AMN Healthcare Services (AMN) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $1.378 billion, up 100% year-over-year and above guidance, driven by labor disruption, travel nurse, allied, and international nurse demand.

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

• Strong performance in Nurse and Allied Solutions, with year-over-year traveler volume growth for the first time since 2022.

• International staffing and leadership search businesses returned to year-over-year growth.

• Paid down revolver, increased cash balance to $561 million, and improved leverage ratio to 1.6x.

Financial highlights

• Q1 consolidated revenue: $1.378 billion, with $722 million from labor disruption events.

• Gross margin: 26.8%, up 70 bps sequentially but down 190 bps year-over-year.

• Adjusted EBITDA: $166 million (12.1% margin), up 280 bps year-over-year.

• Net income: $62.2 million, compared to a net loss of $1.1 million in prior year.

• Operating cash flow: $562 million, up from $92.7 million in Q1 2025.

Outlook and guidance

• Q2 2026 consolidated revenue expected between $620 million and $635 million.

• Gross margin guidance: 28%-28.5%; adjusted EBITDA margin: 6.7%-7.2%.

• Nurse and Allied Solutions Q2 revenue expected flat to down 2% year-over-year; Physician and Leadership Solutions down 6%-8%; Technology and Workforce Solutions down 14%-16%.

• International staffing projected to grow high teens percent year-over-year in 2026.

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