Amwell® Announces Results for the Third Quarter 2026

Nine-month operating cash use narrowed to $1.934 million from $48.598 million a year earlier.

Rhea-AI Summary

Amwell (NYSE: AMWL) reported third-quarter 2026 revenue of $48.991 million, exceeding its prior guidance but falling from the year-earlier quarter.

Revenue was $56.286 million a year earlier. Subscription revenue totaled $23.9 million, AMG visit revenue was $23.7 million, and platform visits reached 0.8 million. Gross margin was 53%. Net loss narrowed to $10.958 million from $31.911 million a year earlier, but widened from $9.6 million in Q2. Adjusted EBITDA, a non-GAAP earnings measure, was negative $3.6 million versus negative $1.2 million in Q2.

Amwell raised its full-year revenue outlook to $204 million–$206 million and adjusted EBITDA outlook to negative $8 million–negative $7 million. It reaffirmed AMG visit guidance of 1.32 million–1.37 million. For Q4, it expects revenue of $48 million–$50 million, adjusted EBITDA of $0 million–$1 million and positive operating cash flow.

16 points · 1 major

PositiveiHow this balance works

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0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year revenue guidance raised to $204 million–$206 million from $200 million–$205 million.
• Moderate pointQ3 revenue of $48.991 million exceeded the previously provided quarterly guidance range.
• Moderate pointQ3 net loss narrowed to $10.958 million from $31.911 million year over year, but widened from $9.6 million in Q2.
• Moderate pointNine-month operating cash use narrowed to $1.934 million from $48.598 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 operating cash flow is expected to be positive.

11 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year adjusted EBITDA guidance raised to negative $8 million–negative $7 million from negative $9 million–negative $7 million.
• Minor pointQ3 loss per common share narrowed to $0.67 from $2.00 a year earlier.
• Minor pointQ3 operating loss narrowed to $11.654 million from $29.332 million a year earlier.
• Minor pointQ3 research and development expense fell to $9.595 million from $18.582 million a year earlier.
• Minor pointQ3 sales and marketing expense fell to $7.285 million from $9.078 million a year earlier.
• Minor pointQ3 general and administrative expense fell to $15.493 million from $21.736 million a year earlier.
• Minor pointQ3 depreciation and amortization expense fell to $5.240 million from $9.443 million a year earlier.
• Minor pointNine-month net loss narrowed to $30.884 million from $69.798 million a year earlier.
• Minor pointNine-month loss per common share narrowed to $1.91 from $4.44 a year earlier.
• Minor pointNine-month operating loss narrowed to $38.634 million from $80.122 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 adjusted EBITDA is expected at $0 million–$1 million.

Negative

• Moderate pointQ3 revenue fell to $48.991 million from $56.286 million a year earlier.
• Moderate pointQ3 adjusted EBITDA worsened to negative $3.6 million from negative $1.2 million in Q2.
• Minor pointNine-month revenue fell to $155.922 million from $194.017 million a year earlier.
• Minor pointCash and cash equivalents fell to $180.786 million at September 30 from $182.328 million at December 31, 2025.
• Minor pointNine-month capitalized software development costs used $8.594 million of cash, versus none a year earlier.

2 minor points

• Minor pointNine-month credit-loss provisions rose to $2.823 million from $151,000 a year earlier.
• Minor pointNine-month right-of-use asset impairment was $3.424 million, versus none a year earlier.

News Explained

At September 30, Amwell reported 180,786 thousand dollars in cash and equivalents; nine-month operating cash use was 1,934 thousand dollars.

Amwell reported results for the quarter ended September 30, 2026; its balance sheet shows 15,490,195 Class A shares outstanding then, versus 14,782,788 at December 31, 2025, increasing the share count against which Class A holders’ proportional ownership is measured.

At September 30, the company reported $180,786 thousand in cash and cash equivalents and $1,934 thousand of net cash used in operating activities for the nine months ended that date.

Key Figures

Q3 total revenue: $49.0 million Q3 net loss: ($11.0) million Q3 adjusted EBITDA: ($3.6) million +5 more

Q3 total revenue

$49.0 million

Third quarter 2026; exceeded previously provided guidance range

Q3 net loss

($11.0) million

Third quarter 2026

Q3 adjusted EBITDA

($3.6) million

Third quarter 2026

2026 revenue outlook

$204 million to $206 million

Raised from $200 million to $205 million

2026 adjusted EBITDA outlook

($8) million to ($7) million

Increased from ($9) million to ($7) million

2026 AMG visit guidance

1.32 million to 1.37 million visits

Reaffirmed

Q4 revenue guidance

$48 million to $50 million

Fourth quarter 2026

Q4 adjusted EBITDA guidance

$0 million to $1 million

Fourth quarter 2026

Previous Earnings Reports

1 past event · Latest: Aug 04

Same Type 1 event

1. Aug 04

   Q2 earnings

   24h Move

   +24.9%

   Q2 revenue met the top of guidance, and annual revenue and adjusted EBITDA outlooks improved.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, non-gaap, gaap, deferred contract acquisition costs

4 terms

adjusted ebitda financial

"Adjusted EBITDA in the range between ($8) million to ($7) million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"adjusted EBITDA, which is a non-U.S GAAP financial measure"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

gaap financial

"Other than with respect to GAAP Revenue"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

deferred contract acquisition costs financial

"Deferred contract acquisition costs 2,672 2,660"

Costs that an insurance company capitalizes because they are directly tied to acquiring new or renewed insurance contracts—examples include commissions paid to agents and underwriting expenses that vary with sales. These costs are recorded as an asset on the balance sheet (often called deferred acquisition costs or DAC) and are gradually expensed (amortized) over the expected period that the related policies will produce revenue; the amortization pattern typically follows how premiums or expected profits emerge. The asset is subject to recoverability or impairment testing, so if future policy margins are insufficient to recover the capitalized costs they are written down and recognized as an expense.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOSTON, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based technology-enabled healthcare platform, today announced financial results for the third quarter ended September 30, 2026.

“Health plans and employers want engagement, outcomes and proof, and Amwell’s single platform is built to deliver all three,” said Dr. Ido Schoenberg, Chairman and CEO of Amwell. “Across six focus areas that all run on one platform, we are activating more members, simplifying their experience and deepening their relationship with clinicians, giving customers choice without the sprawl, demonstrating outcomes, and using a common data structure to show what works. We expect to generate positive cash flow from operations in the fourth quarter, and we believe we are well positioned to be the trusted platform where AI-powered care runs.”

Amwell Third Quarter 2026 Highlights:

• Recorded Total Revenue of $49.0 million, exceeding the previously provided financial guidance range for Q3
  • Achieved subscription revenue of $23.9 million
  • Recorded Amwell Medical Group (“AMG”) visit revenue of $23.7 million
• Reported gross margin of 53%
• Net loss was ($11.0) million, compared to ($9.6) million in the second quarter of 2026
• Adjusted EBITDA of ($3.6) million compared to ($1.2) million in the second quarter of 2026
• Total visits on the platform were 0.8 million.
  

Financial Outlook

The Company is raising its 2026 revenue outlook, and adjusted EBITDA outlook, and reaffirming its AMG visit guidance

• Revenue in the range of $204 million to $206 million increased from $200 million to $205 million
• AMG visits between 1.32 million and 1.37 million
• Adjusted EBITDA in the range between ($8) million to ($7) million increased from ($9) million to ($7) million.
  

The Company also provided financial guidance for Q4 2026 Revenue and adjusted EBITDA:

• Q4 revenue in the range of $48 million to $50 million
• Q4 adjusted EBITDA expected to in the range of $0 million to $1 million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Amwell will host a conference call to discuss its financial results today at 5 p.m. ET. The call can be accessed via a live audio webcast at https://edge.media-server.com/mmc/p/b826q95x/. A webcast replay will be available for approximately 90 days at investors.amwell.com.

Other than with respect to GAAP Revenue, the Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because other deductions used to calculate projected net income (loss) vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and, therefore, could result in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA (non-GAAP).

About Amwell

Amwell offers payers and health systems a single, comprehensive, technology-enabled care platform. We use technology to provide patients with better access to more convenient, affordable and effective care. The Amwell platform includes software and services that power many clinical programs from Amwell and our growing number of partners. Our platform allows patients to experience unified, personalized and simple access to diversified clinical programs across the care continuum. As more people seek care online and more clinical programs become available, we offer integrated, future-ready, consistent solutions. The Amwell platform is proven, operating at a large scale, enabling care for millions of patients and their sponsors while delivering dependable outcomes. For almost two decades, Amwell has proudly served some of the largest and most sophisticated healthcare organizations in the U.S. . For more information, visit business.amwell.com or LinkedIn.

©2026American Well Corporation. All rights reserved. Amwell®, SilverCloud®, Amwell Platform^TM, Amwell Converge ®, Carepoint^TM and the Amwell Logo are registered trademarks or trademarks of American Well Corporation.

Forward-Looking Statements

This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” or “would,” or the negative of these words or other similar terms or expressions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our beliefs and assumptions only as of the date of this release. These statements, and related risks, uncertainties, factors and assumptions, include, but are not limited to: our ability to successfully transition our clients to our current platform without significant attrition; our ability to renew and upsell our client base; the election by the Defense Health Agency to deploy our solution across their entire enterprise; the continuation of the DHA relationship beyond Q3 2026 with comparable financial terms; weak growth and increased volatility in the telehealth market; our ability to adapt to rapid technological changes; increased competition from existing and potential new participants in the healthcare industry; changes in healthcare laws, regulations or trends and our ability to operate in the heavily regulated healthcare industry; our ability to comply with federal and state privacy regulations; the significant liability that could result from a cybersecurity breach; our ability to commence and complete and strategic transformation initiatives and the impact of such initiatives; and other factors described under ‘Risk Factors’ in our most recent form 10-K filed with the SEC. These risks are not exhaustive. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed or will file with the Securities and Exchange Commission. These filings, when available, are available on the investor relations section of our website at investors.amwell.com and on the SEC’s website at www.sec.gov.

Contacts

Media: Press@amwell.com

Investors:
Asher Dewhurst
amwell@icrhealthcare.com

AMERICAN WELL CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts)
		September 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents		$	180,786			$	182,328
Restricted cash			795				—
Accounts receivable ($0 and $955, from related parties and net of allowances of $11,600 and $9,463, respectively)			54,486				49,693
Inventories			889				1,187
Deferred contract acquisition costs			2,672				2,660
Prepaid expenses and other current assets			9,684				10,813
Total current assets			249,312				246,681
Restricted cash			—				795
Property and equipment, net			150				225
Intangible assets, net			54,715				66,073
Operating lease right-of-use asset			—				3,930
Deferred contract acquisition costs, net of current portion			3,427				4,459
Other assets			1,612				1,624
Total assets		$	309,216			$	323,787
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	3,844			$	1,649
Accrued expenses and other current liabilities			56,129				45,308
Operating lease liability, current			2,008				3,632
Deferred revenue ($1 and $113 from related parties, respectively)			20,730				22,625
Total current liabilities			82,711				73,214
Other long-term liabilities			1,062				1,075
Operating lease liability, net of current portion			—				892
Deferred revenue, net of current portion			277				818
Total liabilities			84,050				75,999
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued or outstanding as of September 30, 2026 and as of December 31, 2025			—				—
Common stock, $0.01 par value; 1,000,000,000 Class A shares authorized, 15,490,195 and 14,782,788 shares issued and outstanding, respectively; 100,000,000 Class B shares authorized, 1,369,518 shares issued and outstanding; 200,000,000 Class C shares authorized 277,777 issued and outstanding as of September 30, 2026 and as of December 31, 2025			172				165
Additional paid-in capital			2,316,345				2,309,145
Accumulated other comprehensive income (loss)			(11,043	)			(12,099	)
Accumulated deficit			(2,093,803	)			(2,061,628	)
Total American Well Corporation stockholders’ equity			211,671				235,583
Non-controlling interest			13,495				12,205
Total stockholders’ equity			225,166				247,788
Total liabilities and stockholders’ equity		$	309,216			$	323,787

AMERICAN WELL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share amounts)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue
($28, $744, $642 and $2,009 from related parties, respectively)		$	48,991			$	56,286			$	155,922			$	194,017
Costs and operating expenses:
Costs of revenue, excluding depreciation and amortization of intangible assets			23,032				26,779				74,437				89,496
Research and development			9,595				18,582				32,326				58,921
Sales and marketing			7,285				9,078				20,874				34,172
General and administrative			15,493				21,736				47,095				66,083
Depreciation and amortization expense			5,240				9,443				19,824				25,467
Total costs and operating expenses			60,645				85,618				194,556				274,139
Loss from operations			(11,654	)			(29,332	)			(38,634	)			(80,122	)
Interest income and other (expense) income, net			1,465				638				1,161				4,171
Net gain (loss) on divestiture			—				(2,000	)			7,027				8,713
Loss before expense from income taxes and loss from equity method investment			(10,189	)			(30,694	)			(30,446	)			(67,238	)
Income tax expense			(769	)			(1,217	)			(438	)			(1,060	)
Loss from equity method investment			—				—				—				(1,500	)
Net loss			(10,958	)			(31,911	)			(30,884	)			(69,798	)
Net income attributable to non-controlling interest			403				467				1,290				980
Net loss attributable to American Well Corporation		$	(11,361	)		$	(32,378	)		$	(32,174	)		$	(70,778	)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.67	)		$	(2.00	)		$	(1.91	)		$	(4.44	)
Weighted-average common shares outstanding, basic and diluted			17,059,760				16,214,711				16,805,214				15,928,671
Net loss		$	(10,958	)		$	(31,911	)		$	(30,884	)		$	(69,798	)
Other comprehensive income (loss), net of tax:
Foreign currency translation			(756	)			375				1,056				2,701
Comprehensive loss			(11,714	)			(31,536	)			(29,828	)			(67,097	)
Less: Comprehensive income attributable to non-controlling interest			403				467				1,290				980
Comprehensive loss attributable to American Well Corporation		$	(12,117	)		$	(32,003	)		$	(31,118	)		$	(68,077	)

AMERICAN WELL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, except share and per share amounts)
		Nine Months Ended September 30,
		2026				2025
Cash flows from operating activities:
Net loss		$	(30,884	)		$	(69,798	)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment on right of use asset			3,424				—
Depreciation and amortization expense			19,837				25,467
Provisions for credit losses			2,823				151
Amortization of deferred contract acquisition costs			1,981				1,962
Amortization of deferred contract fulfillment costs			197				745
Inventory provisions			(300	)			375
Net gain on divestiture			(7,027	)			(8,713	)
Stock-based compensation expense			6,670				17,432
Loss on equity method investment			—				1,500
Deferred income taxes			—				(29	)
Changes in operating assets and liabilities:
Accounts receivable			(7,630	)			9,001
Inventories			598				660
Deferred contract acquisition costs			(978	)			(1,520	)
Prepaid expenses and other current assets			922				681
Other assets			(39	)			382
Accounts payable			2,195				896
Accrued expenses and other current liabilities			8,663				(3,313	)
Deferred revenue			(2,386	)			(24,477	)
Net cash used in operating activities			(1,934	)			(48,598	)
Cash flows from investing activities:
Purchases of property and equipment			(23	)			(9	)
Capitalized software development costs			(8,594	)			—
Purchases of investments			—				(1,000	)
Proceeds from divestiture, net of cash divested			7,027				20,400
Net cash (used in) provided by investing activities			(1,590	)			19,391
Cash flows from financing activities:
Proceeds from employee stock purchase plan			542				844
Payments for the purchase of treasury stock			(1	)			(3	)
Net cash provided by financing activities			541				841
Effect of exchange rates changes on cash, cash equivalents, and restricted cash			1,441				938
Net decrease in cash, cash equivalents, and restricted cash			(1,542	)			(27,428	)
Cash, cash equivalents, and restricted cash at beginning of period			183,123				229,111
Cash, cash equivalents, and restricted cash at end of period		$	181,581			$	201,683
Cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents			180,786				200,888
Restricted cash			795				795
Total cash, cash equivalents, and restricted cash at end of period		$	181,581			$	201,683
Supplemental disclosure of cash flow information:
Cash paid for income taxes		$	1,012			$	1,513

Non-GAAP Financial Measures:

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States, of US GAAP, we use adjusted EBITDA, which is a non-U.S GAAP financial measure to clarify and enhance an understanding of past performance. We believe that the presentation of adjusted EBITDA enhances an investor’s understanding of our financial performance. We further believe that adjusted EBITDA is a useful financial metric to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors. We utilize adjusted EBITDA as the primary measure of our performance.

We calculate adjusted EBITDA as net loss adjusted to exclude (i) interest income and other income (expense), net, (ii) tax benefit and expense, (iii) depreciation and amortization, (iv) net gain (loss) on divestiture, (v) stock-based compensation expense and (vi) severance and strategic transformation costs.

We believe adjusted EBITDA is commonly used by investors to evaluate our performance and that of our competitors. However, our use of the term adjusted EBITDA may vary from that of others in our industry. Adjusted EBITDA should not be considered as an alternative to net loss before taxes, net loss, loss per share or any other performance measures derived in accordance with U.S. GAAP as measures of performance.
Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of the limitations of adjusted EBITDA include (i) adjusted EBITDA does not properly reflect capital commitments to be paid in the future, and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and adjusted EBITDA does not reflect these capital expenditures. Our adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate adjusted EBITDA in the same manner as we calculate the measure, limiting its usefulness as a comparative measure.

In evaluating adjusted EBITDA, you should be aware that in the future we will incur expenses similar to the adjustments in this presentation. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or non-recurring items. Adjusted EBITDA should not be considered as an alternative to loss before benefit from income taxes, net loss, earnings per share, or any other performance measures derived in accordance with U.S. GAAP. When evaluating our performance, you should consider adjusted EBITDA alongside other financial performance measures, including our net loss and other GAAP results.

The following table presents a reconciliation of adjusted EBITDA from the most comparable GAAP measure, net loss, for the three and nine months ended September 30, 2026 and 2025 and the three months ended June 30, 2026:

		Three Months Ended September 30,								Nine Months Ended September 30,								Three Months Ended June 30, 2026
(in thousands)			2026				2025				2026				2025
Net loss		$	(10,958	)		$	(31,911	)		$	(30,884	)		$	(69,798	)		$	(9,625	)
Add:
Depreciation and amortization			5,240				9,443				19,824				25,467				7,021
Interest income and other (expense) income, net			(1,465	)			(638	)			(1,161	)			(4,171	)			617
Net gain (loss) on divestiture(2)			—				2,000				(7,027	)			(8,713	)			—
Income tax expense (benefit)			769				1,217				438				1,060				(548	)
Stock-based compensation			2,333				4,027				6,665				17,375				2,028
Severance and strategic transformation costs(1)			483				3,193				4,317				9,199				(643	)
Adjusted EBITDA		$	(3,598	)		$	(12,669	)		$	(7,828	)		$	(29,581	)		$	(1,150	)

(1)	Severance and strategic transformation costs include expenses associated with the termination of employees and expenses (including abandonment of our corporate headquarters) that focus on transforming the strategy of the Company’s sales and growth organization as well as our overall cost structure.
(2)	Gain on divestiture is related to the gain recognized on the sale of our APC business.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Amwell's third-quarter 2026 revenue and earnings results?

Amwell reported $48.991 million in revenue and a $10.958 million net loss for the quarter ended September 30, 2026. Revenue declined from $56.286 million a year earlier, while net loss narrowed from $31.911 million. Loss per common share was $0.67, compared with $2.00 a year earlier.

What is Amwell's updated 2026 financial outlook?

Amwell expects $204 million–$206 million in revenue and adjusted EBITDA of negative $8 million–negative $7 million for 2026. The prior ranges were $200 million–$205 million and negative $9 million–negative $7 million, respectively. AMG visit guidance remains 1.32 million–1.37 million.

How does Amwell calculate adjusted EBITDA?

Amwell calculates adjusted EBITDA by adjusting net loss to exclude interest income and other income or expense, taxes, depreciation and amortization, divestiture gains or losses, stock-based compensation, and severance and strategic transformation costs. This non-GAAP measure is not a substitute for GAAP net loss and may not be comparable with similarly named measures from other companies.