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CCRN

Cross Country Healthcare, Inc.

CCRN

Cross Country Healthcare, Inc. • NASDAQ
$10.26 ▼ -3.84% (-0.41)
Market Cap $336.12 M
52w High $18.33
52w Low $10.14
Dividend Yield 0%
P/E -20.94
Volume 211.53K
Outstanding Shares 32.76M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $250.052M ▼ $56.9M ▼ $-4.774M ▲ -1.909% ▲ $-0.15 ▲ $-993K ▲
Q2-2025 $274.072M ▼ $61.863M ▲ $-6.659M ▼ -2.43% ▼ $-0.2 ▼ $-1.079M ▼
Q1-2025 $293.408M ▼ $59.635M ▼ $-490K ▲ -0.167% ▲ $-0.02 ▲ $4.416M ▲
Q4-2024 $309.94M ▼ $65.425M ▲ $-3.753M ▼ -1.211% ▼ $-0.12 ▼ $3.982M ▼
Q3-2024 $315.119M $61.305M $2.555M 0.811% $0.077 $8.437M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $99.132M ▲ $538.231M ▼ $130.089M ▼ $408.142M ▼
Q2-2025 $81.193M ▲ $553.818M ▼ $141.576M ▼ $412.242M ▼
Q1-2025 $80.697M ▼ $576.235M ▼ $158.025M ▼ $418.21M ▼
Q4-2024 $81.633M ▲ $589.251M ▼ $170.292M ▼ $418.959M ▼
Q3-2024 $64.021M $597.423M $172.732M $424.691M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.774M ▲ $20.114M ▲ $-2.191M ▼ $-6K ▲ $17.939M ▲ $17.923M ▲
Q2-2025 $-6.659M ▼ $4.217M ▼ $-1.967M ▼ $-1.756M ▲ $496K ▲ $2.25M ▼
Q1-2025 $-490K ▲ $5.681M ▼ $-1.886M ▲ $-4.725M ▼ $-936K ▼ $3.795M ▼
Q4-2024 $-3.753M ▼ $24.234M ▲ $-2.531M ▼ $-4.077M ▲ $17.612M ▲ $21.703M ▲
Q3-2024 $2.555M $7.47M $-1.124M $-11.926M $-5.58M $6.346M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Services
Other Services
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue jumped sharply during the pandemic years and peaked in the early 2020s, then has steadily come down as crisis-level demand for travel and temporary healthcare staff has eased. Profitability followed the same arc: very strong margins and earnings at the peak, then compressing as rates normalized and volumes cooled. Most recently, the company slipped from solid profits into a small loss, suggesting that pricing pressure, softer demand, or higher costs (such as wages and technology investments) are weighing on results. Gross profit is still healthy in absolute terms, but the business now operates much closer to break‑even than it did at the peak. Overall, the income statement tells a story of a company coming off an unusually strong cycle and working to reset to a more normal, lower-margin environment.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative. Total assets have grown meaningfully compared with several years ago, and shareholders’ equity has risen steadily, which indicates that past profits have been retained in the business. Debt has been reduced to very low levels, so financial leverage is modest. Cash on hand is not large but has improved compared with earlier years when it was essentially zero. In simple terms, the company seems to have used the boom years to strengthen its financial foundation and de-risk its balance sheet, which gives it more flexibility during a softer demand period.

Cash Flow

Cash Flow Cash generation has generally been solid, with operating cash flow positive in most years and particularly strong during the pandemic surge. Importantly, free cash flow has tended to track operating cash flow closely because capital spending needs are relatively light, reflecting an asset‑light, services‑driven model. There was one year with negative operating cash flow, likely tied to working capital swings during rapid growth, but this appears to have been temporary. More recently, cash flow has remained positive even as accounting profits have softened, which suggests that the underlying cash engine of the business is still functioning reasonably well, just at a lower level than during peak conditions.

Competitive Edge

Competitive Edge Cross Country operates in a highly competitive healthcare staffing market, going up against large, well‑known rivals and aggressive private players. The core staffing business can be quite commoditized, with hospitals able to shop around on price and terms, which limits pricing power during normal times. However, the company has tried to differentiate itself through scale, long‑standing relationships, and a broader suite of services that go beyond simply filling shifts. Its vendor‑neutral platform and advisory and outsourcing offerings help shift the relationship from transactional to strategic for some clients. Even so, the company is still exposed to industry cycles, hospital budget pressures, and competitive bidding, so its competitive edge is meaningful but not unassailable.

Innovation and R&D

Innovation and R&D Innovation is less about traditional lab-style R&D and more about building and refining technology platforms and data capabilities. Cross Country’s Intellify workforce platform, mobile apps for clinicians, and data aggregation services are central to its strategy. These tools aim to make staffing more transparent, efficient, and user‑friendly for both hospitals and healthcare professionals. By focusing on mobile experiences, vendor‑neutral workflow tools, and data‑driven insights, the company is trying to create a stickier ecosystem that is harder to replace and that supports higher‑value services like recruitment outsourcing and advisory work. The key uncertainty is how quickly adoption of these digital solutions grows and whether they can offset the margin pressure in the traditional staffing side of the business.

Summary

Overall, Cross Country looks like a company transitioning from an extraordinary boom period back to a more normal, competitive environment. Revenue and profits have come down meaningfully from their peak, and the most recent year shows how thin margins can become when demand and pricing normalize. On the positive side, the business used its strong years to clean up the balance sheet, reduce debt, and build equity, and it continues to generate cash. Strategically, it is leaning into technology platforms, mobile tools, and data‑driven services to deepen relationships with clients and clinicians and to move up the value chain. The main watchpoints are whether the company can stabilize margins at a reasonable level in a post‑pandemic market, how effectively it can grow its higher‑margin tech and advisory lines, and how well it can defend its position in a crowded staffing landscape where hospitals are very focused on cost control.

NEWS

November 12, 2025 · 4:56 PM UTC

Cross Country Healthcare Announces Third Quarter 2025 Financial Results

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October 22, 2025 · 10:54 AM UTC

Cross Country Marketing Team Wins Global OnCon Icon Award; Named No. 1 in the Nation

Read more