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AMN Healthcare Services, Inc.
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Latest analysis
Updated Nov 6, 2026
AMN Healthcare Q3 2026: Labor Disruption Revenue Drives 13% Quarterly Growth, Masking Structural Weakness in Physician and Technology Segments
AMN Healthcare's Q3 2026 revenue of $717.3 million grew 13% year over year, but the headline figure is dominated by $47.0 million in labor disruption reserve releases and billing settlements rather than organic demand recovery. Nurse and allied solutions surged 27% on this one-time recognition and a 16% increase in average travelers on assignment, while physician and leadership solutions fell 4% on an 8% drop in days filled and technology and workforce solutions declined 9% on language services pricing pressure and VMS platform underutilization. The underlying base business — stripped of labor disruption — reflects stable bill rates, improving nurse volumes, and continued structural deterioration in higher-margin segments.
Tone: mixedRevenue
$2.7B
AMN 10-K · FY 2025
Employees
2,664
Revenue FY2024
$3B
Headquarters
Dallas, TX
Profile
AMN 10-K Item 1 · Feb 20, 2026AMN Healthcare Services is the largest total talent solutions provider for the U.S. healthcare sector, offering staffing, managed services programs, vendor management systems, language interpretation, and technology-enabled workforce solutions. The company serves acute-care hospitals, health systems, physician groups, schools, and other healthcare settings across all 50 states. Its three reportable segments are nurse and allied solutions, physician and leadership solutions, and technology and workforce solutions.
Read filing description ↓ Collapse description ↑
AMN Healthcare empowers the future of care through one of the nation's broadest network of highly-qualified healthcare professionals. As the leader and innovator in total talent solutions for the healthcare sector in the United States, we tailor our solutions to our clients' workforce challenges and goals, and provide staffing, talent optimization strategies, and technology solutions to support caregivers and patient care. Our comprehensive suite of talent solutions provides management, staffing, recruitment, language services, technology and related services to build and manage all or part of our clients' healthcare workforce needs. We offer temporary and permanent career opportunities to our healthcare professionals, from nurses, physicians, and allied health professionals to healthcare leaders and executives in a variety of settings across the nation. Over the past decade, our business has evolved beyond traditional healthcare staffing and recruitment services; we have become a strategic total talent solutions partner with our clients. We expanded our portfolio to serve a diverse and growing set of healthcare talent-related needs. In addition to our traditional staffing and search services, our suite of healthcare workforce solutions includes managed services programs, vendor management systems, medical language interpretation services, consulting, recruitment process outsourcing, and revenue cycle solutions. We enable clients to build, manage and optimize their healthcare talent to deliver quality patient outcomes and experiences. Our talent network includes thousands of highly skilled, experienced professionals who trust us to place them in environments that expand and leverage their qualifications and expertise.
Primary products
- Travel nurse staffing
- International nurse staffing
- International nurse permanent placement
- Crisis nurse staffing
- Labor disruption staffing
- Local staffing
Business segments
End markets
Geographies
Named customers
Kaiser Foundation Hospitals (and its affiliates), to whom we provide clinical managed services, comprised approximately 22% of our consolidated revenue and 32% of our nurse and allied solutions segment revenue for the fiscal year ended December 31, 2025. No other client healthcare system or single client facility comprised more than 5% of our consolidated revenue for the fiscal year ended December 31, 2025.
Named competitors
“We are a leading provider of nurse, allied and locum tenens staffing in the United States.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue declined from $2,983.8 million in 2024 to $2,730.4 million in 2025, driven primarily by lower nurse and allied solutions and technology and workforce solutions segment revenue, partially offset by a modest increase in labor disruption services.
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