AMN Healthcare posted fourth-quarter revenue of $748 million, up 2% year-over-year and 18% sequentially, driven by $124 million in labor disruption revenue, $24 million above guidance. The company reported a net loss of $8 million compared with a $188 million loss a year ago and delivered $0.22 in adjusted EPS.

Nurse and Allied Solutions generated $491 million in Q4 revenue, up 8% year-over-year and 36% sequentially; excluding disruption revenue the segment declined 7% year-over-year. Physician and Leadership Solutions delivered $170 million, down 2% year-over-year, and Technology and Workforce Solutions reported $88 million, down 18% year-over-year due in part to the Smart Square divestiture.

For full-year 2025, AMN Healthcare reported revenue of $2.73 billion, down 8% year-over-year, and adjusted EBITDA of $234 million, down 31% with an 8.6% margin. The company reduced debt by $285 million to $775 million, held $34 million in cash, and ended the year with a net leverage ratio of 3.3x, generating $269 million in operating cash flow.

AMN assumes approximately $600 million in labor disruption revenue for Q1 2026, forecasting revenue of $1.225–$1.24 billion with a 23.5%–24% gross margin. SG&A is expected at 14.5%–15% of revenue, including $40 million in disruption support costs, and operating margin is projected at 5.9%–6.5% with a 9.7%–10.2% adjusted EBITDA margin.