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Jun 30
AMN Healthcare Q2 2025 Earnings Report
AMN Healthcare reported a decrease in revenue and a GAAP loss for the second quarter of 2025, primarily due to non-cash impairment charges, while adjusted EBITDA and adjusted EPS also declined.
Key Takeaways
AMN Healthcare experienced a challenging second quarter in 2025, with consolidated revenue decreasing by 11% year-over-year to $658 million and a GAAP net loss of $116.2 million, largely driven by $128 million in non-cash goodwill and intangible asset impairment charges. Despite the GAAP loss, adjusted diluted EPS was $0.30, and adjusted EBITDA was $58.3 million, both showing significant year-over-year declines. The company noted that allied staffing performed well, exceeding projections, and strong cash flow from operations allowed for debt reduction.
Consolidated revenue for Q2 2025 was $658 million, an 11% decrease from the prior year.
The company reported a GAAP net loss of $116.2 million, or ($3.02) per diluted share, primarily due to $128 million in non-cash impairment charges.
Adjusted diluted EPS was $0.30, a 69% decrease from the prior year, and Adjusted EBITDA was $58.3 million, down 38% year-over-year.
Cash flow from operations was strong at $79 million, enabling a $80 million reduction in debt, bringing the net leverage ratio to 3.3:1.
AMN Healthcare
AMN Healthcare
AMN Healthcare Revenue by Segment
Revenue by Segment
Nurse and Allied Solutions Revenue
CapyFin.comPhysician and Leadership Solutions Revenue
CapyFin.comTechnology and Workforce Solutions Revenue
CapyFin.com Forward Guidance
For the third quarter of 2025, AMN Healthcare expects consolidated revenue to be between $610 million and $625 million, representing a 9-11% year-over-year decrease. Gross margin is projected to be between 28.7% and 29.2%, and adjusted EBITDA margin is expected to be between 7.7% and 8.2%.
Positive Outlook
- Anticipated gain on sale of Smart Square of approximately $40 million.
- Continued focus on strategic partnerships, as evidenced by the Smart Square sale.
- Signs of improvement in July with stabilized orders and rebounded extension rates.
- Enhanced AI and technology-enabled services are expected to position the company to gain market share.
- Strong cash flow from operations in Q2 2025 provides financial flexibility.
Challenges Ahead
- Consolidated revenue expected to decrease by 9-11% year-over-year in Q3 2025.
- Nurse and Allied Solutions segment revenue projected to be down 11-14% year-over-year.
- Physician and Leadership Solutions segment revenue expected to be down 2-4% year-over-year.
- Technology and Workforce Solutions segment revenue projected to be lower by 12-14% year-over-year.
- Uncertain healthcare policy environment caused clients to slow decision-making in Q2, impacting Q3 guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income