The massive EPS beat is likely to drive a strong initial gap-up, but the Q3 guidance for a sharp margin contraction (adjusted EBITDA margin falling from 10.9% to ~6.75%) creates a significant headwind. Traders should watch for whether the stock can hold gains after the initial reaction, as the sequential revenue decline and margin compression suggest the Q2 beat was partly driven by non-recurring items (labor disruption billing true-ups).
Price Chart
Executive Summary
AMN Healthcare reported Q2 2026 adjusted EPS of $0.77, massively beating the $0.19 consensus, on revenue of $673M vs. $628.4M consensus. The strong beat was driven by travel nurse and allied growth, but Q3 guidance implies a sharp sequential decline in adjusted EBITDA margin to 6.5-7.0% from Q2's 10.9%, tempering the headline beat.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $673M beat consensus of $628.4M and grew 2% YoY.
- Adjusted diluted EPS of $0.77 beat consensus of $0.19 by 307.8%.
- GAAP diluted EPS was $0.53, compared to a ($3.02) loss in Q2 2025.
- Nurse and Allied Solutions revenue grew 11% YoY to $422M.
- Q3 2026 revenue guidance of $640-655M implies 1-3% YoY growth.
- Q3 2026 adjusted EBITDA margin guidance of 6.5-7.0% is down sharply from Q2's 10.9%.
- Cash balance was $362M with a leverage ratio of 1.5x.
- Operating cash flow was negative ($190M) in Q2 due to return of client deposits from prior labor disruption events.
Financial Impact
EPS beat by $0.58 vs consensus; revenue beat by $44.6M; Q3 guidance implies adjusted EBITDA of ~$42-46M vs Q2's $73M
Risk Factors
- Q3 guidance implies a steep sequential decline in profitability (adjusted EBITDA margin from 10.9% to ~6.75%).
- Operating cash flow was negative $190M in Q2 due to client deposit returns.
- Nurse and Allied revenue fell 63% sequentially as large labor disruption events normalized.
- Technology and Workforce Solutions segment revenue declined 15% YoY.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302845249 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 7w ago | Institutional Cluster | $32.44 $33.05 | ▲ +1.88% | ▲ +3.78% | $36.63 (+12.92%) |
Aug 6, 2026 8w ago | Press Release | $36.00 $33.80 | ▼ −6.11% | ▼ −5.71% | $36.63 (+1.75%) |
Jun 11, 2026 16w ago | Institutional Cluster | $30.79 $31.54 | ▲ +2.44% | ▲ +0.55% | $36.63 (+18.97%) |
May 4, 2026 21w ago | 8-K | $20.72 $29.34 | ▲ +41.60% | ▲ +35.96% | $36.63 (+76.79%) |
Apr 9, 2026 25w ago | Press Release | $18.49 $20.97 | ▼ −13.41% | ▼ −5.84% | $36.63 (−98.11%) |
Mar 18, 2026 28w ago | DEFA14A | $17.93 $20.45 | ▲ +14.05% | ▲ +8.01% | $36.63 (+104.29%) |
Feb 28, 2026 30w ago | Institutional Cluster | $20.40 $18.73 | ▼ −8.19% | ▼ −0.25% | $36.63 (+79.56%) |
US Market Status
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