AMN Healthcare Services (NYSE:AMN), the nation’s largest healthcare staffing firm, saw its shares jump on Thursday after providing a blockbuster revenue outlook for the first quarter of 2026.
The Dallas-based company revealed that an unprecedented wave of labor disruptions at major hospital systems is expected to generate roughly $600 million in strike-related revenue in the coming months.
The massive forecast overshadowed a mixed fourth-quarter performance.
For the period ending December 31, 2025, AMN reported a GAAP net loss of $7.7 million, or 20 cents per share.
On an adjusted basis, the company earned 22 cents per share, missing the 28-cent analyst consensus.
However, quarterly revenue reached $748.2 million, a 2% year-over-year increase that beat Wall Street’s $723.9 million estimate, largely due to $124 million in labor disruption support.
For the full year 2025, AMN reported revenue of $2.73 billion, an 8% decline compared to 2024, as the core travel nursing market continued to normalize from pandemic-era highs.
Despite the top-line pressure, the company generated $269 million in operating cash flow and aggressively reduced its total debt by $285 million, ending the year with a net leverage ratio of 3.3x.
For the first quarter of 2026, AMN expects consolidated revenue between $1.225 billion and $1.240 billion—a figure nearly double the market's previous expectations—as it mobilizes thousands of clinicians to support clients facing large-scale work stoppages.