AMN Revenue Rises 13% to $717 Million as AHR Raises 2026 Forecast
Key Facts
American Healthcare REIT and AMN Healthcare reported mixed results for the third quarter ended Sept. 30, 2026, with AMN’s consolidated revenue rising 13% year over year to $717 million and AHR raising its full-year financial outlook. AMN said revenue also increased 7% from the previous quarter, while the company reported net income of $33 million and diluted earnings per share of $0.83. By contrast, AHR reported GAAP net income attributable to controlling interests of $31.2 million, or $0.14 per diluted share. The companies’ results showed different sources of growth: nursing and allied healthcare staffing supported AMN’s results, while AHR linked its operating improvement to pricing strength and expense controls. AHR raised its 2026 outlook, while AMN forecast fourth-quarter revenue below the year-earlier level.
AHR revenue rose to $742.149 million in the third quarter, compared with $572.937 million in the same quarter of 2025, but net income attributable to controlling interests fell to $31.213 million from $55.927 million. Normalized funds from operations attributable to controlling interests were $0.58 per diluted share for the quarter. The company said net operating income growth came from “pricing power driven by rate growth and effective expense controls by its operating partners.” Management said occupancy gains, pricing management and expense controls supported net operating income growth in the SHOP and ISHC segments. Same-store property net operating income growth was 28.2% in SHOP and 15.7% in ISHC year over year. Management said these factors provided a strong foundation for entering the final quarter of the year and could support growth into 2027.
AHR raised its 2026 normalized funds from operations outlook to $2.23–$2.26 per diluted share, from a previous range of $2.15–$2.19. It also raised its forecast for same-store portfolio property net operating income growth to 12.0%–14.0%, compared with 11.0%–13.0% previously. The company said its investment pipeline exceeds $1 billion and includes recently awarded deals as well as previously disclosed transactions that have not yet closed. AHR expects to close the pipeline deals by the end of the first quarter of 2027. The company did not include additional pending deals in its financial guidance for the current year. That puts AHR’s higher full-year outlook against AMN’s more cautious guidance for the coming quarter.
AMN’s revenue increase came from growth in its Nurse and Allied Solutions segment, which posted $460 million, up 27% year over year and 9% from the previous quarter. Temporary nursing revenue rose 19% year over year, while allied healthcare staffing services revenue increased 11%. The company said demand for travel nursing and allied healthcare staffing intensified during the quarter and continued through October, while execution lifted volumes by more than 10% from a year earlier. AMN attributed part of the segment’s growth to revenue from releasing reserves related to earlier labor disruption events. Labor disruption revenue was $59 million in the quarter, compared with $25 million in the second quarter and $12 million in the third quarter of 2025. The company said quarterly revenue and earnings exceeded its previous guidance, driven by nursing and allied healthcare staffing and reserve releases.
Improvement was not uniform across AMN’s other segments: Physician and Leadership Solutions revenue was about $171 million, down 4% from a year earlier despite rising 4% from the previous quarter. Technology and Workforce Solutions posted revenue of $86 million, down 9% year over year and 1% quarter over quarter. Adjusted earnings before interest, taxes, depreciation and amortization rose to $94 million, up 63% year over year. The metric’s margin was 13.0%, up 390 basis points from the same period in 2025. On liquidity, cash and cash equivalents totaled $256 million on Sept. 30. Operating cash flow was negative $88 million during the quarter but totaled $285 million year to date; the company attributed the quarterly outflow to returning most customer deposits related to earlier labor disruption events.
AMN expects consolidated revenue of between $655 million and $670 million in the fourth quarter of 2026, a projected year-over-year decline of between 10% and 12%. The guidance assumes $5 million in labor disruption revenue during the quarter, compared with $124 million in the fourth quarter of 2025. The forecast follows quarterly revenue growth in the third quarter, when the company benefited from strong demand for temporary nursing and allied healthcare staffing, along with labor disruption reserve releases. AHR’s 2026 outlook, meanwhile, was raised, with the company targeting the closure of investment deals worth more than $1 billion by the end of the first quarter of 2027. The companies’ outlooks cover different time horizons: the coming quarter for AMN and the full year for AHR. The differing guidance reflects AMN’s reliance on labor disruption revenue for part of its recent growth, which the company expects to decline in the fourth quarter.