AMNMEDIUM SIGNALFINANCIAL10-K

AMN Healthcare shows meaningful improvement in profitability metrics while reducing debt burden, though operating performance remains challenged with declining gross profit and cash generation.

The company's operating losses narrowed substantially year-over-year, indicating progress toward profitability despite continued operational headwinds. The significant debt reduction of $333 million demonstrates active deleveraging efforts, which should improve financial flexibility and reduce interest burden over time.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

AMN's financial position shows mixed signals with operating losses improving meaningfully alongside a notable reduction in total debt from $1.1 billion to $767 million. However, core operational metrics declined with gross profit falling 15.8% to $774 million and operating cash flow decreasing 16% to $270 million, suggesting continued pressure on the underlying business. The company's capital expenditure reduction of 56% to $36 million may reflect either improved efficiency or potential underinvestment in growth initiatives.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-56%
$80.9M$35.6M

Capex reduced 56% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Income
P&L
+46%
-$102.7M-$55.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+34.9%
-$147.0M-$95.7M

Net income grew 34.9% — bottom-line growth signals improving overall business health.

Interest Expense
P&L
+34%
$40.4M$54.1M

Interest expense surged 34% — significant debt increase or rising rates materially impacting earnings.

Total Debt
Balance Sheet
-27.4%
$1.1B$767.1M

Debt reduced 27.4% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Cash Flow
Cash Flow
-15.9%
$320.4M$269.5M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Gross Profit
P&L
-15.8%
$919.4M$774.1M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Total Liabilities
Balance Sheet
-15%
$1.7B$1.5B

Liabilities reduced 15% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
-13.3%
$2.4B$2.1B

Total assets contracted 13.3% — asset sales, write-downs, or balance sheet optimization underway.

Accounts Receivable
Balance Sheet
-12.6%
$437.8M$382.6M

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
As of February 17, 2026, there were 38,641,082 shares of common stock, $0.01 par value, outstanding.
Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 70 9A.
Our comprehensive suite of talent solutions provides management, staffing, recruitment, language services, technology and related services to build and manage all or part of our clients healthcare workforce needs.
Over the past decade, our business has evolved beyond traditional healthcare staffing and recruitment services; we have become a strategic total talent solutions partner with our clients.
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REMOVED
See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
As of February 18, 2025, there were 38,189,048 shares of common stock, $0.01 par value, outstanding.
Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 67 9A.
Our comprehensive suite of talent solutions provides management, staffing, recruitment, language services, technology, predictive and market analytics, and related services to build and manage all or part of our clients healthcare workforce needs.
We expect this will enable us to expand our strategic customer relationships, while driving more recurring revenue, improve margin mix, and be less sensitive to economic cycles.
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