NYSE · Financial Statements

American Well Corporation (AMWL) Financial Statements

$13.57 NYSE: AMWL Market Cap $230.81M

American Well Corporation most recently reported annual revenue of $249.0M, a net loss of $96.0M. Revenue grew at an average annual rate of 0.3% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

American Well Corporation: Revenue rose from $114.0M in 2018 to $249.0M in 2025, a change of +118.4% over 7 years; net profit was positive in 0 of 8 reported years; operating margin moved from -48.4% to -42.2%, a shift of +6.1 percentage points; the most recent year shows a net loss of $96.0M.

Income Statement — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$114.0M	$149.0M	$245.0M	$253.0M	$277.0M	$259.0M	$254.0M	$249.0M
Operating Expenses	$169.0M	$244.0M	$473.0M	$432.0M	$553.0M	$951.0M	$472.0M	$355.0M
Operating Profit	$-55.0M	$-95.0M	$-227.0M	$-179.0M	$-276.0M	$-692.0M	$-218.0M	$-105.0M
Operating Margin	-48.4%	-63.6%	-92.7%	-70.9%	-99.5%	-267.2%	-85.5%	-42.2%
Other Income	$3.0M	$6.0M	$-1.0M	$-3.0M	$4.0M	$17.0M	$8.0M	$11.0M
Interest	$0	$0	$0	$0	$0	$0	$0	$0
Depreciation	$5.0M	$8.0M	$10.0M	$16.0M	$26.0M	$32.0M	$33.0M	$34.0M
Profit Before Tax	$-52.0M	$-89.0M	$-228.0M	$-182.0M	$-272.0M	$-675.0M	$-210.0M	$-95.0M
Tax	$0	$900,000	$-280,000	$3.0M	$-20,000	$-570,000	$-1.3M	$-460,000
Net Profit	$-53.0M	$-87.0M	$-224.0M	$-176.0M	$-270.0M	$-675.0M	$-208.0M	$-96.0M
EPS	$-25.96	$-42.39	$-45.32	$-13.88	$-19.68	$-47.50	$-13.88	$-5.96
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$62.0M	$71.0M	$60.0M	$63.0M	$61.0M	$71.0M	$67.0M	$71.0M	$56.0M	$55.0M	$55.0M	$52.0M
Operating Expenses	$205.0M	$128.0M	$135.0M	$115.0M	$108.0M	$114.0M	$97.0M	$91.0M	$86.0M	$80.0M	$68.0M	$62.0M
Operating Profit	$-143.0M	$-57.0M	$-75.0M	$-52.0M	$-47.0M	$-43.0M	$-30.0M	$-20.0M	$-29.0M	$-25.0M	$-13.0M	$-10.0M
Operating Margin	-231.5%	-80.6%	-126.1%	-83.4%	-77.6%	-60.2%	-45.5%	-28.7%	-52.1%	-45.5%	-23.6%	-18.4%
Interest	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1.0M
Profit Before Tax	$-136.0M	$-49.0M	$-72.0M	$-50.0M	$-44.0M	$-43.0M	$-18.0M	$-20.0M	$-31.0M	$-26.0M	$-10.0M	$-10.0M
Tax	$-830,000	$-1.1M	$-1.8M	$-190,000	$340,000	$-3.5M	$-3.2M	$3.6M	$-4.0M	$2.4M	$-2.1M	$5.4M
Net Profit	$-136.0M	$-49.0M	$-72.0M	$-50.0M	$-43.0M	$-43.0M	$-19.0M	$-20.0M	$-32.0M	$-25.0M	$-11.0M	$-10.0M
EPS	$-9.54	$-3.37	$-4.93	$-3.36	$-2.87	$-2.77	$-1.19	$-1.24	$-2.00	$-1.52	$-0.66	$-0.59

Over the 8 years reported for American Well Corporation, cash stood at $182.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 3.38 times.

Balance Sheet — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$489.0M	$500.0M	$1.4B	$1.4B	$1.2B	$590.0M	$436.0M	$324.0M
Current Assets	$300.0M	$224.0M	$1.1B	$827.0M	$627.0M	$450.0M	$317.0M	$247.0M
Cash	$48.0M	$138.0M	$942.0M	$746.0M	$539.0M	$372.0M	$228.0M	$182.0M
Inventory	$3.0M	$3.0M	$9.0M	$8.0M	$9.0M	$7.0M	$3.0M	$1.0M
Receivables	$31.0M	$33.0M	$45.0M	$51.0M	$58.0M	$54.0M	$72.0M	$50.0M
Fixed Assets	$3.0M	$15.0M	$10.0M	$19.0M	$15.0M	$11.0M	$8.0M	$4.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$208.0M	$40.0M	$101.0M	$0	$1.0M	$1.0M	$2.0M	$1.0M
Other Assets	$127.0M	$194.0M	$194.0M	$443.0M	$435.0M	$0	$0	$0
Total Liabilities	$694.0M	$125.0M	$130.0M	$185.0M	$134.0M	$110.0M	$120.0M	$76.0M
Current Liabilities	$88.0M	$107.0M	$121.0M	$142.0M	$114.0M	$94.0M	$111.0M	$73.0M
Borrowings	$0	$13.0M	$8.0M	$17.0M	$15.0M	$12.0M	$8.0M	$5.0M
Other Liabilities	$694.0M	$112.0M	$123.0M	$168.0M	$119.0M	$98.0M	$112.0M	$71.0M
Equity	$0	$0	$2.0M	$3.0M	$3.0M	$0	$0	$0
Reserves	$344.0M	$349.0M	$1.2B	$1.2B	$1.1B	$464.0M	$305.0M	$236.0M

For American Well Corporation, operating cash flow was positive in 0 of 8 reported years; free cash flow in the latest year was negative at $66.0M; free cash flow was positive in 0 of 8 years.

Cash Flow Statement — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$-74.0M	$-82.0M	$-112.0M	$-142.0M	$-192.0M	$-148.0M	$-127.0M	$-66.0M
Investing Cash Flow	$-248.0M	$119.0M	$-70.0M	$-60.0M	$-22.0M	$-34.0M	$-34.0M	$17.0M
Financing Cash Flow	$-2.0M	$1.0M	$-35.0M	$6.0M	$-4.0M	$2.0M	$1.0M	$0
Net Cash Flow	$-42.0M	$85.0M	$804.0M	$-195.0M	$-208.0M	$-167.0M	$-144.0M	$-46.0M
Free Cash Flow	$-76.0M	$-83.0M	$-116.0M	$-142.0M	$-203.0M	$-164.0M	$-143.0M	$-66.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	-0.04
EV / EBITDA	-0.40
FCF Yield	-11.21%
Quick Ratio	2.89
Interest Coverage	-124.78
Return 1Y	34.65%
Return 3Y	-74.34%
Return 5Y	-94.98%

American Well Corporation (AMWL) financials — frequently asked questions

What is American Well Corporation's annual revenue?

American Well Corporation (AMWL) reported annual revenue of $249.0M in its most recent fiscal year.

What is American Well Corporation's net profit?

American Well Corporation (AMWL) reported a net loss of $96.0M in its most recent fiscal year.

What is AMWL EV/EBITDA?

American Well Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is -0.40. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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