American Well Corp Financials

AMWL

Source SEC Filings (10-K/10-Q) Updated Feb 12, 2026 Currency USD FYE February

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).

Key Financial Metrics

Revenue

$249K

YoY-99.9%

5Y CAGR-74.8%

American Well Corp generated $249K in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.

EBITDA

$139K

YoY+100.1%

American Well Corp's EBITDA was $139K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 100.1% from the prior year.

Free Cash Flow

$66K

YoY+100.1%

American Well Corp generated $66K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 100.1% from the prior year.

Net Income

$96K

YoY+100.0%

American Well Corp reported $96K in net income in fiscal year 2025. This represents an increase of 100.0% from the prior year.

EPS (Diluted)

$5.96

YoY+142.9%

American Well Corp earned $5.96 per diluted share (EPS) in fiscal year 2025. This represents an increase of 142.9% from the prior year.

Cash & Debt

$182K

YoY-99.9%

5Y CAGR-81.9%

American Well Corp held $182K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

15M

YoY-4.3%

5Y CAGR-42.4%

American Well Corp had 15M shares outstanding in fiscal year 2025. This represents a decrease of 4.3% from the prior year.

Gross Margin

53.3%

YoY+14.4pp

5Y CAGR+17.2pp

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.

Operating Margin

42.2%

YoY+127.7pp

5Y CAGR+134.9pp

American Well Corp's operating margin was 42.2% in fiscal year 2025, reflecting core business profitability. This is up 127.7 percentage points from the prior year.

Net Margin

38.4%

YoY+120.2pp

5Y CAGR+129.9pp

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 120.2 percentage points from the prior year.

Return on Equity

40.6%

American Well Corp's ROE was 40.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

R&D Spending

$73K

YoY-99.9%

5Y CAGR-75.6%

American Well Corp invested $73K in research and development in fiscal year 2025. This represents a decrease of 99.9% from the prior year.

Share Buybacks

YoY-99.9%

5Y CAGR-96.0%

American Well Corp spent $4 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 99.9% from the prior year.

Capital Expenditures

$21

YoY-100.0%

5Y CAGR-90.9%

American Well Corp invested $21 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

AMWL Income Statement

Metric	FY25	FY24	FY24	FY24	FY23	FY22
Revenue	$249K-99.9%	$254.4M-1.8%	$259.0M-6.5%	$277.2M+9.7%	$252.8M+3.1%	$245.3M
Cost of Revenue	$116K-99.9%	$155.4M-5.4%	$164.3M+2.4%	$160.4M+8.0%	$148.5M-5.3%	$156.8M
Gross Profit	$133K-99.9%	$99.0M+4.4%	$94.8M-18.8%	$116.8M+11.9%	$104.3M+17.9%	$88.5M
R&D Expenses	$73K-99.9%	$86.1M-18.7%	$105.8M-23.6%	$138.5M+29.9%	$106.6M+26.3%	$84.4M
SG&A Expenses	$88K-99.9%	$121.2M-4.3%	$126.6M-13.5%	$146.4M+54.7%	$94.6M-43.1%	$166.2M
Operating Income	$105K+100.0%	-$217.5M+68.6%	-$692.1M-150.9%	-$275.9M-54.0%	-$179.1M+21.2%	-$227.4M
Interest Expense	$5K-100.0%	$11.8M+26.5%	$9.3M+87.7%	$5.0M	N/A	N/A
Income Tax	$434-100.0%	$2.8M-28.7%	$3.9M+5931.3%	$64K+101.2%	-$5.4M-941.3%	$639K
Net Income	$96K+100.0%	-$208.1M+69.2%	-$675.2M-149.7%	-$270.4M-53.4%	-$176.3M+21.4%	-$224.4M
EPS (Diluted)	$5.96+142.9%	$-13.88+70.8%	$-47.50-140.9%	$-19.72-2758.0%	$-0.69+69.6%	$-2.27

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$56.3M-20.6%	$70.9M+6.1%	$66.8M	N/A	$61.0M-2.8%	$62.8M+5.5%	$59.5M	N/A
Cost of Revenue	$26.8M-14.0%	$31.1M-1.4%	$31.6M	N/A	$38.4M-2.4%	$39.3M-4.5%	$41.2M	N/A
Gross Profit	$29.5M-25.8%	$39.8M+12.8%	$35.3M	N/A	$22.7M-3.4%	$23.5M+27.9%	$18.4M	N/A
R&D Expenses	$18.6M+1.9%	$18.2M-17.5%	$22.1M	N/A	$19.8M-4.8%	$20.8M-22.0%	$26.7M	N/A
SG&A Expenses	$21.7M+2.7%	$21.2M-8.8%	$23.2M	N/A	$25.2M-11.5%	$28.5M-13.1%	$32.8M	N/A
Operating Income	-$29.3M-43.9%	-$20.4M+33.0%	-$30.4M	N/A	-$47.4M+9.6%	-$52.4M+30.2%	-$75.0M	N/A
Interest Expense	$1.2M-14.5%	$1.4M-12.1%	$1.6M	N/A	$2.7M-17.3%	$3.3M-13.2%	$3.8M	N/A
Income Tax	$1.2M+267.9%	-$725K-227.6%	$568K	N/A	-$149K-253.6%	$97K-92.4%	$1.3M	N/A
Net Income	-$32.4M-65.8%	-$19.5M-6.4%	-$18.4M	N/A	-$43.5M+14.1%	-$50.6M+31.1%	-$73.4M	N/A
EPS (Diluted)	$-2.00-61.3%	$-1.24-4.2%	$-1.19	N/A	$-2.87+14.6%	$-3.36+32.0%	$-4.94	N/A

AMWL Balance Sheet

Metric	FY25	FY24	FY24	FY24	FY23	FY22
Total Assets	$324K-99.9%	$436.0M-26.1%	$589.7M-51.6%	$1.2B-15.8%	$1.4B+5.0%	$1.4B
Current Assets	$247K-99.9%	$317.0M-29.5%	$449.6M-28.3%	$626.6M-24.3%	$827.3M-25.7%	$1.1B
Cash & Equivalents	$182K-99.9%	$228.3M-38.6%	$372.0M-30.9%	$538.5M-27.8%	$746.4M-20.7%	$941.6M
Inventory	$1K-100.0%	$2.9M-57.0%	$6.7M-23.9%	$8.7M+16.0%	$7.5M-17.5%	$9.1M
Accounts Receivable	$955-100.0%	$71.9M+32.8%	$54.1M-7.2%	$58.4M+13.6%	$51.4M+13.4%	$45.3M
Goodwill	N/A	$0	$0-100.0%	$435.3M-1.7%	$442.8M+128.4%	$193.9M
Total Liabilities	$76K-99.9%	$119.7M+9.3%	$109.5M-18.1%	$133.7M-27.7%	$185.0M+41.8%	$130.4M
Current Liabilities	$73K-99.9%	$111.3M+18.6%	$93.8M-17.8%	$114.1M-19.5%	$141.6M+17.1%	$121.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$236K-99.9%	$304.8M-36.5%	$480.2M-55.7%	$1.1B-14.0%	$1.3B+1.2%	$1.2B
Retained Earnings	$2.1M+100.1%	-$2.0B-11.8%	-$1.8B-62.5%	-$1.1B-33.4%	-$811.3M-39.3%	-$582.4M

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$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-7.0%	$589.7M
Current Assets	$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-7.9%	$449.6M
Cash & Equivalents	$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-17.1%	$372.0M
Inventory	$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-1.1%	$6.7M
Accounts Receivable	$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+49.1%	$54.1M
Goodwill	N/A	N/A	N/A	$0	N/A	N/A	N/A	$0
Total Liabilities	$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+14.2%	$109.5M
Current Liabilities	$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+15.6%	$93.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$254.9M-13.5%	$294.6M-3.7%	$305.8M+0.3%	$304.8M-12.9%	$350.1M-7.4%	$377.9M-10.7%	$423.4M-11.8%	$480.2M
Retained Earnings	-$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-4.1%	-$1.8B

AMWL Cash Flow Statement

Metric	FY25	FY24	FY24	FY24	FY23	FY22
Operating Cash Flow	$66K+100.1%	-$127.3M+14.2%	-$148.3M+22.9%	-$192.3M-35.9%	-$141.5M-25.9%	-$112.5M
Capital Expenditures	$21-100.0%	$119K-38.0%	$192K-34.2%	$292K-47.8%	$559K-83.2%	$3.3M
Free Cash Flow	$66K+100.1%	-$127.5M+14.2%	-$148.5M+22.9%	-$192.6M-35.6%	-$142.1M-22.7%	-$115.8M
Investing Cash Flow	$17K+100.1%	-$18.7M+2.7%	-$19.2M-64.8%	-$11.6M+80.5%	-$59.6M+10.7%	-$66.8M
Financing Cash Flow	$840-99.9%	$1.4M-35.7%	$2.1M+159.4%	-$3.6M-162.8%	$5.8M-99.4%	$983.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$4-99.9%	$3K-99.5%	$586K+62.8%	$360K-97.6%	$15.0M-60.0%	$37.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	N/A	N/A	-$25.1M	N/A	N/A	N/A	-$59.8M	N/A
Capital Expenditures	N/A	N/A	$9K	N/A	N/A	N/A	$75K	N/A
Free Cash Flow	N/A	N/A	-$25.1M	N/A	N/A	N/A	-$59.8M	N/A
Investing Cash Flow	N/A	N/A	$19.4M	N/A	N/A	N/A	-$4.6M	N/A
Financing Cash Flow	N/A	N/A	$543K	N/A	N/A	N/A	$956K	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$1K	N/A	N/A	N/A	N/A	N/A

AMWL Financial Ratios

Metric	FY25	FY24	FY24	FY24	FY23	FY22
Gross Margin	53.3%+14.4pp	38.9%+2.3pp	36.6%-5.5pp	42.1%+0.9pp	41.3%+5.2pp	36.1%
Operating Margin	42.2%+127.7pp	-85.5%+181.7pp	-267.2%-167.7pp	-99.5%-28.6pp	-70.9%+21.9pp	-92.7%
Net Margin	38.4%+120.2pp	-81.8%+178.8pp	-260.6%-163.1pp	-97.6%-27.8pp	-69.8%+21.8pp	-91.5%
Return on Equity	40.6%	N/A	N/A	N/A	N/A	N/A
Return on Assets	29.6%+77.3pp	-47.7%+66.8pp	-114.5%-92.3pp	-22.2%-10.0pp	-12.2%+4.1pp	-16.3%
Current Ratio	3.37+0.5	2.85-1.9	4.79-0.7	5.49-0.3	5.84-3.4	9.20
Debt-to-Equity	0.32-0.1	0.39+0.2	0.23+0.1	0.12-0.0	0.15+0.0	0.10
FCF Margin	26.4%+76.6pp	-50.1%+7.2pp	-57.3%+12.1pp	-69.5%-13.3pp	-56.2%-9.0pp	-47.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	52.4%-3.6pp	56.1%+3.3pp	52.8%	N/A	37.2%-0.2pp	37.4%+6.6pp	30.9%	N/A
Operating Margin	-52.1%-23.4pp	-28.7%+16.8pp	-45.5%	N/A	-77.6%+5.8pp	-83.4%+42.6pp	-126.1%	N/A
Net Margin	-57.5%-30.0pp	-27.6%-0.1pp	-27.5%	N/A	-71.2%+9.4pp	-80.5%+42.9pp	-123.4%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-9.0%-4.0pp	-5.0%-0.6pp	-4.4%	N/A	-9.0%+1.0pp	-10.0%+3.4pp	-13.4%	N/A
Current Ratio	3.14-0.2	3.29+0.4	2.92+0.1	2.85-0.1	2.92-0.3	3.21-0.6	3.82-1.0	4.79
Debt-to-Equity	0.36+0.0	0.32-0.1	0.37-0.0	0.39+0.0	0.38+0.0	0.34+0.0	0.30+0.1	0.23
FCF Margin	N/A	N/A	-37.6%	N/A	N/A	N/A	-100.5%	N/A

Financial Health Signals

Financial Profile 83/100

Profitability

100

Growth

Leverage

Liquidity

100

Cash Flow

100

Returns

100

Based on FY2025 annual data. Scores normalized against common benchmarks.

Altman Z-Score Safe

571.05

Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.

Piotroski F-Score Strong

7/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Mixed

0.69x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage Safe

20.4x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is American Well Corp's annual revenue?

American Well Corp (AMWL) reported $249K in total revenue for fiscal year 2025. This represents a -99.9% 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 99.9% year-over-year, from $254.4M to $249K in fiscal year 2025.

Is American Well Corp profitable?

Yes, American Well Corp (AMWL) reported a net income of $96K in fiscal year 2025, with a net profit margin of 38.4%.

What is American Well Corp's earnings per share (EPS)?

American Well Corp (AMWL) reported diluted earnings per share of $5.96 for fiscal year 2025. This represents a 142.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is American Well Corp's EBITDA?

American Well Corp (AMWL) had EBITDA of $139K 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 $66K in free cash flow during fiscal year 2025. This represents a 100.1% 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 $66K 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 $324K 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 $21 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 $73K in research and development during fiscal year 2025.

Does American Well Corp buy back shares?

Yes, American Well Corp (AMWL) spent $4 on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does American Well Corp have outstanding?

American Well Corp (AMWL) had 15M shares outstanding as of 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 Altman Z-Score?

American Well Corp (AMWL) has an Altman Z-Score of 571.05, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress.

What is American Well Corp's Piotroski F-Score?

American Well Corp (AMWL) has a Piotroski F-Score of 7 out of 9, indicating strong 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.

Are American Well Corp's earnings high quality?

American Well Corp (AMWL) has an earnings quality ratio of 0.69x, considered mixed quality. 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.

Can American Well Corp cover its interest payments?

American Well Corp (AMWL) has an interest coverage ratio of 20.4x, meaning it can comfortably 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.

How financially healthy is American Well Corp?

American Well Corp (AMWL) scores 83 out of 100 on our Financial Profile, indicating strong 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.