Amn Healthcare Services Inc (AMN) · Nov 5, 2026 · Earnings

AMN Healthcare earnings beat estimates as nurse staffing rebounds

Beat — Adjusted EPS $1.16 vs ~$0.23 consensus; revenue $717.3M vs ~$649.6M

AMN Healthcare earnings far exceeded Q3 expectations as nurse and allied staffing accelerated, though labor-disruption revenue makes the rebound less clean.

AMN is in the early stages of a healthcare staffing recovery: nurse and allied demand is improving, while physician staffing and technology-enabled workforce businesses remain in decline. The prior quarter had already established improving demand and Q3 guidance of $640–$655 million, so the direction was known; the scale of this quarter's upside was not. Published estimates were roughly $649.6 million of revenue and $0.23 of EPS, making the reported quarter a substantial beat.

The core recovery accelerated well beyond the prior bar. Revenue reached $717.3 million, about 10% above the published consensus and above the company's own $640–$655 million guide. Adjusted diluted EPS was $1.16 versus roughly $0.23 expected, while adjusted EBITDA rose 63% year over year to $93.6 million.

MetricQ3 2026Q3 2025Consensus / prior guide
Revenue (Financial Highlights)$717.3M (+13%)$634.5M~$649.6M consensus
Adjusted diluted EPS (Financial Highlights)$1.16 (+199%)$0.39~$0.23 consensus
Adjusted EBITDA (Financial Highlights)$93.6M (+63%)$57.5M
Adjusted EBITDA margin (Non-GAAP Reconciliation)13.0% (+390 bps)9.1%5.8%–7.0% prior guide
Q4 revenue outlook (Outlook)10%–12% below Q4 2025

Nurse and allied staffing is doing the heavy lifting, but the quarter contains a temporary boost. That segment grew 27% year over year and 9% sequentially, with travel nurse revenue up 19%. However, labor-disruption revenue was $59 million, up from $25 million in Q2 and $12 million a year earlier, largely reflecting releases of reserves tied to prior events rather than a normal recurring demand stream.

The recovery is not broad-based yet. Physician and Leadership Solutions revenue fell 4% year over year, and Technology and Workforce Solutions fell 9%. That leaves AMN's strongest growth concentrated in Nurse and Allied, while the other two segments continue to weigh on the consolidated story.

Margins materially outperformed, but cash conversion was weak. Gross margin expanded to 31.9% and adjusted EBITDA margin reached 13.0%, helped by the labor-disruption reserve release and better Nurse and Allied economics. Operating cash flow was negative $87.5 million in Q3 because the company refunded most client deposits tied to earlier disruption events; year-to-date operating cash flow remained positive at $285.0 million. 〔0〕

The next quarter will look worse on reported revenue even if underlying Nurse and Allied demand holds up. AMN expects Q4 revenue to decline 10%–12% year over year because the comparison includes $124 million of labor-disruption revenue last year versus only $5 million expected this year. Excluding that effect, Nurse and Allied revenue is projected to grow 13%–15%, but Physician and Leadership and Technology and Workforce are still expected to decline. 〔1〕

Bottom line: This is a clear earnings beat and meaningful evidence that the nurse-staffing recovery is gaining traction faster than expected. The read is strong, but part of the upside came from temporary labor-disruption items and the broader portfolio is not yet recovering evenly.

What to watch next

Q4 report, early February 2027

Original filing on SEC EDGAR

AMN Healthcare earnings beat estimates as nurse staffing rebounds | AMN Stock News
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