The travel nurse staffing market continues to stabilize after the sharp growth and correction that followed the COVID-19 pandemic, though profitability pressures remain, according to findings from the annual SIA NATHO Travel Nurse Benchmarking Survey.
The survey, published May 13, was completed by respondents in February and March. The respondents were composed of staffing companies representing about $9 billion in 2025 U.S. travel nurse staffing revenue and roughly 64% of the market, according to Staffing Industry Analysts.
Four findings from the survey:
1. Aggregate travel nurse revenue declined 12.1% in 2025, driven almost entirely by a 12.5% decrease in billed hours. The aggregate travel nurse bill rate remained relatively stable, rising slightly from $90.13 in 2024 to $90.54 in 2025.
2. Despite three consecutive years of double-digit declines, travel nurse market revenue remains above pre-pandemic levels, according to Staffing Industry Analysts. Several operational metrics — including bill rates, recruiter productivity and revenue per recruiter — also appear to be stabilizing above historical averages.
3. Profitability metrics continue to lag behind other indicators. Aggregate gross margins fell to a median 19.9% in 2025, while EBITDA stood at 4.3%, compared to 25% and 11%, respectively, in 2019. Staffing Industry Analysts said firms continue investing in technology platforms, automation and credentialing systems, contributing to higher operating costs.
4. Managed service providers continued to play a major role in the market. About 74% of aggregate travel nurse staffing revenue in 2025 was generated through MSP relationships, according to the survey.
The findings come as many hospitals and health systems continue efforts to reduce reliance on contract labor following pandemic-era staffing shortages.
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