AMN Healthcare Services (AMN) investor relations material

Executive summary

• Q1 2026 revenue doubled year-over-year to $1.378 billion, driven by labor disruption, travel nurse, allied, and international nurse demand, with travel nurse volume growing for the first time since 2022.

• Net income reached $62.2 million, reversing a net loss in the prior year, and adjusted EBITDA was $166 million (12.1% margin).

• Operational milestones included supporting several large, long-duration labor disruption events and rapid scaling, with technology investments enabling real-time execution and compliance.

• Cash flow from operations was $562 million, with a quarter-end cash balance of $561 million, benefiting from favorable working capital timing and higher client deposits.

• Strengthened client relationships and validated strategic investments through crisis support and technology platform enhancements.

Financial highlights

• Q1 2026 revenue was $1.38 billion, gross margin reached 26.8%, and adjusted EBITDA was $166 million (12.1% of revenue).

• Net income was $62.2 million, compared to a net loss of $1.1 million in the prior year; adjusted net income was $82.2 million.

• Free cash flow was $555 million, and operating cash flow was $562 million, both up significantly year-over-year.

• Cash and equivalents at quarter end were $561 million, with $367 million in client deposits.

• Leverage ratio improved to 1.6x; total debt was $750 million, and the revolver was paid down.

Outlook and guidance

• Q2 2026 consolidated revenue expected between $620 million and $635 million, with gross margin guidance of 28%-28.5% and adjusted EBITDA margin of 6.7%-7.2%.

• Nurse and Allied Solutions revenue projected flat to down 2% year-over-year; Physician and Leadership Solutions down 6%-8%; Technology and Workforce Solutions down 14%-16%.

• Management expects sufficient liquidity for the next 12 months and beyond, supported by strong cash flow and available credit.

• Long-term model targets adjusted EBITDA growth at 2x revenue growth as all segments return to growth by 2027.

• Annual effective tax rate estimated at 46% for 2026.