American Well Corporation (AMWL) Income Statement
AMWL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAMWL revenue and net income
Where AMWL's revenue goes
2025Each bar shows an amount and its share of revenue. AMWL kept −38.4% of revenue as net income.
AMWL profit margins
AMWL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −2.0% | −3.5% | +0.3% | — |
| Gross profit | +34.3% | +4.4% | +8.5% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AMWL quarterly EPS vs estimates
American Well beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 3, 2026 (estimate $-0.66).
AMWL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $249.3M | $254.4M | $259.0M | $277.2M | $252.8M | $245.3M | $148.9M | $114.0M |
| Cost of revenue | $116.5M | $155.4M | $164.3M | $160.4M | $148.5M | $156.8M | $80.0M | $58.6M |
| Gross profit | $132.9M | $99.0M | $94.8M | $116.8M | $104.3M | $88.5M | $68.9M | $55.3M |
| Research & development | $72.9M | $86.1M | $105.8M | $138.5M | $106.6M | $84.4M | $53.9M | $36.3M |
| Sales, general & admin | $131.3M | $197.4M | $213.1M | $228.0M | $160.8M | $221.3M | $101.9M | $68.8M |
| Total operating expenses | $238.1M | $316.5M | $786.9M | $392.6M | $283.5M | $315.9M | $163.6M | $110.4M |
| Operating income | −$105.3M | −$217.5M | −$692.1M | −$275.9M | −$179.1M | −$227.4M | −$94.7M | −$55.1M |
| Interest income | $3.8M | $10.8M | $15.3M | $6.1M | $120,000 | $1.6M | $5.5M | $2.8M |
| Interest expense | $3.8M | — | $19.4M | $6.1M | $120,000 | $1.6M | $6.7M | $0 |
| Income before taxes | −$94.5M | −$209.9M | −$675.3M | −$272.0M | −$182.2M | −$228.0M | −$89.2M | −$52.3M |
| Income taxes | $434,000 | $2.8M | $3.9M | $64,000 | −$5.4M | $639,000 | −$803,000 | $2.8M |
| Net income | −$95.7M | −$208.1M | −$675.2M | −$270.4M | −$176.3M | −$224.4M | −$87.2M | −$52.7M |
| EBITDA | −$60.6M | −$176.9M | −$224.2M | −$245.8M | −$166.1M | −$217.3M | −$86.9M | −$49.8M |
| EPS (diluted) | −$4.56 | −$7.10 | −$12.12 | −$12.21 | −$9.62 | −$5.87 | −$44.56 | −$26.34 |
| Gross margin | 53.3% | 38.9% | 36.6% | 42.1% | 41.3% | 36.1% | 46.3% | 48.6% |
| 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% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.0M | $54.9M | $55.3M | $56.3M | $70.9M | $66.8M | $71.0M | $61.0M | $62.8M | $59.5M | $70.7M | $61.9M |
| Cost of revenue | $24.5M | $34.5M | $27.0M | $26.8M | $31.1M | $31.6M | $36.6M | $38.4M | $39.3M | $41.2M | $46.8M | $40.5M |
| Gross profit | $27.6M | $20.4M | $28.3M | $29.5M | $39.8M | $35.3M | $34.4M | $22.7M | $23.5M | $18.4M | $23.8M | $21.5M |
| Research & development | $10.4M | $12.4M | $13.9M | $18.6M | $18.2M | $22.1M | $18.8M | $19.8M | $20.8M | $26.7M | $26.3M | $27.7M |
| Sales, general & admin | $19.7M | $17.7M | $31.1M | $30.8M | $33.7M | $35.8M | $50.2M | $42.0M | $46.9M | $58.5M | $46.2M | $50.0M |
| Total operating expenses | $37.1M | $33.3M | $53.5M | $58.8M | $60.1M | $65.7M | $77.1M | $70.1M | $75.9M | $93.4M | $80.8M | $164.8M |
| Operating income | −$9.6M | −$12.9M | −$25.2M | −$29.3M | −$20.4M | −$30.4M | −$42.8M | −$47.4M | −$52.4M | −$75.0M | −$57.0M | −$143.4M |
| Interest income | — | $313,000 | $368,000 | $638,000 | $845,000 | $2.7M | $423,000 | $3.9M | $2.7M | $3.8M | $8.2M | $8.0M |
| Interest expense | $617,000 | $313,000 | — | $638,000 | $845,000 | — | — | $3.9M | $2.7M | $3.8M | $8.2M | $8.0M |
| Income before taxes | −$10.2M | −$10.1M | −$25.8M | −$30.7M | −$20.3M | −$17.8M | −$43.0M | −$44.2M | −$50.5M | −$72.2M | −$49.5M | −$136.0M |
| Income taxes | −$548,000 | $217,000 | −$626,000 | $1.2M | −$725,000 | $568,000 | $1.5M | −$149,000 | $97,000 | $1.3M | $547,000 | $1.1M |
| Net income | −$9.9M | −$10.9M | −$24.9M | −$32.4M | −$19.7M | −$18.7M | −$42.7M | −$43.5M | −$49.9M | −$72.1M | −$48.6M | −$136.4M |
| EBITDA | −$3.2M | −$2.5M | −$17.3M | −$21.3M | −$12.0M | −$10.0M | −$34.8M | −$35.9M | −$42.3M | −$63.9M | −$41.2M | −$56.2M |
| EPS (diluted) | −$0.59 | −$0.67 | −$1.12 | −$1.55 | −$0.72 | −$1.17 | −$1.96 | −$2.29 | −$2.68 | −$0.17 | −$2.51 | −$2.74 |
| Gross margin | 53.0% | 37.2% | 51.2% | 52.4% | 56.1% | 52.8% | 48.4% | 37.2% | 37.4% | 30.9% | 33.7% | 34.7% |
| Operating margin | −18.4% | −23.6% | −45.5% | −52.1% | −28.7% | −45.5% | −60.2% | −77.6% | −83.4% | −126.1% | −80.6% | −231.5% |
| Net margin | −19.1% | −19.8% | −45.1% | −57.5% | −27.8% | −28.0% | −60.1% | −71.2% | −79.5% | −121.1% | −68.7% | −220.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AMWL's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AMWL financial results
In fiscal year 2025 (ended December 31, 2025), American Well reported revenue of $249.3 million, down 2.0% from the year before. It had a net loss of $95.7 million, a net profit margin of −38.4%. Diluted earnings per share came to −$4.56. Over five years revenue grew at an average rate of 0.3% a year.
See the AMWL stock overview for the latest quote and news, or the AMWL chart for price history and technical indicators.
AMWL income statement FAQ
What is American Well's annual revenue?
American Well reported total revenue of $249.3 million for fiscal year 2025, which ended on December 31, 2025. That was down 2.0% from $254.4 million the previous year.
Is American Well profitable?
No. American Well reported a net loss of $95.7 million in fiscal 2025, a net profit margin of −38.4%; its operating margin was −42.2%.
What is American Well's gross margin?
American Well's gross margin was 53.3% in fiscal 2025: for every $100 of revenue, American Well kept $53 after the direct cost of its products and services.
How much does American Well spend on research and development?
American Well spent $72.9 million on research and development in fiscal 2025, 29.2% of revenue.
How fast is American Well growing?
Revenue grew 0.3% a year on average over the last five fiscal years, from $245.3 million to $249.3 million.
What are American Well's earnings per share?
American Well earned $-4.56 per diluted share in fiscal 2025, compared with $-7.10 a year earlier.
When will American Well report its next earnings?
American Well is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does American Well's fiscal year end?
American Well's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.