AMN Healthcare to Hold Fourth Quarter and Full Year 2025 Earnings Conference Call on Thursday, February 19, 2026

What Happened?

Shares of healthcare staffing company AMN Healthcare Services jumped 17.2% in the afternoon session after the company presented at the J.P. Morgan Healthcare Conference, where it outlined a positive outlook and strategic growth plans. 

During the event, AMN showcased its leadership in providing total talent solutions for the healthcare industry. The company discussed its plans for growth, which involved using technology and making acquisitions. Management also emphasized the long-term factors driving demand in healthcare and laid out a vision for sustainable growth in both revenue and profit margins. The presentation appeared to build investor confidence in the company's future direction.

What Is The Market Telling Us

AMN Healthcare Services’s shares are very volatile and have had 25 moves greater than 5% over the last year. But moves this big are rare even for AMN Healthcare Services and indicate this news significantly impacted the market’s perception of the business.

The biggest move we wrote about over the last year was 11 months ago when the stock gained 10.1% on the news that the company delivered exceptional fourth-quarter 2024 results, which blew past analysts' revenue, EPS, and EBITDA expectations. 

Revenue declined 10% relative to the previous year, though it was 7% higher sequentially. However, the Nurse and Allied Solutions segment, which includes travel nurse staffing, saw a steep 15% year on year decline, with travel nurse revenue plunging 35%.Looking ahead, full-year revenue guidance topped Wall Street estimates. However, the company's travelers on assignment metric, a key volume indicator, missed significantly, raising concerns about demand trends. Still, we think this was a solid quarter with some key areas of upside.

AMN Healthcare Services is up 19.2% since the beginning of the year, but at $18.02 per share, it is still trading 35.9% below its 52-week high of $28.10 from January 2025. Investors who bought $1,000 worth of AMN Healthcare Services’s shares 5 years ago would now be looking at an investment worth $250.35.

What Happened?

A number of stocks jumped in the afternoon session after reports revealed the Trump administration considered extending the Affordable Care Act (ACA) subsidies. 

These subsidies, which are government financial aids to help people pay for health insurance, are crucial for insurers as they maintain a stable customer base. An extension would ensure continued revenue for companies with significant exposure to the ACA marketplace. The news prompted a strong positive reaction from investors, with Centene (CNC) shares jumping as much as 8%, Molina Healthcare (MOH) rising over 3%, and Oscar Health (OSCR) soaring 18%. The potential for a two-year extension reduces regulatory uncertainty for the sector, which investors view as a significant positive for the industry's outlook.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Specialty Pharmaceuticals company Elanco jumped 3.5%. Is now the time to buy Elanco? Access our full analysis report here, it’s free for active Edge members.
• Specialized Medical & Nursing Services company AMN Healthcare Services jumped 2.8%. Is now the time to buy AMN Healthcare Services? Access our full analysis report here, it’s free for active Edge members.
• Senior Health, Home Health & Hospice company Brookdale jumped 3.9%. Is now the time to buy Brookdale? Access our full analysis report here, it’s free for active Edge members.
• Patient Monitoring company DexCom jumped 4.2%. Is now the time to buy DexCom? Access our full analysis report here, it’s free for active Edge members.
• Senior Health, Home Health & Hospice company Addus HomeCare jumped 2.9%. Is now the time to buy Addus HomeCare? Access our full analysis report here, it’s free for active Edge members.

Zooming In On DexCom (DXCM)

DexCom’s shares are quite volatile and have had 16 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 3 days ago when the stock gained 3.9% on the news that comments from a key Federal Reserve official bolstered hopes for an interest rate cut. New York Federal Reserve President John Williams stated he sees “room for a further adjustment” in the near term, sparking a significant market rally. Following his remarks, the probability of the central bank cutting rates at its December meeting jumped from 39% to over 73%, according to the CME FedWatch tool. This positive sentiment provided relief to markets amid concerns over high valuations, particularly in AI-related stocks.

DexCom is down 21% since the beginning of the year, and at $62.04 per share, it is trading 31.6% below its 52-week high of $90.75 from February 2025. Investors who bought $1,000 worth of DexCom’s shares 5 years ago would now be looking at an investment worth $793.92.

What Happened?

A number of stocks jumped in the afternoon session after comments from a key Federal Reserve official bolstered hopes for an interest rate cut. New York Federal Reserve President John Williams stated he sees “room for a further adjustment” in the near term, sparking a significant market rally. Following his remarks, the probability of the central bank cutting rates at its December meeting jumped from 39% to over 73%, according to the CME FedWatch tool. This positive sentiment provided relief to markets amid concerns over high valuations, particularly in AI-related stocks.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Medical Devices & Supplies - Specialty company Enovis jumped 8%. Is now the time to buy Enovis? Access our full analysis report here, it’s free for active Edge members.
• Specialized Medical & Nursing Services company AMN Healthcare Services jumped 7%. Is now the time to buy AMN Healthcare Services? Access our full analysis report here, it’s free for active Edge members.
• Healthcare Technology for Providers company Astrana Health jumped 9.7%. Is now the time to buy Astrana Health? Access our full analysis report here, it’s free for active Edge members.
• Outpatient & Specialty Care company U.S. Physical Therapy jumped 6.4%. Is now the time to buy U.S. Physical Therapy? Access our full analysis report here, it’s free for active Edge members.
• Senior Health, Home Health & Hospice company AdaptHealth jumped 6.2%. Is now the time to buy AdaptHealth? Access our full analysis report here, it’s free for active Edge members.

Zooming In On Astrana Health (ASTH)

Astrana Health’s shares are very volatile and have had 27 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 10 days ago when the stock gained 5.3% on the news that the market experienced a sharp sector rotation, as investors fled growth-oriented technology stocks and piled into value-oriented names amid growing valuation concerns. This divergence was stark: the tech-heavy Nasdaq struggled, losing 0.2%, while the Dow rallied.This shift away from tech was triggered by a series of negative catalysts in the AI sector. AI cloud provider CoreWeave slid on disappointing guidance, while chip darling Nvidia pulled back after SoftBank sold its stake. This "hurt the AI trade," dragging down related names like Micron and Oracle.As capital left tech, it sought safety in "higher quality" defensive names. Health care giants like Merck, Amgen, and Johnson & Johnson saw significant buying, boosting the Dow.

Astrana Health is down 30.1% since the beginning of the year, and at $22.52 per share, it is trading 49.8% below its 52-week high of $44.81 from December 2024. Investors who bought $1,000 worth of Astrana Health’s shares 5 years ago would now be looking at an investment worth $1,210.

AMN Healthcare Services’ third quarter was marked by a positive market reaction, reflecting stronger-than-expected results despite a year-on-year revenue decline. Management attributed the quarter’s outcome to a moderate recovery in staffing demand, improved extension rates, and higher-than-expected labor disruption activity—especially in Nurse and Allied Solutions. CEO Caroline Grace highlighted that “extension rates rebounded, and Travel Nurse winter orders came in slightly favorable to prior year,” while permanent hiring activity in the healthcare sector contracted. The company also benefited from stable bill rates and operational execution that mitigated some of the softness in underlying sales volumes.

Is now the time to buy AMN? Find out in our full research report (it’s free for active Edge members).

AMN Healthcare Services (AMN) Q3 CY2025 Highlights:

• Revenue: $634.5 million vs analyst estimates of $618 million (7.7% year-on-year decline, 2.7% beat)
• Adjusted EPS: $0.39 vs analyst estimates of $0.20 (95.2% beat)
• Adjusted EBITDA: $57.51 million vs analyst estimates of $48.86 million (9.1% margin, 17.7% beat)
• Revenue Guidance for Q4 CY2025 is $722.5 million at the midpoint, above analyst estimates of $620.6 million
• Operating Margin: 7.5%, up from 3.2% in the same quarter last year
• Sales Volumes fell 10.6% year on year (-23.5% in the same quarter last year)
• Market Capitalization: $637.3 million

While we enjoy listening to the management's commentary, our favorite part of earnings calls are 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.

Our Top 5 Analyst Questions From AMN Healthcare Services’s Q3 Earnings Call

• Trevor Romeo (William Blair) asked for clarity on gross margin drivers in Q4, to which CFO Brian Scott explained that the mix of lower-margin labor disruption revenue and seasonal declines in higher-margin segments would result in a sequential margin step-down even after normalizing for these effects.

• Kevin Fischbeck (Bank of America) questioned the outlook for gross margins in 2026, with CEO Caroline Grace highlighting expected improvements from international nurse placements and the easing of VMS headwinds, as well as renewed growth in leadership and search businesses.

• Tobey Sommer (Truist) asked about the impact of federal funding cuts on contingent labor demand, and Grace responded that clients are increasingly recognizing the affordability and flexibility of contingent staffing, especially as permanent hiring slows.

• Mark Marcon (Robert W. Baird) inquired about trends in rural hospital demand and the influence of Medicaid cuts, with Grace noting that international nurse placements remain a cost-effective solution for rural systems, but no major shifts in rural demand were observed.

• Constantine Davides (Citizens) sought more detail on MSP-driven locum tenens growth, and Grace described targeted technology and sales initiatives that have doubled fill rates for these managed service provider clients over the past year.

Catalysts in Upcoming Quarters

In future quarters, the StockStory team will be monitoring (1) the sustainability and scale of labor disruption revenue as a source of upside, (2) improvements in bill rate trends and contingent staffing demand beyond typical winter seasonality, and (3) margin recovery as the company shifts to higher-value international and technology-enabled services. Trends in healthcare workforce management and further client adoption of total talent solutions will also be key factors to watch.

AMN Healthcare Services currently trades at $17.00, down from $18.42 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members).

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