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Financials · AMWL

American Well Corporation (AMWL) financials

For the twelve months ended Sep 30, 2026, American Well Corporation reported $211.23M of revenue and -$56.21M of net income.

Revenue, TTM
$211.23M
Revenue growth, YoY
-20.3%
Net income, TTM
-$56.21M
Net margin
-26.6%
Free cash flow, TTM
-$19.32M
EPS, diluted, TTM
-$3.45
Cash
$180.79M
P/S
0.97
Market cap
$205.1M
Annual revenue$249.32M
FY2018FY2025
Annual net income-$95.70M
FY2018FY2025
Annual free cash flow-$65.97M
FY2018FY2025

AMWL revenue and earnings growth

AMWL revenueQ3 2026$48.99M

Quarter YoY
-13.0%
QoQ
-5.9%
FY YoY
-2.0%
5Y CAGR
+0.3%

AMWL revenue was $48.99M in fiscal Q3 2026 (ended Sep 30, 2026), down 13.0% from a year earlier and down 5.9% from the prior quarter. For the full fiscal 2025 it was $249.32M, down 2.0% from fiscal 2024. Compound annual growth was +0.3% over 5 years. It rose in 4 of the last 7 fiscal years.

AMWL net incomeQ3 2026-$11.36M

AMWL net income was -$11.36M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$32.38M a year earlier. For the full fiscal 2025 it was -$95.70M, compared with -$208.14M in fiscal 2024.

AMWL EPSQ3 2026-$0.67

AMWL diluted EPS was -$0.67 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$2.00 a year earlier. For the full fiscal 2025 it was -$5.96, compared with -$13.88 in fiscal 2024.

AMWL free cash flowQ3 2026-$11.68M

AMWL free cash flow was -$11.68M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$18.77M a year earlier. For the full fiscal 2025 it was -$65.97M, compared with -$127.46M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Revenue$249.32M$254.36M$259.05M$277.19M$252.79M$245.26M$148.86M$113.95M
Research and development$72.86M$86.06M$105.83M$138.49M$106.59M$84.41M$53.94M$36.27M
Selling, general and admin$88.05M$121.17M$126.64M$146.35M$94.62M$166.25M$54.21M$37.22M
Operating income-$105.27M-$217.53M-$692.14M-$275.85M-$179.15M-$227.43M-$94.70M-$55.11M
Pre-tax income-$94.53M-$209.89M-$675.31M-$269.73M-$179.03M-$225.80M-$89.17M-$52.31M
Income tax$434.0K$2.75M$3.86M$64.0K-$5.38M$639.0K-$803.0K$0
Net income-$95.70M-$208.14M-$675.16M-$270.43M-$176.33M-$224.43M-$87.19M-$52.67M
EPS, basic-$5.96-$13.88-$47.50-$19.72-$13.80-$45.40-$42.40-$26.00
EPS, diluted-$5.96-$13.88-$47.50-$19.72-$13.80-$45.40-$42.40-$26.00
Diluted shares16.0M15.0M14.2M13.7M12.7M5.0M2.1M2.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Cash and equivalents$182.33M$229.11M$372.04M$539.34M$747.21M$942.71M$138.82M$54.07M
Short-term investments-----$99.96M$39.95M-
Receivables$49.69M$71.89M$54.15M$58.37M$51.38M$45.30M$32.73M-
Inventory$1.19M$2.86M$6.65M$8.74M$7.53M$9.13M$3.10M-
Current assets$246.68M$316.99M$449.58M$626.62M$827.30M$1.11B$223.53M-
Goodwill-$0$0$435.28M$442.76M$193.88M$193.88M$127.27M
Total assets$323.79M$435.97M$589.71M$1.22B$1.45B$1.38B$499.88M-
Current liabilities$73.21M$111.26M$93.80M$114.06M$141.63M$120.98M$106.58M-
Total liabilities$76.00M$119.72M$109.52M$133.71M$184.96M$130.45M$124.95M-
Shareholders' equity$235.58M$316.24M$480.19M$1.08B$1.26B$1.25B-$280.86M-$204.41M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Operating cash flow-$65.95M-$127.34M-$148.34M-$192.32M-$141.54M-$112.46M-$81.89M-$74.01M
Capital expenditures$21.0K$119.0K$192.0K$292.0K$559.0K$3.32M$1.34M$1.91M
Free cash flow-$65.97M-$127.46M-$148.53M-$192.62M-$142.10M-$115.78M-$83.23M-$75.92M
Investing cash flow$17.10M-$18.65M-$19.17M-$11.63M-$59.63M-$66.76M$120.00M-$245.93M
Financing cash flow$840.0K$1.38M$2.15M-$3.61M$5.75M$983.12M$46.64M$278.18M
Stock-based compensation$22.01M$47.54M$72.25M$67.67M$43.81M$118.36M$12.13M$7.67M
Depreciation and amortization$33.96M$32.97M$31.51M$26.17M$16.09M$10.15M$7.76M$5.33M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Revenue growth, YoY-2.0%-1.8%-6.5%9.7%3.1%64.8%30.6%-
Operating margin-42.2%-85.5%-267.2%-99.5%-70.9%-92.7%-63.6%-48.4%
Net margin-38.4%-81.8%-260.6%-97.6%-69.8%-91.5%-58.6%-46.2%
Free cash flow margin-26.5%-50.1%-57.3%-69.5%-56.2%-47.2%-55.9%-66.6%
Return on equity-40.6%-65.8%-140.6%-25.0%-14.0%-18.0%--
Return on assets-29.6%-47.7%-114.5%-22.2%-12.2%-16.3%-17.4%-
Current ratio3.372.854.795.495.849.202.10-

Source: XBRL data American Well Corporation files with the SEC, latest filing dated Nov 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 1-for-20, first reported Jul 31, 2024.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

AMWL peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
AMWL$211.23M-20.3%-$56.21M-26.6%$205.1M
V$45.90B+14.8%$23.50B51.2%$755.16B
MA$36.29B+15.3%$16.96B46.7%$568.62B
BABACN¥1.02T+2.7%CN¥103.59B10.1%$265.13B
ACN$74.18B+6.5%$8.37B11.3%$174.20B
UBER$56.53B+13.9%$3.46B6.1%$140.05B
PDDCN¥431.85B+9.7%CN¥97.84B22.7%$118.18B
DASH$17.06B+35.0%$1.06B6.2%$78.33B
MELI$38.52B+47.1%$1.89B4.9%$76.55B

AMWL FAQ

8 questions
  • What is AMWL revenue?
    American Well Corporation (AMWL) reported $211.23M of revenue for the twelve months ended Sep 30, 2026. That is down 20.3% from the year before. Revenue for fiscal 2025 was $249.32M.
  • Is AMWL profitable?
    No. American Well Corporation reported a net loss of $56.21M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does AMWL have?
    American Well Corporation reported $180.79M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is AMWL revenue growing?
    American Well Corporation's revenue changed -2.0% in fiscal 2025, to $249.32M. Its compound annual growth rate was +0.3% over 5 years.
  • What is AMWL free cash flow?
    American Well Corporation generated -$19.32M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$19.29M less capital expenditures.
  • What is AMWL earnings per share?
    Diluted earnings per share were -$3.45 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did AMWL last report financial results?
    The latest statements here come from American Well Corporation's 10-Q filed on Nov 3, 2026, covering the period ended Sep 30, 2026.
  • Where does this AMWL financial data come from?
    Quantisnow builds these statements from the structured XBRL data American Well Corporation files with the SEC. It is provided for information only and is not investment advice.