AMN

AMN Healthcare Services delivered second quarter results that exceeded Wall Street’s expectations, with management attributing the strong performance primarily to robust demand in its Nurse and Allied Solutions segment. CEO Caroline Grace pointed to travel nurse and allied staffing volumes growing at their highest rate in four years, reflecting both increased patient demand and AMN’s focused investments in automation and technology-driven fulfillment. The company also benefited from higher-than-expected labor disruption revenue and improved execution in its search and international nurse businesses, helping lift both revenue and margins for the quarter. Is now the time to buy AMN? Find out in our full research report (it’s free). Revenue: $673.2 million vs analyst estimates of $628.2 million (2.3% year-on-year growth, 7.2% beat) Adjusted EPS: $0.77 vs analyst estimates of $0.19 (significant beat) Adjusted EBITDA: $73.36 million vs analyst estimates of $43.27 million (10.9% margin, 69.5% beat) Revenue Guidance for Q3 CY2026 is $647.5 million at the midpoint, above analyst estimates of $618.2 million Operating Margin: 4%, up from -18.8% in the same quarter last year Sales Volumes were up 5.7% year on year Market Capitalization: $1.26 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Jeffrey Silber (BMO Capital Markets) asked about trends in contingent labor premiums and penetration rates. CEO Caroline Grace explained that contingent premiums have returned to historic lows and utilization levels are at or slightly below pre-pandemic norms, with flexibility and cost-effectiveness driving adoption. Albert Rice (UBS) probed margin assumptions and segment mix for next quarter. CFO Brian Scott clarified that core margins are expected to remain stable, with the main change driven by lower contribution from high-margin labor disruption revenue and a greater mix from lower-margin segments. Tobey Sommer (Truist Securities) questioned whether rising order volumes would lead to higher bill rates. Grace noted that while current bill rates remain stable, sustained demand could eventually push rates higher, though industry competition is keeping rates in check for now. Kevin Fischbeck (Bank of America) inquired about recent acquisitions and AMN’s approach to industry consolidation. Scott responded that the balance sheet now allows for more active M&A participation, and Grace added that competitive changes are also opening new market opportunities for AMN. Mark Marcon (Baird) asked about drivers behind hospital permanent hiring slowdowns. Grace cited normalized hiring and retention rates post-pandemic, along with cost optimization and flexibility as reasons for increased contingent labor usage. In the coming quarters, the StockStory team will be watching (1) whether double-digit growth in travel nurse and allied staffing is sustained amid fluctuating hospital demand, (2) the pace and impact of AMN’s technology platform enhancements and AI-driven recruiting on fill rates, and (3) the outcome of ongoing industry consolidation efforts, including AMN’s ability to deploy capital for strategic acquisitions. We will also monitor margin trends as the business mix evolves. AMN Healthcare Services currently trades at $33.00, up from $30.80 just before the earnings. Is there an opportunity in the stock? Find out in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 5:00 p.m. ET Vice President of Investor Relations - Randle Reece President and Chief Executive Officer - Caroline Grace Chief Financial and Operating Officer - Brian Scott Operator: Good afternoon, ladies and gentlemen, and welcome to the AMN Healthcare Second Quarter 2026 Earnings Conference Call. [Operator Instructions] This call is being recorded on Thursday, August 6, 2026. And I would now like to turn the conference over to Randy Reece, Vice President of Investor Relations. Thank you. Please go ahead. Randle Reece: Good afternoon, everyone. Welcome to AMN Healthcare's Second Quarter 2026 Earnings Call. A replay of this webcast will be available at ir.amnhealthcare.com at the conclusion of this call. Remarks we make during this call about future expectations, projections, trends, plans, events or circumstances constitute forward-looking statements. These statements reflect the company's current beliefs based upon information currently available to it. Our actual results may differ materially from those indicated by these forward-looking statements because of various factors and cautionary statements, including those identified in our most recently filed Forms 10-K and 10-Q, our earnings release and subsequent filings with the SEC. The company does not intend to update guidance or any forward-looking statements provided today prior to its next earnings release. This call contains certain non-GAAP financial information. Information regarding and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release and on our financial reports page at ir.amnhealthcare.com. On the call with me today are Cary Grace, President and Chief Executive Officer; and Brian Scott, Chief Financial and Operating Officer. I will now turn the call over to Cary. Caroline Grace: Thank you, Randy, and good afternoon, everyone. We appreciate you joining us today. I am pleased to report that our second quarter results came in better than we forecasted with 5 of our solutions growing revenue year-over-year. Second quarter consolidated revenue was $673 million, 6% above the high end of our guidance range and 2% higher year-over-year. Adjusted EBITDA was $73 million or 10.9% of revenue, up 26% year-over-year. Adjusted EPS came in at $0.77 compared with $0.30 in the year ago quarter. And we ended the quarter with $362 million in cash on our balance sheet, providing us with the ability to invest in our long-term strategy, including acquisition opportunities. We used our strong financial position to make 2 small yet strategic acquisitions that extend and advance our capabilities. Our performance year-to-date demonstrated our effectiveness in balancing day-to-day execution while simultaneously handling large labor disruption events. While there were some unique items in our results, I am very encouraged to report that our core earnings exceeded guidance with building momentum that lifts our third quarter outlook. With contingent labor rates at a historically low premium to permanent staff, more clients are using flexible labor to meet their increasing patient demand. There is also continued interest in broader workforce optimization and tech-enabled talent solutions to build sustainable workforces. As the leader and innovator in total talent solutions, AMN is well positioned to support these market and client needs. Our second quarter performance was highlighted by revenue strength in our travel nurse, international nurse, allied, schools and search businesses. Our Nurse and Allied Solutions segment drove the favorable surprise in the second quarter in several ways. Segment revenue of $422 million grew 11% year-over-year and was 12% ahead of the consensus estimate. Nurse and Allied revenue benefited from higher volume on increased demand as well as higher-than-expected labor disruption revenue. Segment gross margin was 28.4%, with underlying margins in line with our expectations, along with several beneficial factors specific to the quarter. Travel nurse volume showed 6% year-over-year growth and Allied volume grew 7%, both the highest growth rate these businesses have achieved in 4 years. Improving demand and strong fulfillment drove our performance. Year-over-year, travel nurse orders turned positive in May and accelerated in June. As of early August, the improvement continued with orders up about 40% year-over-year and 20% higher than August 2024. As expected, international nurse had 23% year-over-year revenue growth in the second quarter. While we continue to benefit from the forward movement in Visa application cutoff dates, Embassy appointments for Visa applicants have not kept pace. Relief from the Embassy backlog will influence how much this business grows in 2027. Allied orders showed modest year-over-year growth in the first quarter and accelerated through the second quarter with mid-teens growth rates in June and July. Allied demand strength is broad-based in terms of settings and specialties. Notably, our schools business is on track for another year of double-digit revenue growth for the upcoming school year. Our team is executing very well against this higher demand with high fill rates, which fueled the second quarter outperformance and continued volume momentum. Third quarter guidance includes better than 10% year-over-year volume growth for both travel nurse and allied. As demand increases, we are benefiting from our multiyear focus on process automation, 24/7 business operations and AI enablement of recruiting, resulting in higher fill rates across our MSP, VMS and third-party platforms. For the third quarter, we expect Nurse and Allied segment revenue to grow 9% to 11% year-over-year. Physician and Leadership Solutions segment revenue in the second quarter was $165 million, lower by 6% year-over-year and in line with guidance. Segment gross margin was 26.5%, down year-over-year, though modestly up from the first quarter. We saw a positive inflection in the second quarter from our search business, which produced 27% year-over-year revenue growth. New demand showed strong growth across physician and executive search. While the higher demand is being driven by executive turnover and facility expansion, growth is coming also from stronger positioning of AMN solutions in the market, with particular strength in academic medical centers. We are leveraging our market leadership in health care search to broaden our capabilities into adjacent services. In June, we acquired the ESSENTIAL Brand Leadership Assessment solution to support clients in leadership selection, evaluation and coaching as well as succession planning. Locum tenens revenue in the second quarter was $131 million, lower by 8% year-over-year and in line with guidance. We continue to see more locum demand growth in vendor-neutral third-party channels, which are the most competitive to fill. Our locums business is going through the same process and technology transformation that enabled our nurse and allied business segment to compete successfully across all demand channels. Interim leadership revenue was $22 million, down 3% from prior year. New searches have been building over the past quarter, which is a reflection of our leading market position, increased investments in our sales team and a growing wave of turnover and project-based needs in health care leadership positions. We are optimistic about the direction of demand and our ability to pursue year-over-year growth in 2027. For the third quarter, we project Physician and Leadership Solutions revenue to be down 5% to 7% year-over-year. Technology and Workforce Solutions segment revenue was $87 million in the second quarter, down 15% year-over-year and in line with guidance. Segment gross margin was 48.6%, lower sequentially and year-over-year. Language services revenue of $70 million was down 8%, with VMS revenue of $15 million, down 20% from a year ago. Language services volume was flat year-over-year, while pricing was down 8%. Pricing will remain a headwind as we work through new client wins and renewals. The rollout of our lower-cost core service tier continues to be well received, helping us compete more broadly in the market and win new clients. We are expanding our workforce globalization for service delivery over the next several quarters to stabilize and improve gross margin. In June, we acquired Jaide Health to extend our medically qualified language interpretation services with AI-enabled support for the patient before and after the clinical interaction. The Jaide platform improves the ability of limited English proficiency patients to communicate through the intake and discharge processes, further strengthening our value proposition of enabling high-quality and cost-effective patient care. We also continue to strengthen our WorkWise labor force management optimization and engagement platform. We are seeing increasing interest in data and analytics to help drive workforce optimization. Last quarter, we introduced enhancements to our dashboards, including supplier performance and insights with third-party bill and pay rate intelligence that can be segmented by skill set and geographic markets. We built our strongest solution yet to empower data-driven workforce decision-making. And we continue to enhance the features of our market-leading Passport app, including adding AI-enabled search for clinicians. Passport adoption grew throughout the quarter and recently surpassed 400,000 users, up 33% year-over-year, providing AMN with one of the largest clinician networks in health care staffing. Importantly, monthly active users increased by more than 50% over the prior year. For the third quarter, we estimate Technology and Workforce Solutions revenue to be down 11% to 13% year-over-year. This quarter's financial performance has continued to improve our balance sheet strength. Our capital allocation approach remains focused on creating long-term shareholder value, reflected in this quarter with the 2 targeted acquisitions that enhance our solutions portfolio while also returning capital through modest share repurchases. As the health care workforce services market continues to normalize, we are seeing increasing indications of industry consolidation, and we believe our financial strength and market leadership position us well to be both an active participant and a beneficiary of these trends. We also welcomed 2 important additions to our leadership team with the appointment of a new Chief People Officer and Chief Commercial Officer. These proven leaders will help strengthen our talent strategy, enhance our technology-enabled and people-centered solutions and drive a more integrated go-to-market approach aligned with our long-term growth objectives. Their appointments also underscore AMN Healthcare's position as a premier destination for top talent, reflecting the strength of our platform, culture and growth opportunities, as we continue to attract experienced leaders who can help advance our strategic priorities. Now I'll turn the call to Brian for a deeper look at our second quarter results and third quarter outlook. Brian Scott: Thank you, Cary. I'd like to call out some details to expand on our second quarter financial results published this afternoon. Consolidated second quarter revenue of $673 million grew 2% year-over-year and was 6% above the upper end of our guidance range. The revenue upside came from labor disruption and strong performance in travel nurse, allied and search. Our Q2 guidance had assumed $10 million in labor disruption revenue, while the actual reported revenue came in at $25 million. Reported gross margin was 30.6%, 210 basis points above the top end of guidance. Second quarter net income was $21 million compared with a net loss of $116 million in the prior year period and net income of $62 million in the prior quarter. Adjusted EBITDA was $73 million or 10.9% of revenue. Adjusted EPS was $0.77. Our consolidated results benefited from several items that are not expected to recur in the third quarter, including a true-up of billing accruals from the large Q1 labor disruption event, a reserve reversal from a prior year event and other favorable reserve adjustments. These Q2 items added about $27 million to revenue, 290 basis points to our consolidated gross margin and 370 basis points to our adjusted EBITDA margin. Excluding these items, our Q2 revenue would still be almost 2% above the high end of our guidance range, and our EBITDA margin would be at the top end of our 6.7% to 7.2% guidance. Consolidated SG&A expenses in the quarter were $147 million. Adjusted SG&A, excluding certain items, was $135 million, down 4% compared to the prior year. SG&A included a $5 million unfavorable professional liability actuarial adjustment, partly offset by a $3 million favorable adjustment to the allowance for credit losses. The Nurse and Allied segment reported revenue of $422 million with a 28.4% gross margin and 13.8% segment operating margin. The previously noted labor disruption billing and reserve adjustments contributed 490 basis points to the gross margin and 600 basis points to segment operating margin during the quarter. Turning to our traditional staffing operations, performance was led by our travel nurse and allied business lines. Travel nurse volume grew 6% year-over-year and was 3% better than the high end of guidance. Allied volume was up 7% year-over-year and exceeded our guidance by 1%. International nurse revenue also grew 23% year-over-year. Nurse and allied average bill rate was nearly flat year-over-year, a bit better than we had expected, and average work were up 1% year-over-year. Higher demand and strong capture of that demand drove revenue above expectations. Bookings momentum is a key driver of our third quarter revenue outlook, which calls for double-digit year-over-year growth at the midpoint for the Nurse and Allied segment. The highlight of our Physician and Leadership Solutions segment this quarter was search. Physician search grew new searches by 37% sequentially and 40% year-over-year. Executive search saw new searches increase 30% year-over-year and leadership search volume rose by 60%. Our locum tenens revenue was flat sequentially due in part to a negative sales adjustment that reduced revenue and gross profit by $2 million. Volume increased by just under 1%, which is below our typical seasonal uplift, which we called out on last quarter's call. As Cary noted, we are actively engaged in several initiatives to get this business back to growth. In our Technology and Workforce Solutions segment, while revenue was down 15% year-over-year, it was down 11%, excluding the divestiture of SmartSquare. Language services continues to navigate through the transition to our shared service strategy, which is enabling us to retain more clients. Minutes were up 3% sequentially and flat year-over-year despite the pressures on the limited English proficiency population and nominal contribution from new clients. Price per minute was down 3% sequentially and 8% year-over-year. Revenue in our VMS business was $15 million in the second quarter, and we expect this revenue to stabilize at this level over the second half of the year with prospects for sequential growth in 2027. Days sales outstanding for the quarter was 52 days. Excluding working capital effects from the large labor disruption events in the first quarter, DSO was 54 days, flat sequentially and 2 days lower year-over-year. While our earnings release provides additional balance sheet and cash flow details, I want to highlight that we ended the quarter with $362 million in cash and equivalents. This was above our expectation of $175 million, primarily due to favorable working capital impacts, including a remaining outstanding balance of strike-related client deposits of $117 million at quarter end. Even with Q3 cash flow, including a $20 million interest payment and higher cash tax payments and assuming the remainder of the deposits are repaid this quarter, we would anticipate at least $225 million of cash at quarter end. We ended the second quarter with total debt of $750 million, and our leverage ratio as calculated per our credit agreement was 1.5x. During the second quarter, we repurchased 85,000 shares at an average price of $26.33. Going forward, and assuming no other material capital allocation needs, we anticipate modest share repurchases primarily to offset dilution from equity awards. Moving to the third quarter outlook. We expect consolidated revenue in the range of $640 million to $655 million. Gross margin is expected to be 27% to 27.5%. Reported SG&A is projected to be 22% to 22.5% of revenue. Operating margin is expected to be 0.2% to 0.8% and adjusted EBITDA margin is expected to be 6.5% to 7%. Additional guidance details are provided in the earnings release. Now operator, let's open up the call for questions. Operator: And your first question comes from the line of Jeff Silber from BMO Capital Markets. Jeffrey Silber: Cary, in your prepared remarks, you mentioned how your clients are seeing contingent percentage at historic lows. Can you just kind of quantify that roughly where it is now, and I know there's no such thing as normal, but what should we expect that to normalize at over time? Caroline Grace: Yes. Thank you, Jeff. So if you look at -- and I'll go through kind of the cadence of what that's looked like over the past cycle, pre-COVID, you would have seen that premium of contingent to permanent labor be in the mid- to high teens. During COVID, you got up to 100% premium just because of the significant spike in demand. We're now back down into the mid- to high single digits. Some would put that in some markets at actually even lower than that. And so the effect of all that is coming out of COVID, getting back to permanent and reducing contingent spend was part of the workforce cost containment strategy. If you look at where we are today, particularly with both the relatively limited premium and the flexibility it provides, it's actually an important part of how you solve for your workforce strategy. Jeffrey Silber: All right. That's helpful. I guess I was thinking about the penetration rate, so to speak, the percentage of contract labor. Any comments on that, how that's tracking in your clients versus what was maybe pre-COVID? Caroline Grace: Yes. We have clients that are in different places. And even within clients, you can have especially their urban locations at much higher levels of utilization. I would say as a general comment, we have seen overall utilization with clients that is at or slightly below where they were pre-COVID. Operator: And your next question comes from the line of A.J. Rice from UBS. Albert Rice: First, just to ask about your margin assumption. Obviously, this quarter, there's a lot of puts and takes, but it sounds like you were 10.9% in aggregate. You're going for a 6.5% to 7% EBITDA margin in the third quarter. It doesn't sound like there's -- you're sort of assuming the margin for the core business was about the same in the third quarter that you saw in the second, or is there any place where you're assuming much of a change sequentially quarter-to-quarter? Brian Scott: Thanks, A.J. This is Brian. I would say there's not any significant changes when you work through some of the items that we called out that impacted the higher margin in the second quarter. When you look at the underpinning of that and look from Q2 to Q3, there aren't any significant changes in the gross margins across the 3 different segments, and our SG&A is running pretty consistently as well. And so when you take that and bring it over, that's where you end up in the range for both the gross margin guidance as well as the adjusted EBITDA. The Technology Workforce Solutions segment is more mix with that business down a bit and that has a higher margin profile. That's why the guide on the gross margin at the midpoint would be a bit below where our second quarter was, again, on a normalized basis, that's probably the one thing I would call out, it's more mix between the segments than it is any material changes within the segment. Albert Rice: And maybe in there somewhere I missed it, but is the guidance on the strike revenue to go back to about $10 million for the third quarter? Brian Scott: Yes. We've embedded in there around $7 million or $8 million of strike-related revenue in the third quarter. Albert Rice: Okay. And then maybe a bigger picture question on the sort of step-up in demand that you're seeing in Nurse and Allied. Is that focused in any particular area, large systems, academic medical centers, community hospitals, MSP, non-MSP? Is there any way you can -- is it across the board, or is there any way to characterize where you're seeing a pickup in strength? Caroline Grace: Yes. We're seeing it broad-based. And so both in terms of regions, size of health care providers, and we're also seeing it across service models. So we saw increases in our MSP book. We're seeing increase in vendor-neutral and third-party programs. So the demand acceleration that we're seeing, we've really been in the kind of year-over-year demand increase posture for Allied for most of 2025 and '26. But what we saw in nurse that accelerated in May was broad-based. Albert Rice: You referenced -- just as a last final point on that. You referenced in your comments some market disruption. Do you think what you're seeing is mostly just underlying strength of market, or are you picking up share given some of the disruption that's happening at some of your major competitors? Caroline Grace: I think that we are benefiting from 2 things in our business. One is some of the underlying demand acceleration that we believe is happening across the market. And the second part is we are executing very well against that demand. And so we have been talking about this for a couple of years about how we're building a more automated tech-enabled scaled chassis. We're faster. And so it's not just the demand, and we're now playing across the entirety of the market, but we are executing very well on filling that demand. Brian Scott: Yes. [indiscernible] we grew the market overall in the second quarter, which I think is indicative of the -- with our fill rates increasing on vendor neutral, that typically would imply that we're taking some share. And the team has done a great job of delivering high fill rates on our direct and MSPs. And just in terms of overall demand as well, this is something we've talked about, I think, on prior calls with patient utilization still increasing in hospitals, the rate of growth this year has slowed down, but you've still seen several years of increasing patient volumes. And then over the last several quarters, you've seen a slowdown in the permanent hiring. I think if you looked at the total cost of permanent labor has increased significantly over the last 3 or 4 years. And so as hiring has slowed down and you have the attrition occurring, it's not unsurprising that you start to see demand pick up as well. Operator: And your next question comes from the line of Tobey Sommer from Truist Securities. Tobey Sommer: I'd love to get your perspective, both historically and prospectively when demand increases or orders increase to this degree, my sense is that historically rates follow if the demand increase persists for long enough, not a month or 2, but call it, 6 months. Are you seeing any difference in bill rates in your order book versus your TOA, and do you expect to? Caroline Grace: Yes. Let me give you a little bit of perspective of what we see today, and I'll have Brian layer in what we've seen historically through some of these cycles. So we have seen the broad-based demand that we've been talking about. We haven't yet seen bill rate increases from that. And so bill rates have been stable. We are seeing some places where bill rates are increasing with clients who just need to get them filled, but it's not more sustained. But we would expect that when you start seeing higher periods of demand, particularly if winter orders start coming in and you start seeing that more sustained demand, there is a lag effect, but that you would start to see bill rates improve. Brian, what would you... Brian Scott: Yes. I mean, Tobey, we've been through enough cycles together on this that I think you're spot on. That's what we've seen historically. There is a lag. The exact timing, I think, is hard to predict. But if you do have sustained higher demand, it's still a very competitive environment. That's the one thing that's, I think, a little bit different. You have more suppliers in the industry than you've had historically. So that, I think, is also creating more competition to fill orders where maybe that you haven't seen the rates pick up as much yet. But if it sustains for a longer period and grows more, then at some point, that competition from clients would typically drive rate increases. And we welcome that because that will also create the opportunity for us to bring more supply into the industry because obviously, our #1 priority is filling positions for our clients. Tobey Sommer: Could you -- speaking of supply, could you sustain a decent level of growth just based on increasing TOA at these bill rates, or do you need higher bill rates to generate the supply to sustain meaningful volume growth? Caroline Grace: I think it depends on where the demand is coming from. So we have very large pockets of clients, I'd say, particularly in locations and -- that are very attractive that we could continue to supply at these bill rates. I think as you leave this year and get into next year, you would want to start seeing some bill rate increases just because there's going to be a natural labor market increase expectation that is the foundation of any of these rates. Tobey Sommer: And then one last question for me, if I could. Could you give us an update on the status of the Kaiser renewal, the RFP out in the market? And I understand you probably can't tell us like who's going to win, you're going to retain, et cetera, but maybe give us your view on the prospects, the format of the proposal, if it's still a unified single vendor? Caroline Grace: Yes. So our Kaiser contract goes to the end of 2026, and the client is now in the long expected RFP process. And all of this RFP process is part of the normal governance cadence. We expect this RFP process to be competitive. And we also have a very strong, long-standing relationship with Kaiser and very strong program performance. So we feel well positioned. Operator: And your next question comes from the line of Kevin Fischbeck from Bank of America. Kevin Fischbeck: Great. I guess maybe just a follow-up on that one. What historically has happened after the RFP reprocurement? Do they normally seek better terms, or is it basically just similar terms that you would expect on a new contract? Caroline Grace: I would say, generally speaking, procurement will strive for better terms as just a theme that we see across the board. I think we talked about this a little bit last quarter, but given the breadth and depth of the Kaiser relationship, we have evolved how we support and service them even during the course of this contract. And so we are more market-like than you would have been 4 years ago or 5 years ago. And I give a lot of credit to both parties for that. So I would say from what we see overall in RFP processes, we're not seeing anything different about how you continue to try to negotiate terms or what people are looking for. Kevin Fischbeck: Okay. And then is there a way to size the 2 deals that you did in technology workforce revenue EBITDA contribution annually? Caroline Grace: The 2 acquisitions? Kevin Fischbeck: Yes. Caroline Grace: So the acquisitions that we did, one is in TWS and the language services support -- language services solutions segment, that's Jaide. The other one, the ESSENTIAL Leadership is supportive of our search and advisory capabilities. Between the 2 acquisitions, we spent $3 million on those 2 deals. And think of them as extending our capabilities, and we're already seeing strong support for those capabilities. We have 3 verbals with Jaide and ESSENTIAL leadership assessment is a solution we used in the past that we now own, and we're seeing interest in that as well. Kevin Fischbeck: Okay. And then it wasn't clear to me if this was a change in the wording, but it sounded to me like a change in the wording. You've been talking about consolidation in the space for a while, and this time, you added not only that you were going to be a beneficiary of these trends, but maybe that you are also going to be an active participant. Is that a change? Are you now looking at deals more aggressively, or is that kind of always the way you thought about it? Brian Scott: Yes. I don't think there's a major change in the way we thought about it. I think we're -- what changed in the last year is that as we continue to strengthen our balance sheet and reduce our leverage, it's created more opportunity for us to kind of widen our capital allocation aperture. We were heads down really focused over the last couple of years on delevering our balance sheet. And now we -- as we've got our leverage level down 1.5x at the end of the quarter and have got some cash on the balance sheet, and I think with more stability that we've seen in the market, it puts us in a position to be more active in looking at opportunities. We're always keeping an eye on things coming to market, but we're also better positioned now if we want to be -- you can imagine we've got a pretty strong filter of anything that we would want to consider bringing in. We're very fortunate that we've got the broadest set of solutions in the market today. But we're in a position now that if the right opportunity comes along, we think it would be accretive, then we can participate more actively than we might have been able to 12 or 24 months ago. And I think the market, as we talked about over the last year, there's been an expectation that there'd be more consolidation that would occur. Quite honestly, most of last year, it was relatively quiet. There were a few transactions in certain categories, but not as many as we expected. That's changed over the last couple of quarters now. We're starting to see more assets come to market. And so that's partly why we said it, but it's a combination of more opportunities, but also us being in a position now to be more of an active participant. Caroline Grace: And Kevin, the other piece I'd add to Brian's comments is when we see competitors who are going through some evolutions or changes, it's also an opportunity for us. And we are really much more proactive around going after market opportunities when those present themselves. Operator: And your next question comes from the line of Mark Marcon from Baird. Mark Marcon: Wondering about the overall environment just as it relates to travel nursing, and you mentioned that demand has picked up, Cary. Is there a way of quantifying it just in terms of like number of hospitals served or systems served? Are you expanding the overall aperture of the number of hospitals, or are you just getting deeper in the ones that you've already -- that you've been serving for a while, but just seeing a pickup in demand there? Caroline Grace: Yes, it's a little bit of both, Mark. And so from a current client standpoint, we are seeing some utilization increase with them. And some of it is just for same -- what I'll call kind of same hospital needs, but we're also seeing some of our clients expand. And so we're getting the beneficiary of some of that expansion. And then I'd say the second part of what we've seen from demand growth is we are much more competitive in filling in third-party channels. It's all the [ few ] things that we've been talking about for some period of time. And so that becomes a bit of a flywheel that when you start filling more, they come to you. So we are serving more health care systems through those channels. So we are serving more, and it really is just a function of the fact that we have a much broader aperture of channels and programs that we're supporting, whether directly or through third parties. Mark Marcon: Great. And you mentioned earlier that perm hiring at the hospitals has slowed down. There's lots of potential reasons for that, but what do you think the top 3 reasons for that is? Caroline Grace: I'd say the top 3 reasons are that they got back to a very good base of permanent hires, and that was a function of 2 things. One is the actual hiring itself, which we know is very high by historical standards coming out of COVID. The second part is you saw retention rates normalize post-COVID as well. So it's not just that you're hiring more, but you're not losing as many clinicians in the back door. And then the other piece that we are seeing is the cost normalization and frankly, even historical attractiveness of using contingent as a completion strategy and giving you more flexibility. A lot of -- I've been with a number of clients over the past 3 weeks, and one of the things that they continue to look for is not just a cost-effective strategy, but increasing flexibility about how they achieve that. Mark Marcon: Great. And then Cary, are you noticing or are the folks in the field noticing any difference with regards to any sort of demographic profiles with regards to the types of people that you're actually placing? And I'm talking about clinicians and nurse travel roles. Caroline Grace: I don't know that we've seen any demographic change in the nurses that we're placing. I'll give you one stat and one kind of commentary on what we're seeing in terms of the broader nurse population. So the one stat is you saw in some of the latest labor reports that retirements ticked back up again. And so we kind of started out maybe 1.5%. You're up to a little bit over 2%. We were expecting that. So I would expect that trend to continue as part of the kind of aging demographic. And related to that, one of the things that what I hear from a number of our clients is really how do I significantly scale up the aperture of clinical experience for some of my younger staff. And so that is something that is very interesting to them because it's not just that you're losing a one-for-one in a retirement, but you're losing the experience that goes with it. Mark Marcon: Yes. I'm hearing some of the same things. And then with regards to PLD, I mean, when you think about that, how -- what do you think it would take for some of the trends to turn around and to become a little bit more positive there? Caroline Grace: Yes. So let me kind of take it in 2 parts. So locum, very consistent themes to what we talked about last quarter. And so we have seen year-over-year demand increase. Most of that came in the first half of this year. We had some really nice client wins. And so we're seeing the demand that's there. We are not as fast on filling, particularly when a very large part of that market and the demand increase is coming in the third-party channels. So it's a similar experience that we had in Nurse and Allied. And so we're doing the same transformation that we did in Nurse and Allied very successfully in our locums business. So we would expect those efforts, you would start seeing the full benefits of that as we get into 2027 and that we would return to year-over-year growth in 2027 in Locum. If we look at the Search and leadership businesses, we talked a bit already about the positive second quarter year-over-year performance in Search. We would expect for the remainder of this year and into 2027 for that to have year-over-year double-digit growth. There's going to be some seasonality in that. At the end of the year, you typically have a little bit of quarter-to-quarter kind of sequential softening, but we would expect from a year-over-year standpoint for that business to be in low double digits and then for interim to get back to growth in 2027. Operator: And your next question comes from the line of Trevor Romeo from William Blair. Trevor Romeo: Just maybe a couple left for me at this point. So one maybe on the international nursing business. I think you talked about 23% growth in the quarter. You also mentioned the Embassy appointments maybe not keeping pace with the Visa dates. So maybe you could talk through those dynamics a bit. And are your expectations for growth kind of still the same? I think last quarter, it was high teens for 2026 and maybe low double digits for 2027. Brian Scott: Yes. Thanks, Trevor. Yes, the high teens for this year, yes, a lot of the placements that are impacting '26 now have been made. And so really, as we're looking to 2027, we've seen really good progress on the visa dates moving forward, actually more than we had anticipated. But we've seen some of the travel bans that existed. And more recently, in the last few months, we've definitely seen a slowdown. I probably want to call it out on the visa interviews. And so that is starting to impact some of the volume expectations for 2027. So we -- at this point, we still expect to see growth in 2027 over '26, but that amount of growth is probably a bit lower than we would have expected. There's ample demand, and we have a very large supply of nurses that still want to come here. And there are -- there's discussion about improving the appointments, and that may open up a bit as the next fiscal year starts for the government. But we'll have more line of sight as we get into the next quarter call on what that looks like and how it would impact '27. So again, sitting here today, we'd expect growth, but it may be more in the single-digit range from what we can see now, but there's still adequate time for that to improve, if we start to see things open up a bit more as well. Trevor Romeo: Okay, Brian. That's helpful. And then maybe just on the language services business, if you could give a little bit more update on the competitive dynamics there. It sounds like you're kind of expecting lower pricing on renewals coming up. But maybe just how many quarters are we from being fully normalized on that front? And what's your confidence that language services can be both a volume and a revenue growth market kind of beyond this normalization period? Caroline Grace: Yes. What we're seeing competitively is very similar to what we've seen over the past couple of quarters. So it is a very competitive environment, and that's just flat out competition, but also that competition going after more limited demand because of some of the immigration policies. And so what we have been seeing and especially this last quarter, we had flat minutes growth and you saw about 8% pricing compression. We would expect that trend to continue for the rest of this year. If we think about next year, we would expect the compression that we see in minutes pricing to be more muted in '27. We've worked through a number of our client renewals, new clients coming on. And so as we turn to 2027, we would expect with some new client wins with the rollout of our new tiered service strategy help offset some of that compression. And then the second part of it that we've talked about the past 2 quarters is as part of our new service tiered strategy, we have a more global workforce that we have been putting into place. The first part of that was the end of last year into the first quarter. The second part will be the end of this year. That will also be helpful from a gross margin standpoint for this business in '27. Operator: And our next question comes from the line of Jack Slevin from Jefferies. Jack Slevin: Maybe just to expand a little bit on that point on language. I guess all the numbers are very clear, and I appreciate all the color on that. Maybe just taking a bit of a step back and looking at some of the competitive actions that have taken place in the market, do you feel like the shift you've made here and the addition of Jaide sort of position you well moving forward for the next couple of years to sort of push past some of these issues and get to a more stable point, both from a revenue and margin perspective? I understand it's a pretty dynamic market, but I'd just be curious to hear about sort of what you're thinking from a product positioning standpoint. Caroline Grace: I think there's 2 important things that we've done from a positioning standpoint. The first is this shared service model. And so what that really does is it enables us to be well positioned across the entirety of the market. And so we now have a solution set for clients that are going to try to optimize just on the cost per minute. And we have a very well-proven solution set for clients who are going to optimize for total clinical cost delivery of the model. And we are good in both of those. That has been very important. What Jaide does for us is clients are increasingly interested in a more consistent patient experience from the moment they come in until the moment that they leave. And so we are a leader in the clinical interaction space. Jaide now enables us to be a leader in before the clinical interaction and after the clinical interaction. And so it's important both in terms of the patient experience that is important to clients, but it's also important because it helps them save money. So there are some very strong results that they've seen early days, taking discharge down from 2 hours to 15 minutes that become part of an important cost savings trajectory for clients as well. Jack Slevin: Okay. Very, very helpful. And then another one to double-click on a little bit. I appreciate some of the comments and I think responding to Tobey's question. But I guess on the overall demand environment, I guess I just wanted maybe to frame it a little bit differently than have been asked previously. In 2024, we saw a pretty similar trend, fairly similar time frame where we saw a big spike in demand with sort of low rate on it. Can you maybe just double-click a little more on what you're seeing now that might give you confidence that this is less of an air pocket and more something that's going to sustainably drive some amount of volume as we roll into the back half of this year? Caroline Grace: In terms of overall demand? Jack Slevin: In terms of -- I'm thinking more Nurse and Allied, but yes, in overall demand. Caroline Grace: I think if you look at where we started to see the acceleration inflection, it was in May. We've seen that accelerate as we have gone through the second quarter and even as we speak today. And so we need to see a couple more quarters of this continued demand pattern. But you're also going into a period where you typically get winter orders. And while we're just in the beginning stages of that, the indications our clients are giving us is that they'll look relatively similar to what we saw last year. And so I think where we are from a timing standpoint in that cycle, that would be typically a positive tailwind to seeing demand increase throughout the next couple of quarters. And we want to see 3, 4-plus consecutive quarters of that. Brian Scott: The other thing I think it's notable is that just the sheer number of orders isn't the only important factor, it's the quality of those orders and what rates are at. So when we talk about our average rate, that's on the placements that we're making. If there's a high percentage of orders that are well below that, they just sit there and they typically feel unfilled. So I think what we're seeing is a client that they have a more urgent need, they're stepping up with rates. We have more orders with rates that are attractive enough for us to be able to place into. And that's why you're seeing our fill rates improve and the volume pick up as well. So I think that's something that's different where more clients were testing the market 2 years ago with really low rates and they just could not be filled. We have a higher percentage now that have, and even though the overall average rate has not really increased, the number of orders that we can fill at that rate have. Operator: That ends our question-and-answer session, I will now hand the call back to Cary Grace for final comments. Caroline Grace: Thank you for your interest in AMN Healthcare, and a huge thank you to the AMN team members and clinicians who ensure strong quality care every day in our health care system. We look forward to giving you updates next quarter. Operator: This concludes today's call. Thank you for participating. You may all disconnect. Before you buy stock in Amn Healthcare Services, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Amn Healthcare Services wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 14, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. AMN Healthcare (AMN) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. AMN Healthcare Services has rallied hard in 2026, yet valuation checks are split, with the Discounted Cash Flow (DCF) intrinsic value estimate pointing to some upside while the market based multiples look stretched. Year to date the stock is up 138.1%, which puts fresh focus on whether recent momentum is already pricing in much of the recovery story. Stronger recent trading performance in areas such as travel nurse and allied healthcare can support expectations for cash flow, while any slowdown in key segments or acquisition integration issues may pressure those expectations and the valuation that rests on them. The broader checks are mixed, with AMN Healthcare Services screening as undervalued on 3 of 6 valuation measures, which points to neither a clear bargain nor a clearly expensive stock. The issue now is whether the intrinsic value signal or the richer trading multiples give the better guide to where AMN Healthcare Services stock belongs after this run. AMN Healthcare Services delivered 108.8% returns over the last year. See how this stacks up to the rest of the Healthcare industry. The Discounted Cash Flow (DCF) model looks at AMN Healthcare Services through the lens of the cash it can generate for shareholders over time. For AMN Healthcare Services, the latest twelve month free cash flow sits at about $399.4 million, and the model assumes cash flows that ease back from that level and then grow at a modest pace. On those assumptions, the DCF model points to an intrinsic value around $41.32 per share. Compared with the current share price, that intrinsic value suggests AMN Healthcare Services trades at roughly a 12.9% discount and screens as undervalued. The recent Q2 2026 report, which included revenue of $673.2 million and positive net income of $21.2 million, helps explain why cash flow based estimates still support more value than the market price reflects after the latest rally. On this cash flow view, AMN Healthcare Services stock currently looks undervalued relative to what its projected free cash flows support. Our Discounted Cash Flow (DCF) analysis suggests AMN Healthcare Services is undervalued by 12.9%. Track this in your watchlist or portfolio, or discover 52 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for AMN Healthcare Services. The P/E ratio is often the cleanest way to compare what you pay today for each dollar of AMN Healthcare Services earnings. Right now the stock trades on about 13.3x earnings, which sits well below both the Healthcare sector average of roughly 25.3x and a peer group average around 18.7x. However, the Fair Ratio model, which adjusts for factors like AMN Healthcare Services growth profile, margins, size and risk, suggests a much lower benchmark P/E of about 2.1x. The gap between this fair multiple and the current 13.3x is wide, and the model indicates that the stock screens as overvalued on earnings even though it looks cheaper than many Healthcare peers. On the P/E multiple, AMN Healthcare Services stock currently screens as overvalued relative to the earnings level that the Fair Ratio model supports. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where this valuation split leaves off for AMN Healthcare Services by spelling out the specific earnings, margin and growth paths that would need to play out for the stock to be worth materially more or less than it is today on the market. Each narrative links its number to a clear view on where AMN Healthcare Services' growth, profitability and risks could go next, which you can revisit as new information comes through. The community is split on AMN Healthcare Services, with one camp leaning into the tech and data story while the other focuses on margin pressure and demand risks. Bull case: 5% undervalued Read the full Bull Case to see why AMN Healthcare Services could be undervalued Bear case: 13% overvalued Read the full Bear Case to see why AMN Healthcare Services could be overvalued Do you think there's more to the story for AMN Healthcare Services? Head over to our Community to see what others are saying! For AMN Healthcare Services, the Discounted Cash Flow (DCF) intrinsic value points to an undervalued stock, while the Fair Ratio based P/E view flags it as overvalued on earnings. That split mainly reflects a cash flow model that is comfortable with current funding needs and timing, versus a tailored multiple that heavily discounts the stock for its growth profile and risk, which creates the wide gap. With broader checks coming through as mixed, the key question is whether cash flows hold up and margins stabilise enough to validate the intrinsic value signal rather than the more cautious earnings based view. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AMN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. AMN Healthcare Services (AMN) drew fresh attention after reporting second quarter 2026 earnings, with positive net income and earnings per share from continuing operations, alongside new third quarter revenue guidance in the $640 million to $655 million range. See our latest analysis for AMN Healthcare Services. The latest earnings and guidance appear to have reset expectations around AMN Healthcare Services, with a 16.9% one-day share price return and 138.1% year-to-date share price return, although the 3-year total shareholder return is still down 59.9%. If this kind of sharp move has you thinking about what else could be setting up for a turnaround, it may be worth scanning other healthcare technology stories through 43 healthcare AI stocks AMN Healthcare Services now looks more profitable again and the stock has surged on that shift. The business model spans nurse staffing, physician placement and tech solutions, but is today’s US$36 share price actually giving you a fair deal on that recovery story? At a last close of $36, AMN Healthcare Services sits above the most widely followed narrative fair value of $31.86, which is built on detailed revenue and margin assumptions. Read the complete narrative. Want to understand why this narrative still ends up below today’s $36 share price? It leans heavily on shrinking revenues, shifting margins and a tighter earnings multiple. Curious which assumptions really move that fair value line. Result: Fair Value of $31.86 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are still important watchpoints for AMN Healthcare Services, including ongoing pricing pressure in areas like Language Services and the risk that higher travel nurse orders do not convert into sustained volume. Find out about the key risks to this AMN Healthcare Services narrative. The popular fair value narrative pegs AMN Healthcare Services at $31.86, which sits below the current $36 share price. Our DCF model points the other way. On that cash flow view, AMN screens as undervalued, with a fair value estimate of $41.32. Which lens do you trust more when the story flips like this? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out AMN Healthcare Services for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 51 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. If the mixed signals around AMN Healthcare Services leave you on the fence, look at the data yourself and move quickly to shape your own view with 2 key rewards and 3 important warning signs. If AMN Healthcare Services has sharpened your focus, do not stop here. Use the Simply Wall Street Screener to spot fresh opportunities that fit your style. Target potential mispricing by reviewing companies that stand out in our valuation work through 51 high quality undervalued stocks. Prioritise resilience by scanning stocks that pass strict balance sheet and fundamentals checks in the solid balance sheet and fundamentals stocks screener (49 results). Hunt for early-stage standouts by working through a curated screener containing 19 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AMN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in AMN Healthcare Services Inc? Here are five stocks we like better. AMN Healthcare exceeded Q2 guidance: Revenue rose 2% year over year to $673 million, while adjusted EBITDA increased 26% to $73 million and adjusted EPS reached $0.77. Results were boosted by $27 million from labor-disruption revenue and favorable reserve adjustments. Nurse and allied staffing strengthened significantly: Segment revenue grew 11%, with travel nurse volume up 6% and allied volume up 7%; travel nurse orders were up about 40% year over year by early August. AMN expects both businesses to grow more than 10% in Q3. Performance remained mixed across other businesses: Search revenue grew 27%, but locums revenue fell 8% and technology and workforce solutions declined 15%. AMN forecast Q3 revenue of $640 million to $655 million and adjusted EBITDA margins of 6.5% to 7%. AMN Healthcare Services (NYSE:AMN) reported second-quarter results above its guidance range, aided by stronger demand in travel nursing, allied staffing and search services, as well as labor disruption-related revenue and several favorable reserve items. Revenue totaled $673 million, up 2% from a year earlier and 6% above the high end of the company’s outlook. Adjusted EBITDA rose 26% year over year to $73 million, representing 10.9% of revenue, while adjusted earnings per share were $0.77, compared with $0.30 in the prior-year quarter. The company ended the quarter with $362 million in cash and equivalents. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Chief Executive Officer Cary Grace said five of AMN’s solutions posted year-over-year revenue growth. She said the company is seeing rising client demand for flexible staffing as the premium for contingent labor relative to permanent labor has fallen to the mid- to high-single-digit percentage range, compared with the mid- to high-teens before the COVID-19 pandemic. Chief Financial Officer and Chief Operating Officer Brian Scott said the company’s second-quarter guidance had assumed $10 million in labor disruption revenue, but reported $25 million. Results also benefited from a billing-accrual true-up related to large first-quarter labor disruption events, a reserve reversal from a prior-year event and other favorable reserve adjustments. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Scott said those items added about $27 million to revenue, 290 basis points to consolidated gross margin and 370 basis points to adjusted EBITDA margin. Excluding those items, revenue would still have been nearly 2% above the high end of guidance, while EBITDA margin would have been at the top of the company’s 6.7% to 7.2% projected range. Reported gross margin was 30.6%, and second-quarter net income was $21 million, compared with a $116 million net loss a year earlier. Adjusted SG&A expense was $135 million, down 4% from the prior-year period. SG&A included a $5 million unfavorable professional-liability actuarial adjustment, partly offset by a $3 million favorable adjustment to the allowance for credit losses. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Revenue in the Nurse and Allied Solutions segment increased 11% year over year to $422 million, with a 28.4% gross margin. Travel nurse volume rose 6%, while allied volume increased 7%, which Grace described as the strongest growth rates for those businesses in four years. International nurse revenue increased 23%. Grace said travel nurse orders turned positive year over year in May and accelerated in June. As of early August, orders were up about 40% from a year earlier and 20% above August 2024 levels. Allied orders also accelerated through the quarter, reaching mid-teens growth in June and July, according to the company. AMN attributed its performance to improving demand and higher fill rates, supported by process automation, round-the-clock operations and AI-enabled recruiting. Grace said demand growth has been broad-based across regions, client sizes and service models, including managed service programs, vendor-neutral channels and third-party programs. For the third quarter, AMN expects Nurse and Allied Solutions revenue to increase 9% to 11% year over year, with travel nurse and allied volumes each expected to grow by more than 10%. The company said average Nurse and Allied bill rates were nearly flat from a year earlier. Grace said some clients have increased rates for urgent needs, but broader rate increases have not yet emerged. She added that sustained demand, particularly during the winter-order period, could eventually support higher rates. Physician and Leadership Solutions revenue fell 6% year over year to $165 million. However, the search business grew revenue 27%, with physician search new searches rising 37% sequentially and 40% year over year. Executive search new searches increased 30% year over year, and leadership search volume rose 60%. Locum tenens revenue declined 8% year over year to $131 million. Scott said revenue was flat sequentially, partly due to a $2 million negative sales adjustment that reduced both revenue and gross profit. The company said locums demand is increasingly occurring in competitive vendor-neutral channels and that it is applying process and technology changes to improve fulfillment. Grace said AMN expects locums to return to year-over-year growth in 2027. Technology and Workforce Solutions revenue decreased 15% year over year to $87 million, or 11% excluding the divestiture of Smart Square. Language services revenue was $70 million, down 8%, as pricing declined 8% while volume was flat. VMS revenue was $15 million, down 20% from a year earlier. Grace said AMN expects pricing pressure in language services to continue through the rest of 2026, though it anticipates more muted pricing compression in 2027. The company is expanding a lower-cost service tier and globalizing portions of its workforce delivery model to support future margins. AMN completed two small acquisitions during the quarter for a combined $3 million. It acquired Essential Leadership Assessment Solution to expand leadership selection, assessment, coaching and succession-planning capabilities. It also acquired Jade Health, which provides medically qualified language interpretation support and AI-enabled tools for patient intake and discharge communications. The company repurchased 85,000 shares at an average price of $26.33 during the quarter. Total debt stood at $750 million, and leverage under its credit agreement was 1.5 times. Scott said AMN expects at least $225 million in cash at the end of the third quarter, even after a $20 million interest payment, higher cash taxes and repayment of remaining strike-related client deposits. For the third quarter, AMN forecast consolidated revenue of $640 million to $655 million, gross margin of 27% to 27.5%, and adjusted EBITDA margin of 6.5% to 7%. The outlook includes approximately $7 million to $8 million of strike-related revenue, Scott said. AMN Healthcare Services, Inc (NYSE: AMN) is a leading provider of healthcare workforce solutions in the United States. The company specializes in staffing and recruitment services for a broad range of clinical and allied health professionals, including travel nurses, permanent placement of nursing staff, locum tenens physicians, and allied health personnel. In addition to direct staffing, AMN Healthcare offers comprehensive workforce management solutions such as vendor management systems (VMS), recruitment process outsourcing (RPO), and compliance and credentialing services through its technology platforms. Founded in 1985 as American Mobile Nurses, the company rebranded to AMN Healthcare in 2010 to reflect its expanding portfolio of services. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "AMN Healthcare Services Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: $673 million, 6% above the high end of guidance and 2% higher year-over-year. Adjusted EBITDA: $73 million, or 10.9% of revenue, up 26% year-over-year. Adjusted EPS: $0.77, compared with $0.30 in the year-ago quarter. Net Income: $21 million, compared with a net loss of $116 million in the prior year period. Gross Margin: 30.6%, 210 basis points above the top end of guidance. Nurse and Allied Solutions Segment Revenue: $422 million, grew 11% year-over-year, with a gross margin of 28.4%. Travel Nurse Volume: 6% year-over-year growth. Allied Volume: 7% year-over-year growth. International Nurse Revenue: 23% year-over-year growth. Physician and Leadership Solutions Segment Revenue: $165 million, down 6% year-over-year, with a gross margin of 26.5%. Search Revenue: 27% year-over-year growth. Locum Tenens Revenue: $131 million, down 8% year-over-year. Interim Leadership Revenue: $22 million, down 3% from prior year. Technology and Workforce Solutions Segment Revenue: $87 million, down 15% year-over-year, with a gross margin of 48.6%. Language Services Revenue: $70 million, down 8%. VMS Revenue: $15 million, down 20% from a year ago. Cash and Equivalents: $362 million at quarter end. Total Debt: $750 million, with a leverage ratio of 1.5 times. Share Repurchases: 85,000 shares at an average price of $26.33. Warning! GuruFocus has detected 8 Warning Signs with AMN. Is AMN fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Q: Can you quantify where the contingent-to-permanent labor premium is now and what a normalized level might look like? A: Cary Grace (President and CEO) explained that pre-COVID, the premium of contingent to permanent labor was in the mid-to-high teens. During COVID, it spiked to a 100% premium. Currently, it has fallen back to the mid-to-high single digits, and in some markets, even lower. This low premium, combined with the flexibility contingent labor provides, is making it an increasingly attractive part of clients' workforce strategies. Q: Is the recent step-up in demand for Nurse and Allied solutions focused in any particular area, or is it broad-based? A: Cary Grace (President and CEO) stated that the demand acceleration is broad-based across regions, sizes of healthcare providers, and service models. They are seeing increases in their MSP book as well as in vendor-neutral and third-party programs. Brian Scott (CFO & COO) added that the company outperformed the market overall in Q2, with increasing fill rates on vendor-neutral channels implying they are taking market share. Q: Historically, when demand increases to this degree, bill rates tend to follow after a lag. Are you seeing any difference in bill rates in your order book versus your time-to-accept (TTA)? A: Cary Grace (President and CEO) noted that while demand is broad-based, bill rates have remained stable and have not yet increased. However, they are seeing some clients increase rates for urgent needs. Brian Scott (CFO & COO) confirmed that historically there is a lag, but the environment is more competitive with more suppliers. If demand sustains and grows, client competition would typically drive rate increases, which would also help bring more supply into the industry. Q: Can you provide an update on the status of the Kaiser renewal and the RFP process? A: Cary Grace (President and CEO) confirmed that the Kaiser contract runs through the end of 2026 and the client is now in the long-expected RFP process as part of their normal governance cadence. She expects the process to be competitive but feels AMN is well-positioned given its strong, long-standing relationship and program performance. She added that procurement generally strives for better terms, but AMN's relationship with Kaiser has evolved to be more market-like. Q: You mentioned being an 'active participant' in industry consolidation. Is this a change in your capital allocation strategy? A: Brian Scott (CFO & COO) clarified that the strategy hasn't changed, but the company's ability to participate has improved. After focusing on deleveraging, the balance sheet is now stronger with leverage at 1.5 times and significant cash on hand. This, combined with more assets coming to market, positions AMN to be more active in pursuing accretive acquisition opportunities. Cary Grace added that they are also more proactive in going after market opportunities when competitors face disruptions. Q: What are the top reasons for the slowdown in permanent hiring at hospitals, and how is this impacting your business? A: Cary Grace (President and CEO) attributed the slowdown to three main factors: hospitals have rebuilt their permanent staff base post-COVID, retention rates have normalized, and the cost of contingent labor is now historically attractive, offering more flexibility. She also noted that with retirements picking up, clients are concerned about losing experienced clinicians and are looking for ways to scale up the clinical experience of younger staff. Q: What are your expectations for the international nurse business given the embassy appointment backlog? A: Brian Scott (CFO & COO) stated that while visa cutoff dates have moved forward more than anticipated, embassy appointments have slowed down. This will impact 2027 volume expectations. While they still expect growth in 2027 over 2026, it may be in the single-digit range rather than the low double-digits previously expected. There is still time for this to improve if appointment availability opens up. Q: How many quarters are we from language services being fully normalized, and what is your confidence in its growth prospects? A: Cary Grace (President and CEO) said the competitive environment remains intense with flat minutes growth and 8% pricing compression in Q2. This trend is expected to continue for the rest of 2026. In 2027, pricing compression should be more muted as they work through renewals and win new clients with the tiered service strategy. The rollout of a more global workforce will also help stabilize and improve gross margins in 2027. Q: What gives you confidence that the current demand spike is sustainable and not just an 'air pocket' like in 2024? A: Cary Grace (President and CEO) pointed to the acceleration of demand since May and the upcoming winter order season as positive tailwinds. Brian Scott (CFO & COO) added that the quality of orders is improving; a higher percentage of orders now have rates attractive enough for AMN to fill, which is driving improved fill rates and volume growth, unlike the low-rate orders that went unfilled two years ago. Q: Can you size the two acquisitions made in the quarter and their expected contribution? A: Cary Grace (President and CEO) stated that the two acquisitionsJade Health (language services) and Essential Brand Leadership Assessment (search and advisory)cost a total of $3 million. They are intended to extend capabilities, and the company is already seeing strong early interest, including three verbal commitments for Jade and interest in the leadership assessment solution. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

AMN Healthcare Services, Inc. AMN delivered second-quarter 2026 adjusted earnings per share (EPS) of 77 cents, up 158% year over year. The figure surpassed the Zacks Consensus Estimate by 250%. GAAP EPS for the quarter was 53 cents against a loss per share of $3.02 in the year-ago period. AMN Healthcare registered revenues of $673.2 million in the second quarter, up 2.3% year over year. The figure surpassed the Zacks Consensus Estimate by 7.6%. Results benefited from growth in travel nurse, allied and search businesses, along with labor disruption activity. Shares of AMN gained 9.3% during yesterday’s after-hours trading. Year to date, the company’s shares have rallied 95.4% against the industry’s decline of 11.2%. The S&P 500 Index has increased 12.5% in the same time frame. Image Source: Zacks Investment Research AMN Healthcare conducts its business via three reportable segments: Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions. Nurse and Allied Solutions revenues totaled $422 million, up 11% year over year. Travel nurse staffing revenues increased 10% year over year, while Allied revenues rose 8%. Labor disruption contributed $25 million in revenues compared with $16 million in the year-ago quarter. Average travelers on assignment increased to 9,194 from 8,700 a year earlier. The Zacks Consensus Estimate was pegged at $377 million. Physician and Leadership Solutions revenues totaled $164.6 million, down 6% year over year. Locum tenens revenues were $131 million, declining 8%, while interim leadership revenues fell 3%. Physician and leadership search business revenues increased 27% year over year, driven by strength in executive search and physician permanent placement. Days filled declined to 46,974 from 51,325, while revenue per day filled increased to $2,784 from $2,777. The Zacks Consensus Estimate was pegged at $162 million. Technology and Workforce Solutions revenues totaled $86.7 million, down 15% year over year. Language Services revenues were $70 million, down 8% year over year, while vendor management systems revenues declined 20% year over year to $15 million. The Zacks Consensus Estimate was pegged at $87 million. In the quarter under review, AMN Healthcare’s gross profit increased 5% year over year to $205.9 million. Gross margin expanded 80 basis points to 30.6%, aided by reserve releases and billing true-ups related to large labor disruption events supported in prior periods. Selling, general & administrative expenses declined 4.7% year over year to $147.4 million. Operating income was $26.9 million compared with an operating loss of $123.7 million a year ago. AMN Healthcare exited the second quarter of 2026 with cash and cash equivalents of $361.8 million compared with $560.7 million at the end of the first quarter of 2026. Total debt at the end of the second quarter of 2026 was $750 million, flat sequentially. Net cash used in operating activities at the end of the second quarter 2026 was $189.9 million against net cash provided by operating activities of $78.5 million a year ago. AMN Healthcare has provided its financial outlook for the third quarter of 2026. For the third quarter of 2026, AMN expects consolidated revenues between $640 million and $655 million, representing year-over-year growth of 1-3%. The Zacks Consensus Estimate is pegged at $619.1 million. Nurse and Allied Solutions revenues are projected to increase 9-11% year over year. Physician and Leadership Solutions revenues are expected to decline 5-7% year over year, while Technology and Workforce Solutions revenues are projected to fall 11-13% year over year. Management forecasts a gross margin of 27-27.5% and an adjusted EBITDA margin of 6.5-7%. AMN Healthcare Services Inc price-consensus-eps-surprise-chart | AMN Healthcare Services Inc Quote AMN Healthcare delivered a solid second-quarter 2026 performance, supported by improving demand in travel nurse, allied, international nurse and search solutions. Travel nurse and allied volumes marked their strongest growth rates in four years. Management noted that travel nurse orders turned positive in May and accelerated through June, while Allied demand strengthened across settings and specialties. Technology and innovation remained key elements of AMN’s growth strategy. The company continued to enhance its WorkWise workforce management platform with expanded analytics and rate intelligence, while adoption of the AMN Passport app surpassed 400,000 users, up 33% year over year. Monthly active users increased more than 50%, reflecting deeper clinician engagement across AMN’s digital ecosystem. AMN expanded its capabilities through two targeted acquisitions. Jaide Health strengthens the company’s AI-enabled language access offerings across the patient journey, while the ESSENTIAL Leadership Assessment broadens its leadership advisory, evaluation and succession-planning capabilities. Management indicated that these additions should deepen client relationships and support growth in higher-value, technology-enabled workforce solutions. Commercial momentum also improved. Search revenues were supported by executive search and physician permanent placement, while new physician searches rose 40% year over year. AMN is also benefiting from higher fill rates across managed service programs, vendor-neutral platforms and third-party channels as automation, 24/7 operations and AI-enabled recruiting improve execution. However, competitive conditions continue to pressure Language Services pricing, while Locum Tenens is still undergoing a process and technology transformation aimed at improving fulfillment in third-party channels. Management is addressing these headwinds through process and technology upgrades in locums, a tiered Language Services model and greater globalization of service delivery. Looking ahead, AMN remains focused on sustainable growth through stronger execution, technology investments and selective acquisitions. AMN currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the broader medical space are West Pharmaceutical WST, The Cooper Companies COO and Cardinal Health CAH, each carrying a Zacks Rank of 2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. West Pharmaceutical reported second-quarter 2026 adjusted earnings per share (EPS) of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%. West Pharmaceutical has an estimated long-term earnings growth rate of 16%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 17.40%. The Cooper Companies reported a second-quarter fiscal 2026 adjusted EPS of $1.21, which beat the Zacks Consensus Estimate by 10.00%. Revenues of $1.08 billion beat the Zacks Consensus Estimate by 2.6%. The Cooper Companies has an estimated long-term earnings growth rate of 8.3%. COO’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 5.80%. Cardinal Health reported a third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%. Cardinal Health has an estimated long-term earnings growth rate of 17%. CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.27%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMN Healthcare Services Inc (AMN) : Free Stock Analysis Report Cardinal Health, Inc. (CAH) : Free Stock Analysis Report The Cooper Companies, Inc. (COO) : Free Stock Analysis Report West Pharmaceutical Services, Inc. (WST) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

For the quarter ended June 2026, AMN Healthcare Services (AMN) reported revenue of $673.24 million, up 2.3% over the same period last year. EPS came in at $0.77, compared to $0.30 in the year-ago quarter. The reported revenue represents a surprise of +7.55% over the Zacks Consensus Estimate of $626.01 million. With the consensus EPS estimate being $0.22, the EPS surprise was +250%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how AMN Healthcare performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenue- Nurse and allied solutions: $421.97 million versus the two-analyst average estimate of $377.25 million. The reported number represents a year-over-year change of +10.5%. Revenue- Technology and workforce solutions: $86.69 million compared to the $86.52 million average estimate based on two analysts. The reported number represents a change of -14.8% year over year. Revenue- Physician and leadership solutions: $164.58 million compared to the $162.39 million average estimate based on two analysts. The reported number represents a change of -5.7% year over year. Segment operating income- Nurse and allied solutions: $58.24 million compared to the $33.23 million average estimate based on two analysts. Segment operating income- Technology and workforce solutions: $24.62 million versus the two-analyst average estimate of $26.96 million. Segment operating income- Physician and leadership solutions: $11.05 million compared to the $12.52 million average estimate based on two analysts. View all Key Company Metrics for AMN Healthcare here>>> Shares of AMN Healthcare have returned +2.2% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMN Healthcare Services Inc (AMN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Quarterly revenue of $673 million and adjusted EBITDA of $73 million; GAAP income of $0.53/share and adjusted EPS of $0.77 DALLAS, Aug. 6, 2026 /PRNewswire/ -- AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total talent solutions for healthcare organizations across the United States, today announced its second quarter 2026 financial results. Financial highlights are as follows: Dollars in millions, except per share amounts. Business Highlights Second quarter revenue and earnings exceeded guidance, driven by travel nurse, allied, search and labor disruption. Travel nursing and allied volume and revenue grew year over year for the second consecutive quarter. Search revenue grew 27% year over year with particular strength in executive search and physician permanent placement. Recent acquisitions of Jaide Health and the ESSENTIAL Leadership Assessment expanded AMN's AI native language access solutions and leadership advisory capabilities, enabling AMN to deepen client relationships and support growth in higher-value, technology-enabled workforce solutions. Our quarter-end cash balance was $362 million, with a leverage ratio, calculated under the terms of our credit agreement, of 1.5x. "We are very pleased with how the AMN team executed for our healthcare professionals and clients in the second quarter," said Cary Grace, President and Chief Executive Officer of AMN Healthcare. "Our strong performance produced year-over-year revenue growth in our travel nurse, international nurse, allied, schools, and search solutions. We continue to deepen our relationships with our clients, as reflected in our solid MSP and search revenue growth. Overall demand growth improved through the quarter, and the trend improved in July, giving us momentum that is reflected in third quarter guidance." Second Quarter 2026 Results Consolidated revenue for the quarter was $673 million, a 2% increase from the prior year and a 51% decrease from the prior quarter. Net income was $21 million (3.1% of revenue), or $0.53 per diluted share, compared with a net loss of $116 million (17.7% of revenue), or ($3.02) per diluted share in the second quarter of 2025. Adjusted diluted EPS in the second quarter was $0.77 compared with $0.30 in the same quarter a year ago. Revenue for the Nurse and Allied Solutions segment was $422 million, higher by 11% year over year and down 63% from the prior quarter, due to the large labor disruption events that occurred in the first quarter. Travel nurse staffing revenue was higher by 10% year over year and down 6% sequentially. Allied division revenue increased 8% year over year and 4% sequentially. Labor disruption contributed $25 million revenue in the quarter compared to $722 million in the prior quarter and $16 million in the year-ago quarter. The Physician and Leadership Solutions segment reported revenue of $165 million, down 6% year over year and flat sequentially. Locum tenens revenue was $131 million, down 8% year over year and flat sequentially. Interim leadership revenue was down by 3% year over year and 4% lower sequentially. Our search businesses saw a revenue increase of 27% year over year and 20% sequentially. Technology and Workforce Solutions segment revenue was $87 million, a decrease of 15% year over year and flat sequentially. Language services revenue was $70 million in the quarter, down 8% from the prior year and up 1% sequentially. Vendor management systems revenue was $15 million, 20% lower year over year and down 5% from the prior quarter. Consolidated gross margin was 30.6%, 80 basis points higher year over year and up 380 basis points sequentially. Higher margin in the Nurse and Allied Solutions segment, driven by reserve releases and billing true-ups from large labor disruption events that we supported in the prior periods, drove the sequential improvement. Consolidated SG&A expenses were $147 million, or 21.9% of revenue, compared with $155 million, or 23.5% of revenue, in the same quarter last year. SG&A was $218 million, or 15.8% of revenue, in the previous quarter. The year-over-year decrease in SG&A expenses was primarily due to a lower provision for expected credit losses and lower employee headcount. The sequential decrease in SG&A expenses was primarily driven by higher labor disruption expenses related to the multiple events we supported in the prior quarter. Income from operations was $27 million with an operating margin of 4.0%, compared with a loss of ($124 million) and (18.8%), respectively, in the same quarter last year. Adjusted EBITDA was $73 million, a year-over-year increase of 26%. Adjusted EBITDA margin was 10.9%, 200 basis points higher than the year-ago period. At June 30, 2026, cash and cash equivalents totaled $362 million. Cash flow from operations was ($190 million) for the second quarter and $373 million year to date. The cash balance and cash flow were reduced from the prior quarter by the return of client deposits related to labor disruption events in the first quarter. Remaining client deposits of $117 million will continue to be settled in the coming months. Capital expenditures were $9 million in the second quarter. The Company ended the quarter with total debt outstanding of $750 million with nothing drawn on our revolving credit facility. Third Quarter 2026 Outlook Revenue in the third quarter of 2026 is expected to be 1-3% higher than the prior year. Nurse and Allied Solutions segment revenue is expected to be up 9-11% year over year. Physician and Leadership Solutions segment revenue is expected to be down 5-7% year over year. Technology and Workforce Solutions segment revenue is projected to be down 11-13% year over year. Third quarter estimates for certain other financial items include depreciation of $13 million, depreciation in cost of revenue of $2.5 million, amortization expense of $16.5 million, share-based compensation expense of $7 million, integration and other expenses of $1.5 million, interest expense of $8 million, marginal adjusted tax rate of 28%, and 40.1 million diluted average shares outstanding. Conference Call on August 6, 2026 AMN Healthcare Services, Inc. (NYSE: AMN) will host a conference call to discuss its second quarter 2026 financial results and third quarter 2026 outlook on Thursday, August 6, 2026 at 5:00 p.m. Eastern Time. A live webcast of the call can be accessed through AMN Healthcare's website at http://ir.amnhealthcare.com. Interested parties may participate live via telephone by registering at this link. Please follow the link and register with a valid e-mail address. After registering, the system will call you instantly and connect you into the conference call automatically. Alternatively, you may dial in to the conference call by calling 1-646-357-8785 or 1-800-836-8184 and you will be connected to the call by an operator. About AMN Healthcare AMN Healthcare is the leader and innovator in total talent solutions for healthcare organizations across the United States. The Company provides access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve patient outcomes. AMN total talent solutions include managed services programs, clinical and interim healthcare leaders, temporary staffing, direct hire and retained search solutions, vendor management systems, recruitment process outsourcing, predictive modeling, language interpretation services, revenue cycle solutions, credentialing, and other services. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, schools, and many other healthcare settings. AMN Healthcare is committed to fostering and maintaining a diverse team that reflects the communities we serve. Our commitment to the inclusion of many different backgrounds, experiences and perspectives enables our innovation and leadership in the healthcare services industry. The Company's common stock is listed on the New York Stock Exchange under the symbol "AMN." For more information about AMN Healthcare, visit www.amnhealthcare.com, where the Company posts news releases, investor presentations, webcasts, SEC filings and other material information. The Company also utilizes email alerts and Really Simple Syndication ("RSS") as routine channels to supplement distribution of this information. To register for email alerts and RSS, visit http://ir.amnhealthcare.com. Non-GAAP Measures This earnings release and the non-GAAP reconciliation tables included with the earnings release contain certain non-GAAP financial information, which the Company provides as additional information, and not as an alternative, to the Company's condensed consolidated financial statements presented in accordance with GAAP. These non-GAAP financial measures include (1) adjusted EBITDA, (2) adjusted EBITDA margin, (3) adjusted net income, and (4) adjusted diluted EPS. The Company provides such non-GAAP financial measures because management believes that they are useful to both management and investors as a supplement, and not as a substitute, when evaluating the Company's operating performance. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted EPS serve as industry-wide financial measures. The Company uses adjusted EBITDA for making financial decisions, allocating resources and for determining certain incentive compensation objectives. The non-GAAP measures in this release are not in accordance with, or an alternative to, GAAP measures and may be different from non-GAAP measures, or may be calculated differently than other similarly titled non-GAAP measures, reported by other companies. They should not be used in isolation to evaluate the Company's performance. A reconciliation of non-GAAP measures identified in this release, along with further detail about the use and limitations of certain of these non-GAAP measures, may be found below in the table entitled "Non-GAAP Reconciliation Tables" under the caption entitled "Reconciliation of Non-GAAP Items" and the footnotes thereto or on the Company's website at https://ir.amnhealthcare.com/financials/quarterly-results. Additionally, from time to time, additional information regarding non-GAAP financial measures, including pro forma measures, may be made available on the Company's website. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning future demand and supply for healthcare, contingent staffing and other services, client preferences, momentum in international staffing and search, our ability to advance our technology-enabled workforce solutions, settlement of client deposits, third quarter 2026 financial projections for consolidated and segment revenue, consolidated gross margin, operating margin, SG&A as a percent of revenue, adjusted EBITDA margin, labor disruption revenue, depreciation expense, depreciation in cost of revenue, share-based compensation expense, non-cash amortization expense, integration and other expenses, interest expense, adjusted tax rate, and number of diluted shares outstanding. The Company bases these forward-looking statements on its current expectations, estimates and projections about future events and the industry in which it operates using information currently available to it. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are also identified by words such as "believe," "project," "anticipate," "expect," "intend," "plan," "will," "may," "estimates," variations of such words and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. The targets and expectations noted in this release depend upon, among other factors, (i) the ability of our clients to increase the efficiency and effectiveness of their staffing management and recruiting efforts, through predictive analytics, online recruiting, internal travel agencies and float pools, telemedicine or otherwise and successfully hire and retain permanent staff, (ii) the duration and extent to which hospitals and other healthcare entities adjust their utilization of temporary nurses and allied healthcare professionals, physicians, healthcare leaders and other healthcare professionals and workforce technology applications as a result of the labor market or economic conditions, (iii) the magnitude and duration of the effects of the post-COVID-19 pandemic environment or any future pandemic or health crisis on demand and supply trends, our business, its financial condition and our results of operations, (iv) our ability to effectively address client demand by attracting and placing nurses and other clinicians, (v) our ability to recruit and retain sufficient quality healthcare professionals at reasonable costs, (vi) our ability to anticipate and quickly respond to changing marketplace conditions, such as alternative modes of healthcare delivery, reimbursement, or client needs and requirements, including implementing changes that will make our services more tech-enabled and integrated, (vii) our ability to manage the pricing impact that the labor market or consolidation of healthcare delivery organizations may have on our business, (viii) the effects of economic downturns, inflation or slow recoveries, which could result in less demand for our services, increased client initiatives designed to contain costs, including reevaluating their approach as it pertains to contingent labor and managed services programs, other solutions and providers, pricing pressures and negatively impact payments terms and collectability of accounts receivable, (ix) our ability to develop and evolve our current technology offerings and capabilities and implement new infrastructure and technology systems to optimize our operating results and manage our business effectively, (x) our ability and the expense to comply with extensive and complex federal and state laws and regulations related to the conduct of our operations, costs and payment for services and payment for referrals as well as laws regarding employment practices, (xi) our ability to consummate and effectively incorporate acquisitions into our business, (xii) the negative effects that intermediary organizations may have on our ability to secure new and profitable contracts, (xiii) the extent to which the Great Resignation or a future spike in the COVID-19 pandemic or other pandemic or health crisis may disrupt our operations due to the unavailability of our employees or healthcare professionals due to burnout, illness, risk of illness, quarantines, travel restrictions, mandatory vaccination requirements, or other factors that limit our existing or potential workforce and pool of candidates, (xiv) security breaches and cybersecurity incidents, including ransomware, that could compromise our information and systems, which could adversely affect our business operations and reputation and could subject us to substantial liabilities and (xv) the severity and duration of the impact the labor market, economic downturn or any future pandemic or health crisis has on the financial condition and cash flow of many hospitals and healthcare systems such that it impairs their ability to make payments to us, timely or otherwise, for services rendered. For a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above that could cause actual results to differ from those implied by the forward-looking statements contained in this press release, please refer to our most recent Annual Report on Form 10-K for the year ended December 31, 2025. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated and the Company is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise. Contact:Randle ReeceVice President, Investor Relations & Strategy866.861.3229 View original content to download multimedia:https://www.prnewswire.com/news-releases/amn-healthcare-announces-second-quarter-2026-results-302845249.html

AMN Healthcare Services (AMN) came out with quarterly earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.3 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +250.00%. A quarter ago, it was expected that this health care staffing company would post earnings of $1.6 per share when it actually produced earnings of $2.1, delivering a surprise of +31.25%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. AMN Healthcare, which belongs to the Zacks Business - Services industry, posted revenues of $673.24 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 7.55%. This compares to year-ago revenues of $658.17 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. AMN Healthcare shares have added about 108.1% since the beginning of the year versus the S&P 500's gain of 12.8%. While AMN Healthcare has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for AMN Healthcare was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.14 on $619.11 million in revenues for the coming quarter and $2.70 on $3.25 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Business - Services is currently in the bottom 15% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Bowman Consulting (BWMN), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This professional services firm is expected to post quarterly earnings of $0.47 per share in its upcoming report, which represents a year-over-year change of -14.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Bowman Consulting's revenues are expected to be $148.48 million, up 21.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMN Healthcare Services Inc (AMN) : Free Stock Analysis Report Bowman Consulting Group Ltd. (BWMN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research