This page shows American Well Corp (AMWL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
American Well Corp has an operating margin of -42.2%, meaning the company retains $-42 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -85.5% the prior year.
American Well Corp's revenue declined 2% year-over-year, from $254.4M to $249.3M. This contraction results in a growth score of 30/100.
American Well Corp carries a low D/E ratio of 0.32, meaning only $0.32 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.37, American Well Corp holds $3.37 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 65/100.
While American Well Corp generated -$66.0M in operating cash flow, capex of $21K consumed most of it, leaving -$66.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
American Well Corp generates a -40.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -68.3% the prior year.
American Well Corp passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, American Well Corp generates $0.69 in operating cash flow (-$66.0M OCF vs -$95.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
American Well Corp earns $-20.4 in operating income for every $1 of interest expense (-$105.3M vs $5.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
American Well Corp generated $249.3M in revenue in fiscal year 2025. This represents a decrease of 2.0% from the prior year.
American Well Corp's EBITDA was -$71.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 61.4% from the prior year.
American Well Corp reported -$95.7M in net income in fiscal year 2025. This represents an increase of 54.0% from the prior year.
American Well Corp earned $-5.96 per diluted share (EPS) in fiscal year 2025. This represents an increase of 57.1% from the prior year.
Cash & Balance Sheet
American Well Corp generated -$66.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 48.2% from the prior year.
American Well Corp held $182.3M in cash against $0 in long-term debt as of fiscal year 2025.
American Well Corp had 16M shares outstanding in fiscal year 2025. This represents an increase of 5.5% from the prior year.
Margins & Returns
American Well Corp's gross margin was 53.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 14.4 percentage points from the prior year.
American Well Corp's operating margin was -42.2% in fiscal year 2025, reflecting core business profitability. This is up 43.3 percentage points from the prior year.
American Well Corp's net profit margin was -38.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 43.5 percentage points from the prior year.
American Well Corp's ROE was -40.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 27.7 percentage points from the prior year.
Capital Allocation
American Well Corp invested $72.9M in research and development in fiscal year 2025. This represents a decrease of 15.3% from the prior year.
American Well Corp spent $4K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 33.3% from the prior year.
American Well Corp invested $21K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 82.4% from the prior year.
AMWL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $55.3M-1.7% | $56.3M-20.6% | $70.9M+6.1% | $66.8M-5.9% | $71.0M+16.3% | $61.0M-2.8% | $62.8M+5.5% | $59.5M |
| Cost of Revenue | $27.0M+0.7% | $26.8M-14.0% | $31.1M-1.4% | $31.6M-13.8% | $36.6M-4.5% | $38.4M-2.4% | $39.3M-4.5% | $41.2M |
| Gross Profit | $28.3M-4.0% | $29.5M-25.8% | $39.8M+12.8% | $35.3M+2.5% | $34.4M+51.6% | $22.7M-3.4% | $23.5M+27.9% | $18.4M |
| R&D Expenses | $13.9M-25.0% | $18.6M+1.9% | $18.2M-17.5% | $22.1M+17.7% | $18.8M-5.1% | $19.8M-4.8% | $20.8M-22.0% | $26.7M |
| SG&A Expenses | $22.0M+1.0% | $21.7M+2.7% | $21.2M-8.8% | $23.2M-33.3% | $34.8M+38.1% | $25.2M-11.5% | $28.5M-13.1% | $32.8M |
| Operating Income | -$25.2M+14.3% | -$29.3M-43.9% | -$20.4M+33.0% | -$30.4M+28.9% | -$42.8M+9.7% | -$47.4M+9.6% | -$52.4M+30.2% | -$75.0M |
| Interest Expense | $1.1M-10.0% | $1.2M-14.5% | $1.4M-12.1% | $1.6M-19.8% | $2.0M-28.4% | $2.7M-17.3% | $3.3M-13.2% | $3.8M |
| Income Tax | -$626K-151.4% | $1.2M+267.9% | -$725K-227.6% | $568K-62.8% | $1.5M+1125.5% | -$149K-253.6% | $97K-92.4% | $1.3M |
| Net Income | -$24.9M+23.0% | -$32.4M-64.4% | -$19.7M-5.3% | -$18.7M+56.1% | -$42.7M+1.9% | -$43.5M+12.9% | -$49.9M+30.8% | -$72.1M |
| EPS (Diluted) | N/A | $-2.00-61.3% | $-1.24-4.2% | $-1.19 | N/A | $-2.87+14.6% | $-3.36 | $-4.94 |
AMWL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $323.8M-9.9% | $359.4M-7.5% | $388.7M-7.3% | $419.5M-3.8% | $436.0M-9.7% | $483.0M-4.9% | $507.8M-7.4% | $548.4M |
| Current Assets | $246.7M-9.0% | $271.2M-6.4% | $289.7M-7.0% | $311.5M-1.7% | $317.0M-11.2% | $356.9M-5.6% | $378.2M-8.7% | $414.2M |
| Cash & Equivalents | $182.3M-9.2% | $200.9M-8.3% | $219.1M-1.5% | $222.4M-2.6% | $228.3M-6.7% | $244.6M-11.7% | $276.9M-10.3% | $308.6M |
| Inventory | $1.2M-34.9% | $1.8M-16.5% | $2.2M-13.7% | $2.5M-11.5% | $2.9M-40.0% | $4.8M-14.6% | $5.6M-15.3% | $6.6M |
| Accounts Receivable | $49.7M-10.6% | $55.6M+3.8% | $53.6M-25.6% | $72.0M+0.2% | $71.9M-19.5% | $89.3M+17.3% | $76.1M-5.7% | $80.7M |
| Goodwill | N/A | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Total Liabilities | $76.0M-17.4% | $92.1M-2.1% | $94.1M-17.2% | $113.7M-5.0% | $119.7M-9.9% | $132.9M+2.3% | $130.0M+3.9% | $125.0M |
| Current Liabilities | $73.2M-15.3% | $86.5M-1.6% | $87.9M-17.6% | $106.7M-4.1% | $111.3M-8.9% | $122.2M+3.6% | $117.9M+8.7% | $108.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $235.6M-7.6% | $254.9M-9.8% | $282.6M-3.9% | $294.0M-3.5% | $304.8M-9.5% | $336.7M-7.5% | $363.9M-11.0% | $408.7M |
| Retained Earnings | -$2.1B-1.2% | -$2.0B-1.6% | -$2.0B-1.0% | -$2.0B-1.0% | -$2.0B-2.2% | -$1.9B-2.3% | -$1.9B-2.7% | -$1.8B |
AMWL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$17.4M+7.5% | -$18.8M-297.2% | -$4.7M+81.2% | -$25.1M-86.9% | -$13.4M+58.5% | -$32.4M-48.5% | -$21.8M+63.5% | -$59.8M |
| Capital Expenditures | $12K | $0 | $0-100.0% | $9K+200.0% | $3K-80.0% | $15K-42.3% | $26K-65.3% | $75K |
| Free Cash Flow | -$17.4M+7.5% | -$18.8M-297.2% | -$4.7M+81.2% | -$25.1M-86.9% | -$13.4M+58.5% | -$32.4M-48.4% | -$21.8M+63.5% | -$59.8M |
| Investing Cash Flow | -$2.3M | $0 | $0-100.0% | $19.4M+569.4% | -$4.1M+12.7% | -$4.7M+8.6% | -$5.2M-12.4% | -$4.6M |
| Financing Cash Flow | -$1K-100.3% | $299K+30000.0% | -$1K-100.2% | $543K+27250.0% | -$2K-100.5% | $427K | $0-100.0% | $956K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $1K0.0% | $1K0.0% | $1K0.0% | $1K-50.0% | $2K+100.0% | $1K | N/A | N/A |
AMWL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.2%-1.2pp | 52.4%-3.6pp | 56.1%+3.3pp | 52.8%+4.3pp | 48.4%+11.3pp | 37.2%-0.2pp | 37.4%+6.6pp | 30.9% |
| Operating Margin | -45.5%+6.6pp | -52.1%-23.4pp | -28.7%+16.8pp | -45.5%+14.7pp | -60.2%+17.4pp | -77.6%+5.8pp | -83.4%+42.6pp | -126.1% |
| Net Margin | -45.1%+12.5pp | -57.5%-29.7pp | -27.8%+0.2pp | -28.0%+32.1pp | -60.1%+11.1pp | -71.2%+8.3pp | -79.5%+41.6pp | -121.1% |
| Return on Equity | -10.6%+2.1pp | -12.7%-5.7pp | -7.0%-0.6pp | -6.4%+7.6pp | -14.0%-1.1pp | -12.9%+0.8pp | -13.7%+3.9pp | -17.6% |
| Return on Assets | -7.7%+1.3pp | -9.0%-3.9pp | -5.1%-0.6pp | -4.5%+5.3pp | -9.8%-0.8pp | -9.0%+0.8pp | -9.8%+3.3pp | -13.2% |
| Current Ratio | 3.37+0.2 | 3.14-0.2 | 3.29+0.4 | 2.92+0.1 | 2.85-0.1 | 2.92-0.3 | 3.21-0.6 | 3.82 |
| Debt-to-Equity | 0.32-0.0 | 0.36+0.0 | 0.33-0.1 | 0.390.0 | 0.390.0 | 0.39+0.0 | 0.36+0.1 | 0.31 |
| FCF Margin | -31.4%+1.9pp | -33.3%-26.7pp | -6.7%+30.9pp | -37.6%-18.7pp | -18.9%+34.1pp | -53.0%-18.3pp | -34.8%+65.8pp | -100.5% |
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Frequently Asked Questions
What is American Well Corp's annual revenue?
American Well Corp (AMWL) reported $249.3M in total revenue for fiscal year 2025. This represents a -2.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is American Well Corp's revenue growing?
American Well Corp (AMWL) revenue declined by 2% year-over-year, from $254.4M to $249.3M in fiscal year 2025.
Is American Well Corp profitable?
No, American Well Corp (AMWL) reported a net income of -$95.7M in fiscal year 2025, with a net profit margin of -38.4%.
What is American Well Corp's EBITDA?
American Well Corp (AMWL) had EBITDA of -$71.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is American Well Corp's gross margin?
American Well Corp (AMWL) had a gross margin of 53.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is American Well Corp's operating margin?
American Well Corp (AMWL) had an operating margin of -42.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is American Well Corp's net profit margin?
American Well Corp (AMWL) had a net profit margin of -38.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is American Well Corp's return on equity (ROE)?
American Well Corp (AMWL) has a return on equity of -40.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is American Well Corp's free cash flow?
American Well Corp (AMWL) generated -$66.0M in free cash flow during fiscal year 2025. This represents a 48.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is American Well Corp's operating cash flow?
American Well Corp (AMWL) generated -$66.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are American Well Corp's total assets?
American Well Corp (AMWL) had $323.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are American Well Corp's capital expenditures?
American Well Corp (AMWL) invested $21K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does American Well Corp spend on research and development?
American Well Corp (AMWL) invested $72.9M in research and development during fiscal year 2025.
What is American Well Corp's current ratio?
American Well Corp (AMWL) had a current ratio of 3.37 as of fiscal year 2025, which is generally considered healthy.
What is American Well Corp's debt-to-equity ratio?
American Well Corp (AMWL) had a debt-to-equity ratio of 0.32 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is American Well Corp's return on assets (ROA)?
American Well Corp (AMWL) had a return on assets of -29.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is American Well Corp's cash runway?
Based on fiscal year 2025 data, American Well Corp (AMWL) had $182.3M in cash against an annual operating cash burn of $66.0M. This gives an estimated cash runway of approximately 33 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is American Well Corp's Piotroski F-Score?
American Well Corp (AMWL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are American Well Corp's earnings high quality?
American Well Corp (AMWL) has an earnings quality ratio of 0.69x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can American Well Corp cover its interest payments?
American Well Corp (AMWL) has an interest coverage ratio of -20.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is American Well Corp?
American Well Corp (AMWL) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.