0001628280-26-009918 | 10-K | XBRL Viewer | AMN Healthcare Services INC

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Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 8,709	$ 9,204	$ 9,610
Short-term lease cost	2,184	2,437	3,738
Variable and other lease cost	1,923	2,469	2,789
Net lease cost	$ 12,816	$ 14,110	$ 16,137

Fair Value Measurement - Schedule of Unobservable Inputs Used in Discounted Cash Flow Method (Details) - Valuation Technique, Discounted Cash Flow	Jun. 30, 2025
Revenue growth rates \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-lived assets, measurement input	(0.021)
Revenue growth rates \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-lived assets, measurement input	0.061
Revenue growth rates \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-lived assets, measurement input	0.033
Long-term growth rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-lived assets, measurement input	0.035
Weighted-average cost of capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-lived assets, measurement input	0.140

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Years Ended December 31,
	2025		2024		2023
Operating lease cost	$	8,709	$	9,204	$	9,610
Short-term lease cost	2,184		2,437		3,738
Variable and other lease cost	1,923		2,469		2,789
Net lease cost	$	12,816	$	14,110	$	16,137

Schedule of Maturities of Lease Liabilities

The maturities of lease liabilities as of December 31, 2025 were as follows:


	Operating Leases
Year ending December 31, 2026	$	8,376
Year ending December 31, 2027	7,672
Year ending December 31, 2028	7,866
Year ending December 31, 2029	5,861
Year ending December 31, 2030	3,295
Thereafter	9,191
Total lease payments	42,261
Less imputed interest	(6,112)
Present value of lease liabilities	$	36,149

Schedule of Assumptions used for Operating Leases

The weighted average remaining lease term and discount rate as of December 31, 2025 and 2024 were as follows:


	December 31,
	2025		2024
Weighted average remaining lease term	6 years		7 years
Weighted average discount rate	5.6	%	5.6	%

Fair Value Measurement - Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	$ (205,390)	$ (191,006)
Available-for-sale securities	34,035	8,168
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	32,586	6,769
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash equivalents and restricted investments	14,434	65,979
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	(205,390)	(191,006)
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash equivalents and restricted investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	0	0
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	32,586	6,769
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash equivalents and restricted investments	$ 14,434	$ 65,979

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Commitments and Contingencies (Details) $ in Thousands	May 26, 2016 USD ($)
Settled Litigation \| Wage and Hour Claims
Loss Contingencies [Line Items]
Litigation matters accrual	$ 62,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies - Revenue Disaggregated by Service Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 2,730,429	$ 2,983,781	$ 3,789,254
Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	1,647,318	1,815,718	2,624,509
Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	696,362	728,608	669,701
Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	386,749	439,455	495,044
Travel nurse staffing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	827,677	1,084,398	1,806,653
Travel nurse staffing \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	827,677	1,084,398	1,806,653
Travel nurse staffing \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Travel nurse staffing \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Labor disruption services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	191,190	63,316	13,303
Labor disruption services \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	191,190	63,316	13,303
Labor disruption services \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Labor disruption services \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Local staffing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	36,811	45,517	76,553
Local staffing \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	36,811	45,517	76,553
Local staffing \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Local staffing \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Allied staffing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	582,318	610,661	709,632
Allied staffing \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	582,318	610,661	709,632
Allied staffing \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Allied staffing \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Locum tenens staffing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	565,169	566,351	464,797
Locum tenens staffing \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Locum tenens staffing \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	565,169	566,351	464,797
Locum tenens staffing \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Interim leadership staffing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	93,917	115,672	136,953
Interim leadership staffing \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Interim leadership staffing \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	93,917	115,672	136,953
Interim leadership staffing \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Temporary staffing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	2,297,082	2,485,915	3,207,891
Temporary staffing \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	1,637,996	1,803,892	2,606,141
Temporary staffing \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	659,086	682,023	601,750
Temporary staffing \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Permanent placement
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	46,598	58,411	86,319
Permanent placement \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	9,322	11,826	18,368
Permanent placement \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	37,276	46,585	67,951
Permanent placement \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Language services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	295,514	298,241	260,121
Language services \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Language services \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Language services \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	295,514	298,241	260,121
Vendor management systems
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	71,673	104,277	169,370
Vendor management systems \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Vendor management systems \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Vendor management systems \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	71,673	104,277	169,370
Other technologies
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	8,677	18,505	20,235
Other technologies \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Other technologies \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Other technologies \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	8,677	18,505	20,235
Technology-enabled services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	375,864	421,023	449,726
Technology-enabled services \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Technology-enabled services \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Technology-enabled services \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	375,864	421,023	449,726
Talent planning and acquisition
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	10,885	18,432	45,318
Talent planning and acquisition \| Nurse and Allied Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Talent planning and acquisition \| Physician and Leadership Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	0
Talent planning and acquisition \| Technology and Workforce Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	10,885	18,432	45,318
International nurse revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	129,094	177,701	226,500
International nurse staffing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	119,772	165,875	208,132
International nurse permanent placement
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 9,322	$ 11,826	$ 18,368

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Revenue	$ 2,730,429	$ 2,983,781	$ 3,789,254
Cost of revenue	1,956,371	2,064,405	2,539,673
Gross profit	774,058	919,376	1,249,581
Operating expenses:
Selling, general and administrative	593,022	632,489	748,436
Depreciation and amortization (exclusive of depreciation included in cost of revenue)	147,869	167,103	154,914
Gain on sale of disposal group	(39,138)	0	0
Goodwill impairment losses	109,515	222,457	0
Long-lived assets impairment losses	18,262	0	7,802
Total operating expenses	829,530	1,022,049	911,152
Income (loss) from operations	(55,472)	(102,673)	338,429
Interest expense, net, and other	45,591	69,901	54,140
Income (loss) before income taxes	(101,063)	(172,574)	284,289
Income tax expense (benefit)	(5,361)	(25,595)	73,610
Net income (loss)	(95,702)	(146,979)	210,679
Other comprehensive income:
Unrealized gains on available-for-sale securities, net, and other	309	412	516
Other comprehensive income	309	412	516
Comprehensive income (loss)	$ (95,393)	$ (146,567)	$ 211,195
Net income (loss) per common share:
Basic (in dollars per share)	$ (2.48)	$ (3.85)	$ 5.38
Diluted (in dollars per share)	$ (2.48)	$ (3.85)	$ 5.36
Weighted average common shares outstanding:
Basic (in shares)	38,521	38,188	39,173
Diluted (in shares)	38,521	38,188	39,341

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair value represents the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which the Company would conduct a transaction, in addition to the assumptions that market participants would use when pricing the related assets or liabilities, including non-performance risk.

A three-level hierarchy prioritizes the inputs to valuation techniques used to measure fair value and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are as follows:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

There were no transfers between the three levels of the fair value hierarchy during the years ended December 31, 2025, 2024 and 2023.

Assets and Liabilities Measured on a Recurring Basis

From time to time, the Company invests a portion of its cash and cash equivalents in non-federally insured money market funds that are measured at fair value based on quoted prices, which are Level 1 inputs.

The Company’s obligation under its deferred compensation plan is measured at fair value based on quoted market prices of the participants’ elected investments, which are Level 1 inputs. The deferred compensation plan is more fully described in Note (10 ), “Retirement Plans.”

The Company’s restricted cash equivalents and investments that serve as collateral for the Company’s captive insurance company include commercial paper and corporate bonds. The commercial paper is measured at observable market prices for identical securities that are traded in less active markets, which are Level 2 inputs. The corporate bonds are measured using readily available pricing sources that utilize observable market data, including the current interest rate for comparable instruments, which are Level 2 inputs. The following table presents the fair value of commercial paper and corporate bonds issued and outstanding:


	As of December 31, 2025		As of December 31, 2024
Commercial paper	$	12,985	$	64,580

Total classified as restricted cash equivalents	$	12,985	$	64,580
Commercial paper	$	1,449	$	1,399
Corporate bonds	32,586		6,769
Total classified as restricted investments	$	34,035	$	8,168

The fair value of our available-for-sale securities as of December 31, 2025, by remaining contractual maturities, are presented in the following table:


	Fair Value
Due in one year or less	$	3,807
Due after one year through five years	30,228
	$	34,035

Expected maturities may differ from stated due dates because borrowers may have the ability to call or prepay obligations with or without call or prepayment penalties.

The Company’s contingent consideration liabilities are measured at fair value using probability-weighted discounted cash flow analysis or a simulation-based methodology for the acquired companies, which are Level 3 inputs. The Company recognizes changes to the fair value of its contingent consideration liabilities in selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). There were no assets or liabilities measured on a recurring basis with level 3 inputs outstanding as of December 31, 2025 and 2024.

The following tables present information about the above-referenced assets and liabilities and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value:


	Fair Value Measurements as of December 31, 2025				Fair Value Measurements as of December 31, 2024
Assets (Liabilities)	Level 1		Level 2		Total		Level 1		Level 2		Total

Deferred compensation	$	(205,390)	$	—	$	(205,390)	$	(191,006)	$	—	$	(191,006)
Corporate bonds	—		32,586		32,586		—		6,769		6,769
Commercial paper	—		14,434		14,434		—		65,979		65,979

Assets Measured on a Non-Recurring Basis

The Company applies fair value techniques on a non-recurring basis associated with valuing identifiable intangible assets acquired through acquisitions and potential impairment losses related to its goodwill, indefinite-lived intangible assets, long-lived assets, and equity investments.

The fair value of identifiable intangible assets are determined using either the income approach (the relief-from-royalty method, multi-period excess earnings method or with-and-without method) or the cost approach (replacement cost method).

These valuation approaches use a combination of assumptions, including Level 3 inputs, such as (i) forecasted revenue, growth rates and customer attrition rates, (ii) forecasted operating expenses and profit margins, and (iii) royalty rates and discount rates used to present value the forecasted cash flows.

The Company assesses long-lived assets (including definite-lived intangible assets, fixed assets, and right-of-use assets) for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset group to the future undiscounted net cash flows that are expected to be generated by the asset group. If such asset group is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds its fair value. The Company determines the fair value of its asset groups based on a combination of inputs, including Level 3 inputs such as discounted cash flows, which are not observable from the market, directly or indirectly. In connection with the impairment loss on the customer relationships intangible assets recognized during the three months ended June 30, 2025, the following unobservable inputs were used in discounted cash flow method (within the income approach) to measure the fair value of the revenue cycle solutions asset group:

Range

Average

Revenue growth rates

(2.1)% - 6.1%

3.3%

Long-term growth rate

3.5%

N/A

Weighted-average cost of capital

14.0%

N/A

The Company maintains goodwill on its balance sheet, which represents the excess of the total purchase price of acquisitions over the fair value of the net assets and intangible assets acquired. The Company evaluates goodwill and indefinite-lived intangible assets annually for impairment and whenever events or changes in circumstances indicate that it is more likely than not that an impairment exists. The Company determines the fair value of its reporting units based on a combination of inputs, including the market capitalization of the Company, as well as Level 3 inputs such as discounted cash flows, which are not observable from the market, directly or indirectly. The Company determines the fair value of indefinite-lived intangible assets using the income approach (relief-from-royalty method) based on Level 3 inputs. Refer to Note (5 ) “Goodwill and Identifiable Intangible Assets” for additional details.

The Company’s equity investment represents an investment in a non-controlled corporation without a readily determinable market value. The Company has elected to measure the investment at cost minus impairment, if any, plus or minus changes resulting from observable price changes. When the Company identifies price changes in orderly transactions for identical or similar investments of the same issuer, the investment is measured at fair value. To determine whether a security of the same issuer is similar to the Company’s equity investment, the Company considers other information available such as the rights and obligations of the securities. The Company recognizes changes to the fair value of its equity investment in interest expense, net, and other in the consolidated statements of comprehensive income (loss). As of December 31, 2025, the Company has recognized cumulative upward adjustments and cumulative downward adjustments (including impairments) of $14,033 and $19,860, respectively. The balance of the equity investment was $2,773 as of December 31, 2025 and 2024.

Fair Value of Financial Instruments

The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate the value, even though these instruments are not recognized at fair value in the consolidated balance sheets. The fair value of the Company’s 4.625% senior notes due 2027 (the “2027 Notes”), 4.000% senior notes due 2029 (the “2029 Notes”), and 6.500% senior notes due 2031 (the “2031 Notes”), was estimated using quoted market prices in active markets for identical liabilities, which are Level 1 inputs. The carrying amounts and estimated fair value of the 2027 Notes, the 2029 Notes, and the 2031 Notes which are more fully described in Note (9 ), “Notes Payable and Credit Agreement,” are presented in the following table:


	As of December 31, 2025				As of December 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2027 Notes	$	—	$	—	$	500,000	$	473,750
2029 Notes	350,000		331,188		350,000		312,375
2031 Notes	400,000		398,500		—		—

The Company initially recognized the 2027 Note Receivable at its estimated fair value of $9,899 in connection with the sale of its Smart Square healthcare scheduling software on July 1, 2025. The fair value was determined using Level 2 inputs, including observable market interest rates and pricing for similar credit facilities. The fair value of the 2027 Note Receivable was not re-measured as of December 31, 2025 as there were no material changes in contractual terms, counterparty credit risk, or other relevant factors. The carrying amount of $9,931 as of December 31, 2025 approximates its fair value and is classified as a noncurrent asset in the consolidated balance sheet. See Note (3 ), “Sale of Disposal Group” for additional information.

The fair value of the Company’s long-term self-insurance accruals cannot be estimated as the Company cannot reasonably determine the timing of future payments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurement - Schedule of Available-for-sale Securities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Due in one year or less	$ 3,807
Due after one year through five years	30,228
Total	$ 34,035

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 16,580	$ 32,421
Accumulated depreciation	414,797	360,795
Accumulated amortization	$ 561,590	$ 534,822
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	51,054,000	50,692,000
Common stock, shares outstanding (in shares)	38,441,000	38,079,000
Treasury stock (in shares)	12,613,000	12,613,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Interest capitalized	$ 229	$ 606	$ 1,229

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		50,109,000
Beginning balance at Dec. 31, 2022	$ 1,043,634	$ 501	$ 501,674	$ (698,598)	$ 1,240,996	$ (939)
Beginning balance (in shares) at Dec. 31, 2022				(8,230,000)
Statement of Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	(4,383,000)			(4,383,000)
Repurchase of common stock	$ (428,445)			$ (428,445)
Equity awards vested, net of shares withheld for taxes (in shares)		314,000
Equity awards vested, net of shares withheld for taxes	(13,148)	$ 3	(13,151)
Share-based compensation	18,020		18,020
Comprehensive income (loss)	211,195				210,679	516
Ending balance (in shares) at Dec. 31, 2023		50,423,000
Ending balance at Dec. 31, 2023	$ 831,256	$ 504	506,543	$ (1,127,043)	1,451,675	(423)
Ending balance (in shares) at Dec. 31, 2023				(12,613,000)
Statement of Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	0
Equity awards vested, net of shares withheld for taxes (in shares)		191,000
Equity awards vested, net of shares withheld for taxes	$ (4,774)	$ 2	(4,776)
Shares purchased and issued under employee stock purchase plan (in shares)		78,000
Shares purchased and issued under employee stock purchase plan	3,388	$ 1	3,387
Share-based compensation	23,317		23,317
Comprehensive income (loss)	$ (146,567)				(146,979)	412
Ending balance (in shares) at Dec. 31, 2024	38,079,000	50,692,000
Ending balance at Dec. 31, 2024	$ 706,620	$ 507	528,471	$ (1,127,043)	1,304,696	(11)
Ending balance (in shares) at Dec. 31, 2024	(12,613,000)			(12,613,000)
Statement of Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	0
Equity awards vested, net of shares withheld for taxes (in shares)		239,000
Equity awards vested, net of shares withheld for taxes	$ (2,093)	$ 3	(2,096)
Shares purchased and issued under employee stock purchase plan (in shares)		123,000
Shares purchased and issued under employee stock purchase plan	2,289	$ 1	2,288
Share-based compensation	30,683		30,683
Comprehensive income (loss)	$ (95,393)				(95,702)	309
Ending balance (in shares) at Dec. 31, 2025	38,441,000	51,054,000
Ending balance at Dec. 31, 2025	$ 642,106	$ 511	$ 559,346	$ (1,127,043)	$ 1,208,994	$ 298
Ending balance (in shares) at Dec. 31, 2025	(12,613,000)			(12,613,000)

Summary of Significant Accounting Policies - Share-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2025
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance Shares, Shareholder Return-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for relative and absolute shareholder return	3 years
Minimum \| Performance Shares, EBITDA-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target amount granted to be issued	0.00%
Minimum \| Performance Shares, Shareholder Return-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target amount granted to be issued	0.00%
Minimum \| Performance Shares, Shareholder Return-Based, Certain
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target amount granted to be issued	0.00%
Maximum \| Performance Shares, EBITDA-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target amount granted to be issued	200.00%
Maximum \| Performance Shares, Shareholder Return-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target amount granted to be issued	175.00%
Maximum \| Performance Shares, Shareholder Return-Based, Certain
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target amount granted to be issued	200.00%

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current income taxes:
Federal	$ 7,617	$ 20,159	$ 65,426
State	6,618	5,042	20,666
Foreign	(47)	271	451
Total	14,188	25,472	86,543
Deferred income taxes:
Federal	(11,124)	(36,762)	(10,273)
State	(8,472)	(14,382)	(2,730)
Foreign	47	77	70
Total	(19,549)	(51,067)	(12,933)
Effective tax rate	$ (5,361)	$ (25,595)	$ 73,610

Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Intangible Assets By Major Class

As of December 31, 2025 and 2024, the Company had the following acquired intangible assets:


	As of December 31, 2025						As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Staffing databases	$	52,336	$	(43,475)	$	8,861	$	52,336	$	(39,879)	$	12,457
Customer relationships	467,286		(241,224)		226,061		532,048		(247,550)		284,498
Tradenames and trademarks	281,500		(234,873)		46,627		284,488		(204,159)		80,329
Non-compete agreements	9,309		(8,613)		696		9,399		(7,783)		1,616
Acquired technology	34,686		(33,405)		1,281		37,915		(35,451)		2,464
	$	845,117	$	(561,590)	$	283,526	$	916,186	$	(534,822)	$	381,364

Schedule of Estimated Amortization Expense

Based on the net carrying amount of intangible assets subject to amortization, the estimated future amortization expense as of December 31, 2025 is as follows:


	Amount
Year ending December 31, 2026	$	66,642
Year ending December 31, 2027	52,181
Year ending December 31, 2028	34,729
Year ending December 31, 2029	26,229
Year ending December 31, 2030	20,369
Thereafter	83,376
	$	283,526

Schedule of Goodwill

The following table summarizes the activity related to the carrying value of goodwill by reportable segment:


	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Balance, January 1, 2024	$	382,420	$	328,570	$	400,559	$	1,111,549

Goodwill impairment losses	(123,283)		(99,174)		—		(222,457)
Goodwill adjustment for MSDR acquisition	—		8,364		—		8,364
Balance, December 31, 2024	259,137		237,760		400,559		897,456
Goodwill impairment loss	—		(109,515)		—		(109,515)
Goodwill included in sale of disposal group	—		—		(32,132)		(32,132)
Balance, December 31, 2025	$	259,137	$	128,245	$	368,427	$	755,809
Accumulated impairment loss as of December 31, 2024	$	277,727	$	159,669	$	—	$	437,396
Accumulated impairment loss as of December 31, 2025	$	277,727	$	269,184	$	—	$	546,911

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Capital Stock (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Share Repurchases

The total number of shares repurchased, average price per share (excluding broker’s fees), and total cost (excluding the effect of excise taxes) for the year ended December 31, 2023 were as follows:


	Year Ended December 31,
	2023
Number of shares repurchased	4,383
Average price per share	$	96.90
Total cost of share repurchases	$	424,744

COVER - USD ($)	12 Months Ended
COVER - USD ($)	Dec. 31, 2025	Feb. 17, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-16753
Entity Registrant Name	AMN HEALTHCARE SERVICES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1500476
Entity Address, Address Line One	2999 Olympus Boulevard
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75019
City Area Code	866
Local Phone Number	871-8519
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	AMN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 787,746,040
Entity Common Stock, Shares Outstanding (excluding treasury shares)		38,641,082
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the annual meeting of stockholders, scheduled to be held on May 1, 2026, have been incorporated by reference into Part III of this Form 10-K. The definitive proxy statement will be filed within 120 days of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001142750
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
U.S. federal	$ 5,265	$ 21,600	$ 58,500
Foreign	142	210	253
Total income taxes paid, net	7,848	28,152	78,256
California
Effective Income Tax Rate Reconciliation [Line Items]
U.S. state and local	1,323	1,977	5,178
Texas
Effective Income Tax Rate Reconciliation [Line Items]
U.S. state and local	720	0	0
Other
Effective Income Tax Rate Reconciliation [Line Items]
U.S. state and local	$ 398	$ 4,365	$ 14,325

Fair Value Measurement - Fair Value of Financial Instruments (Details) - Senior Notes - USD ($) $ in Thousands	Dec. 31, 2025	Oct. 06, 2025	Dec. 31, 2024	Oct. 20, 2020
2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 0		$ 500,000
Estimated Fair Value	0		473,750
2029 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	350,000		350,000	$ 350,000
Estimated Fair Value	331,188		312,375
2031 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	400,000	$ 400,000	0
Estimated Fair Value	$ 398,500		$ 0

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) before income taxes includes the following components for the years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
	2025		2024		2023
United States	$	(101,382)	$	(173,087)	$	283,822
Foreign	319		513		467
Income (loss) before income taxes	$	(101,063)	$	(172,574)	$	284,289

Schedule of Provision for Income Taxes from Continuing Operations

The provision for income taxes from operations for the years ended December 31, 2025, 2024 and 2023 consists of the following:


	Years Ended December 31,
	2025		2024		2023
Current income taxes:
Federal	$	7,617	$	20,159	$	65,426
State	6,618		5,042		20,666
Foreign	(47)		271		451
Total	14,188		25,472		86,543
Deferred income taxes:
Federal	(11,124)		(36,762)		(10,273)
State	(8,472)		(14,382)		(2,730)
Foreign	47		77		70
Total	(19,549)		(51,067)		(12,933)
Provision (benefit) for income taxes from operations	$	(5,361)	$	(25,595)	$	73,610

Schedule of Income Tax Reconciliation

The Company’s income tax expense (benefit) differs from the amount that would have resulted from applying the federal statutory rate of 21% for 2025, 2024 and 2023 to pretax income (loss) from operations because of the effect of the following items during the years ended December 31, 2025, 2024 and 2023.


	Years Ended December 31,
	2025				2024				2023

	Amount		Rate		Amount		Rate		Amount		Rate
Pretax income (loss) from operations	$	(101,063)			$	(172,574)			$	284,289

U.S. federal statutory tax rate	$	(21,223)	21.00	%	$	(36,241)	21.00	%	$	59,701	21.00	%
State and local income tax, net of federal income tax effect (1)	(1,465)		1.45	%	(7,379)		4.28	%	14,170		4.98	%
Foreign tax effects	(65)		0.06	%	243		(0.14)	%	556		0.20	%
Tax credits
Research and development tax credits	950		(0.94)	%	(1,289)		0.75	%	(3,172)		(1.12)	%
Nontaxable or nondeductible items
Nondeductible compensation	2,739		(2.71)	%	1,396		(0.81)	%	905		0.32	%
Share-based compensation	2,948		(2.92)	%	513		(0.30)	%	(944)		(0.33)	%
Goodwill impairment losses	8,267		(8.18)	%	18,054		(10.46)	%	—		—	%
Company-owned life insurance policies	(6,293)		6.23	%	(4,855)		2.81	%	(4,428)		(1.56)	%
Meals per diems	2,244		(2.22)	%	2,110		(1.22)	%	3,010		1.06	%
Sale of disposal group	4,247		(4.20)	%	—		—	%	—		—	%
Other	278		(0.28)	%	516		(0.30)	%	961		0.34	%
Changes in unrecognized tax benefits	2,239		(2.21)	%	1,328		(0.77)	%	1,957		0.69	%
Other	(227)		0.22	%	9		(0.01)	%	894		0.32	%
Effective tax rate	$	(5,361)	5.30	%	$	(25,595)	14.83	%	$	73,610	25.90	%

(1) State taxes in California represents the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are presented below as of December 31, 2025 and 2024:


	December 31,
	2025		2024
Deferred tax assets:
Share-based compensation	$	5,982	$	6,394
Deferred compensation	51,963		48,821
Accrued bonus	6,271		5,546

Accrued expenses	11,014		10,783

Operating lease liabilities	9,737		10,954
Net operating losses	4,991		5,314
Loss contingencies	310		563
Workers compensation insurance	4,519		5,273
Professional services expenses	234		179
Provision for expected credit losses	4,655		8,415
Sales credits	9,694		5,960
Other	1,108		3,995
Total deferred tax assets	$	110,478	$	112,197
Deferred tax liabilities:
Intangible assets	$	(32,994)	$	(65,251)
Fixed assets	(21,015)		(8,662)
Operating lease right-of-use assets	(7,277)		(8,395)
Other	(4,315)		(4,060)
Total deferred tax liabilities	$	(65,601)	$	(86,368)

Net deferred tax assets	$	44,877	$	25,829

Schedule of Unrecognized Tax Benefits

A summary of the changes in the amount of unrecognized tax benefits (excluding interest and penalties) for 2025, 2024 and 2023 is as follows:


	2025		2024		2023
Beginning balance of unrecognized tax benefits	$	9,449	$	8,689	$	6,980
Additions based on tax positions related to the current year	—		978		1,873
Additions based on tax positions of prior years	2,285		266		491

Reductions due to lapse of applicable statute of limitation	(1,155)		(484)		(655)

Ending balance of unrecognized tax benefits	$	10,579	$	9,449	$	8,689

Schedule of Income Taxes Paid

Income taxes paid (net of refunds) during the years ended December 31, 2025, 2024 and 2023 by jurisdiction were as follows:


	2025		2024		2023
U.S. federal	$	5,265	$	21,600	$	58,500
U.S. state and local
California	1,323		1,977		5,178
Texas	720		—		—
Other (1)	398		4,365		14,325
Foreign	142		210		253
Total income taxes paid, net	$	7,848	$	28,152	$	78,256

(1) The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.

Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

Impairment of Intangible Assets

During the second quarter of 2025, the Company determined that recent declines in forecasted revenue and earnings of the revenue cycle solutions business (within the nurse and allied solutions segment) indicated that the carrying amounts of its customer relationships intangible assets may not be recoverable. Accordingly, the Company tested the recoverability of the asset group based on undiscounted estimated future cash flows and concluded that its carrying amount was not recoverable. The Company engaged a third-party valuation specialist to assist with determining the fair value of the asset group, which was estimated using the discounted cash flow method (within the income approach), and concluded that the asset group’s carrying amount exceeded its fair value. As a result, the Company recognized an impairment loss on the customer relationships intangible assets of $18,262, which is included within long-lived assets impairment losses in the consolidated statements of comprehensive income (loss). See Note (4), “Fair Value Measurement,” for additional information regarding the measurement of the asset group’s fair value.

As of December 31, 2025 and 2024, the Company had the following acquired intangible assets:


	As of December 31, 2025						As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Staffing databases	$	52,336	$	(43,475)	$	8,861	$	52,336	$	(39,879)	$	12,457
Customer relationships	467,286		(241,224)		226,061		532,048		(247,550)		284,498
Tradenames and trademarks	281,500		(234,873)		46,627		284,488		(204,159)		80,329
Non-compete agreements	9,309		(8,613)		696		9,399		(7,783)		1,616
Acquired technology	34,686		(33,405)		1,281		37,915		(35,451)		2,464
	$	845,117	$	(561,590)	$	283,526	$	916,186	$	(534,822)	$	381,364

Aggregate amortization expense for intangible assets was $78,027 and $92,770 for the years ended December 31, 2025 and 2024, respectively. Based on the net carrying amount of intangible assets subject to amortization, the estimated future amortization expense as of December 31, 2025 is as follows:


	Amount
Year ending December 31, 2026	$	66,642
Year ending December 31, 2027	52,181
Year ending December 31, 2028	34,729
Year ending December 31, 2029	26,229
Year ending December 31, 2030	20,369
Thereafter	83,376
	$	283,526

Impairment of Goodwill

Due to recent declines in forecasted revenue and earnings of the physician and leadership solutions reporting unit, the Company performed a quantitative goodwill impairment test for the reporting unit in the second quarter of 2025. The Company engaged a third-party valuation specialist to assist with determining the fair value of the reporting unit, which was estimated using an equal weighting of the income and market approaches. The discounted cash flow method (within the income approach) requires the use of Level 3 inputs, including (i) estimated future cash flows based on internally-developed forecasts of revenue, expenses and profit margins, (ii) estimated long-term growth rates, and (iii) determination of the Company’s weighted-average cost of capital that reflects the relative risk of the cash flows for each reporting unit. The guideline public company method (within the market approach) derives valuation multiples based on the market capitalization of similar publicly traded companies to apply to the forecasted financial metrics of the reporting unit. The market multiples used are revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA). In addition, as fair value determined under the guideline public company method represents a noncontrolling interest, a control premium was applied to arrive at the estimated fair value of the reporting unit on a controlling basis.

The quantitative test resulted in a goodwill impairment loss for the physician and leadership solutions reporting unit. Consideration was first given to long-lived assets within the reporting unit, and no impairment was recognized on such assets as the future undiscounted cash flows were in excess of the carrying amount of each asset group tested for impairment. The decline in the fair value of the physician and leadership solutions reporting unit below its carrying amount resulted from changes in estimated future cash flows primarily due to lower-than-expected volume for the locum tenens staffing business, continued gross margin pressures in the locum tenens staffing business driven by higher provider pay packages, and a continued decline in demand for the healthcare interim leadership and permanent placement solutions. As a result, an impairment loss of $91,221 was recorded to goodwill of the physician and leadership solutions reporting unit during the second quarter of 2025.

Recognition of the non-cash goodwill impairment loss resulted in income tax benefits that reduced the deferred tax liability associated with goodwill by $18,294, which increased the carrying amount of the physician and leadership solutions reporting unit. An incremental impairment loss of the same amount was recognized to reduce the reporting unit’s carrying amount to its previously determined fair value. After recognition of the incremental charge, the goodwill impairment loss amounted to $109,515 in total.

The Company performed its annual goodwill impairment test as of October 31, 2025, using a quantitative assessment for each of its three reporting units. The Company engaged a third-party valuation specialist to assist in estimating the fair value of each reporting unit, which was determined using an equal weighting of the income and market approaches. The quantitative assessment concluded that no goodwill impairment existed for the three reporting units as the estimated fair values of the reporting units exceeded their respective carrying amounts. In addition, the Company evaluated its long-lived assets for impairment and determined that no impairment was required, as the future undiscounted cash flows were in excess of the carrying amounts of the related asset groups tested for impairment.

Following the annual goodwill impairment test as of October 31, 2025, the Company did not identify any events or circumstances during the final two months of the year ended December 31, 2025 that indicated it may be more likely than not that the fair value of its reporting units were reduced below their respective carrying amounts.

The following table summarizes the activity related to the carrying value of goodwill by reportable segment:


	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Balance, January 1, 2024	$	382,420	$	328,570	$	400,559	$	1,111,549

Goodwill impairment losses	(123,283)		(99,174)		—		(222,457)
Goodwill adjustment for MSDR acquisition	—		8,364		—		8,364
Balance, December 31, 2024	259,137		237,760		400,559		897,456
Goodwill impairment loss	—		(109,515)		—		(109,515)
Goodwill included in sale of disposal group	—		—		(32,132)		(32,132)
Balance, December 31, 2025	$	259,137	$	128,245	$	368,427	$	755,809
Accumulated impairment loss as of December 31, 2024	$	277,727	$	159,669	$	—	$	437,396
Accumulated impairment loss as of December 31, 2025	$	277,727	$	269,184	$	—	$	546,911

Capital Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Capital Stock

(a) Preferred Stock

The Company has 10,000 shares of preferred stock authorized for issuance in one or more series (including preferred stock designated as Series A Conditional Convertible Preferred Stock), at a par value of $0.01 per share. At December 31, 2025 and 2024, no shares of preferred stock were outstanding.

(b) Treasury Stock

On November 1, 2016, the Company’s board of directors approved a share repurchase program under which the Company may repurchase up to $150,000 of its outstanding common stock. On November 10, 2021, February 17, 2022, June 15, 2022, and February 16, 2023, the Company announced increases to the share repurchase program totaling $1,200,000 for a total of $1,350,000 of repurchase authorization, of which $226,658 remained on the repurchase program as of December 31, 2025. The amount and timing of the purchases will depend on a number of factors including the price of the Company’s shares, trading volume, Company performance, Company liquidity, general economic and market conditions and other factors that the Company’s management believes are relevant. The share repurchase program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time.

The Company intends to make all repurchases and to administer the plan in accordance with applicable laws and regulatory guidelines, including Rule 10b-18 of the Exchange Act, and in compliance with its debt instruments. Repurchases may be made from cash on hand, free cash flow generated from the Company’s business or from the Company’s Senior Credit Facility. Repurchases may be made from time to time through open market purchases or privately negotiated transactions. Repurchases may also be made pursuant to one or more plans established pursuant to Rule 10b5-1 under the Exchange Act that would permit shares to be repurchased when the Company might otherwise be precluded from doing so under the Company’s securities trading policy.

During the years ended December 31, 2025 and 2024, the Company did not repurchase any shares of its common stock. The total number of shares repurchased, average price per share (excluding broker’s fees), and total cost (excluding the effect of excise taxes) for the year ended December 31, 2023 were as follows:


	Year Ended December 31,
	2023
Number of shares repurchased	4,383
Average price per share	$	96.90
Total cost of share repurchases	$	424,744

During the year ended December 31, 2023, the Company repurchased 2,362 shares of its common stock through the open market at an average price of $95.13 per share (excluding broker’s fees) for an aggregate purchase price of $224,744 (excluding the effect of excise taxes). Additionally, on May 8, 2023, the Company entered into an accelerated share repurchase (“ASR”) agreement with a counterparty whereupon the Company prepaid $200,000 and received an initial delivery of 1,760 shares of its common stock, which was 80% of the prepayment amount based on a price of $90.89 per share. On August 10, 2023, the Company received a final delivery of approximately 261 additional shares of its common stock, representing the remaining 20% of the prepayment and the final settlement of the ASR agreement. The total number of shares received and average price per share of $98.97 was based on the volume-weighted average price over the term of the ASR agreement, less an agreed upon discount. The Company recognized the shares delivered pursuant to the ASR as increases to treasury stock in the consolidated statements of stockholders’ equity during the year ended December 31, 2023.

- Definition

The entire disclosure for equity.

+ References

+ Details

Goodwill and Identifiable Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 845,117	$ 916,186
Accumulated Amortization	(561,590)	(534,822)
Net Carrying Amount	283,526	381,364
Staffing databases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,336	52,336
Accumulated Amortization	(43,475)	(39,879)
Net Carrying Amount	8,861	12,457
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	467,286	532,048
Accumulated Amortization	(241,224)	(247,550)
Net Carrying Amount	226,061	284,498
Tradenames and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	281,500	284,488
Accumulated Amortization	(234,873)	(204,159)
Net Carrying Amount	46,627	80,329
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,309	9,399
Accumulated Amortization	(8,613)	(7,783)
Net Carrying Amount	696	1,616
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	34,686	37,915
Accumulated Amortization	(33,405)	(35,451)
Net Carrying Amount	$ 1,281	$ 2,464

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Notes Payable and Credit Agreement - Senior Notes (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 22, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 06, 2025	Oct. 20, 2020	Aug. 13, 2020
Debt Instrument [Line Items]
Write-off of fees on credit facilities and senior notes		$ 1,156	$ 0	$ 0
2029 Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate						4.00%
Aggregate principal amount		350,000	350,000			$ 350,000
2031 Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate					6.50%
Aggregate principal amount		$ 400,000	0		$ 400,000
Debt issuances fees and expenses					$ 6,375
2027 Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate		4.625%					4.625%
Aggregate principal amount		$ 0	$ 500,000
Repayments of long-term debt	$ 500,000
Interest payment	$ 1,349
Write-off of fees on credit facilities and senior notes		$ 1,156

Summary of Significant Accounting Policies - Net Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Computation of Basic and Diluted Net Income Per Common Share [Abstract]
Net income (loss)	$ (95,702)	$ (146,979)	$ 210,679
Net income (loss)	$ (95,702)	$ (146,979)	$ 210,679
Net income (loss) per common share - basic (in dollars per share)	$ (2.48)	$ (3.85)	$ 5.38
Net income (loss) per common share - diluted (in dollars per share)	$ (2.48)	$ (3.85)	$ 5.36
Weighted average common shares outstanding - basic (in shares)	38,521	38,188	39,173
Plus dilutive effect of potential common shares (in shares)	0	0	168
Weighted average common shares outstanding - diluted (in shares)	38,521	38,188	39,341
Anti-dilutive potential common shares excluded from diluted weighted average common shares outstanding (in shares)	88	85	88

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the fair value of commercial paper and corporate bonds issued and outstanding:


	As of December 31, 2025		As of December 31, 2024
Commercial paper	$	12,985	$	64,580

Total classified as restricted cash equivalents	$	12,985	$	64,580
Commercial paper	$	1,449	$	1,399
Corporate bonds	32,586		6,769
Total classified as restricted investments	$	34,035	$	8,168

The following tables present information about the above-referenced assets and liabilities and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value:


	Fair Value Measurements as of December 31, 2025				Fair Value Measurements as of December 31, 2024
Assets (Liabilities)	Level 1		Level 2		Total		Level 1		Level 2		Total

Deferred compensation	$	(205,390)	$	—	$	(205,390)	$	(191,006)	$	—	$	(191,006)
Corporate bonds	—		32,586		32,586		—		6,769		6,769
Commercial paper	—		14,434		14,434		—		65,979		65,979

Schedule of Available-for-Sale Securities

The fair value of our available-for-sale securities as of December 31, 2025, by remaining contractual maturities, are presented in the following table:


	Fair Value
Due in one year or less	$	3,807
Due after one year through five years	30,228
	$	34,035

Schedule of Unobservable Inputs Used in Discounted Cash Flow Method

In connection with the impairment loss on the customer relationships intangible assets recognized during the three months ended June 30, 2025, the following unobservable inputs were used in discounted cash flow method (within the income approach) to measure the fair value of the revenue cycle solutions asset group:

Range

Average

Revenue growth rates

(2.1)% - 6.1%

3.3%

Long-term growth rate

3.5%

N/A

Weighted-average cost of capital

14.0%

N/A

Schedule of Carrying Amounts and Estimated Fair Value of Notes

The carrying amounts and estimated fair value of the 2027 Notes, the 2029 Notes, and the 2031 Notes which are more fully described in Note (9 ), “Notes Payable and Credit Agreement,” are presented in the following table:


	As of December 31, 2025				As of December 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2027 Notes	$	—	$	—	$	500,000	$	473,750
2029 Notes	350,000		331,188		350,000		312,375
2031 Notes	400,000		398,500		—		—

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Principles of Consolidation	The accompanying consolidated financial statements include the accounts of AMN Healthcare Services, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to goodwill and indefinite-lived intangible assets, professional liability reserve, contingent liabilities such as legal accruals, and income taxes. The Company bases these estimates on the information that is currently available and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from those estimates under different assumptions or conditions.
Cost of Revenue	Cost of revenue represents costs directly associated with the earnings of revenue and are comprised primarily of compensation, benefits, housing, travel and allowance costs for healthcare professionals and medically qualified interpreters.
Selling, General and Administrative Expenses	Selling, general and administrative expenses consist predominantly of compensation and benefits costs for corporate employees, in additional to professional service fees, legal matter accruals, and other overhead costs. Unallocated corporate overhead is a subset of selling, general and administrative expenses and is comprised of indirect costs related to certain corporate functions that are not allocated to the Company’s reportable segments.
Cash and Cash Equivalents	The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents include currency on hand, deposits with financial institutions, money market funds, and other highly liquid investments.
Restricted Cash, Cash Equivalents and Investments	Restricted cash, cash equivalents and investments primarily include cash, corporate bonds and commercial paper that serve as collateral for the Company’s captive insurance subsidiary claim payments.
Fixed Assets	The Company records furniture, equipment, leasehold improvements and capitalized software at cost less accumulated amortization and depreciation. The Company records equipment acquired under finance leases at the present value of the future minimum lease payments. The Company capitalizes major additions and improvements, and it expenses maintenance and repairs when incurred. The Company calculates depreciation on furniture, equipment and software using the straight-line method based on the estimated useful lives of the related assets (typically three to ten years). The Company depreciates leasehold improvements and equipment obtained under finance leases over the shorter of the term of the lease or their estimated useful lives. The Company includes depreciation of equipment obtained under finance leases with depreciation expense in the accompanying consolidated financial statements. The Company capitalizes costs it incurs to develop software during the application development stage. Application development stage costs generally include costs associated with software configuration, coding, installation and testing. The Company also capitalizes costs of significant upgrades and enhancements that result in additional functionality, whereas it expenses as incurred costs for maintenance and minor upgrades and enhancements. The Company amortizes capitalized costs using the straight-line method over three to ten years once the software is ready for its intended use. The Company assesses long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to the future undiscounted net cash flows that are expected to be generated by the asset group. If such asset group is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. The Company reports assets to be disposed of at the lower of the carrying amount or fair value less costs to sell.
Leases	The Company recognizes operating lease right-of-use assets and liabilities at commencement date based on the present value of the future minimum lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet in accordance with the short-term lease recognition exemption. The Company applies the practical expedient to not separate lease and non-lease components for all leases that qualify. The rates implicit in the Company’s lease arrangements are generally not readily determinable and as such, the Company uses its incremental borrowing rate as the discount rate to measure its lease liabilities. The incremental borrowing rate is determined for each operating lease based on the Company’s borrowing capabilities over a similar term of the lease arrangement, which is estimated by utilizing the Company’s credit rating and the effects of full collateralization. Lease expense is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets are included in other assets, and operating lease liabilities are included in other current liabilities and other long-term liabilities in the consolidated balance sheets.
Goodwill	The Company records as goodwill the portion of the purchase price that exceeds the fair value of net assets of entities acquired. The Company evaluates goodwill annually for impairment at the reporting unit level and whenever circumstances occur indicating that goodwill may be impaired. The Company may first perform an optional qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, the Company determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, the quantitative impairment test is unnecessary. If a reporting unit does not pass the qualitative assessment, then the Company performs a quantitative test in which the reporting unit’s carrying amount is compared to its fair value. The amount by which the carrying amount of the goodwill exceeds its fair value is recognized as an impairment loss.
Intangible Assets	Intangible assets consist of identifiable intangible assets acquired through acquisitions, which include tradenames and trademarks, customer relationships, staffing databases, developed technology and non-compete agreements. The Company amortizes intangible assets, other than those with an indefinite life, using the straight-line method over their useful lives. The Company amortizes non-compete agreements using the straight-line method over the lives of the related agreements. The Company reviews for impairment intangible assets with estimable useful lives whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company does not amortize indefinite-lived intangible assets and instead reviews them for impairment annually. The Company may first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, the Company determines that it is more likely than not that the indefinite-lived intangible asset is not impaired, no quantitative fair value measurement is necessary. If a quantitative fair value measurement calculation is required for an indefinite-lived intangible asset, the Company compares its fair value with its carrying amount. If the carrying amount exceeds the fair value, the Company records the excess as an impairment loss.
Insurance Reserves	The Company maintains an accrual for professional liability that is included in accounts payable and accrued expenses and other long-term liabilities in the consolidated balance sheets. The expense is included in the selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). The Company determines the adequacy of this accrual by evaluating its historical experience and trends, loss reserves established by the Company’s insurance carriers, management and third-party administrators, and independent actuarial studies. The Company obtains actuarial studies on a semi-annual basis that use the Company’s actual claims data and industry data to assist the Company in determining the adequacy of its reserves each year. For periods between the actuarial studies, the Company records its accruals based on loss rates provided in the most recent actuarial study and management’s review of loss history and trends. Liabilities include provisions for estimated incurred but not yet reported (“IBNR”) losses, as well as provisions for known claims. IBNR reserve estimates involve the use of assumptions that are primarily based upon historical loss experience, industry data and other actuarial assumptions. The Company maintains insurance programs through its wholly-owned captive insurance subsidiary, which primarily provides coverage, on an occurrence basis, for professional liability within its nurse and allied solutions segment. In addition, the Company maintains excess insurance coverage through a commercial carrier for losses above the per occurrence retention. Losses covered by excess insurance are included in the accrual for professional liability, as the Company remains liable to the extent commercial carriers do not meet their obligations. The Company maintains an accrual for workers’ compensation, which is included in accrued compensation and benefits and other long-term liabilities in the consolidated balance sheets. The expense relating to healthcare professionals is included in cost of revenue, while the expense relating to corporate employees is included in the selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). The Company determines the adequacy of this accrual by evaluating its historical experience and trends, loss reserves established by the Company’s insurance carriers and third-party administrators, and independent actuarial studies. The Company obtains actuarial studies on a semi-annual basis that use the Company’s payroll and historical claims data, as well as industry data, to determine the appropriate reserve for both reported claims and IBNR claims for each policy year. For periods between the actuarial studies, the Company records its accruals based on loss rates provided in the most recent actuarial study.
Revenue Recognition	Revenue primarily consists of fees earned from the temporary staffing and permanent placement of healthcare professionals, executives, and leaders (clinical and operational). The Company also generates revenue from technology-enabled services, including language interpretation and vendor management systems, and talent planning and acquisition services, including recruitment process outsourcing. The Company recognizes revenue when control of its services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those services. Revenue from temporary staffing services is recognized as the services are rendered by clinical and non-clinical healthcare professionals. Under the Company’s managed services program (“MSP”) arrangements, the Company manages all or a part of a customer’s supplemental workforce needs utilizing its own network of healthcare professionals along with those of third-party subcontractors. Revenue and the related direct costs are recorded in accordance with the accounting guidance on reporting revenue gross as a principal versus net as an agent. Revenue is recorded on a gross basis when the Company utilizes its own network of healthcare professionals (including nurses, allied healthcare professionals, locum tenens, and executive and leadership interim staff). Conversely, when the Company uses subcontractors under an MSP arrangement and acts as an agent, revenue is recorded net of the related subcontractor’s expense. Revenue from permanent placement and recruitment process outsourcing services is recognized as the services are rendered. Depending on the arrangement, the Company’s technology-enabled service revenue is recognized either as the services are rendered or ratably over the applicable arrangement’s service period. Revenue for the language services business is recorded on a gross basis. Under vendor management systems arrangements, revenue is recorded on a net basis as an agent because other companies are primarily responsible for providing the staffing services, for which the Company is entitled a percentage fee. See additional information below regarding the Company’s revenue disaggregated by service type. The Company’s customers are primarily billed as services are rendered. Any fees billed in advance of being earned are recorded as deferred revenue. For labor disruption engagements, customer deposits received in advance of service delivery are recorded as contract liabilities within client deposits. Revenue is recognized over time as staffing and related services are provided during the strike or crisis event. Upon completion of the event, actual labor and costs are reconciled to amounts billed, resulting in either a refund to the customer from the remaining contract liability or an incremental invoice for any remaining amounts due. The Company recognizes assets from incremental costs to obtain a contract with a customer and costs incurred to fulfill a contract with a customer, which are deferred and amortized using the portfolio approach on a straight line basis over the average period of benefit consistent with the timing of transfer of services to the customer. The Company has elected to apply the following practical expedients and optional exemptions related to contract costs and revenue recognition: •Recognize incremental costs of obtaining a contract with amortization periods of one year or less as expense when incurred. These costs are recorded within selling, general and administrative expenses. •Recognize revenue in the amount of consideration that the Company has a right to invoice the customer if that amount corresponds directly with the value to the customer of the Company’s services completed to date. •Exemptions from disclosing the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which revenue is recognized in the amount of consideration that the Company has a right to invoice for services performed and (iii) contracts for which variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation.
Accounts Receivable	The Company records accounts receivable at the invoiced amount. Accounts receivable are non-interest bearing. The Company maintains an allowance for expected credit losses based on the Company’s historical write-off experience, an assessment of its customers’ financial conditions and available information that is relevant to assessing the collectability of cash flows.
Concentration of Credit Risk	The majority of the Company’s business activity is with hospitals located throughout the United States. Credit is extended based on the evaluation of each entity’s financial condition. The Company’s cash and cash equivalents and restricted cash, cash equivalents and investments accounts are financial instruments that are exposed to concentration of credit risk. The Company maintains most of its cash, cash equivalents and investment balances (both unrestricted and restricted) with high-credit quality and federally insured institutions. However, cash equivalents and restricted cash equivalents and investment balances may be invested in non-federally insured money market funds, commercial paper and corporate bonds.
Income Taxes	The Company records income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period the changes are enacted. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. The Company recognizes the effect of income tax positions only if it is more likely than not that such positions will be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense.
Fair Value of Financial Instruments	The carrying amounts of the Company’s cash equivalents and restricted cash equivalents and investments approximate their respective fair values due to the short-term nature and liquidity of these financial instruments. The fair value of the Company’s equity investment is measured using observable prices for identical or similar investments of the same issuer when such transactions are identified, which is more fully described in Note (4), “Fair Value Measurement.” As it relates to the Company’s 2029 Notes and 2031 Notes (as defined in Note (9) and Note (4), respectively, below), fair value disclosure is detailed in Note (4), “Fair Value Measurement.” See Note (9) “Notes Payable and Credit Agreement,” for additional information. The fair value of the Company’s long-term self-insurance accruals cannot be estimated because the Company cannot reasonably determine the timing of future payments.
Share-Based Compensation	The Company accounts for its share-based employee compensation plans by expensing the estimated fair value of share-based awards on a straight-line basis over the requisite employee service period, which typically is the vesting period, except for awards granted to retirement-eligible employees, which are expensed on an accelerated basis. Restricted stock units (“RSUs”) typically vest over a three-year period. Share-based compensation cost of RSUs is measured by the market value of the Company’s common stock on the date of grant, and the Company records share-based compensation expense only for those awards that are expected to vest. Performance restricted stock units (“PRSUs”) primarily consist of PRSUs that contain performance conditions dependent on defined targets of the Company’s adjusted EBITDA, with a range of 0% to 200% of the target amount granted to be issued under the award. Share-based compensation cost for these PRSUs is measured by the market value of the Company’s common stock on the date of grant, and the amount recognized is adjusted for estimated achievement of the performance conditions. A limited amount of PRSUs contain a market condition dependent upon the Company’s relative and absolute total stockholder return over a three-year period, typically with a range of 0% to 175% (and certain awards with a range of 0% to 200%) of the target amount granted to be issued under the award. Share-based compensation cost for these PRSUs is measured using the Monte-Carlo simulation valuation model and is not typically adjusted for the achievement, or lack thereof, of the market conditions. Share-based compensation cost for purchase rights granted under the Company’s employee stock purchase plan is measured using the Black-Scholes model and the related employee contributions are included in accrued compensation and benefits in the consolidated balance sheets.
Net Income (Loss) per Common Share	The dilutive effect of potential shares and anti-dilutive potential common shares primarily include outstanding share-based awards, which consists of restricted stock units, performance restricted stock units, and obligations under the Company’s employee stock purchase plan.
Segment Information	The Company’s operating segments are identified in the same manner as they are reported internally and used by the Company’s chief operating decision maker (“CODM”) for the purpose of evaluating performance and allocating resources. The Company’s Chief Executive Officer and its Chief Financial Officer and Chief Operating Officer serve as the Company’s CODM. The Company has three reportable segments: (1) nurse and allied solutions, (2) physician and leadership solutions, and (3) technology and workforce solutions. The nurse and allied solutions segment includes the Company’s travel nurse staffing (including international nurse staffing and rapid response nurse staffing), labor disruption staffing, local staffing, international nurse permanent placement, and allied staffing (including revenue cycle solutions) businesses. The physician and leadership solutions segment includes the Company’s locum tenens staffing, healthcare interim leadership staffing, executive search, and physician permanent placement businesses. The technology and workforce solutions segment includes the Company’s language services, vendor management systems (“VMS”), workforce optimization, and outsourced solutions businesses. The Company’s CODM relies on internal management reporting processes that provide revenue, gross profit and operating income by reportable segment. These financial measures are used by the CODM to evaluate segment performance, monitor variances between periods and against projections, make key operating decisions, and allocate resources such as capital and personnel to each segment. The CODM does not evaluate or measure performance of segments using asset information; accordingly, asset information by segment is not prepared or disclosed. Beginning this year, the Company revised its corporate resource allocation methodology to better match actual consumption by reportable segments, which affects the measurement of segment operating income used by the CODM. Based on management’s estimates, the change did not have a material impact on segment operating income.
Reclassifications	To conform to the current year presentation, certain reclassifications have been made to prior year amounts in the consolidated statements of comprehensive income (loss) and accompanying notes - Note (1)(t) “Summary of Significant Accounting Policies - Segment Information” and Note (7), “Balance Sheet Details”.
Recently Adopted Accounting Pronouncements	In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of disaggregation of the rate reconciliation and additional information on income taxes paid disaggregated by jurisdiction. The Company adopted this standard on a retrospective basis for the year ended December 31, 2025. See Note (8), “Income Taxes” for the new disclosure requirements. The adoption of this standard did not have a material impact on our consolidated financial statements.

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

The Company accounted for the acquisition set forth below using the acquisition method of accounting. Accordingly, the Company recorded the tangible and intangible assets acquired and liabilities assumed at their estimated fair values as of the applicable date of acquisition. Since the date of acquisition, the Company has revised the allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed based on analysis of information that has been made available through December 31, 2025 or the end of the one-year measurement period, whichever is earlier. The goodwill recognized for the acquisition is attributable to expected growth as the Company leverages its brand and diversifies its services offered to clients, including potential revenue growth and margin expansion. The Company recognizes acquisition-related costs in selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). For the acquisition, the Company did not incur any material acquisition-related costs.

MSDR Acquisition

On November 30, 2023, the Company completed its acquisition of MSI Systems Corp. and DrWanted.com LLC (together, “MSDR”), two healthcare staffing companies that specialize in locum tenens and advanced practice. The initial purchase price of $292,818 consisted entirely of cash consideration paid upon acquisition. The acquisition was funded through borrowings under the Company’s secured revolving credit facility, which had total commitments of $750,000 at the time of the acquisition (the “Senior Credit Facility”), provided for under the Amended Credit Agreement (as defined in Note (9 ) below). The results of MSDR have been included in the Company’s physician and leadership solutions segment since the date of acquisition. During the second quarter of 2024, $1,649 was returned to the Company in respect of the final working capital settlement.

The allocation of the $291,169 purchase price, which was reduced by the final working capital settlement and was finalized during the fourth quarter of 2024, consisted of (1) $41,406 of fair value of tangible assets acquired, which included $562 cash received, (2) $26,371 of liabilities assumed, (3) $92,000 of identified intangible assets, and (4) $184,134 of goodwill, of which $94,762 is deductible for tax purposes. The intangible assets acquired have a weighted average useful life of approximately seven years. The following table summarizes the fair value and useful life of each intangible asset acquired as of the acquisition date:


		Fair Value		Useful Life
				(in years)
Identifiable intangible assets
	Customer relationships	$	54,300	7 - 10
	Tradenames and trademarks	26,400		3
	Staffing databases	11,300		5
		$	92,000

- Definition

The entire disclosure for business combination.

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+ Details

Balance Sheet Details

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

The consolidated balance sheets detail is as follows:


	December 31,
	2025		2024
Other current assets:
Restricted cash and cash equivalents	$	21,628	$	14,984
Income taxes receivable	8,506		11,683
Subcontractor deposits	14,927		11,190
Other	14,874		15,601
Other current assets	$	59,935	$	53,458






Fixed assets:
Furniture and equipment	$	97,879	$	90,970
Software	436,891		440,034
Leasehold improvements	16,388		16,061
	551,158		547,065
Accumulated depreciation	(414,797)		(360,795)
Fixed assets, net	$	136,361	$	186,270

Other assets:
Life insurance cash surrender value	$	215,513	$	194,350
Operating lease right-of-use assets	27,047		32,115
Other	39,992		31,588
Other assets	$	282,552	$	258,053

Accounts payable and accrued expenses:
Trade accounts payable	$	37,049	$	31,356
Subcontractor payable	47,896		69,563
Accrued expenses	53,598		57,263
Loss contingencies	6,721		2,999
Professional liability reserve	9,506		8,395
Other	7,198		14,735
Accounts payable and accrued expenses	$	161,968	$	184,311

Accrued compensation and benefits:
Accrued payroll	$	45,166	$	46,896
Accrued bonuses and commissions	28,306		25,988

ESPP contributions	545		812
Workers compensation reserve	8,636		9,954
Deferred compensation	205,390		191,006
Other	10,794		12,888
Accrued compensation and benefits	$	298,837	$	287,544

Other current liabilities:
Deferred revenue	$	9,497	$	10,014


Client deposits	97,337		56,341
Operating lease liabilities	6,009		6,200
Other	3,966		1,375
Other current liabilities	$	116,809	$	73,930


	December 31,
	2025		2024
Other long-term liabilities:
Workers compensation reserve	$	15,969	$	18,445
Professional liability reserve	44,433		38,307


Operating lease liabilities	30,140		35,725
Other	16,792		14,973
Other long-term liabilities	$	107,334	$	107,450

Summary of Significant Accounting Policies - Restricted Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 33,972		$ 10,649
Restricted cash and cash equivalents (included in other current assets)	21,628		14,984
Restricted cash, cash equivalents and investments	45,606		71,840
Total cash, cash equivalents and restricted cash and investments	101,206		97,473
Less restricted investments	(34,035)		(8,168)
Total cash, cash equivalents and restricted cash	$ 67,171		$ 89,305	$ 108,273	$ 137,872
Restricted cash and cash equivalents, released amount		$ 25,000

Notes Payable and Credit Agreement - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt outstanding	$ 775,000	$ 1,060,000
Less unamortized fees and premium	(7,947)	(4,128)
Long-term portion of notes payable	767,053	1,055,872
Senior Notes \| 2027 Notes
Debt Instrument [Line Items]
Total debt outstanding	0	500,000
Senior Notes \| 2029 Notes
Debt Instrument [Line Items]
Total debt outstanding	350,000	350,000
Senior Notes \| 2031 Notes
Debt Instrument [Line Items]
Total debt outstanding	400,000	0
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Total debt outstanding	$ 25,000	$ 210,000

Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (101,382)	$ (173,087)	$ 283,822
Foreign	319	513	467
Income (loss) before income taxes	$ (101,063)	$ (172,574)	$ 284,289

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Notes Payable and Credit Agreement

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Notes Payable and Credit Agreement

(a) The Company’s Credit Agreement and Revolving Credit Facility

On February 10, 2023, the Company entered into the third amendment to its credit agreement (the “Third Amendment”). The Third Amendment (together with the credit agreement, the first amendment and the second amendment, collectively, the “Amended Credit Agreement”) provides for, among other things, the following: (i) an extension of the maturity date of the Senior Credit Facility to February 10, 2028, (ii) an increase to the Senior Credit Facility from $400,000 to $750,000, and (iii) a transition from LIBOR to a Secured Overnight Financing Rate (“SOFR”)-based interest rate. On November 5, 2024, the Company entered into the fourth amendment to its credit agreement which increased the consolidated net leverage ratio covenant for the year ending December 31, 2025.

On October 6, 2025, the Company entered into the fifth amendment to its credit agreement (the “Fifth Amendment”). The Fifth Amendment provides for, among other things, the following: (i) an extension of the maturity date of Senior Credit Facility to October 6, 2030, (ii) a decrease of the revolving commitments from $750,000 to $450,000, and (iii) the revision of the Consolidated Net Leverage Ratio (as calculated in accordance with the amended credit agreement) to be no greater than 5.25 to 1.00 through March 31, 2027. The obligations of the Company under the Amended Credit Agreement are secured by substantially all of the assets of the Company.

Borrowings under the Senior Credit Facility bear interest at floating rates, at the Company’s option, based upon either SOFR plus a spread of 1.00% to 1.75% or a base rate plus a spread of 0.00% to 0.75%. The applicable spread is determined quarterly based upon the Company’s consolidated net leverage ratio (as calculated per the Amended Credit Agreement). The Senior Credit Facility, which includes a $125,000 sublimit for the issuance of letters of credit and a $75,000 sublimit for swingline loans, is available for working capital, capital expenditures, permitted acquisitions and general corporate purposes.

(b) The Company’s 4.000% Senior Notes Due 2029

On October 20, 2020, the Company completed the issuance of $350,000 aggregate principal amount of the 2029 Notes, which mature on April 15, 2029. The 2029 Notes are unsecured obligations of the Company and the interest is fixed at 4.000% and payable semi-annually in arrears on April 15 and October 15 of each year, commencing April 15, 2021.

On October 6, 2025, the Company completed the issuance of $400,000 aggregate principal amount of the 2031 Notes, which mature on January 15, 2031. Interest on the 2031 Notes is fixed at 6.500% and payable semi-annually in arrears on January 15 and July 15 of each year, commencing July 15, 2026. With the proceeds from the 2031 Notes, together with borrowings under the Senior Credit Facility and cash generated from operations, the Company (1) redeemed all of its outstanding $500,000 aggregate principal amount of the 2027 Notes on October 22, 2025, (2) paid $1,349 in accrued and unpaid interest on the 2027 Notes and (3) incurred $6,375 in fees and expenses related to the issuance and sale of the 2031 Notes, which were recorded as a reduction of the notes payable balance and are being amortized to interest expense over the term of the 2031 Notes. In addition, as the redemption of the 2027 Notes was accounted for as a debt extinguishment, the Company wrote off $1,156 of unamortized financing fees incurred and remaining redemption premium in connection with the issuance of the 2027 Notes, which was recognized in interest expense, net, and other in the consolidated statements of comprehensive income (loss) for the year ended December 31, 2025.

The indenture governing the 2031 Notes contains covenants that, among other things, restrict the ability of Company to:

•sell assets,

•pay dividends or make other distributions on capital stock, make payments in respect of subordinated indebtedness or make other restricted payments,

•make certain investments,

•incur or guarantee additional indebtedness or issue preferred stock,

•create certain liens,

•enter into agreements that restrict dividends or other payments from restricted subsidiaries,

•consolidate, merge or transfer all or substantially all of their assets,

•engage in transactions with affiliates, and

•create unrestricted subsidiaries.

These covenants are subject to a number of important exceptions and qualifications. The indenture governing the 2031 Notes contains affirmative covenants and events of default that are customary for indentures governing high yield securities.

The 2031 Notes and the related guarantees thereof are not subject to any registration rights agreements.

As of December 31, 2025, the Company was in compliance with the various covenants under the Company’s debt instruments.

(d) Debt Balances

Outstanding debt balances as of December 31, 2025 and 2024 consisted of the following:


	As of December 31,
	2025		2024

Senior Credit Facility	$	25,000	$	210,000

2027 Notes	—		500,000
2029 Notes	350,000		350,000
2031 Notes	400,000		—
Total debt outstanding	775,000		1,060,000
Less unamortized fees and premium	(7,947)		(4,128)

Long-term portion of notes payable	$	767,053	$	1,055,872

The Company’s 4.625% Senior Notes due 2027, which were issued in October 2019, with an additional issuance in August 2020, were fully redeemed during the fourth quarter of 2025. As of December 31, 2025, the Company had outstanding letters of credit of $20,158, collateralized under the Senior Credit Facility, and $404,842 of available credit under the Senior Credit Facility. Outstanding borrowings under the Senior Credit Facility bore interest at a rate of 5.5% based on SOFR as of December 31, 2025.

(e) Letters of Credit

At December 31, 2025, the Company maintained outstanding standby letters of credit totaling $20,816 as collateral in relation to its workers’ compensation insurance agreements and a corporate office lease agreement. Of the $20,816 outstanding letters of credit, the Company has collateralized $658 in cash and cash equivalents and the remaining $20,158 is collateralized by the Senior Credit Facility. Outstanding standby letters of credit at December 31, 2024 totaled $20,912.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Segment Information (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Oct. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment			3
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue			$ 2,730,429	$ 2,983,781	$ 3,789,254
Cost of revenue			1,956,371	2,064,405	2,539,673
Gross profit			774,058	919,376	1,249,581
Segment selling, general and administrative expenses			593,022	632,489	748,436
Income (loss) from operations			(55,472)	(102,673)	338,429
Depreciation and amortization			147,869	167,103	154,914
Share-based compensation			30,683	23,317	18,020
Gain on sale of disposal group			(39,138)	0	0
Goodwill impairment losses	$ 0		109,515	222,457	0
Long-lived assets impairment losses	$ 0		18,262	0	7,802
Interest expense, net, and other			45,591	69,901	54,140
Income (loss) before income taxes			(101,063)	(172,574)	284,289
Nurse and Allied Solutions
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue			1,647,318	1,815,718	2,624,509
Goodwill impairment losses			0	123,283
Physician and Leadership Solutions
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue			696,362	728,608	669,701
Goodwill impairment losses		$ 109,515	109,515	99,174
Technology and Workforce Solutions
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue			386,749	439,455	495,044
Goodwill impairment losses			0	0
Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue			2,730,429	2,983,781	3,789,254
Cost of revenue			1,956,371	2,064,405	2,539,673
Gross profit			774,058	919,376	1,249,581
Segment selling, general and administrative expenses			473,983	499,657	583,734
Depreciation (included in cost of revenue)			(8,731)	(6,676)	(6,013)
Income (loss) from operations			308,806	426,395	671,860
Operating Segments \| Nurse and Allied Solutions
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue			1,647,318	1,815,718	2,624,509
Cost of revenue			1,269,045	1,371,660	1,932,099
Gross profit			378,273	444,058	692,410
Segment selling, general and administrative expenses			252,307	270,467	330,252
Depreciation (included in cost of revenue)			0	0	0
Income (loss) from operations			125,966	173,591	362,158
Operating Segments \| Physician and Leadership Solutions
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue			696,362	728,608	669,701
Cost of revenue			504,503	511,959	440,230
Gross profit			191,859	216,649	229,471
Segment selling, general and administrative expenses			135,263	137,600	134,505
Depreciation (included in cost of revenue)			0	0	0
Income (loss) from operations			56,596	79,049	94,966
Operating Segments \| Technology and Workforce Solutions
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue			386,749	439,455	495,044
Cost of revenue			182,823	180,786	167,344
Gross profit			203,926	258,669	327,700
Segment selling, general and administrative expenses			86,413	91,590	118,977
Depreciation (included in cost of revenue)			(8,731)	(6,676)	(6,013)
Income (loss) from operations			126,244	173,755	214,736
Non-Segment
Segment Reporting Information, Profit (Loss) [Abstract]
Unallocated corporate overhead			88,356	109,515	146,682
Reconciling Item
Segment Reporting Information, Profit (Loss) [Abstract]
Depreciation and amortization			147,869	167,103	154,914
Depreciation (included in cost of revenue)			8,731	6,676	6,013
Share-based compensation			30,683	23,317	18,020
Gain on sale of disposal group			(39,138)
Long-lived assets impairment losses			18,262		7,802
Interest expense, net, and other			45,591	69,901	54,140
Income (loss) before income taxes			$ (101,063)	$ (172,574)	$ 284,289

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	San Diego, California
Auditor Firm ID	185

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

(a) Equity Award Plans

Equity Plan

The Company established the AMN Healthcare Equity Plan (as amended or amended and restated from time to time, the “Equity Plan”), which has been approved by the Company’s stockholders. Any shares to be issued under the Equity Plan will be issued by the Company from authorized but unissued common stock or shares of common stock reacquired by the Company. As of December 31, 2025 and 2024, 1,897 and 1,668 shares of common stock were reserved for future grants under the Equity Plan, respectively.

Employee Stock Purchase Plan

During 2023, the Company established the AMN Healthcare Services, Inc. Employee Stock Purchase Plan (the “ESPP”) which authorizes the issuance of up to 1,000 shares of the Company’s common stock. The ESPP provides eligible employees with the opportunity to purchase shares of the Company’s common stock at a discount through payroll deductions during a six-month purchase period. Shares are purchased at 85% of the fair market value of the Company’s common stock on the offering date or the purchase date of the applicable purchase period, whichever is lower. Employee contributions were $2,022 and $3,250 for the years ended December 31, 2025 and 2024, respectively. There were 123 and 78 shares issued under the ESPP during the years ended December 31, 2025 and 2024, respectively, and the number of shares remaining available for future

issuance was 799 as of December 31, 2025. No purchases were made and no shares were issued under the ESPP during the year ended December 31, 2023.

Other Plans

From time to time, the Company grants, and has granted, key employees inducement awards outside of the Equity Plan (collectively, “Other Plans”), which have recently consisted of RSUs. Although these awards are not made under the Equity Plan, the key terms and conditions of the grant are typically the same as equity awards made under the Equity Plan.

(b) Share-Based Compensation

Restricted Stock Units

RSUs and PRSUs (subject to performance conditions being achieved) granted under the Equity Plan generally entitle the holder to receive, at the end of a vesting period, a specified number of shares of the Company’s common stock. The following table summarizes RSU and PRSU activity for the years ended December 31, 2025, 2024 and 2023:


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested at January 1, 2023	665	$	94.79
Granted—RSUs	196	$	95.67
Granted—PRSUs (1)	176	$	109.74
Vested	(349)	$	89.76
Canceled/forfeited	(87)	$	104.14
Unvested at December 31, 2023	601	$	101.01
Granted—RSUs	443	$	61.30
Granted—PRSUs (1)	259	$	70.73
Vested	(234)	$	89.64
Canceled/forfeited	(156)	$	90.66
Unvested at December 31, 2024	913	$	77.81
Granted—RSUs	843	$	25.45
Granted—PRSUs (1)	509	$	30.33
Vested	(304)	$	80.79
Canceled/forfeited	(167)	$	63.73
Unvested at December 31, 2025	1,794	$	40.55

(1) PRSUs granted included both the PRSUs granted during the year at the target amount and the additional shares of prior period granted PRSUs vested during the year in excess of the target shares.

As of December 31, 2025, there was $30,404 unrecognized compensation cost related to unvested RSUs and PRSUs. The Company expects to recognize such cost over a period of 1.7 years. As of December 31, 2025 and 2024, the aggregate intrinsic value of the RSUs and PRSUs outstanding was $28,274 and $21,834, respectively.

Share-Based Compensation

Total share-based compensation expense for the years ended December 31, 2025, 2024 and 2023 was as follows:


	Years Ended December 31,
	2025		2024		2023
Share-based employee compensation, before tax	$	30,683	$	23,317	$	18,020
Related income tax benefits	(7,978)		(6,062)		(4,685)
Share-based employee compensation, net of tax	$	22,705	$	17,255	$	13,335

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying consolidated balance sheets and related notes to the amounts presented in the accompanying consolidated

statements of cash flows.


	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	33,972	$	10,649
Restricted cash and cash equivalents (included in other current assets)	21,628		14,984
Restricted cash, cash equivalents and investments	45,606		71,840
Total cash, cash equivalents and restricted cash and investments	101,206		97,473
Less restricted investments	(34,035)		(8,168)
Total cash, cash equivalents and restricted cash	$	67,171	$	89,305

Schedule of Cash and Cash Equivalents

statements of cash flows.


	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	33,972	$	10,649
Restricted cash and cash equivalents (included in other current assets)	21,628		14,984
Restricted cash, cash equivalents and investments	45,606		71,840
Total cash, cash equivalents and restricted cash and investments	101,206		97,473
Less restricted investments	(34,035)		(8,168)
Total cash, cash equivalents and restricted cash	$	67,171	$	89,305

Schedule of Reconciliation of Activity in the Allowance for Credit Losses

The following table provides a reconciliation of activity in the allowance for expected credit losses for accounts receivable:


	2025		2024
Balance as of January 1,	$	32,421	$	32,233

Provision for expected credit losses	3,887		6,549
Amounts written off charged against the allowance	(19,637)		(6,361)
Allowance for credit losses in sale of disposal group (1)	(91)		—
Balance as of December 31,	$	16,580	$	32,421

(1) See Note (3 ), “Sale of Disposal Group” for additional information regarding the assets disposed of by sale.

Schedule of Computation of Basic and Diluted Net Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share for the years ended December 31, 2025, 2024 and 2023, respectively:


	Years Ended December 31,
	2025		2024		2023
Net income (loss)	$	(95,702)	$	(146,979)	$	210,679

Net income (loss) per common share - basic	$	(2.48)	$	(3.85)	$	5.38
Net income (loss) per common share - diluted	$	(2.48)	$	(3.85)	$	5.36

Weighted average common shares outstanding - basic	38,521		38,188		39,173
Plus dilutive effect of potential common shares	—		—		168
Weighted average common shares outstanding - diluted	38,521		38,188		39,341

Anti-dilutive potential common shares excluded from diluted weighted average common shares outstanding	88		85		88

Schedule of Reconciliation of Revenue and Segment Operating Income by Reportable Segment to Consolidated Results

The following tables provide reconciliations of revenue, gross profit and operating income by reportable segment to consolidated results and were derived from each segment’s internal financial information as used for corporate management purposes. Segment operating income represents income (loss) before income taxes plus depreciation, amortization of intangible assets, share-based compensation, gain on sale of disposal group, impairment losses for goodwill and long-lived assets, interest expense, net, and other, and unallocated corporate overhead.


	Year Ended December 31, 2025
	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Revenue	$	1,647,318	$	696,362	$	386,749	$	2,730,429
Cost of revenue	1,269,045		504,503		182,823		1,956,371
Gross profit	378,273		191,859		203,926		774,058
Segment selling, general and administrative expenses	252,307		135,263		86,413		473,983
Depreciation (included in cost of revenue)	—		—		(8,731)		(8,731)
Segment operating income	$	125,966	$	56,596	$	126,244	308,806
Unallocated corporate overhead							88,356
Depreciation and amortization							147,869
Depreciation (included in cost of revenue)							8,731
Share-based compensation							30,683
Gain on sale of disposal group							(39,138)
Goodwill impairment losses							109,515
Long-lived assets impairment losses							18,262
Interest expense, net, and other							45,591
Loss before income taxes							$	(101,063)


	Year Ended December 31, 2024
	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Revenue	$	1,815,718	$	728,608	$	439,455	$	2,983,781
Cost of revenue	1,371,660		511,959		180,786		2,064,405
Gross profit	444,058		216,649		258,669		919,376
Segment selling, general and administrative expenses	270,467		137,600		91,590		499,657
Depreciation (included in cost of revenue)	—		—		(6,676)		(6,676)
Segment operating income	$	173,591	$	79,049	$	173,755	426,395
Unallocated corporate overhead							109,515
Depreciation and amortization							167,103
Depreciation (included in cost of revenue)							6,676
Share-based compensation							23,317
Goodwill impairment losses							222,457
Interest expense, net, and other							69,901
Loss before income taxes							$	(172,574)


	Year Ended December 31, 2023
	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Revenue	$	2,624,509	$	669,701	$	495,044	$	3,789,254
Cost of revenue	1,932,099		440,230		167,344		2,539,673
Gross profit	692,410		229,471		327,700		1,249,581
Segment selling, general and administrative expenses	330,252		134,505		118,977		583,734
Depreciation (included in cost of revenue)	—		—		(6,013)		(6,013)
Segment operating income	$	362,158	$	94,966	$	214,736	671,860
Unallocated corporate overhead							146,682
Depreciation and amortization							154,914
Depreciation (included in cost of revenue)							6,013
Share-based compensation							18,020
Long-lived assets impairment losses							7,802
Interest expense, net, and other							54,140
Income before income taxes							$	284,289

Schedule of Revenue Disaggregated by Service Type

The following tables present the Company’s revenue disaggregated by service type:


		Year Ended December 31, 2025
		Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
	Travel nurse staffing	$	827,677	$	—	$	—	$	827,677
	Labor disruption services	191,190		—		—		191,190
	Local staffing	36,811		—		—		36,811
	Allied staffing	582,318		—		—		582,318
	Locum tenens staffing	—		565,169		—		565,169
	Interim leadership staffing	—		93,917		—		93,917
Temporary staffing		1,637,996		659,086		—		2,297,082
Permanent placement (1)		9,322		37,276		—		46,598
	Language services	—		—		295,514		295,514
	Vendor management systems	—		—		71,673		71,673
	Other technologies	—		—		8,677		8,677
Technology-enabled services		—		—		375,864		375,864
Talent planning and acquisition		—		—		10,885		10,885
Total revenue		$	1,647,318	$	696,362	$	386,749	$	2,730,429


		Year Ended December 31, 2024
		Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
	Travel nurse staffing	$	1,084,398	$	—	$	—	$	1,084,398
	Labor disruption services	63,316		—		—		63,316
	Local staffing	45,517		—		—		45,517
	Allied staffing	610,661		—		—		610,661
	Locum tenens staffing	—		566,351		—		566,351
	Interim leadership staffing	—		115,672		—		115,672
Temporary staffing		1,803,892		682,023		—		2,485,915
Permanent placement (1)		11,826		46,585		—		58,411
	Language services	—		—		298,241		298,241
	Vendor management systems	—		—		104,277		104,277
	Other technologies	—		—		18,505		18,505
Technology-enabled services		—		—		421,023		421,023
Talent planning and acquisition		—		—		18,432		18,432
Total revenue		$	1,815,718	$	728,608	$	439,455	$	2,983,781


		Year Ended December 31, 2023
		Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
	Travel nurse staffing	$	1,806,653	$	—	$	—	$	1,806,653
	Labor disruption services	13,303		—		—		13,303
	Local staffing	76,553		—		—		76,553
	Allied staffing	709,632		—		—		709,632
	Locum tenens staffing	—		464,797		—		464,797
	Interim leadership staffing	—		136,953		—		136,953
Temporary staffing		2,606,141		601,750		—		3,207,891
Permanent placement (1)		18,368		67,951		—		86,319
	Language services	—		—		260,121		260,121
	Vendor management systems	—		—		169,370		169,370
	Other technologies	—		—		20,235		20,235
Technology-enabled services		—		—		449,726		449,726
Talent planning and acquisition		—		—		45,318		45,318
Total revenue		$	2,624,509	$	669,701	$	495,044	$	3,789,254

(1) Includes revenue from international nurse permanent placement, physician permanent placement, and executive search.

The following table presents the Company’s international nurse revenue by service type:


	Years Ended December 31,
	2025		2024		2023
International nurse staffing (1)	$	119,772	$	165,875	$	208,132
International nurse permanent placement (2)	9,322		11,826		18,368
Total international nurse revenue	$	129,094	$	177,701	$	226,500

(1) Included in “Travel nurse staffing” as presented in the preceding tables.

(2) Included in “Permanent placement” as presented in the preceding tables.

Share-Based Compensation - Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based employee compensation, before tax	$ 30,683	$ 23,317	$ 18,020
Related income tax benefits	(7,978)	(6,062)	(4,685)
Share-based employee compensation, net of tax	$ 22,705	$ 17,255	$ 13,335

Retirement Plans - Deferred Compensation Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Life insurance cash surrender value	$ 215,513	$ 194,350
Key Executives and Key Employees
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Service vesting period	5 years
Maximum percent of base salary deferrable	80.00%
Maximum percent of bonus deferrable	90.00%
Maximum percent of vested RSUs and PRSUs deferrable	100.00%
Employer contributions	$ 2,257	$ 6,849	$ 10,822

Summary of Significant Accounting Policies - Fixed Assets (Details)	Dec. 31, 2025
Furniture, Equipment and Technology and Software \| Minimum
Property, Plant and Equipment [Line Items]
Fixed assets, useful life	3 years
Furniture, Equipment and Technology and Software \| Maximum
Property, Plant and Equipment [Line Items]
Fixed assets, useful life	10 years
Software Development \| Minimum
Property, Plant and Equipment [Line Items]
Fixed assets, useful life	3 years
Software Development \| Maximum
Property, Plant and Equipment [Line Items]
Fixed assets, useful life	10 years

Retirement Plans - 401(k) Retirement Savings Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Employer contributions, net of forfeitures	$ 1,415	$ 4,004	$ 5,673

Balance Sheet Details (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other current assets:
Restricted cash and cash equivalents	$ 21,628	$ 14,984
Income taxes receivable	8,506	11,683
Subcontractor deposits	14,927	11,190
Other	14,874	15,601
Other current assets	59,935	53,458
Fixed assets:
Furniture and equipment	97,879	90,970
Software	436,891	440,034
Leasehold improvements	16,388	16,061
Fixed assets, gross	551,158	547,065
Accumulated depreciation	(414,797)	(360,795)
Fixed assets, net	136,361	186,270
Other assets:
Life insurance cash surrender value	215,513	194,350
Operating lease right-of-use assets	$ 27,047	$ 32,115
Operating lease right-of-use asset [Extensible Enumeration]	Other assets	Other assets
Other	$ 39,992	$ 31,588
Other assets	282,552	258,053
Accounts payable and accrued expenses:
Trade accounts payable	37,049	31,356
Subcontractor payable	47,896	69,563
Accrued expenses	53,598	57,263
Loss contingencies	6,721	2,999
Professional liability reserve	9,506	8,395
Other	7,198	14,735
Accounts payable and accrued expenses	161,968	184,311
Accrued compensation and benefits:
Accrued payroll	45,166	46,896
Accrued bonuses and commissions	28,306	25,988
ESPP contributions	545	812
Workers compensation reserve	8,636	9,954
Deferred compensation	205,390	191,006
Other	10,794	12,888
Accrued compensation and benefits	298,837	287,544
Other current liabilities:
Deferred revenue	9,497	10,014
Client deposits	97,337	56,341
Operating lease liabilities	$ 6,009	$ 6,200
Operating lease liabilities [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other	$ 3,966	$ 1,375
Other current liabilities	116,809	73,930
Other long-term liabilities:
Workers compensation reserve	15,969	18,445
Professional liability reserve	44,433	38,307
Operating lease liabilities	$ 30,140	$ 35,725
Operating lease liabilities [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Other	$ 16,792	$ 14,973
Other long-term liabilities	$ 107,334	$ 107,450

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards
Unrecognized tax benefits that would affect the effective tax rate, net of temporary differences	$ 12,705
Temporary differences that would affect the effective tax rate	2,892
Accrued interest and penalties related to uncertain tax positions	5,015	$ 2,861	$ 1,942
Interest and penalties recognized	2,153	$ 920	$ 552
Federal
Operating Loss Carryforwards
Operating loss carryforwards	15,136
State and Local Jurisdiction
Operating Loss Carryforwards
Operating loss carryforwards	$ 33,854

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of RSU and PRSU Activity for Non-vested Awards

The following table summarizes RSU and PRSU activity for the years ended December 31, 2025, 2024 and 2023:


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested at January 1, 2023	665	$	94.79
Granted—RSUs	196	$	95.67
Granted—PRSUs (1)	176	$	109.74
Vested	(349)	$	89.76
Canceled/forfeited	(87)	$	104.14
Unvested at December 31, 2023	601	$	101.01
Granted—RSUs	443	$	61.30
Granted—PRSUs (1)	259	$	70.73
Vested	(234)	$	89.64
Canceled/forfeited	(156)	$	90.66
Unvested at December 31, 2024	913	$	77.81
Granted—RSUs	843	$	25.45
Granted—PRSUs (1)	509	$	30.33
Vested	(304)	$	80.79
Canceled/forfeited	(167)	$	63.73
Unvested at December 31, 2025	1,794	$	40.55

(1) PRSUs granted included both the PRSUs granted during the year at the target amount and the additional shares of prior period granted PRSUs vested during the year in excess of the target shares.

Schedule of Share-based Compensation Expense

Total share-based compensation expense for the years ended December 31, 2025, 2024 and 2023 was as follows:


	Years Ended December 31,
	2025		2024		2023
Share-based employee compensation, before tax	$	30,683	$	23,317	$	18,020
Related income tax benefits	(7,978)		(6,062)		(4,685)
Share-based employee compensation, net of tax	$	22,705	$	17,255	$	13,335

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SALE OF DISPOSAL GROUP - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 01, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Note receivable	$ 9,931	$ 9,931
Gain (loss) on sale of disposal group		39,138	$ 0	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Smart Square
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration					$ 65,320
Interest rate on not receivable					9.00%
Note receivable					$ 10,000
Gain (loss) on sale of disposal group		$ 39,138
Working capital settlement	$ 42

Notes Payable and Credit Agreement (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

Outstanding debt balances as of December 31, 2025 and 2024 consisted of the following:


	As of December 31,
	2025		2024

Senior Credit Facility	$	25,000	$	210,000

2027 Notes	—		500,000
2029 Notes	350,000		350,000
2031 Notes	400,000		—
Total debt outstanding	775,000		1,060,000
Less unamortized fees and premium	(7,947)		(4,128)

Long-term portion of notes payable	$	767,053	$	1,055,872

Notes Payable and Credit Agreement - The Company’s Credit Agreement and Related Credit Facilities (Details) - Line of Credit $ in Thousands	Feb. 10, 2023 USD ($)	Oct. 06, 2025 USD ($)	Oct. 05, 2025 USD ($)	Nov. 30, 2023 USD ($)	Feb. 09, 2023 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750,000	$ 450,000	$ 750,000	$ 750,000	$ 400,000
Consolidated net leverage ratio		5.25
Revolving Credit Facility \| Minimum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Revolving Credit Facility \| Maximum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Revolving Credit Facility, Sublimit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 125,000
Revolving Credit Facility, Swing Line Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000

Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 32,421	$ 32,233
Provision for expected credit losses	3,887	6,549
Amounts written off charged against the allowance	(19,637)	(6,361)
Allowance for credit losses in sale of disposal group	(91)	0
Ending balance	$ 16,580	$ 32,421

Fair Value Measurement - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Oct. 06, 2025	Jul. 01, 2025	Dec. 31, 2024	Oct. 20, 2020	Aug. 13, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note receivable fair value			$ 9,899
Note receivable	$ 9,931
2027 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	4.625%					4.625%
2029 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate					4.00%
2031 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate		6.50%
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 0			$ 0
Liabilities, fair value	0			0
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cumulative upward adjustments	14,033
Cumulative downward adjustments	19,860
Equity investment balance	$ 2,773			$ 2,773

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2025 USD ($) option	Dec. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2022 USD ($)
Operating Leased Assets [Line Items]
Option to renew (or more) \| option	1
Option to extend, term (up to)	10 years
Option to terminate, term (within)	2 years
Operating lease right-of-use assets	$ 27,047	$ 32,115
Operating lease, liability	$ 36,149
Office Building
Operating Leased Assets [Line Items]
Lease term			11 years
Operating lease right-of-use assets			$ 15,782
Operating lease, liability			22,713
Lease incentive			$ 6,931
Office Building \| Operating Lease, Lease Not yet Commenced
Operating Leased Assets [Line Items]
Future undiscounted lease payments				$ 29,514

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company leases certain office facilities, data centers, and equipment under various operating leases. The Company’s short-term leases (with initial lease terms of 12 months or less) are primarily related to housing arrangements for healthcare professionals on assignment. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 10 years. Additionally, certain leases also include options to terminate the leases within 2 years.

In the first quarter of 2022, the Company entered into a lease agreement for an office building located in Dallas, Texas, with future undiscounted lease payments of approximately $29,514, excluding lease incentives. The lease commenced upon substantial completion of the construction of the office building in June 2023. The initial term of the lease is approximately eleven years with options to renew during the lease term. The Company recognized a right-of-use asset and operating lease liability of $15,782 and $22,713, respectively, at lease commencement, which reflects the utilization of a tenant improvement allowance of $6,931 accounted for as a lease incentive.

The components of lease expense were as follows:


	Years Ended December 31,
	2025		2024		2023
Operating lease cost	$	8,709	$	9,204	$	9,610
Short-term lease cost	2,184		2,437		3,738
Variable and other lease cost	1,923		2,469		2,789
Net lease cost	$	12,816	$	14,110	$	16,137

The maturities of lease liabilities as of December 31, 2025 were as follows:


	Operating Leases
Year ending December 31, 2026	$	8,376
Year ending December 31, 2027	7,672
Year ending December 31, 2028	7,866
Year ending December 31, 2029	5,861
Year ending December 31, 2030	3,295
Thereafter	9,191
Total lease payments	42,261
Less imputed interest	(6,112)
Present value of lease liabilities	$	36,149

The weighted average remaining lease term and discount rate as of December 31, 2025 and 2024 were as follows:


	December 31,
	2025		2024
Weighted average remaining lease term	6 years		7 years
Weighted average discount rate	5.6	%	5.6	%

Fair Value Measurement - Schedule of Assets and Liabilities at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash equivalents	$ 12,985	$ 64,580
Available-for-sale securities	34,035	8,168
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,449	1,399
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	32,586	6,769
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash equivalents	$ 12,985	$ 64,580

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Notes Payable and Credit Agreement - Debt Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Aug. 13, 2020
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt collateral	$ 20,158
Available credit	$ 404,842
Interest rate on outstanding borrowings	5.50%
2027 Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate	4.625%	4.625%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Retirement Plans	12 Months Ended
Retirement Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans The Company maintains the AMN Services 401(k) Retirement Savings Plan (the “AMN Plan”), which the Company believes complies with the IRC Section 401(k) provisions. The AMN Plan covers all employees that meet certain age and other eligibility requirements. A discretionary matching contribution is determined by the Company each year. Employer contribution expenses incurred under the AMN Plan were $1,415, $4,004 and $5,673 for the years ended December 31, 2025, 2024 and 2023, respectively. The Company has a deferred compensation plan for certain executives and employees (the “Plan”). The Plan is not intended to be tax qualified and is an unfunded plan. The Plan is composed of deferred compensation and all related income and losses attributable thereto. Discretionary matching contributions to the Plan are made that vest incrementally so that the employee is fully vested in the match following five years of employment with the Company. Under the Plan, participants can defer up to 80% of their base salary, 90% of their variable compensation and 100% of their vested RSUs or vested PRSUs. A discretionary matching contribution is determined by the Company each year. Employer contributions under the Plan were $2,257, $6,849 and $10,822 for the years ended December 31, 2025, 2024 and 2023, respectively. Plan contributions are included within accrued compensation and benefits in the consolidated balance sheets. The Company presents these amounts as short-term liabilities because the timing of settlement is uncertain due to factors such as employee turnover, fluctuating account balances and participant distribution elections. In connection with the administration of the Plan, the Company has purchased company-owned life insurance policies insuring the lives of certain officers and employees. The cash surrender value of these policies was $215,513 and $194,350 at December 31, 2025 and 2024, respectively. The cash surrender value of these insurance policies is included in other assets in the consolidated balance sheets.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions - Schedule of Intangible Assets Acquired (Details) - MSDR - USD ($) $ in Thousands	Dec. 31, 2024	Nov. 30, 2023
Intangible Asset, Acquired, Finite-Lived [Line Items]
Fair Value	$ 92,000	$ 92,000
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Fair Value		$ 54,300
Customer relationships \| Minimum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life		7 years
Customer relationships \| Maximum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life		10 years
Tradenames and trademarks
Intangible Asset, Acquired, Finite-Lived [Line Items]
Fair Value		$ 26,400
Useful Life		3 years
Staffing databases
Intangible Asset, Acquired, Finite-Lived [Line Items]
Fair Value		$ 11,300
Useful Life		5 years

Capital Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended			16 Months Ended
	Aug. 10, 2023	May 08, 2023	Aug. 10, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 26, 2023	Nov. 01, 2016
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, shares authorized (in shares)				10,000,000	10,000,000
Preferred stock, par value (in dollars per share)				$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)				0	0
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount (up to)				$ 1,350,000				$ 150,000
Stock repurchase program, authorized cumulative amount							$ 1,200,000
Stock repurchase program, remaining authorized repurchase amount				$ 226,658
Number of shares repurchased (in shares)				0	0	4,383,000
Treasury stock, shares, acquired excluding accelerated share repurchases (in shares)						2,362,000
Treasury stock, shares acquired, average cost per share excluding accelerated share repurchases (in dollars per share)						$ 95.13
Aggregate purchase price excluding accelerated share repurchases						$ 224,744
Accelerated Share Repurchase Agreement
Share Repurchase Program [Line Items]
Accelerated share repurchases, prepaid amount		$ 200,000
Accelerated share repurchases, initial delivery, shares (in shares)		1,760,000
Accelerated share repurchases, shares repurchased, percentage	20.00%	80.00%
Accelerated share repurchases, initial price paid per share (in dollars per share)		$ 90.89
Accelerated share repurchases, final delivery, shares (in shares)	261,000
Accelerated share repurchases, final price paid per share (in dollars per share)			$ 98.97

Notes Payable and Credit Agreement - Letters of Credit (Details) - Standby Letters of Credit - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Letters of credit, amount outstanding	$ 20,816	$ 20,912
Debt collateral	$ 658

Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Supplemental Balance Sheet Disclosures

The consolidated balance sheets detail is as follows:


	December 31,
	2025		2024
Other current assets:
Restricted cash and cash equivalents	$	21,628	$	14,984
Income taxes receivable	8,506		11,683
Subcontractor deposits	14,927		11,190
Other	14,874		15,601
Other current assets	$	59,935	$	53,458






Fixed assets:
Furniture and equipment	$	97,879	$	90,970
Software	436,891		440,034
Leasehold improvements	16,388		16,061
	551,158		547,065
Accumulated depreciation	(414,797)		(360,795)
Fixed assets, net	$	136,361	$	186,270

Other assets:
Life insurance cash surrender value	$	215,513	$	194,350
Operating lease right-of-use assets	27,047		32,115
Other	39,992		31,588
Other assets	$	282,552	$	258,053

Accounts payable and accrued expenses:
Trade accounts payable	$	37,049	$	31,356
Subcontractor payable	47,896		69,563
Accrued expenses	53,598		57,263
Loss contingencies	6,721		2,999
Professional liability reserve	9,506		8,395
Other	7,198		14,735
Accounts payable and accrued expenses	$	161,968	$	184,311

Accrued compensation and benefits:
Accrued payroll	$	45,166	$	46,896
Accrued bonuses and commissions	28,306		25,988

ESPP contributions	545		812
Workers compensation reserve	8,636		9,954
Deferred compensation	205,390		191,006
Other	10,794		12,888
Accrued compensation and benefits	$	298,837	$	287,544

Other current liabilities:
Deferred revenue	$	9,497	$	10,014


Client deposits	97,337		56,341
Operating lease liabilities	6,009		6,200
Other	3,966		1,375
Other current liabilities	$	116,809	$	73,930


	December 31,
	2025		2024
Other long-term liabilities:
Workers compensation reserve	$	15,969	$	18,445
Professional liability reserve	44,433		38,307


Operating lease liabilities	30,140		35,725
Other	16,792		14,973
Other long-term liabilities	$	107,334	$	107,450

Share-Based Compensation - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RSUs and Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 30,404
Unrecognized compensation cost, weighted average remaining period	1 year 8 months 12 days
Aggregate intrinsic value	$ 28,274	$ 21,834
RSUs and Performance Shares \| Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity awards reserved for future issuance (in shares)	1,897	1,668
Employee Stock \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)			1,000
Share-based compensation arrangement by share-based payment award, purchase period			6 months
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent			85.00%
Employee contributions	$ 2,022	$ 3,250
Shares purchased and issued under employee stock purchase plan (in shares)	123	78	0
Number of shares of common stock available for future grants (in shares)	799
Shares purchased under employee stock purchase plan (in shares)			0

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Total cash, cash equivalents and restricted cash and investments	$ 101,206	$ 97,473
One Customer \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	22.00%	16.00%	17.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net income (loss)

$ (95,702)

$ (146,979)

$ 210,679

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization (inclusive of depreciation included in cost of revenue)

156,600

173,779

160,927

Non-cash interest expense and other

2,610

11,910

8,821

Write-off of fees on credit facilities and senior notes

1,156

Change in fair value of contingent consideration liabilities

2,430

Increase in allowance for credit losses and sales credits

2,481

3,296

23,913

Provision for deferred income taxes

(19,549)

(51,067)

(12,933)

Share-based compensation

30,683

23,317

18,020

Net loss (gain) on deferred compensation balances

2,285

(1,225)

465

Goodwill impairment losses

109,515

222,457

Loss on disposal or impairment of long-lived assets

18,298

8,053

Gain on sale of disposal group

(39,138)

Net loss (gain) on investments in available-for-sale securities

(106)

200

302

Non-cash lease expense

(708)

(1,244)

1,619

Changes in assets and liabilities, net of effects from acquisitions:

Accounts receivable

49,133

176,227

70,033

Accounts receivable, subcontractor

22,440

47,222

151,023

Income taxes receivable

3,177

(4,012)

3,793

Prepaid expenses

1,545

(1,976)

(1,542)

Other current assets

(3,010)

(8,530)

4,197

Other assets

4,865

(3,177)

Accounts payable and accrued expenses

(20,572)

(154,890)

(183,517)

Accrued compensation and benefits

(12,044)

(11,310)

(80,135)

Other liabilities

49,482

44,431

(10,248)

Deferred revenue

6,016

(1,340)

(558)

Net cash provided by operating activities

269,457

320,418

372,165

Cash flows from investing activities:

Purchase and development of fixed assets

(35,629)

(80,891)

(103,687)

Purchase of investments

(36,148)

(1,383)

Proceeds from sale and maturity of investments

10,778

9,099

9,894

Proceeds from sale of disposal group

65,279

Proceeds from sale of equity investment

Payments to fund deferred compensation plan

(6,376)

(8,412)

(24,902)

Proceeds from settlements of company-owned life insurance policies

6,398

Cash paid for acquisitions, net of cash and restricted cash received

(292,175)

Cash paid for other intangibles

(1,700)

Cash received for working capital settlement of prior year acquisition

1,649

Net cash provided by (used in) investing activities

4,302

(79,938)

(412,493)

Cash flows from financing activities:

Payments on revolving credit facility

(315,000)

(375,000)

(355,000)

Proceeds from revolving credit facility

130,000

125,000

815,000

Proceeds from senior notes

400,000

Redemption of senior notes

(500,000)

Payments on loans payable

(300)

Repurchase of common stock

^[1]

(424,744)

Payment of excise tax on share repurchases

(3,701)

Payment of financing costs

(8,800)

(973)

(3,579)

Earn-out payments to settle contingent consideration liabilities for prior acquisitions

(7,500)

Cash paid for shares withheld for taxes

(2,093)

(4,774)

(13,148)

Net cash provided by (used in) financing activities

(295,893)

(259,448)

10,729

Net decrease in cash, cash equivalents and restricted cash

(22,134)

(18,968)

(29,599)

Cash, cash equivalents and restricted cash at beginning of year

89,305

108,273

137,872

Cash, cash equivalents and restricted cash at end of year

67,171

89,305

108,273

Supplemental disclosures of cash flow information:

Cash paid for amounts included in the measurement of operating lease liabilities

9,424

10,354

9,311

Cash paid for interest (net of $229, $606 and $1,229 capitalized in 2025, 2024 and 2023, respectively)

45,106

61,034

48,101

Cash paid for income taxes

7,848

28,152

78,256

Acquisitions:

Fair value of tangible assets acquired in acquisitions, net of cash and restricted cash received

48,941

Goodwill

175,770

Intangible assets

92,000

Liabilities assumed

(24,536)

Net cash paid for acquisitions

292,175

Supplemental disclosures of non-cash investing and financing activities:

Purchase of fixed assets recorded in accounts payable and accrued expenses

1,519

3,198

8,130

Excise tax payable on share repurchases

3,701

Right-of-use assets obtained in exchange for operating lease liabilities

$ 1,348

$ 5,043

$ 36,560

[1]

The difference between the amount reported for the year ended December 31, 2023 and the corresponding amount presented in the consolidated statements of stockholders’ equity is due to accrued excise tax payable on share repurchases which was recorded within treasury stock. The excise tax was paid during the year ended December 31, 2024.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a) General

AMN Healthcare Services, Inc. was incorporated in Delaware on November 10, 1997. AMN Healthcare Services, Inc. and its subsidiaries (collectively, the “Company”) provide healthcare workforce solutions and staffing services at acute and sub-acute care hospitals and other healthcare facilities throughout the United States.

(b) Principles of Consolidation

The accompanying consolidated financial statements include the accounts of AMN Healthcare Services, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to goodwill and indefinite-lived intangible assets, professional liability reserve, contingent liabilities such as legal accruals, and income taxes. The Company bases these estimates on the information that is currently available and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from those estimates under different assumptions or conditions.

(d) Cost of Revenue

Cost of revenue represents costs directly associated with the earnings of revenue and are comprised primarily of compensation, benefits, housing, travel and allowance costs for healthcare professionals and medically qualified interpreters.

(e) Selling, General and Administrative Expenses

Selling, general and administrative expenses consist predominantly of compensation and benefits costs for corporate employees, in additional to professional service fees, legal matter accruals, and other overhead costs. Unallocated corporate overhead is a subset of selling, general and administrative expenses and is comprised of indirect costs related to certain corporate functions that are not allocated to the Company’s reportable segments.

(f) Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents include currency on hand, deposits with financial institutions, money market funds, and other highly liquid investments. See Note (4), “Fair Value Measurement” for additional information.

(g) Restricted Cash, Cash Equivalents and Investments

Restricted cash, cash equivalents and investments primarily include cash, corporate bonds and commercial paper that serve as collateral for the Company’s captive insurance subsidiary claim payments. See Note (4), “Fair Value Measurement” for additional information.

statements of cash flows.


	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	33,972	$	10,649
Restricted cash and cash equivalents (included in other current assets)	21,628		14,984
Restricted cash, cash equivalents and investments	45,606		71,840
Total cash, cash equivalents and restricted cash and investments	101,206		97,473
Less restricted investments	(34,035)		(8,168)
Total cash, cash equivalents and restricted cash	$	67,171	$	89,305

The Company released $25,000 of restricted cash held at its captive insurance subsidiary in January 2025, which was used to repay a portion of the outstanding borrowings under the Senior Credit Facility (as defined in Note (2) below). As the restriction was in effect as of December 31, 2024 and the entire outstanding debt balance is classified as a noncurrent liability in the consolidated balance sheet, the noncurrent classification of the restricted cash was maintained as of December 31, 2024.

(h) Fixed Assets

The Company records furniture, equipment, leasehold improvements and capitalized software at cost less accumulated amortization and depreciation. The Company records equipment acquired under finance leases at the present value of the future minimum lease payments. The Company capitalizes major additions and improvements, and it expenses maintenance and repairs when incurred. The Company calculates depreciation on furniture, equipment and software using the straight-line method based on the estimated useful lives of the related assets (typically three to ten years). The Company depreciates leasehold improvements and equipment obtained under finance leases over the shorter of the term of the lease or their estimated useful lives. The Company includes depreciation of equipment obtained under finance leases with depreciation expense in the accompanying consolidated financial statements.

The Company capitalizes costs it incurs to develop software during the application development stage. Application development stage costs generally include costs associated with software configuration, coding, installation and testing. The Company also capitalizes costs of significant upgrades and enhancements that result in additional functionality, whereas it expenses as incurred costs for maintenance and minor upgrades and enhancements. The Company amortizes capitalized costs using the straight-line method over three to ten years once the software is ready for its intended use.

The Company assesses long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to the future undiscounted net cash flows that are expected to be generated by the asset group. If such asset group is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. The Company reports assets to be disposed of at the lower of the carrying amount or fair value less costs to sell.

(i) Leases

The Company recognizes operating lease right-of-use assets and liabilities at commencement date based on the present value of the future minimum lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet in accordance with the short-term lease recognition exemption. The Company applies the practical expedient to not separate lease and non-lease components for all leases that qualify. The rates implicit in the Company’s lease arrangements are generally not readily determinable and as such, the Company uses its incremental borrowing rate as the discount rate to measure its lease liabilities. The incremental borrowing rate is determined for each operating lease based on the Company’s borrowing capabilities over a similar term of the lease arrangement, which is estimated by utilizing the Company’s credit rating and the effects of full collateralization. Lease expense is recognized on a straight-line basis over the lease term.

Operating lease right-of-use assets are included in other assets, and operating lease liabilities are included in other current liabilities and other long-term liabilities in the consolidated balance sheets.

(j) Goodwill

The Company records as goodwill the portion of the purchase price that exceeds the fair value of net assets of entities acquired. The Company evaluates goodwill annually for impairment at the reporting unit level and whenever circumstances occur indicating that goodwill may be impaired. The Company may first perform an optional qualitative assessment to

determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, the Company determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, the quantitative impairment test is unnecessary. If a reporting unit does not pass the qualitative assessment, then the Company performs a quantitative test in which the reporting unit’s carrying amount is compared to its fair value. The amount by which the carrying amount of the goodwill exceeds its fair value is recognized as an impairment loss. See Note (4), “Fair Value Measurement” for additional information.

(k) Intangible Assets

Intangible assets consist of identifiable intangible assets acquired through acquisitions, which include tradenames and trademarks, customer relationships, staffing databases, developed technology and non-compete agreements. The Company amortizes intangible assets, other than those with an indefinite life, using the straight-line method over their useful lives. The Company amortizes non-compete agreements using the straight-line method over the lives of the related agreements. The Company reviews for impairment intangible assets with estimable useful lives whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

The Company does not amortize indefinite-lived intangible assets and instead reviews them for impairment annually. The Company may first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, the Company determines that it is more likely than not that the indefinite-lived intangible asset is not impaired, no quantitative fair value measurement is necessary. If a quantitative fair value measurement calculation is required for an indefinite-lived intangible asset, the Company compares its fair value with its carrying amount. If the carrying amount exceeds the fair value, the Company records the excess as an impairment loss.

(l) Insurance Reserves

The Company maintains an accrual for professional liability that is included in accounts payable and accrued expenses and other long-term liabilities in the consolidated balance sheets. The expense is included in the selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). The Company determines the adequacy of this accrual by evaluating its historical experience and trends, loss reserves established by the Company’s insurance carriers, management and third-party administrators, and independent actuarial studies. The Company obtains actuarial studies on a semi-annual basis that use the Company’s actual claims data and industry data to assist the Company in determining the adequacy of its reserves each year. For periods between the actuarial studies, the Company records its accruals based on loss rates provided in the most recent actuarial study and management’s review of loss history and trends. Liabilities include provisions for estimated incurred but not yet reported (“IBNR”) losses, as well as provisions for known claims. IBNR reserve estimates involve the use of assumptions that are primarily based upon historical loss experience, industry data and other actuarial assumptions. The Company maintains insurance programs through its wholly-owned captive insurance subsidiary, which primarily provides coverage, on an occurrence basis, for professional liability within its nurse and allied solutions segment. In addition, the Company maintains excess insurance coverage through a commercial carrier for losses above the per occurrence retention. Losses covered by excess insurance are included in the accrual for professional liability, as the Company remains liable to the extent commercial carriers do not meet their obligations.

The Company maintains an accrual for workers’ compensation, which is included in accrued compensation and benefits and other long-term liabilities in the consolidated balance sheets. The expense relating to healthcare professionals is included in cost of revenue, while the expense relating to corporate employees is included in the selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). The Company determines the adequacy of this accrual by evaluating its historical experience and trends, loss reserves established by the Company’s insurance carriers and third-party administrators, and independent actuarial studies. The Company obtains actuarial studies on a semi-annual basis that use the Company’s payroll and historical claims data, as well as industry data, to determine the appropriate reserve for both reported claims and IBNR claims for each policy year. For periods between the actuarial studies, the Company records its accruals based on loss rates provided in the most recent actuarial study.

(m) Revenue Recognition

Revenue primarily consists of fees earned from the temporary staffing and permanent placement of healthcare professionals, executives, and leaders (clinical and operational). The Company also generates revenue from technology-enabled services, including language interpretation and vendor management systems, and talent planning and acquisition services, including recruitment process outsourcing. The Company recognizes revenue when control of its services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those services. Revenue from temporary staffing services is recognized as the services are rendered by clinical and non-clinical

healthcare professionals. Under the Company’s managed services program (“MSP”) arrangements, the Company manages all or a part of a customer’s supplemental workforce needs utilizing its own network of healthcare professionals along with those of third-party subcontractors. Revenue and the related direct costs are recorded in accordance with the accounting guidance on reporting revenue gross as a principal versus net as an agent. Revenue is recorded on a gross basis when the Company utilizes its own network of healthcare professionals (including nurses, allied healthcare professionals, locum tenens, and executive and leadership interim staff). Conversely, when the Company uses subcontractors under an MSP arrangement and acts as an agent, revenue is recorded net of the related subcontractor’s expense. Revenue from permanent placement and recruitment process outsourcing services is recognized as the services are rendered. Depending on the arrangement, the Company’s technology-enabled service revenue is recognized either as the services are rendered or ratably over the applicable arrangement’s service period. Revenue for the language services business is recorded on a gross basis. Under vendor management systems arrangements, revenue is recorded on a net basis as an agent because other companies are primarily responsible for providing the staffing services, for which the Company is entitled a percentage fee. See additional information below regarding the Company’s revenue disaggregated by service type.

The Company’s customers are primarily billed as services are rendered. Any fees billed in advance of being earned are recorded as deferred revenue. For labor disruption engagements, customer deposits received in advance of service delivery are recorded as contract liabilities within client deposits. Revenue is recognized over time as staffing and related services are provided during the strike or crisis event. Upon completion of the event, actual labor and costs are reconciled to amounts billed, resulting in either a refund to the customer from the remaining contract liability or an incremental invoice for any remaining amounts due.

The Company recognizes assets from incremental costs to obtain a contract with a customer and costs incurred to fulfill a contract with a customer, which are deferred and amortized using the portfolio approach on a straight line basis over the average period of benefit consistent with the timing of transfer of services to the customer.

The Company has elected to apply the following practical expedients and optional exemptions related to contract costs and revenue recognition:

•Recognize incremental costs of obtaining a contract with amortization periods of one year or less as expense when incurred. These costs are recorded within selling, general and administrative expenses.

•Recognize revenue in the amount of consideration that the Company has a right to invoice the customer if that amount corresponds directly with the value to the customer of the Company’s services completed to date.

•Exemptions from disclosing the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which revenue is recognized in the amount of consideration that the Company has a right to invoice for services performed and (iii) contracts for which variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation.

(n) Accounts Receivable

The Company records accounts receivable at the invoiced amount. Accounts receivable are non-interest bearing. The Company maintains an allowance for expected credit losses based on the Company’s historical write-off experience, an assessment of its customers’ financial conditions and available information that is relevant to assessing the collectability of cash flows.

The following table provides a reconciliation of activity in the allowance for expected credit losses for accounts receivable:


	2025		2024
Balance as of January 1,	$	32,421	$	32,233

Provision for expected credit losses	3,887		6,549
Amounts written off charged against the allowance	(19,637)		(6,361)
Allowance for credit losses in sale of disposal group (1)	(91)		—
Balance as of December 31,	$	16,580	$	32,421

(1) See Note (3 ), “Sale of Disposal Group” for additional information regarding the assets disposed of by sale.

The increase in write-offs reflects the resolution of accounts receivable from one significant customer and several smaller customers, all of which had previously been captured in the allowance for credit losses.

(o) Concentration of Credit Risk

The majority of the Company’s business activity is with hospitals located throughout the United States. Credit is extended based on the evaluation of each entity’s financial condition. One customer primarily within the Company’s nurse and allied solutions segment comprised approximately 22%, 16% and 17% of the consolidated revenue of the Company for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company’s cash and cash equivalents and restricted cash, cash equivalents and investments accounts are financial instruments that are exposed to concentration of credit risk. The Company maintains most of its cash, cash equivalents and investment balances (both unrestricted and restricted) with high-credit quality and federally insured institutions. However, cash equivalents and restricted cash equivalents and investment balances may be invested in non-federally insured money market funds, commercial paper and corporate bonds. As of December 31, 2025 and 2024, there were $101,206 and $97,473, respectively, of cash, cash equivalents and restricted cash, cash equivalents and investments, a portion of which was invested in non-federally insured commercial paper and corporate bonds. See Note (4), “Fair Value Measurement,” for additional information.

(p) Income Taxes

The Company records income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period the changes are enacted. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. The Company recognizes the effect of income tax positions only if it is more likely than not that such positions will be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense.

(q) Fair Value of Financial Instruments

The carrying amounts of the Company’s cash equivalents and restricted cash equivalents and investments approximate their respective fair values due to the short-term nature and liquidity of these financial instruments. The fair value of the Company’s equity investment is measured using observable prices for identical or similar investments of the same issuer when such transactions are identified, which is more fully described in Note (4), “Fair Value Measurement.” As it relates to the Company’s 2029 Notes and 2031 Notes (as defined in Note (9) and Note (4), respectively, below), fair value disclosure is detailed in Note (4), “Fair Value Measurement.” See Note (9) “Notes Payable and Credit Agreement,” for additional information. The fair value of the Company’s long-term self-insurance accruals cannot be estimated because the Company cannot reasonably determine the timing of future payments.

(r) Share-Based Compensation

The Company accounts for its share-based employee compensation plans by expensing the estimated fair value of share-based awards on a straight-line basis over the requisite employee service period, which typically is the vesting period, except for awards granted to retirement-eligible employees, which are expensed on an accelerated basis. Restricted stock units (“RSUs”) typically vest over a three-year period. Share-based compensation cost of RSUs is measured by the market value of the Company’s common stock on the date of grant, and the Company records share-based compensation expense only for those awards that are expected to vest. Performance restricted stock units (“PRSUs”) primarily consist of PRSUs that contain performance conditions dependent on defined targets of the Company’s adjusted EBITDA, with a range of 0% to 200% of the target amount granted to be issued under the award. Share-based compensation cost for these PRSUs is measured by the market value of the Company’s common stock on the date of grant, and the amount recognized is adjusted for estimated achievement of the performance conditions. A limited amount of PRSUs contain a market condition dependent upon the Company’s relative and absolute total stockholder return over a three-year period, typically with a range of 0% to 175% (and certain awards with a range of 0% to 200%) of the target amount granted to be issued under the award. Share-based compensation cost for these PRSUs is measured using the Monte-Carlo simulation valuation model and is not typically adjusted for the achievement, or lack thereof, of the market conditions. Share-based compensation cost for purchase rights granted under the Company’s employee stock purchase plan is measured using the Black-Scholes model and the related employee contributions are included in accrued

compensation and benefits in the consolidated balance sheets. See Note (1 2 ), “Share-Based Compensation,” for additional information.

(s) Net Income (Loss) per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share for the years ended December 31, 2025, 2024 and 2023, respectively:


	Years Ended December 31,
	2025		2024		2023
Net income (loss)	$	(95,702)	$	(146,979)	$	210,679

Net income (loss) per common share - basic	$	(2.48)	$	(3.85)	$	5.38
Net income (loss) per common share - diluted	$	(2.48)	$	(3.85)	$	5.36

Weighted average common shares outstanding - basic	38,521		38,188		39,173
Plus dilutive effect of potential common shares	—		—		168
Weighted average common shares outstanding - diluted	38,521		38,188		39,341

Anti-dilutive potential common shares excluded from diluted weighted average common shares outstanding	88		85		88

The dilutive effect of potential shares and anti-dilutive potential common shares primarily include outstanding share-based awards, which consists of restricted stock units, performance restricted stock units, and obligations under the Company’s employee stock purchase plan.

(t) Segment Information

The Company’s operating segments are identified in the same manner as they are reported internally and used by the Company’s chief operating decision maker (“CODM”) for the purpose of evaluating performance and allocating resources. The Company’s Chief Executive Officer and its Chief Financial Officer and Chief Operating Officer serve as the Company’s CODM. The Company has three reportable segments: (1) nurse and allied solutions, (2) physician and leadership solutions, and (3) technology and workforce solutions. The nurse and allied solutions segment includes the Company’s travel nurse staffing (including international nurse staffing and rapid response nurse staffing), labor disruption staffing, local staffing, international nurse permanent placement, and allied staffing (including revenue cycle solutions) businesses. The physician and leadership solutions segment includes the Company’s locum tenens staffing, healthcare interim leadership staffing, executive search, and physician permanent placement businesses. The technology and workforce solutions segment includes the Company’s language services, vendor management systems (“VMS”), workforce optimization, and outsourced solutions businesses.

The Company’s CODM relies on internal management reporting processes that provide revenue, gross profit and operating income by reportable segment. These financial measures are used by the CODM to evaluate segment performance, monitor variances between periods and against projections, make key operating decisions, and allocate resources such as capital and personnel to each segment. The CODM does not evaluate or measure performance of segments using asset information; accordingly, asset information by segment is not prepared or disclosed.

Beginning this year, the Company revised its corporate resource allocation methodology to better match actual consumption by reportable segments, which affects the measurement of segment operating income used by the CODM. Based on management’s estimates, the change did not have a material impact on segment operating income.


	Year Ended December 31, 2025
	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Revenue	$	1,647,318	$	696,362	$	386,749	$	2,730,429
Cost of revenue	1,269,045		504,503		182,823		1,956,371
Gross profit	378,273		191,859		203,926		774,058
Segment selling, general and administrative expenses	252,307		135,263		86,413		473,983
Depreciation (included in cost of revenue)	—		—		(8,731)		(8,731)
Segment operating income	$	125,966	$	56,596	$	126,244	308,806
Unallocated corporate overhead							88,356
Depreciation and amortization							147,869
Depreciation (included in cost of revenue)							8,731
Share-based compensation							30,683
Gain on sale of disposal group							(39,138)
Goodwill impairment losses							109,515
Long-lived assets impairment losses							18,262
Interest expense, net, and other							45,591
Loss before income taxes							$	(101,063)


	Year Ended December 31, 2024
	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Revenue	$	1,815,718	$	728,608	$	439,455	$	2,983,781
Cost of revenue	1,371,660		511,959		180,786		2,064,405
Gross profit	444,058		216,649		258,669		919,376
Segment selling, general and administrative expenses	270,467		137,600		91,590		499,657
Depreciation (included in cost of revenue)	—		—		(6,676)		(6,676)
Segment operating income	$	173,591	$	79,049	$	173,755	426,395
Unallocated corporate overhead							109,515
Depreciation and amortization							167,103
Depreciation (included in cost of revenue)							6,676
Share-based compensation							23,317
Goodwill impairment losses							222,457
Interest expense, net, and other							69,901
Loss before income taxes							$	(172,574)


	Year Ended December 31, 2023
	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Revenue	$	2,624,509	$	669,701	$	495,044	$	3,789,254
Cost of revenue	1,932,099		440,230		167,344		2,539,673
Gross profit	692,410		229,471		327,700		1,249,581
Segment selling, general and administrative expenses	330,252		134,505		118,977		583,734
Depreciation (included in cost of revenue)	—		—		(6,013)		(6,013)
Segment operating income	$	362,158	$	94,966	$	214,736	671,860
Unallocated corporate overhead							146,682
Depreciation and amortization							154,914
Depreciation (included in cost of revenue)							6,013
Share-based compensation							18,020
Long-lived assets impairment losses							7,802
Interest expense, net, and other							54,140
Income before income taxes							$	284,289

The following tables present the Company’s revenue disaggregated by service type:


		Year Ended December 31, 2025
		Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
	Travel nurse staffing	$	827,677	$	—	$	—	$	827,677
	Labor disruption services	191,190		—		—		191,190
	Local staffing	36,811		—		—		36,811
	Allied staffing	582,318		—		—		582,318
	Locum tenens staffing	—		565,169		—		565,169
	Interim leadership staffing	—		93,917		—		93,917
Temporary staffing		1,637,996		659,086		—		2,297,082
Permanent placement (1)		9,322		37,276		—		46,598
	Language services	—		—		295,514		295,514
	Vendor management systems	—		—		71,673		71,673
	Other technologies	—		—		8,677		8,677
Technology-enabled services		—		—		375,864		375,864
Talent planning and acquisition		—		—		10,885		10,885
Total revenue		$	1,647,318	$	696,362	$	386,749	$	2,730,429


		Year Ended December 31, 2024
		Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
	Travel nurse staffing	$	1,084,398	$	—	$	—	$	1,084,398
	Labor disruption services	63,316		—		—		63,316
	Local staffing	45,517		—		—		45,517
	Allied staffing	610,661		—		—		610,661
	Locum tenens staffing	—		566,351		—		566,351
	Interim leadership staffing	—		115,672		—		115,672
Temporary staffing		1,803,892		682,023		—		2,485,915
Permanent placement (1)		11,826		46,585		—		58,411
	Language services	—		—		298,241		298,241
	Vendor management systems	—		—		104,277		104,277
	Other technologies	—		—		18,505		18,505
Technology-enabled services		—		—		421,023		421,023
Talent planning and acquisition		—		—		18,432		18,432
Total revenue		$	1,815,718	$	728,608	$	439,455	$	2,983,781


		Year Ended December 31, 2023
		Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
	Travel nurse staffing	$	1,806,653	$	—	$	—	$	1,806,653
	Labor disruption services	13,303		—		—		13,303
	Local staffing	76,553		—		—		76,553
	Allied staffing	709,632		—		—		709,632
	Locum tenens staffing	—		464,797		—		464,797
	Interim leadership staffing	—		136,953		—		136,953
Temporary staffing		2,606,141		601,750		—		3,207,891
Permanent placement (1)		18,368		67,951		—		86,319
	Language services	—		—		260,121		260,121
	Vendor management systems	—		—		169,370		169,370
	Other technologies	—		—		20,235		20,235
Technology-enabled services		—		—		449,726		449,726
Talent planning and acquisition		—		—		45,318		45,318
Total revenue		$	2,624,509	$	669,701	$	495,044	$	3,789,254

(1) Includes revenue from international nurse permanent placement, physician permanent placement, and executive search.

The following table presents the Company’s international nurse revenue by service type:


	Years Ended December 31,
	2025		2024		2023
International nurse staffing (1)	$	119,772	$	165,875	$	208,132
International nurse permanent placement (2)	9,322		11,826		18,368
Total international nurse revenue	$	129,094	$	177,701	$	226,500

(1) Included in “Travel nurse staffing” as presented in the preceding tables.

(2) Included in “Permanent placement” as presented in the preceding tables.

(u) Reclassifications

To conform to the current year presentation, certain reclassifications have been made to prior year amounts in the consolidated statements of comprehensive income (loss) and accompanying notes - Note (1)(t) “Summary of Significant Accounting Policies - Segment Information” and Note (7), “Balance Sheet Details”.

(v) Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of disaggregation of the rate reconciliation and additional information on income taxes paid disaggregated by jurisdiction. The Company adopted this standard on a retrospective basis for the year ended December 31, 2025. See Note (8), “Income Taxes” for the new disclosure requirements. The adoption of this standard did not have a material impact on our consolidated financial statements.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 33,972	$ 10,649
Accounts receivable, net of allowances of $16,580 and $32,421 at December 31, 2025 and 2024, respectively	382,560	437,817
Accounts receivable, subcontractor	48,041	70,481
Prepaid expenses	20,868	22,510
Other current assets	59,935	53,458
Total current assets	545,376	594,915
Restricted cash, cash equivalents and investments	45,606	71,840
Fixed assets, net of accumulated depreciation of $414,797 and $360,795 at December 31, 2025 and 2024, respectively	136,361	186,270
Other assets	282,552	258,053
Deferred income taxes, net	44,877	25,829
Goodwill	755,809	897,456
Intangible assets, net of accumulated amortization of $561,590 and $534,822 at December 31, 2025 and 2024, respectively	283,526	381,364
Total assets	2,094,107	2,415,727
Current liabilities:
Accounts payable and accrued expenses	161,968	184,311
Accrued compensation and benefits	298,837	287,544
Other current liabilities	116,809	73,930
Total current liabilities	577,614	545,785
Revolving credit facility	25,000	210,000
Notes payable, net of unamortized fees and premium	742,053	845,872
Other long-term liabilities	107,334	107,450
Total liabilities	1,452,001	1,709,107
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 10,000 shares authorized; none issued and outstanding at December 31, 2025 and 2024	0	0
Common stock, $0.01 par value; 200,000 shares authorized; 51,054 issued and 38,441 outstanding at December 31, 2025 and 50,692 issued and 38,079 outstanding at December 31, 2024	511	507
Additional paid-in capital	559,346	528,471
Treasury stock, at cost; 12,613 shares at December 31, 2025 and 2024	(1,127,043)	(1,127,043)
Retained earnings	1,208,994	1,304,696
Accumulated other comprehensive income (loss)	298	(11)
Total stockholders’ equity	642,106	706,620
Total liabilities and stockholders’ equity	$ 2,094,107	$ 2,415,727

Leases - Assumptions Used for Operating Leases (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term	6 years	7 years
Weighted average discount rate	5.60%	5.60%

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company is involved in various lawsuits, claims, investigations, and proceedings that arise in the ordinary course of business. These matters typically relate to professional liability, tax, compensation, contract, competitor disputes and employee-related matters and include individual, representative and class action lawsuits, as well as inquiries and investigations by governmental agencies regarding the Company’s employment and compensation practices. Additionally, some of the Company’s clients may also become subject to claims, governmental inquiries and investigations, and legal actions relating to services provided by the Company’s healthcare professionals. Depending upon the particular facts and circumstances, the Company may also be subject to indemnification obligations under its contracts with such clients relating to these matters. The Company accrues for contingencies and records a liability when management believes an adverse outcome from a loss contingency is both probable and the amount, or a range, can be reasonably estimated. Significant judgment is required to determine both probability of loss and the estimated amount. The Company reviews its loss contingencies at least quarterly and adjusts its accruals and/or disclosures to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, or other new information, as deemed necessary. The most significant matters for which the Company has established loss contingencies are class and representative actions related to wage and hour claims under California and Federal law. Specifically, among other claims in these lawsuits, it is alleged that certain expense reimbursements should be considered wages and included in the regular rate of pay for purposes of calculating overtime rates. On May 26, 2016, former travel nurse Verna Maxwell Clarke filed a complaint against AMN Services, LLC, in California Superior Court in Los Angeles County. The Company removed the case to the United States District Court for the Central District of California (Case No. 2:16-cv-04132-DSF-KS) (the “Clarke Matter”). The complaint asserts that, due to the Company’s per diem adjustment practices, traveling nurses’ per diem benefits should be included in their regular rate of pay for the purposes of calculating their overtime compensation. The Company reached an agreement to settle this matter in its entirety and accordingly recorded an accrual amounting to $62,000. Final approval of the settlement was granted in the second quarter of 2024, and the Company disbursed the settlement amount in the third quarter of 2024.

SALE OF DISPOSAL GROUP - Schedule of Assets and Liabilities Classified as Held for Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Smart Square $ in Thousands	Dec. 31, 2025 USD ($)
Assets
Accounts receivable, net	$ 3,643
Fixed assets, net	5,250
Intangible assets, net	1,549
Goodwill	32,132
Other assets	97
Total assets disposed	42,671
Liabilities
Accounts payable and accrued expenses	92
Deferred revenue	6,540
Total liabilities transferred	$ 6,632

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Share-based compensation	$ 5,982	$ 6,394
Deferred compensation	51,963	48,821
Accrued bonus	6,271	5,546
Accrued expenses	11,014	10,783
Operating lease liabilities	9,737	10,954
Net operating losses	4,991	5,314
Loss contingencies	310	563
Workers compensation insurance	4,519	5,273
Professional services expenses	234	179
Provision for expected credit losses	4,655	8,415
Sales credits	9,694	5,960
Other	1,108	3,995
Total deferred tax assets	110,478	112,197
Deferred tax liabilities:
Intangible assets	(32,994)	(65,251)
Fixed assets	(21,015)	(8,662)
Operating lease right-of-use assets	(7,277)	(8,395)
Other	(4,315)	(4,060)
Total deferred tax liabilities	(65,601)	(86,368)
Net deferred tax assets	$ 44,877	$ 25,829

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	AMN Healthcare’s board of directors (the “Board”) is responsible for overseeing our enterprise-wide risk management program. The audit committee of the Board (the “Audit Committee”) has primary oversight responsibility for information and cybersecurity, including internal controls designed to mitigate risks related to these topics. This includes regular, and at least quarterly, review by the Audit Committee of reports on topics including, among others, significant cybersecurity risks, results from third-party assessments, training and vulnerability testing, and our incident response plan. Material breaches, if any, and any disclosure obligations arising from any such breach are also discussed separately with the Audit Committee as part of the Board’s risk oversight generally. AMN’s information and cybersecurity program has adopted policies, standards, processes, and practices that follow recognized frameworks established by the National Institute of Standards and Technology (“NIST”), the International Organization for Standardization, and other relevant standards. AMN Healthcare has also implemented certain controls and procedures that allow its management to assess, identify, and manage material risks from cybersecurity threats. Our processes are integrated into the overall enterprise risk management program, which includes financial risk, compliance risk and other strategic and operational risks that affect the Company. These processes complement our enterprise-wide risk assessment architecture, as implemented by the Company’s management and as overseen by the Board through its Audit Committee. To identify and assess material risks from cybersecurity threats, we engage in regular network and endpoint monitoring, vulnerability assessments, penetration testing, and periodic tabletop exercises. We have developed an incident response plan to manage identified vulnerabilities and further improve our cybersecurity preparedness and response infrastructure. The incident response plan sets forth the actions to be taken in responding to and recovering from cybersecurity incidents, which include triage, assessing the severity of incidents, escalation protocols, containment of incidents, investigation of incidents, and remediation. In addition to our in-house capabilities, we engage with key security and technology vendors, industry participants and intelligence communities to assess our program and test our technical capabilities and enhance the effectiveness of our information and cybersecurity policies and procedures. We use a combination of tools and technologies to protect AMN Healthcare’s assets and information. We maintain and operate a proactive threat intelligence program to identify and assess risk. We have implemented processes to identify, monitor and address material risks from cybersecurity threats associated with our use of third-party vendors, including those in our supply chain or who have access to our systems, data or facilities that house such systems or data. Our team members receive annual training to understand the behaviors necessary to protect company and personal information and receive annual training on privacy laws and requirements. We also offer ongoing practice and education for team members to recognize and report suspicious activity, including phishing campaigns. The Company has experienced cyber threats resulting in immaterial cyber incidents and expects cyber threats to continue with varying levels of sophistication.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our processes are integrated into the overall enterprise risk management program, which includes financial risk, compliance risk and other strategic and operational risks that affect the Company.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	AMN Healthcare’s board of directors (the “Board”) is responsible for overseeing our enterprise-wide risk management program. AMN’s information and cybersecurity program reports up to our Chief Information & Digital Officer (“CIO”) and is managed by our Vice President, Information & Cyber Security, whose team is responsible for leading our enterprise-wide cybersecurity strategy. Through ongoing communications with the team, the CIO and the Vice President, Information & Cyber Security, are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity incidents and progress on cybersecurity infrastructure initiatives. In the event of a material cybersecurity incident, the CIO, in coordination with AMN’s Chief Legal Officer, will escalate to the Audit Committee and the Board is made aware as appropriate and in accordance with AMN’s incident response plan. Our CIO and Vice President, Information & Cyber Security have proven experience as technology leaders establishing and overseeing enterprise information security programs in the healthcare industry. Our CIO has over 25 years of experience serving as Chief Information Officer, Senior Vice President of IT, and Director of IT at various healthcare services and technology companies. AMN’s Vice President, Information & Cyber Security has over 20 years of experience in various roles in information technology and information security. He holds a M.Sc. in Computer Information Systems and holds several relevant certifications, including Certified Information Security Manager and Zero Trust Certified Architect. AMN’s Privacy function, which reports up through our Chief Legal Officer, works collaboratively with the Information Security function to create and review policies, standards and processes. In addition to updating the Audit Committee, our Chief Legal Officer provides regular updates to the Corporate Governance and Compliance Committee, as well as other members of our senior management as appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee of the Board (the “Audit Committee”) has primary oversight responsibility for information and cybersecurity, including internal controls designed to mitigate risks related to these topics.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	This includes regular, and at least quarterly, review by the Audit Committee of reports on topics including, among others, significant cybersecurity risks, results from third-party assessments, training and vulnerability testing, and our incident response plan. Material breaches, if any, and any disclosure obligations arising from any such breach are also discussed separately with the Audit Committee as part of the Board’s risk oversight generally.
Cybersecurity Risk Role of Management [Text Block]	AMN’s information and cybersecurity program reports up to our Chief Information & Digital Officer (“CIO”) and is managed by our Vice President, Information & Cyber Security, whose team is responsible for leading our enterprise-wide cybersecurity strategy. Through ongoing communications with the team, the CIO and the Vice President, Information & Cyber Security, are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity incidents and progress on cybersecurity infrastructure initiatives. In the event of a material cybersecurity incident, the CIO, in coordination with AMN’s Chief Legal Officer, will escalate to the Audit Committee and the Board is made aware as appropriate and in accordance with AMN’s incident response plan. Our CIO and Vice President, Information & Cyber Security have proven experience as technology leaders establishing and overseeing enterprise information security programs in the healthcare industry. Our CIO has over 25 years of experience serving as Chief Information Officer, Senior Vice President of IT, and Director of IT at various healthcare services and technology companies. AMN’s Vice President, Information & Cyber Security has over 20 years of experience in various roles in information technology and information security. He holds a M.Sc. in Computer Information Systems and holds several relevant certifications, including Certified Information Security Manager and Zero Trust Certified Architect. AMN’s Privacy function, which reports up through our Chief Legal Officer, works collaboratively with the Information Security function to create and review policies, standards and processes. In addition to updating the Audit Committee, our Chief Legal Officer provides regular updates to the Corporate Governance and Compliance Committee, as well as other members of our senior management as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	AMN’s information and cybersecurity program reports up to our Chief Information & Digital Officer (“CIO”) and is managed by our Vice President, Information & Cyber Security, whose team is responsible for leading our enterprise-wide cybersecurity strategy. Through ongoing communications with the team, the CIO and the Vice President, Information & Cyber Security, are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity incidents and progress on cybersecurity infrastructure initiatives. In the event of a material cybersecurity incident, the CIO, in coordination with AMN’s Chief Legal Officer, will escalate to the Audit Committee and the Board is made aware as appropriate and in accordance with AMN’s incident response plan.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO and Vice President, Information & Cyber Security have proven experience as technology leaders establishing and overseeing enterprise information security programs in the healthcare industry. Our CIO has over 25 years of experience serving as Chief Information Officer, Senior Vice President of IT, and Director of IT at various healthcare services and technology companies. AMN’s Vice President, Information & Cyber Security has over 20 years of experience in various roles in information technology and information security. He holds a M.Sc. in Computer Information Systems and holds several relevant certifications, including Certified Information Security Manager and Zero Trust Certified Architect.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Through ongoing communications with the team, the CIO and the Vice President, Information & Cyber Security, are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity incidents and progress on cybersecurity infrastructure initiatives. In the event of a material cybersecurity incident, the CIO, in coordination with AMN’s Chief Legal Officer, will escalate to the Audit Committee and the Board is made aware as appropriate and in accordance with AMN’s incident response plan.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Fair Value and Useful life of Intangible Assets Acquired

The following table summarizes the fair value and useful life of each intangible asset acquired as of the acquisition date:


		Fair Value		Useful Life
				(in years)
Identifiable intangible assets
	Customer relationships	$	54,300	7 - 10
	Tradenames and trademarks	26,400		3
	Staffing databases	11,300		5
		$	92,000

Goodwill and Identifiable Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Oct. 31, 2025	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance			$ 897,456	$ 1,111,549
Goodwill impairment losses	$ 0		(109,515)	(222,457)	$ 0
Goodwill adjustment for MSDR acquisition				8,364
Goodwill included in sale of disposal group			(32,132)
Ending balance			755,809	897,456	1,111,549
Accumulated impairment loss			546,911	437,396
Nurse and Allied Solutions
Goodwill [Roll Forward]
Beginning balance			259,137	382,420
Goodwill impairment losses			0	(123,283)
Goodwill adjustment for MSDR acquisition				0
Goodwill included in sale of disposal group			0
Ending balance			259,137	259,137	382,420
Accumulated impairment loss			277,727	277,727
Physician and Leadership Solutions
Goodwill [Roll Forward]
Beginning balance			237,760	328,570
Goodwill impairment losses		$ (109,515)	(109,515)	(99,174)
Goodwill adjustment for MSDR acquisition				8,364
Goodwill included in sale of disposal group			0
Ending balance			128,245	237,760	328,570
Accumulated impairment loss			269,184	159,669
Technology and Workforce Solutions
Goodwill [Roll Forward]
Beginning balance			400,559	400,559
Goodwill impairment losses			0	0
Goodwill adjustment for MSDR acquisition				0
Goodwill included in sale of disposal group			(32,132)
Ending balance			368,427	400,559	$ 400,559
Accumulated impairment loss			$ 0	$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Income before income taxes	$ (101,063)	$ (172,574)	$ 284,289
U.S. federal statutory tax rate	(21,223)	(36,241)	59,701
State and local income tax, net of federal income tax effect	(1,465)	(7,379)	14,170
Foreign tax effects	(65)	243	556
Research and development tax credits	950	(1,289)	(3,172)
Nondeductible compensation	2,739	1,396	905
Share-based compensation	2,948	513
Share-based compensation			(944)
Goodwill impairment losses	8,267	18,054	0
Company-owned life insurance policies	(6,293)	(4,855)	(4,428)
Meals per diems	2,244	2,110	3,010
Sale of disposal group	4,247	0	0
Other	278	516	961
Changes in unrecognized tax benefits	2,239	1,328	1,957
Other	(227)	9	894
Effective tax rate	$ (5,361)	$ (25,595)	$ 73,610
Rate
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State and local income tax, net of federal income tax effect	1.45%	4.28%	4.98%
Foreign tax effects	0.06%	(0.14%)	0.20%
Research and development tax credits	(0.94%)	0.75%	(1.12%)
Nondeductible compensation	(2.71%)	(0.81%)	0.32%
Share-based compensation	(2.92%)	(0.30%)
Share-based compensation			(0.33%)
Goodwill impairment losses	(8.18%)	(10.46%)	0.00%
Company-owned life insurance policies	0.0623	0.0281	(0.0156)
Meals per diems	(2.22%)	(1.22%)	1.06%
Sale of disposal group	(4.20%)	0.00%	0.00%
Other	(0.28%)	(0.30%)	0.34%
Changes in unrecognized tax benefits	(2.21%)	(0.77%)	0.69%
Other	0.22%	(0.01%)	0.32%
Effective tax rate	5.30%	14.83%	25.90%

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance of unrecognized tax benefits	$ 9,449	$ 8,689	$ 6,980
Additions based on tax positions related to the current year	0	978	1,873
Additions based on tax positions of prior years	2,285	266	491
Reductions due to lapse of applicable statute of limitation	(1,155)	(484)	(655)
Ending balance of unrecognized tax benefits	$ 10,579	$ 9,449	$ 8,689

Acquisitions - MSDR Acquisition (Details) $ in Thousands		3 Months Ended
Acquisitions - MSDR Acquisition (Details) $ in Thousands	Nov. 30, 2023 USD ($) company	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2025 USD ($)	Oct. 06, 2025 USD ($)	Oct. 05, 2025 USD ($)	Dec. 31, 2023 USD ($)	Feb. 10, 2023 USD ($)	Feb. 09, 2023 USD ($)
Business Combination [Line Items]
Goodwill		$ 897,456		$ 755,809			$ 1,111,549
Revolving Credit Facility \| Line of Credit
Business Combination [Line Items]
Maximum borrowing capacity	$ 750,000				$ 450,000	$ 750,000		$ 750,000	$ 400,000
MSDR
Business Combination [Line Items]
Number of companies acquired \| company	2
Purchase price	$ 292,818	291,169
Cash returned to the company for final working capital settlement			$ 1,649
Fair value of tangible assets acquired		41,406
Cash received		562
Liabilities assumed		26,371
Identified intangible assets	$ 92,000	92,000
Goodwill		184,134
Goodwill expected to be tax deductible		$ 94,762
Intangible assets acquired, weighted average useful life		7 years

SALE OF DISPOSAL GROUP (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities Classified as Held for Sale

The following table presents the assets disposed of and the liabilities transferred as a result of the sale:


	December 31, 2025
Assets
Accounts receivable, net	$	3,643
Fixed assets, net	5,250
Intangible assets, net	1,549
Goodwill	32,132
Other assets	97
Total assets disposed	$	42,671

Liabilities
Accounts payable and accrued expenses	$	92
Deferred revenue	6,540
Total liabilities transferred	$	6,632

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Goodwill and Identifiable Intangible Assets - Additional Information (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Oct. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) unit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Goodwill [Line Items]
Aggregate amortization expense, intangible assets			$ 78,027	$ 92,770
Goodwill impairment losses	$ 0		$ 109,515	222,457	$ 0
Number of reporting units \| unit			3
Long-lived assets impairment losses	$ 0		$ 18,262	0	$ 7,802
Physician and Leadership Solutions
Goodwill [Line Items]
Goodwill, impairment loss, gross		$ 91,221
Deferred tax assets, goodwill		18,294
Goodwill impairment losses		109,515	$ 109,515	$ 99,174
Customer relationships
Goodwill [Line Items]
Impairment loss on intangible assets		$ 18,262
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Long-lived assets impairment losses

Goodwill and Identifiable Intangible Assets - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Year ending December 31, 2026	$ 66,642
Year ending December 31, 2027	52,181
Year ending December 31, 2028	34,729
Year ending December 31, 2029	26,229
Year ending December 31, 2030	20,369
Thereafter	83,376
Net Carrying Amount	$ 283,526	$ 381,364

Sale of Disposal Group

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Sale of Disposal Group

On July 1, 2025, the Company completed the sale of its Smart Square healthcare scheduling software, a service offering of the Company’s workforce optimization business within its technology and workforce solutions segment. As a result of the sale, the Company received cash consideration of $65,320 and is owed a 9.000% promissory note of $10,000 (the “2027 Note Receivable”) payable on January 1, 2027. During the year ended December 31, 2025, the Company recognized a net gain of $39,138 as a result of the sale, which includes a $42 final working capital settlement that was paid by the Company during the fourth quarter of 2025.

Assets sold and the related liabilities transferred as part of those transactions (“disposal groups”) were measured at the lower of their carrying amount or fair value less costs to sell. Goodwill was allocated based on the relative fair values of the disposal group and the technology and workforce solutions reporting unit.

The following table presents the assets disposed of and the liabilities transferred as a result of the sale:


	December 31, 2025
Assets
Accounts receivable, net	$	3,643
Fixed assets, net	5,250
Intangible assets, net	1,549
Goodwill	32,132
Other assets	97
Total assets disposed	$	42,671

Liabilities
Accounts payable and accrued expenses	$	92
Deferred revenue	6,540
Total liabilities transferred	$	6,632

The Company determined that the sale of Smart Square does not represent a strategic shift that will have a major effect on the Company’s operations and financial results. As such, the disposal group does not meet the criteria for reporting in discontinued operations.

Leases - Maturity of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2026	$ 8,376
2027	7,672
2028	7,866
2029	5,861
2030	3,295
Thereafter	9,191
Total lease payments	42,261
Less imputed interest	(6,112)
Present value of lease liabilities	$ 36,149

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income (loss) before income taxes includes the following components for the years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
	2025		2024		2023
United States	$	(101,382)	$	(173,087)	$	283,822
Foreign	319		513		467
Income (loss) before income taxes	$	(101,063)	$	(172,574)	$	284,289

The provision for income taxes from operations for the years ended December 31, 2025, 2024 and 2023 consists of the following:


	Years Ended December 31,
	2025		2024		2023
Current income taxes:
Federal	$	7,617	$	20,159	$	65,426
State	6,618		5,042		20,666
Foreign	(47)		271		451
Total	14,188		25,472		86,543
Deferred income taxes:
Federal	(11,124)		(36,762)		(10,273)
State	(8,472)		(14,382)		(2,730)
Foreign	47		77		70
Total	(19,549)		(51,067)		(12,933)
Provision (benefit) for income taxes from operations	$	(5,361)	$	(25,595)	$	73,610


	Years Ended December 31,
	2025				2024				2023

	Amount		Rate		Amount		Rate		Amount		Rate
Pretax income (loss) from operations	$	(101,063)			$	(172,574)			$	284,289

U.S. federal statutory tax rate	$	(21,223)	21.00	%	$	(36,241)	21.00	%	$	59,701	21.00	%
State and local income tax, net of federal income tax effect (1)	(1,465)		1.45	%	(7,379)		4.28	%	14,170		4.98	%
Foreign tax effects	(65)		0.06	%	243		(0.14)	%	556		0.20	%
Tax credits
Research and development tax credits	950		(0.94)	%	(1,289)		0.75	%	(3,172)		(1.12)	%
Nontaxable or nondeductible items
Nondeductible compensation	2,739		(2.71)	%	1,396		(0.81)	%	905		0.32	%
Share-based compensation	2,948		(2.92)	%	513		(0.30)	%	(944)		(0.33)	%
Goodwill impairment losses	8,267		(8.18)	%	18,054		(10.46)	%	—		—	%
Company-owned life insurance policies	(6,293)		6.23	%	(4,855)		2.81	%	(4,428)		(1.56)	%
Meals per diems	2,244		(2.22)	%	2,110		(1.22)	%	3,010		1.06	%
Sale of disposal group	4,247		(4.20)	%	—		—	%	—		—	%
Other	278		(0.28)	%	516		(0.30)	%	961		0.34	%
Changes in unrecognized tax benefits	2,239		(2.21)	%	1,328		(0.77)	%	1,957		0.69	%
Other	(227)		0.22	%	9		(0.01)	%	894		0.32	%
Effective tax rate	$	(5,361)	5.30	%	$	(25,595)	14.83	%	$	73,610	25.90	%

(1) State taxes in California represents the majority (greater than 50 percent) of the tax effect in this category.

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are presented below as of December 31, 2025 and 2024:


	December 31,
	2025		2024
Deferred tax assets:
Share-based compensation	$	5,982	$	6,394
Deferred compensation	51,963		48,821
Accrued bonus	6,271		5,546

Accrued expenses	11,014		10,783

Operating lease liabilities	9,737		10,954
Net operating losses	4,991		5,314
Loss contingencies	310		563
Workers compensation insurance	4,519		5,273
Professional services expenses	234		179
Provision for expected credit losses	4,655		8,415
Sales credits	9,694		5,960
Other	1,108		3,995
Total deferred tax assets	$	110,478	$	112,197
Deferred tax liabilities:
Intangible assets	$	(32,994)	$	(65,251)
Fixed assets	(21,015)		(8,662)
Operating lease right-of-use assets	(7,277)		(8,395)
Other	(4,315)		(4,060)
Total deferred tax liabilities	$	(65,601)	$	(86,368)

Net deferred tax assets	$	44,877	$	25,829

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management believes it is more likely than not that the Company will realize the benefits of its deferred tax assets.

The amount of federal net operating losses (“NOL”) carryforward that is available for use in years subsequent to December 31, 2025 is $15,136, which begins to expire by 2030. The amount of state NOL carryforward that is available for use in years subsequent to December 31, 2025 is $33,854, which begins to expire by 2036.

A summary of the changes in the amount of unrecognized tax benefits (excluding interest and penalties) for 2025, 2024 and 2023 is as follows:


	2025		2024		2023
Beginning balance of unrecognized tax benefits	$	9,449	$	8,689	$	6,980
Additions based on tax positions related to the current year	—		978		1,873
Additions based on tax positions of prior years	2,285		266		491

Reductions due to lapse of applicable statute of limitation	(1,155)		(484)		(655)

Ending balance of unrecognized tax benefits	$	10,579	$	9,449	$	8,689

At December 31, 2025, if recognized, approximately $12,705 net of $2,892 of temporary differences would affect the effective tax rate (including interest and penalties).

The Company recognizes interest related to unrecognized tax benefits in income tax expense (benefit). The Company had approximately $5,015, $2,861 and $1,942 of accrued interest related to unrecognized tax benefits at December 31, 2025, 2024 and 2023, respectively. The amount of interest expense recognized in 2025, 2024 and 2023 was $2,153, $920 and $552, respectively.

The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. With few exceptions, as of December 31, 2025, the Company is no longer subject to state, local or foreign examinations by tax authorities for tax years before 2011, and the Company is no longer subject to U.S. federal income or payroll tax examinations for tax years before 2022.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented in subsequent years. The Company has assessed its impact on the consolidated financial statements and determined there was no material impact to income tax expense (benefit) or the effective tax rate as of December 31, 2025.

The Company believes its liability for unrecognized tax benefits and contingent tax issues is adequate with respect to all open years. Notwithstanding the foregoing, the Company could adjust its provision for income taxes and contingent tax liability based on future developments.

Income taxes paid (net of refunds) during the years ended December 31, 2025, 2024 and 2023 by jurisdiction were as follows:


	2025		2024		2023
U.S. federal	$	5,265	$	21,600	$	58,500
U.S. state and local
California	1,323		1,977		5,178
Texas	720		—		—
Other (1)	398		4,365		14,325
Foreign	142		210		253
Total income taxes paid, net	$	7,848	$	28,152	$	78,256

(1) The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Share-Based Compensation - Summary of Restricted Stock Units (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Unvested, beginning balance (in shares)	913	601	665
Vested (in shares)	(304)	(234)	(349)
Canceled/forfeited (in shares)	(167)	(156)	(87)
Unvested, ending balance (in shares)	1,794	913	601
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share)	$ 77.81	$ 101.01	$ 94.79
Vested (in dollars per share)	80.79	89.64	89.76
Canceled/forfeited (in dollars per share)	63.73	90.66	104.14
Unvested, ending balance (in dollars per share)	$ 40.55	$ 77.81	$ 101.01
Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)	843	443	196
Weighted Average Grant Date Fair Value per Share
Granted (in dollars per share)	$ 25.45	$ 61.30	$ 95.67
Performance Restricted Stock Units (PRSUs)
Number of Shares
Granted (in shares)	509	259	176
Weighted Average Grant Date Fair Value per Share
Granted (in dollars per share)	$ 30.33	$ 70.73	$ 109.74

Capital Stock - Schedule of Share Repurchases (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Equity [Abstract]

Number of shares repurchased (in shares)

4,383,000

Average price per share (in dollars per share)

$ 96.90

Total cost of share repurchases

^[1]

$ 0

$ 424,744

[1]