AMN AMN HEALTHCARE SERVICES INC

Overview and Growth

AMN HEALTHCARE SERVICES INC generated $2.73B of revenue in fiscal 2025, with net loss of $95.70M and an operating cash inflow of $269.46M. Revenue of $2.73B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $2.98B in fiscal 2024, revenue decreased 8.5%, a top-line contraction that reduced operating scale. On a per-share basis, diluted EPS was -$2.48, which connects the reported earnings outcome with the company’s diluted share count. The revenue-to-assets relationship was 1.3x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $774.06M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 28.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was an operating loss of $55.47M, reflecting costs that exceeded gross profit. Relative to revenue, the operating deficit measured 2.0%, showing the shortfall after operating costs. The bottom-line result was a net loss of $95.70M after operating, financing, tax, and other recognized items. The net loss equaled 3.5% of revenue, showing the bottom-line deficit relative to the company’s sales base. Before income taxes, the company recorded a loss of $101.06M, bridging the operating result to the final net loss. The pretax loss equaled 3.7% of revenue, measuring the pre-tax deficit against sales. The reported tax benefit was $5.36M, favorably bridging the pretax and after-tax results. Relative to period-end equity, the net loss represented 14.9%. The net loss equaled 4.6% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

At period end, the $2.09B asset base was financed through $1.45B of liabilities and $642.11M of equity. The near-term balance sheet paired $545.38M of current assets with $577.61M of current liabilities at the reporting date. Current assets covered only 0.94x of current liabilities, so current liabilities exceeded current assets at period end. Cash and equivalents totaled $33.97M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 5.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $767.05M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 1.19x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 36.6%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 69.3%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 1.6%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 13.3% from $2.42B in fiscal 2024, leaving current total assets lower year over year. Against $706.62M of equity in fiscal 2024, the current book-equity balance moved 9.1% and ended lower.

Cash Flow and Earnings Quality

Cash flow from operations was $269.46M, a reported cash inflow that can be compared directly with net income and capital spending. Capital expenditures used $35.63M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 13.2% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $233.83M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 8.6%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 11.2%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.