AMN Filings — Amn Healthcare Services, Inc. - FilingSpy
AMN
Amn Healthcare Services, Inc.
A healthcare staffing and workforce-solutions company, AMN places travel nurses, doctors, allied health professionals, and interim leaders in hospitals and clinics across the U.S., and runs technology like the ShiftWise Flex vendor-management system and the AMN Passport clinician app. It began in 1985 as American Mobile Nurses, a Las Vegas firm matching hospitals with temporary nurses, and kept the AMN initials when it broadened beyond nursing and changed its name in 2001. That original "mobile" idea—sending nurses on the road to fill short-term gaps—is still at the heart of what it does today.
Labor disruption revenue fades, pulling Q2 revenue down 51% sequentially to $673M and returning operating margin to 4.0%.
The labor disruption increase that defined Q1 reversed sharply. fell 51% from the prior quarter to $673.2 million, though it rose 2% , while improved 0.7 points to 30.6% as the remaining higher-margin disruption work lifted the nurse . The company is back to a low-single-digit , and the $380.5 million in client deposits that inflated Q1 cash flow has begun to unwind.
Key takeaways
Consolidated fell 51% sequentially to $673.2 million as the $683.0 million in labor disruption revenue recorded in Q1 largely subsided, leaving only $10 million in reserve releases and billing true-ups in the current quarter.
Nurse and Allied Solutions rose 11% to $422 million, driven by a 6% increase in average travelers on assignment and the residual labor disruption benefit, while the 's expanded on the higher-margin nature of that work.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 2% to $673M driven by nurse staffing, while six-month revenue surged 52% to $2.05B on labor disruption events.
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Nurse and allied solutions Q2 grew 11% to $422M, fueled by a 6% increase in average travelers on assignment and $10M in labor disruption reserve releases and billing true-ups.
Physician and Leadership Solutions fell 6% to $165 million as an 8% decline in locum tenens days filled was partially offset by a 27% increase in physician permanent placement and executive search.
Technology and Workforce Solutions dropped 15% to $87 million, pressured by lower language services pricing, a 20% decline in the vendor management systems business, and the prior-year sale of the Smart Square scheduling software.
swung to a $(189.9) million outflow from a $562.5 million inflow in Q1, as the client deposits and reserves tied to the Q1 labor disruption events reversed, while turned negative at $(198.5) million.
Cash and equivalents fell 35% sequentially to $361.8 million, though they remained up 399% , and the company reported no outstanding borrowings under its $450 million .
What changed
The Q1 2026 filing flagged whether the $380.5 million in client deposits tied to labor disruption events would reverse in Q2: they did, driving the $(189.9) million operating cash outflow and confirming the Q1 cash increase was largely non-recurring.
The Nurse and Allied 's average traveler count, which grew 3% in Q1, continued to expand with a 6% increase in Q2, suggesting the underlying travel nurse business is stabilizing even as the episodic disruption fades.
The Technology and Workforce Solutions 's 15% decline extends the trend flagged in prior quarters, with VMS now down 20% and language services pricing under pressure, though no has yet been taken in this segment.
What to watch
Whether the Nurse and Allied 's 6% traveler count growth sustains in Q3 2026 without the lift from labor disruption , and at what level the average bill rate settles.
Whether the Technology and Workforce Solutions 's decline, now at 15%, triggers a test given the from the mix shift toward lower-margin language services.
How the company deploys its $361.8 million in cash and $450 million in undrawn credit — whether toward debt reduction, share repurchases, or acquisitions — now that the labor disruption windfall has passed.
Whether the 22% concentration with Kaiser Foundation Hospitals leads to renegotiation or pricing pressure as the company's reliance on a single client remains elevated.
Physician and leadership solutions Q2 fell 6% to $165M as an 8% decline in locum tenens days filled was partially offset by a 27% increase in physician permanent placement and executive search.
Technology and workforce solutions Q2 dropped 15% to $87M due to lower language services pricing, the sale of Smart Square scheduling software, and a 20% decline in VMS business.
Consolidated improved to 30.6% in Q2 from 29.8% a year ago, helped by higher-margin labor disruption in the nurse , while physician and technology segment margins contracted.
Six-month more than doubled to $373M, driven by higher and client deposit receipts, with DSO at 52 days and no outstanding borrowings under the $450M .
The company estimates a 36% annual for 2026 and believes and available credit will sufficiently fund liquidity needs for at least the next 12 months.
Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates, and commodity prices. During the three and six months ended June 30, 2026, our primary exposure to market risk was interest rate risk…
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Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates, and commodity prices. During the three and six months ended June 30, 2026, our primary exposure to market risk was interest rate risk associated with our variable interest debt instruments and our investment portfolio. A 100 basis point increase in interest rates on our variable rate debt would not have resulted in a material effect on our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2026. A 100 basis point change in interest rates as of June 30, 2026 would not have resulted in a material effect on the fair value of our investment portfolio. For our investments that are classified as available-for-sale, unrealized gains or losses related to fluctuations in market volatility and interest rates are reflected within stockholders’ equity in accumulated other comprehensive income in the consolidated balance sheets. Such unrealized gains or losses would be realized only if we sell the investments prior to maturity.
During the three and six months ended June 30, 2026, we generated substantially all of our revenue in the United States. Accordingly, we believe that our foreign currency risk is immaterial.
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Table of Contents
Information with respect to this item may be found in the accompanying Note (8), “Commitments and Contingencies,” which is incorporated herein by reference.
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Information with respect to this item may be found in the accompanying Note (8), “Commitments and Contingencies,” which is incorporated herein by reference.
We do not believe that there have been any material changes to the risk factors disclosed in Part I, Item 1A of our 2025 Annual Report. The risk factors described in our 2025 Annual Report are not the only risks we face. Factors we currently do not know, factors that we currentl…
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We do not believe that there have been any material changes to the risk factors disclosed in Part I, Item 1A of our 2025 Annual Report. The risk factors described in our 2025 Annual Report are not the only risks we face. Factors we currently do not know, factors that we currently consider immaterial or factors that are not specific to us, such as general economic conditions, may also materially adversely affect our business or our consolidated operating results, financial condition or cash flows.