set between $715 million and $730 million.
AMN Healthcare completed a debt refinancing in October 2025, issuing $400 million in new senior unsecured notes due 2031 and redeeming $500 million of 2027 senior notes, which increased the company's financial flexibility.

Nov 6, 2025, 9:18 PM

8-K

AMN Healthcare Announces Third Quarter 2025 Results and Fourth Quarter Outlook

AMN

Earnings

Guidance Update

Debt Issuance

AMN Healthcare reported third quarter 2025 revenue of $634 million, an 8% decrease from the prior year.
Adjusted diluted EPS for Q3 2025 was $0.39, down 36% compared to the same quarter a year ago.
The company saw a rebound in staffing orders during the third quarter, with winter order volume higher than the previous year, leading to an expectation of strong sequential volume growth for travel nursing in Q4.
In October 2025, AMN Healthcare completed a debt refinancing, issuing $400 million in new senior unsecured notes due 2031 and redeeming $500 million of its 2027 senior notes.
For the fourth quarter of 2025, consolidated revenue is projected to be between $715 million and $730 million.

Nov 6, 2025, 9:15 PM

Press Release

AMN Healthcare Services Amends Credit Agreement and Issues New Senior Notes

AMN

Debt Issuance

AMN Healthcare Services, Inc. (AMN) entered into a Fifth Amendment to its Credit Agreement on October 6, 2025, extending the maturity of its secured revolving credit facility to October 6, 2030 from February 2028 and reducing its size from $750.0 million to $450.0 million.
The amendment revises the Consolidated Net Leverage Ratio covenant to be no greater than 5.25 to 1.00 until March 31, 2027, and adds a new pricing tier for Net Leverage Ratio >=4.25x, including 2.00% for SOFR loans.
The Company plans to borrow approximately $100.0 million under the revolving facility, which, along with proceeds from a Notes offering and cash on hand, will be used to redeem all $500 million aggregate principal amount of senior unsecured notes due 2027.
AMN Healthcare, Inc. also issued 6.500% Senior Notes due 2031, with interest payments commencing July 15, 2026, and accruing from October 6, 2025.

Oct 6, 2025, 9:29 PM

8-K

AMN Healthcare Services Inc. Discusses Debt Refinancing, Market Stabilization, and International Business Recovery

AMN

Debt Issuance

Revenue Acceleration/Inflection

New Projects/Investments

AMN Healthcare Services Inc. recently completed a debt refinancing, replacing a $750 million revolver and $500 million high-yield notes with a new $450 million revolving facility and $400 million notes maturing in 2031, which significantly pushes out debt maturities.
The company's international business, which experienced a $100 million revenue headwind and over $30 million EBITDA impact from 2023-2025 due to visa retrogression, is expected to see a slight sequential increase in Q4 and positive year-over-year growth starting Q1 next year.
AMN is observing signs of stabilization in winter orders, following Q2 disruptions, and notes that H1B visas represent less than 1% of consolidated revenue, having minimal impact on their business.
The competitive environment is described as intense but rational, with the total addressable market (TAM) stabilizing in the mid to high $30 billion range after peaking during COVID. AMN is focused on strategic client growth, higher fill rates, and cross-selling its 20 solutions.

Sep 30, 2025, 7:25 PM

Transcript

AMN Healthcare announces pricing of $400 million senior notes offering

AMN

Debt Issuance

AMN Healthcare, Inc., a wholly owned subsidiary of AMN Healthcare Services, Inc., announced the pricing of a private offering of $400.0 million aggregate principal amount of senior unsecured notes due 2031.
These new notes will bear an interest rate of 6.500% per annum and are expected to close on October 6, 2025.
The company intends to use the proceeds from this offering, combined with cash on hand and borrowings, to redeem all $500.0 million aggregate principal amount of its outstanding 4.625% senior unsecured notes due 2027.
The redemption of the 2027 Notes is scheduled for October 22, 2025, contingent upon the successful completion of the 2031 Notes offering.

Sep 22, 2025, 9:20 PM

8-K

AMN Healthcare Services Amends Credit Agreement

AMN

Debt Issuance

AMN Healthcare Services, Inc. intends to amend its existing Credit Agreement, extending the maturity of its secured revolving credit facility to October 2030 from February 2028.
The amendment will reduce the size of the revolving credit facility from $750.0 million to $450.0 million.
Key changes include revising the Consolidated Net Leverage Ratio to be no greater than 5.25 to 1.00 and adding a new pricing tier for Net Leverage Ratio >=4.25x.
The execution of final documentation for these amendments is expected in the fourth quarter of 2025.

Sep 22, 2025, 12:07 PM

8-K

AMN Healthcare Sells Smart Square Software and Forms Partnership

AMN

M&A

New Projects/Investments

AMN Healthcare sold its Smart Square® scheduling software to symplr®, a leader in enterprise healthcare operations software.
The total purchase price for the software was $75 million, with $65 million paid at closing and a $10 million note due at the end of 2026.
AMN Healthcare and symplr® also entered into a commercial partnership to enhance AMN's WorkWise technology suite and deliver comprehensive healthcare workforce solutions.

Jul 2, 2025, 12:30 PM

Press Release

AMN Healthcare Q1 2025 Financial and Operational Results

AMN

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

AMN Healthcare reported Q1 2025 consolidated revenue of $690 million, exceeding the high-end guidance by $10 million despite a 16% decline compared to Q1 2024.
The quarter recorded a GAAP loss of ($0.03) per share, an adjusted EPS of $0.45, and a net loss of approximately $1 million versus a prior year net income of $17 million.
The company achieved a consolidated gross margin of 28.7%, slightly above guidance, driven by cost management initiatives like reduced SG&A expenses and technology enhancements.
Operational highlights include robust cash flow from operations at $93 million, supporting debt reduction and further investments in technology and process improvements.
Key segment performance was strong with Nurse and Allied revenue reaching $413 million and stabilization in the locum tenens and labor disruption pipelines.
Guidance for Q2 2025 projects revenue between $645-$660 million.

May 8, 2025, 9:01 PM

Transcript 8-K

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