What is American Well's operating income?

American Well's total operating income in 2025 was -$105.27 million, based on the following breakdown: Total Gross Profit: $249.33 million Total Operating Expenses: $354.60 million

American Well (AMWL) Financials

$10.81 +0.04 (+0.38%)

Closing price 07/24/2026 03:59 PM Eastern

Extended Trading

$10.78 -0.03 (-0.24%)

As of 07/24/2026 07:34 PM Eastern

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Annual Income Statements for American Well

This table shows American Well's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-53	-87	-224	-176	-270	-675	-208	-96
Consolidated Net Income / (Loss)	-52	-88	-229	-177	-272	-679	-213	-95
Net Income / (Loss) Continuing Operations	-52	-332	-229	-177	-272	-679	-213	-95
Total Pre-Tax Income	-52	-89	-226	-179	-270	-673	-207	-93
Total Operating Income	-55	-95	-227	-179	-276	-692	-218	-105
Total Gross Profit	114	69	245	253	117	95	254	249
Total Revenue	114	149	245	253	277	259	254	249
Operating Revenue	114	149	245	253	277	259	254	249
Total Cost of Revenue	0.00	80	0.00	0.00	160	164	0.00	0.00
Total Operating Expenses	169	407	473	432	393	787	472	355
Selling, General & Admin Expense	37	54	166	95	146	127	121	88
Marketing Expense	32	48	55	66	82	86	76	43
Research & Development Expense	36	54	84	107	138	106	86	73
Depreciation Expense	5.33	7.76	10	16	26	31	33	34
Amortization Expense	59	-	157	148	-	-	155	116
Impairment Charge	-	-	-	0.00	0.00	436	0.00	0.00
Total Other Income / (Expense), net	2.79	5.54	1.63	0.12	6.12	19	11	12
Interest & Investment Income	2.79	5.54	1.63	0.12	6.12	19	11	3.80
Other Income / (Expense), net	-	-	-	-	-	0.00	0.00	8.63
Income Tax Expense	0.00	-0.80	0.64	-5.38	0.06	3.86	2.75	0.43
Other Gains / (Losses), net	0.00	0.00	-2.19	-3.13	-2.28	-2.59	-3.11	-1.70
Net Income / (Loss) Attributable to Noncontrolling Interest	0.36	-1.18	-4.19	-0.45	-1.64	-4.01	-4.50	0.73
Basic Earnings per Share	($1.30)	($2.12)	($2.27)	($0.69)	($19.72)	($47.50)	($13.88)	($5.96)
Weighted Average Basic Shares Outstanding	40.58M	41.14M	99.04M	254.07M	13.71M	14.21M	15.00M	16.05M
Diluted Earnings per Share	($1.30)	($2.12)	($2.27)	($0.69)	($19.72)	($47.50)	($13.88)	($5.96)
Weighted Average Diluted Shares Outstanding	40.58M	41.14M	99.04M	254.07M	13.71M	14.21M	15.00M	16.05M
Weighted Average Basic & Diluted Shares Outstanding	40.58M	41.14M	99.04M	254.07M	277.59M	289.25M	15.61M	16.55M

This table shows American Well's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-136	-49	-72	-50	-43	-43	-19	-20	-32	-25	-11
Consolidated Net Income / (Loss)	-137	-50	-73	-51	-44	-45	-18	-20	-32	-25	-10
Net Income / (Loss) Continuing Operations	-137	-50	-73	-51	-44	-45	-18	-20	-32	-25	-10
Total Pre-Tax Income	-135	-49	-71	-50	-43	-42	-17	-20	-31	-26	-10
Total Operating Income	-143	-57	-75	-52	-47	-43	-30	-20	-29	-25	-17
Total Gross Profit	21	24	18	23	61	-3.96	35	71	30	82	28
Total Revenue	62	71	60	63	61	71	67	71	56	55	55
Operating Revenue	62	71	60	63	61	71	67	71	56	55	55
Total Cost of Revenue	40	47	41	39	0.00	75	32	0.00	27	-27	27
Operating Cost of Revenue	40	47	41	39	-	-	32	-	27	-	27
Total Operating Expenses	165	81	93	76	108	39	66	91	59	107	45
Selling, General & Admin Expense	30	24	33	28	25	35	23	21	22	22	18
Marketing Expense	20	22	26	18	17	15	13	13	9.08	9.09	7.75
Research & Development Expense	28	26	27	21	20	19	22	18	19	14	12
Depreciation Expense	8.27	8.27	8.24	8.22	8.31	8.21	7.80	8.22	9.44	8.49	7.56
Total Other Income / (Expense), net	7.98	8.17	3.78	2.67	3.88	0.42	13	0.85	-1.36	-0.45	7.34
Interest & Investment Income	7.98	8.17	3.78	2.67	3.88	0.42	2.69	0.85	0.64	-0.37	0.31
Other Income / (Expense), net	-	-	0.00	0.00	0.00	-	11	0.00	-2.00	-0.08	7.03
Income Tax Expense	1.12	0.55	1.28	0.10	-0.15	1.53	0.57	-0.73	1.22	-0.63	0.22
Other Gains / (Losses), net	-0.60	-0.71	-0.93	-0.77	-0.70	-0.71	-0.78	-0.72	0.00	-0.20	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.69	-1.46	-1.34	-0.66	-0.58	-1.92	0.35	0.17	0.47	-0.25	0.59
Basic Earnings per Share	($9.54)	($3.42)	($4.94)	($3.36)	($2.87)	($2.84)	($1.19)	($1.24)	($2.00)	($1.55)	($0.66)
Weighted Average Basic Shares Outstanding	14.29M	14.21M	14.59M	14.88M	15.14M	15.00M	15.67M	15.89M	16.21M	16.05M	16.59M
Diluted Earnings per Share	($9.54)	($3.42)	($4.94)	($3.36)	($2.87)	($2.84)	($1.19)	($1.24)	($2.00)	($1.55)	($0.66)
Weighted Average Diluted Shares Outstanding	14.29M	14.21M	14.59M	14.88M	15.14M	15.00M	15.67M	15.89M	16.21M	16.05M	16.59M
Weighted Average Basic & Diluted Shares Outstanding	287.57M	289.25M	296.46M	14.99M	15.32M	15.61M	15.81M	16.15M	16.37M	16.55M	16.71M

This table details how cash moves in and out of American Well's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-42	85	804	-196	-208	-167	-144	-46
Net Cash From Operating Activities	-74	-82	-112	-142	-192	-148	-127	-66
Net Cash From Continuing Operating Activities	-74	-82	-112	-142	-192	-148	-127	-66
Net Income / (Loss) Continuing Operations	-52	-88	-229	-177	-272	-679	-213	-95
Consolidated Net Income / (Loss)	-52	-88	-229	-177	-272	-679	-213	-95
Depreciation Expense	5.33	7.76	10	16	26	32	33	34
Amortization Expense	1.19	1.77	2.26	2.71	2.30	2.69	2.92	3.64
Non-Cash Adjustments To Reconcile Net Income	8.55	13	122	50	82	512	60	19
Changes in Operating Assets and Liabilities, net	-37	-16	-18	-34	-31	-16	-10	-28
Net Cash From Investing Activities	-246	120	-67	-60	-12	-19	-19	17
Net Cash From Continuing Investing Activities	-246	120	-67	-60	-12	-19	-19	17
Purchase of Property, Plant & Equipment	-1.91	-1.34	-3.32	-0.56	-10	-15	-15	-0.02
Acquisitions	-64	-46	-2.94	-159	-1.96	-3.92	-3.43	-0.20
Purchase of Investments	-355	-79	-160	0.00	-499	-390	0.00	-1.00
Divestitures	-	-	-	-	-	0.00	0.00	18
Sale and/or Maturity of Investments	176	246	99	100	500	390	0.00	0.00
Net Cash From Financing Activities	278	47	983	5.75	-3.61	2.15	1.38	0.84
Net Cash From Continuing Financing Activities	278	47	983	5.75	-3.61	2.15	1.38	0.84
Repurchase of Common Equity	0.00	-0.16	-38	-15	-0.36	-0.59	-0.00	-0.00
Issuance of Common Equity	0.00	0.00	872	1.60	2.50	2.16	1.38	0.84
Other Financing Activities, net	0.64	1.04	2.64	19	-5.76	0.57	0.00	0.00
Other Net Changes in Cash	-	-	0.00	-0.08	-0.31	-1.14	0.89	2.02
Cash Income Taxes Paid	0.00	0.19	0.71	1.59	1.72	5.00	4.11	1.97

This table details how cash moves in and out of American Well's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	158	53	-63	-32	-32	-16	-5.91	-3.34	-18	-19	-3.12
Net Cash From Operating Activities	-38	-42	-60	-22	-32	-13	-25	-4.72	-19	-17	-0.98
Net Cash From Continuing Operating Activities	-38	-42	-60	-22	-32	-13	-25	-4.72	-19	-17	-0.98
Net Income / (Loss) Continuing Operations	-137	-50	-73	-51	-44	-45	-18	-20	-32	-25	-10
Consolidated Net Income / (Loss)	-137	-50	-73	-51	-44	-45	-18	-20	-32	-25	-10
Depreciation Expense	8.27	8.30	8.24	8.22	8.31	8.21	7.80	8.22	9.44	8.49	7.59
Amortization Expense	0.63	0.76	0.67	0.60	0.82	0.82	0.86	0.91	0.94	0.94	0.71
Non-Cash Adjustments To Reconcile Net Income	96	14	18	10	11	20	-2.68	7.44	5.98	8.57	0.87
Changes in Operating Assets and Liabilities, net	-6.26	-15	-13	9.56	-8.91	2.38	-13	-1.76	-3.22	-10	0.15
Net Cash From Investing Activities	195	94	-4.61	-5.18	-4.73	-4.13	19	-	-	-2.29	-2.79
Net Cash From Continuing Investing Activities	195	94	-4.61	-5.18	-4.73	-4.13	19	-	-	-2.29	-2.79
Purchase of Property, Plant & Equipment	-0.06	-1.32	-2.89	-5.18	-4.73	-2.42	-0.01	-	-	-0.01	-2.79
Acquisitions	-	-	-1.72	-	-	-1.72	0.00	-	-	-0.20	0.00
Purchase of Investments	-	-	0.00	-	-	-	-1.00	-	-	-	0.00
Divestitures	-	-	0.00	-	-	-	20	-	-	-2.08	0.00
Net Cash From Financing Activities	0.90	-	0.96	-	0.43	-0.00	0.54	-0.00	0.30	-0.00	0.30
Net Cash From Continuing Financing Activities	0.90	-	0.96	-	0.43	-0.00	0.54	-0.00	0.30	-0.00	0.30
Repurchase of Common Equity	-	-	0.00	-	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	0.00
Issuance of Common Equity	0.90	-	0.96	-	0.43	-	0.54	-	0.30	-	0.30
Effect of Exchange Rate Changes	-0.25	-	-	-	-	-	-0.73	-	-	-	0.35
Cash Income Taxes Paid	3.05	0.94	0.63	1.57	1.08	0.83	0.83	1.43	-0.74	0.46	0.22

This table presents American Well's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	500	1,377	1,446	1,218	590	436	324
Total Current Assets	224	1,113	827	627	450	317	247
Cash & Equivalents	138	942	746	539	372	228	182
Restricted Cash	0.00	1.10	0.00	-	-	-	0.00
Accounts Receivable	33	45	51	58	54	72	50
Inventories, net	3.10	9.13	7.53	8.74	6.65	2.86	1.19
Prepaid Expenses	8.94	14	20	20	14	11	11
Other Current Assets	1.13	2.13	1.70	1.39	2.26	2.51	2.66
Plant, Property, & Equipment, net	2.66	3.84	2.24	1.01	0.57	0.38	0.23
Total Noncurrent Assets	274	260	616	590	140	119	77
Long-Term Investments	0.00	0.75	0.17	0.00	1.18	1.50	0.00
Intangible Assets	64	56	152	135	120	102	66
Other Noncurrent Operating Assets	16	9.37	21	20	18	16	11
Total Liabilities & Shareholders' Equity	500	1,377	1,446	1,218	590	436	324
Total Liabilities	125	130	185	134	110	120	76
Total Current Liabilities	107	121	142	114	94	111	73
Accounts Payable	34	48	71	61	44	54	47
Current Deferred Revenue	66	67	69	50	46	53	23
Other Current Liabilities	6.23	6.36	1.92	3.06	3.58	3.69	3.63
Total Noncurrent Liabilities	18	9.47	43	20	16	8.46	2.79
Noncurrent Deferred Revenue	11	8.11	7.06	6.29	6.09	2.78	0.82
Other Noncurrent Operating Liabilities	7.47	1.36	36	13	9.63	5.68	1.97
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-281	1,246	1,261	1,084	480	316	248
Total Preferred & Common Equity	-307	1,224	1,239	1,064	464	305	236
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-307	1,224	1,239	1,064	464	305	236
Common Stock	51	1,844	2,057	2,163	2,238	2,287	2,309
Retained Earnings	-358	-582	-811	-1,082	-1,758	-1,966	-2,062
Accumulated Other Comprehensive Income / (Loss)	0.25	0.30	-6.35	-17	-16	-16	-12
Noncontrolling Interest	26	22	22	20	16	11	12

This table presents American Well's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	635	548	508	483	419	389	359	326
Total Current Assets	489	414	378	357	312	290	271	259
Cash & Equivalents	319	309	277	245	222	219	201	179
Restricted Cash	-	-	-	-	-	-	-	0.80
Accounts Receivable	47	81	76	89	72	54	56	57
Inventories, net	7.83	6.58	5.57	4.76	2.53	2.18	1.82	1.15
Prepaid Expenses	14	16	17	16	12	12	10	18
Other Current Assets	1.93	2.30	2.33	2.39	2.56	2.59	2.63	2.68
Plant, Property, & Equipment, net	0.58	0.55	0.49	0.42	0.34	0.30	0.25	0.18
Total Noncurrent Assets	146	134	129	126	108	99	88	67
Long-Term Investments	1.89	1.97	1.20	0.49	0.72	0.00	0.00	0.00
Intangible Assets	126	114	111	109	91	84	75	61
Other Noncurrent Operating Assets	18	17	17	16	16	15	13	5.65
Total Liabilities & Shareholders' Equity	635	548	508	483	419	389	359	326
Total Liabilities	115	125	130	133	114	94	92	86
Total Current Liabilities	99	108	118	122	107	88	86	84
Accounts Payable	42	46	50	56	46	43	53	50
Current Deferred Revenue	53	59	64	62	57	41	29	30
Other Current Liabilities	3.40	3.60	3.63	3.66	3.72	3.70	3.68	3.96
Total Noncurrent Liabilities	17	17	12	11	6.97	6.17	5.58	2.07
Noncurrent Deferred Revenue	5.95	7.90	4.28	3.82	2.19	2.20	2.54	1.01
Other Noncurrent Operating Liabilities	11	8.70	7.78	6.94	4.78	3.97	3.04	1.06
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	520	423	378	350	306	295	267	240
Total Preferred & Common Equity	502	409	364	337	294	283	255	227
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	502	409	364	337	294	283	255	227
Common Stock	2,225	2,255	2,265	2,276	2,295	2,300	2,305	2,312
Retained Earnings	-1,709	-1,830	-1,880	-1,923	-1,985	-2,004	-2,037	-2,073
Accumulated Other Comprehensive Income / (Loss)	-14	-16	-21	-16	-16	-14	-13	-12
Noncontrolling Interest	17	15	14	13	12	12	12	13

This table displays calculated financial ratios and metrics derived from American Well's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	30.63%	64.77%	3.07%	9.65%	-6.55%	-1.81%	-1.98%
EBITDA Growth	0.00%	-75.32%	-152.44%	25.42%	-54.28%	-165.96%	72.39%	67.50%
EBIT Growth	0.00%	-71.86%	-140.15%	21.23%	-53.98%	-150.91%	68.57%	55.57%
NOPAT Growth	0.00%	-71.86%	-140.15%	21.23%	-53.98%	-150.91%	68.57%	51.61%
Net Income Growth	0.00%	-68.92%	-158.73%	22.68%	-53.90%	-149.63%	68.69%	55.34%
EPS Growth	0.00%	-63.08%	-7.08%	69.60%	-53.90%	-149.63%	70.78%	57.06%
Operating Cash Flow Growth	0.00%	-10.66%	-37.33%	-25.85%	-35.88%	22.87%	14.16%	48.21%
Free Cash Flow Firm Growth	0.00%	0.00%	37.53%	-165.34%	48.71%	79.40%	-185.37%	59.98%
Invested Capital Growth	0.00%	0.00%	2.77%	153.63%	6.03%	-80.38%	-19.20%	-24.26%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	5.12%	2.39%	-3.20%	0.13%	-5.92%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	3.68%	-7.81%	1.46%	7.24%	31.09%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	1.18%	-6.74%	1.13%	6.13%	21.35%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	1.18%	-6.74%	1.13%	6.13%	14.33%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	1.49%	-5.30%	1.67%	2.51%	16.96%
EPS Q/Q Growth	0.00%	0.00%	0.00%	1.43%	-5.30%	1.67%	1.84%	14.86%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-8.97%	-16.83%	4.46%	-3.95%	18.10%	-6.32%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-20.84%	31.37%	21.31%	-10.81%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-0.70%	4.37%	7.28%	-17.62%	-1.53%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	100.00%	46.27%	100.00%	100.00%	42.13%	36.58%	38.90%	100.00%
EBITDA Margin	-42.63%	-57.22%	-87.67%	-63.43%	-89.25%	-253.98%	-71.41%	-23.68%
Operating Margin	-48.36%	-63.62%	-92.73%	-70.87%	-99.52%	-267.19%	-85.52%	-42.22%
EBIT Margin	-48.36%	-63.62%	-92.73%	-70.87%	-99.52%	-267.19%	-85.52%	-38.76%
Profit (Net Income) Margin	-45.91%	-59.36%	-93.22%	-69.93%	-98.15%	-262.18%	-83.60%	-38.09%
Tax Burden Percent	100.00%	99.10%	101.25%	98.75%	100.87%	100.96%	102.83%	102.29%
Interest Burden Percent	94.93%	94.16%	99.28%	99.93%	97.78%	97.19%	95.06%	96.06%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-67.20%	-79.58%	-34.98%	-36.45%	-148.56%	-157.47%	-97.03%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-42.34%	-68.21%	-29.24%	-24.16%	-105.86%	-137.45%	-86.71%
Return on Net Nonoperating Assets (RNNOA)	0.00%	20.06%	51.38%	20.87%	13.24%	61.71%	104.08%	63.36%
Return on Equity (ROE)	0.00%	-47.14%	-28.21%	-14.10%	-23.21%	-86.85%	-53.40%	-33.67%
Cash Return on Invested Capital (CROIC)	0.00%	-267.20%	-82.32%	-121.86%	-42.30%	-14.15%	-136.23%	-69.42%
Operating Return on Assets (OROA)	0.00%	-18.95%	-24.24%	-12.69%	-20.71%	-76.60%	-42.42%	-25.44%
Return on Assets (ROA)	0.00%	-17.68%	-24.37%	-12.53%	-20.43%	-75.16%	-41.46%	-25.00%
Return on Common Equity (ROCE)	0.00%	38.61%	-15.95%	-13.86%	-22.80%	-84.85%	-51.56%	-32.26%
Return on Equity Simple (ROE_SIMPLE)	0.00%	28.77%	-18.68%	-14.27%	-25.57%	0.00%	-69.77%	0.00%
Net Operating Profit after Tax (NOPAT)	-39	-66	-159	-125	-193	-485	-152	-74
NOPAT Margin	-33.85%	-44.53%	-64.91%	-49.61%	-69.66%	-187.03%	-59.86%	-29.56%
Net Nonoperating Expense Percent (NNEP)	0.00%	-24.85%	-11.37%	-5.74%	-12.29%	-42.70%	-20.02%	-10.32%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-17.82%	-100.90%	-48.15%	-29.74%
Cost of Revenue to Revenue	0.00%	53.73%	0.00%	0.00%	57.87%	63.42%	61.10%	0.00%
SG&A Expenses to Revenue	32.66%	36.42%	67.78%	37.43%	52.80%	48.89%	47.64%	35.31%
R&D to Revenue	31.83%	36.24%	34.42%	42.17%	49.96%	40.85%	33.84%	29.22%
Operating Expenses to Revenue	148.36%	273.51%	192.73%	170.87%	141.64%	303.77%	124.42%	142.22%
Earnings before Interest and Taxes (EBIT)	-55	-95	-227	-179	-276	-692	-218	-97
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-49	-85	-215	-160	-247	-658	-182	-59
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	4.86	1.27	0.73	0.92	0.36	0.34
Price to Tangible Book Value (P/TBV)	0.00	0.00	6.11	2.44	1.58	1.25	0.55	0.47
Price to Revenue (P/Rev)	6.51	4.98	24.27	6.21	2.81	1.65	0.44	0.32
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	6.32	24.31	1.64	0.48	0.67	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	8.37	20.10	3.34	0.94	0.28	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-0.47	-0.75	-0.71	-0.55	-0.58	-0.76	-0.73
Leverage Ratio	0.00	1.33	1.16	1.13	1.14	1.16	1.29	1.35
Compound Leverage Factor	0.00	1.26	1.15	1.13	1.11	1.12	1.22	1.29
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	181.91%	1.77%	1.71%	1.84%	3.33%	3.63%	4.93%
Common Equity to Total Capital	0.00%	-81.91%	98.23%	98.29%	98.16%	96.67%	96.37%	95.07%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	2.51	27.28	4.64	2.24	-4.54	-6.25	-7.85
Noncontrolling Interest Sharing Ratio	0.00%	181.91%	43.43%	1.74%	1.77%	2.30%	3.45%	4.20%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	2.10	9.20	5.84	5.49	4.79	2.85	3.37
Quick Ratio	0.00	1.97	8.98	5.63	5.23	4.54	2.70	3.17
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-264	-165	-437	-224	-46	-132	-53
Operating Cash Flow to CapEx	-3,872.63%	-6,120.48%	-3,389.51%	-25,319.68%	-1,840.94%	-972.87%	-836.54%	-314,061.90%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.30	0.26	0.18	0.21	0.29	0.50	0.66
Accounts Receivable Turnover	0.00	4.55	6.29	5.23	5.05	4.60	4.04	4.10
Inventory Turnover	0.00	25.77	0.00	0.00	19.72	21.35	32.68	0.00
Fixed Asset Turnover	0.00	55.88	75.47	83.28	170.74	327.08	536.63	829.70
Accounts Payable Turnover	0.00	2.36	0.00	0.00	2.42	3.12	3.17	0.00
Days Sales Outstanding (DSO)	0.00	80.25	58.06	69.79	72.26	79.27	90.42	88.99
Days Inventory Outstanding (DIO)	0.00	14.17	0.00	0.00	18.51	17.10	11.17	0.00
Days Payable Outstanding (DPO)	0.00	154.51	0.00	0.00	150.58	117.02	115.31	0.00
Cash Conversion Cycle (CCC)	0.00	-60.09	58.06	69.79	-59.81	-20.66	-13.72	88.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	197	203	514	545	107	86	65
Invested Capital Turnover	0.00	1.51	1.23	0.71	0.52	0.79	2.63	3.28
Increase / (Decrease) in Invested Capital	0.00	197	5.46	312	31	-438	-21	-21
Enterprise Value (EV)	0.00	1,246	4,930	845	261	71	-107	-90
Market Capitalization	742	742	5,951	1,570	779	428	111	80
Book Value per Share	$0.00	($7.47)	$5.21	$4.77	$3.86	$1.61	$19.89	$14.39
Tangible Book Value per Share	$0.00	($13.72)	$4.15	$2.48	$1.79	$1.20	$13.27	$10.35
Total Capital	0.00	375	1,246	1,261	1,084	480	316	248
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-178	-1,043	-747	-539	-373	-230	-182
Capital Expenditures (CapEx)	1.91	1.34	3.32	0.56	10	15	15	0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-61	-50	-61	-26	-16	-23	-8.86
Debt-free Net Working Capital (DFNWC)	0.00	117	992	686	513	356	206	173
Net Working Capital (NWC)	0.00	117	992	686	513	356	206	173
Net Nonoperating Expense (NNE)	14	22	69	51	79	195	60	21
Net Nonoperating Obligations (NNO)	0.00	-178	-1,043	-747	-539	-373	-230	-182
Total Depreciation and Amortization (D&A)	6.52	9.53	12	19	28	34	36	38
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-40.76%	-20.54%	-24.03%	-9.37%	-6.27%	-8.88%	-3.55%
Debt-free Net Working Capital to Revenue	0.00%	78.57%	404.58%	271.24%	184.91%	137.34%	80.88%	69.57%
Net Working Capital to Revenue	0.00%	78.57%	404.58%	271.24%	184.91%	137.34%	80.88%	69.57%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($45.40)	($13.80)	($19.80)	$0.00	($13.88)	($5.96)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	11.91M	13.17M	13.71M	0.00	15.00M	16.05M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($45.40)	($13.80)	($19.80)	$0.00	($13.88)	($5.96)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	11.91M	13.17M	13.71M	0.00	15.00M	16.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($45.40)	($13.80)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	4.95M	12.70M	13.88M	0.00	15.61M	16.55M
Normalized Net Operating Profit after Tax (NOPAT)	-39	-66	-159	-125	-193	-179	-152	-74
Normalized NOPAT Margin	-33.85%	-44.53%	-64.91%	-49.61%	-69.66%	-69.09%	-59.86%	-29.56%
Pre Tax Income Margin	-45.91%	-59.90%	-92.06%	-70.82%	-97.31%	-259.69%	-81.29%	-37.24%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-0.18%	-16.43%	-8.51%	-0.13%	-0.09%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from American Well's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	284,673,537.00	287,569,236.00	289,252,593.00	296,463,116.00	14,990,979.00	-	15,609,990.00	15,809,604.00	16,152,091.00	-	16,551,808.00
DEI Adjusted Shares Outstanding	14,233,677.00	14,378,462.00	14,462,630.00	14,823,156.00	14,990,979.00	-	15,609,990.00	15,809,604.00	16,152,091.00	-	16,551,808.00
DEI Earnings Per Adjusted Shares Outstanding	-9.58	-3.38	-4.99	-3.37	-2.90	-	-1.20	-1.25	-2.00	-	-0.66
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.53%	-10.80%	-7.00%	0.55%	-1.41%	0.47%	12.28%	12.91%	-7.80%	-22.11%	-17.88%
EBITDA Growth	-109.78%	16.93%	83.02%	49.39%	71.57%	29.59%	83.31%	74.17%	45.21%	53.15%	81.04%
EBIT Growth	-101.56%	12.16%	81.12%	44.58%	66.96%	24.93%	73.75%	61.09%	33.86%	40.99%	47.22%
NOPAT Growth	-101.56%	12.16%	81.12%	44.58%	66.96%	24.93%	59.47%	61.09%	38.08%	41.17%	42.70%
Net Income Growth	-94.27%	18.75%	81.57%	45.91%	67.88%	10.94%	75.01%	61.39%	27.54%	43.53%	43.88%
EPS Growth	-94.27%	18.75%	81.57%	45.91%	69.92%	16.96%	75.91%	63.10%	30.31%	45.42%	44.54%
Operating Cash Flow Growth	25.48%	-15.66%	-105.01%	45.01%	14.84%	67.69%	57.98%	78.32%	42.00%	-29.18%	96.08%
Free Cash Flow Firm Growth	693.21%	621.53%	-33.69%	-83.59%	-111.90%	-102.36%	-78.69%	-78.30%	146.67%	135.80%	16.51%
Invested Capital Growth	-80.92%	-80.38%	-45.49%	-45.34%	5.21%	-19.20%	-26.73%	-24.32%	-36.64%	-24.26%	-27.25%
Revenue Q/Q Growth	-0.84%	14.14%	-15.78%	5.49%	-2.78%	16.32%	-5.88%	6.08%	-20.61%	-1.74%	-0.77%
EBITDA Q/Q Growth	-56.23%	64.38%	-38.05%	34.13%	12.22%	11.79%	67.28%	-1.95%	-86.22%	24.57%	86.76%
EBIT Q/Q Growth	-51.69%	60.27%	-31.74%	30.20%	9.56%	9.74%	53.93%	-3.46%	-53.75%	19.47%	58.79%
NOPAT Q/Q Growth	-51.69%	60.27%	-31.74%	30.20%	9.56%	9.74%	28.87%	32.99%	-43.93%	14.25%	30.73%
Net Income Q/Q Growth	-46.61%	63.50%	-46.77%	31.14%	12.93%	-1.20%	58.81%	-6.40%	-63.39%	21.13%	59.07%
EPS Q/Q Growth	-46.61%	63.50%	-46.77%	31.14%	14.58%	1.05%	58.10%	-4.20%	-61.29%	22.50%	57.42%
Operating Cash Flow Q/Q Growth	4.13%	-9.44%	-43.73%	63.53%	-48.46%	58.48%	-86.89%	81.19%	-297.25%	7.52%	94.34%
Free Cash Flow Firm Q/Q Growth	14.82%	23.59%	-89.56%	10.81%	-183.23%	75.52%	194.38%	12.85%	79.03%	-81.22%	207.12%
Invested Capital Q/Q Growth	-45.37%	7.28%	5.44%	-11.55%	5.16%	-17.62%	-4.38%	-8.64%	-11.95%	-1.53%	-8.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.66%	33.74%	30.86%	37.42%	100.00%	-5.58%	52.76%	100.00%	52.42%	148.42%	50.95%
EBITDA Margin	-217.16%	-67.77%	-111.10%	-69.37%	-62.63%	-47.50%	-16.51%	-15.87%	-37.22%	-28.57%	-3.81%
Operating Margin	-231.52%	-80.58%	-126.06%	-83.41%	-77.60%	-60.21%	-45.50%	-28.74%	-52.11%	-45.48%	-31.75%
EBIT Margin	-231.52%	-80.58%	-126.06%	-83.41%	-77.60%	-60.21%	-29.47%	-28.74%	-55.67%	-45.62%	-18.94%
Profit (Net Income) Margin	-221.41%	-70.81%	-123.40%	-80.55%	-72.14%	-62.77%	-27.47%	-27.55%	-56.69%	-45.51%	-18.77%
Tax Burden Percent	101.27%	102.58%	103.09%	101.75%	101.27%	105.28%	107.91%	99.98%	103.96%	98.32%	102.15%
Interest Burden Percent	94.44%	85.65%	94.96%	94.91%	91.80%	99.01%	86.35%	95.85%	97.96%	101.46%	96.99%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-139.41%	-44.81%	-140.53%	-105.46%	-134.87%	-110.88%	-85.30%	-61.94%	-112.82%	-104.51%	-73.90%
ROIC Less NNEP Spread (ROIC-NNEP)	-132.07%	-42.57%	-135.41%	-101.69%	-131.60%	-106.02%	-86.40%	-59.82%	-107.72%	-100.84%	-74.84%
Return on Net Nonoperating Assets (RNNOA)	81.49%	24.82%	97.36%	73.59%	100.64%	80.28%	63.24%	44.23%	77.82%	73.68%	55.27%
Return on Equity (ROE)	-57.92%	-19.99%	-43.17%	-31.86%	-34.23%	-30.60%	-22.06%	-17.71%	-35.00%	-30.82%	-18.63%
Cash Return on Invested Capital (CROIC)	-21.62%	-14.15%	-103.09%	-103.91%	-163.63%	-136.23%	-93.02%	-84.87%	-55.52%	-69.42%	-58.95%
Operating Return on Assets (OROA)	-66.38%	-23.10%	-45.88%	-33.22%	-35.26%	-29.87%	-15.94%	-17.30%	-35.02%	-29.94%	-12.06%
Return on Assets (ROA)	-63.48%	-20.30%	-44.91%	-32.08%	-32.79%	-31.13%	-14.85%	-16.58%	-35.67%	-29.87%	-11.95%
Return on Common Equity (ROCE)	-56.57%	-19.53%	-41.89%	-30.86%	-33.02%	-29.55%	-21.26%	-17.03%	-33.54%	-29.53%	-17.79%
Return on Equity Simple (ROE_SIMPLE)	-137.52%	0.00%	-86.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-100	-40	-53	-37	-33	-30	-21	-14	-21	-18	-12
NOPAT Margin	-162.06%	-56.41%	-88.24%	-58.39%	-54.32%	-42.15%	-31.85%	-20.12%	-36.48%	-31.83%	-22.22%
Net Nonoperating Expense Percent (NNEP)	-7.33%	-2.23%	-5.12%	-3.76%	-3.27%	-4.86%	1.10%	-2.12%	-5.10%	-3.67%	0.94%
Return On Investment Capital (ROIC_SIMPLE)	-	-8.30%	-12.41%	-9.70%	-9.47%	-9.46%	-6.96%	-4.84%	-7.68%	-7.11%	-5.08%
Cost of Revenue to Revenue	65.34%	66.26%	69.14%	62.58%	0.00%	105.58%	47.24%	0.00%	47.58%	-48.42%	49.05%
SG&A Expenses to Revenue	47.76%	34.50%	55.03%	45.33%	41.25%	48.97%	34.70%	29.84%	38.62%	39.71%	32.25%
R&D to Revenue	44.76%	37.28%	44.82%	33.14%	32.43%	26.45%	33.07%	25.72%	33.01%	25.20%	22.56%
Operating Expenses to Revenue	266.18%	114.32%	156.92%	120.83%	177.60%	54.64%	98.26%	128.74%	104.54%	193.89%	82.70%
Earnings before Interest and Taxes (EBIT)	-143	-57	-75	-52	-47	-43	-20	-20	-31	-25	-10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-134	-48	-66	-44	-38	-34	-11	-11	-21	-16	-2.09
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.66	0.92	0.57	0.26	0.42	0.36	0.42	0.50	0.39	0.34	0.38
Price to Tangible Book Value (P/TBV)	0.88	1.25	0.80	0.38	0.62	0.55	0.61	0.71	0.55	0.47	0.52
Price to Revenue (P/Rev)	1.24	1.65	0.92	0.38	0.56	0.44	0.47	0.52	0.37	0.32	0.37
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.28	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.62	-0.58	-0.72	-0.72	-0.76	-0.76	-0.73	-0.74	-0.72	-0.73	-0.74
Leverage Ratio	1.15	1.16	1.23	1.25	1.29	1.29	1.33	1.33	1.36	1.35	1.37
Compound Leverage Factor	1.09	0.99	1.17	1.19	1.18	1.28	1.15	1.28	1.34	1.37	1.32
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.35%	3.33%	3.45%	3.70%	3.82%	3.63%	3.87%	4.07%	4.66%	4.93%	5.33%
Common Equity to Total Capital	96.65%	96.67%	96.55%	96.30%	96.18%	96.37%	96.13%	95.93%	95.34%	95.07%	94.67%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-1.62	-0.98	-2.86	-3.96	-4.15	-4.93	-4.92	-5.18	-6.22	-7.12	-7.02
Noncontrolling Interest Sharing Ratio	2.33%	2.30%	2.97%	3.14%	3.54%	3.45%	3.63%	3.86%	4.19%	4.20%	4.51%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.95	4.79	3.82	3.21	2.92	2.85	2.92	3.29	3.14	3.37	3.09
Quick Ratio	4.71	4.54	3.59	2.99	2.73	2.70	2.76	3.10	2.97	3.17	2.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	322	398	42	46	-38	-9.39	8.86	10.00	18	3.36	10
Operating Cash Flow to CapEx	-63,318.33%	-3,159.27%	-2,065.54%	-420.71%	-683.58%	-556.08%	-278,977.78%	0.00%	0.00%	-144,625.00%	-35.28%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.29	0.29	0.36	0.40	0.45	0.50	0.54	0.60	0.63	0.66	0.64
Accounts Receivable Turnover	5.79	4.60	3.73	4.10	3.74	4.04	3.43	4.16	3.66	4.10	3.68
Inventory Turnover	9.61	21.35	0.32	0.49	0.00	32.68	0.00	19.33	30.91	0.00	0.00
Fixed Asset Turnover	323.39	327.08	400.58	473.37	508.07	536.63	589.36	686.47	787.59	829.70	923.64
Accounts Payable Turnover	1.62	3.12	0.05	0.07	0.00	3.17	0.00	1.61	1.86	0.00	0.00
Days Sales Outstanding (DSO)	63.04	79.27	97.91	89.12	97.69	90.42	106.51	87.70	99.74	88.99	99.25
Days Inventory Outstanding (DIO)	37.97	17.10	1,141.37	745.92	0.00	11.17	0.00	18.88	11.81	0.00	0.00
Days Payable Outstanding (DPO)	224.82	117.02	7,047.42	5,135.28	0.00	115.31	0.00	226.80	196.18	0.00	0.00
Cash Conversion Cycle (CCC)	-123.81	-20.66	-5,808.14	-4,300.24	97.69	-13.72	106.51	-120.21	-84.63	88.99	99.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	100	107	113	100	105	86	83	76	66	65	60
Invested Capital Turnover	0.86	0.79	1.59	1.81	2.48	2.63	2.68	3.08	3.09	3.28	3.33
Increase / (Decrease) in Invested Capital	-423	-438	-94	-83	5.20	-21	-30	-24	-38	-21	-23
Enterprise Value (EV)	-69	71	-61	-168	-90	-107	-88	-67	-89	-90	-80
Market Capitalization	333	428	234	96	142	111	123	141	99	80	87
Book Value per Share	$1.76	$1.61	$1.41	$1.23	$22.46	$19.89	$18.83	$17.87	$15.78	$14.39	$13.73
Tangible Book Value per Share	$1.32	$1.20	$1.02	$0.85	$15.20	$13.27	$13.02	$12.56	$11.17	$10.35	$10.04
Total Capital	520	480	423	378	350	316	306	295	267	248	240
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-420	-373	-311	-278	-245	-230	-223	-219	-201	-182	-180
Capital Expenditures (CapEx)	0.06	1.32	2.89	5.18	4.73	2.42	0.01	0.00	0.00	0.01	2.79
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-28	-16	-2.83	-17	-9.94	-23	-18	-17	-16	-8.86	-4.73
Debt-free Net Working Capital (DFNWC)	390	356	306	260	235	206	205	202	185	173	175
Net Working Capital (NWC)	390	356	306	260	235	206	205	202	185	173	175
Net Nonoperating Expense (NNE)	37	10	21	14	11	15	-2.93	5.27	11	7.56	-1.90
Net Nonoperating Obligations (NNO)	-420	-373	-311	-278	-245	-230	-223	-219	-201	-182	-180
Total Depreciation and Amortization (D&A)	8.89	9.06	8.91	8.82	9.14	9.03	8.66	9.13	10	9.43	8.31
Debt-free, Cash-free Net Working Capital to Revenue	-10.44%	-6.27%	-1.11%	-6.53%	-3.91%	-8.88%	-6.74%	-6.43%	-6.12%	-3.55%	-1.99%
Debt-free Net Working Capital to Revenue	145.80%	137.34%	120.11%	102.10%	92.39%	80.88%	78.25%	74.78%	69.68%	69.57%	73.84%
Net Working Capital to Revenue	145.80%	137.34%	120.11%	102.10%	92.39%	80.88%	78.25%	74.78%	69.68%	69.57%	73.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($9.60)	($68.40)	($5.00)	($3.36)	($2.87)	($2.84)	($1.19)	($1.24)	($2.00)	($1.55)	($0.66)
Adjusted Weighted Average Basic Shares Outstanding	14.30M	710.63K	14.59M	14.88M	15.14M	15.00M	15.67M	15.89M	16.21M	16.05M	16.59M
Adjusted Diluted Earnings per Share	($9.60)	($68.40)	($5.00)	($3.36)	($2.87)	($2.84)	($1.19)	($1.24)	($2.00)	($1.55)	($0.66)
Adjusted Weighted Average Diluted Shares Outstanding	14.30M	710.63K	14.59M	14.88M	15.14M	15.00M	15.67M	15.89M	16.21M	16.05M	16.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	($68.40)	$0.00	$0.00	$0.00	($2.84)	$0.00	$0.00	$0.00	($1.55)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	14.38M	14.46M	14.82M	14.99M	15.32M	15.61M	15.81M	16.15M	16.37M	16.55M	16.71M
Normalized Net Operating Profit after Tax (NOPAT)	-45	-40	-53	-37	-33	-30	-21	-14	-21	-18	-12
Normalized NOPAT Margin	-72.88%	-56.41%	-88.24%	-58.39%	-54.32%	-42.15%	-31.85%	-20.12%	-36.48%	-31.83%	-22.22%
Pre Tax Income Margin	-218.63%	-69.02%	-119.70%	-79.17%	-71.24%	-59.62%	-25.45%	-27.55%	-54.53%	-46.28%	-18.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.08%	-0.09%	-0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

American Well (NYSE: AMWL) remains a company with a very large cash cushion, but the latest quarter shows that profitability and operating cash flow are still under pressure. Revenue was essentially flat year over year, while losses stayed meaningful and operating cash burn continued.

AMWL ended Q1 2026 with $179.2 million in cash and equivalents plus $795,000 in restricted cash, giving it a sizeable liquidity buffer.
The balance sheet still shows $259.1 million in current assets against $83.8 million in current liabilities, suggesting near-term liquidity is solid.
Other income provided a meaningful boost in Q1 2026, with $7.0 million in other income and $313,000 in interest income helping offset operating losses.
The company continues to generate substantial non-cash add-backs such as depreciation and amortization, which can help cushion reported losses in cash-flow analysis.
Q1 2026 revenue was $54.9 million, down slightly from $55.3 million in Q4 2025 and $56.3 million in Q3 2025, indicating revenue has been relatively stable in the last few quarters.
Gross profit in Q1 2026 was $27.9 million, with gross margin around 51%, which is decent for a software-enabled healthcare platform.
Operating expenses remain high relative to revenue, especially R&D and SG&A, showing the company is still investing heavily in growth and product development.
AMWL posted a Q1 2026 net loss of $10.3 million, though that was improved from a $25.2 million loss in Q4 2025 and a $31.9 million loss in Q3 2025.
Operating cash flow was still negative at -$983,000 in Q1 2026, and the company also used $2.8 million in investing cash flow.
On a longer trend basis, AMWL has not yet established consistent profitability: quarterly losses and negative operating cash flow have been a recurring theme over the past four years.

Key trend to watch: the company’s cash position remains a strength, but the real question for investors is whether AMWL can turn its fairly steady revenue base into sustained operating leverage. The latest quarter suggests some improvement in losses, but not yet a clear turnaround in cash generation.

Bottom line: AMWL looks financially flexible in the near term because of its large cash balance, but the business still needs to prove it can convert revenue into durable profits and positive operating cash flow.

07/26/26 08:30 AM ETAI Generated. May Contain Errors.

American Well Financials - Frequently Asked Questions

According to the most recent income statement we have on file, American Well's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

American Well's net income appears to be on an upward trend, with a most recent value of -$94.97 million in 2025, rising from -$52.31 million in 2018. The previous period was -$212.64 million in 2024. Find out what analysts predict for American Well in the coming months.

American Well's total operating income in 2025 was -$105.27 million, based on the following breakdown:

Total Gross Profit: $249.33 million
Total Operating Expenses: $354.60 million

Over the last 7 years, American Well's total revenue changed from $113.96 million in 2018 to $249.33 million in 2025, a change of 118.8%.

American Well's total liabilities were at $76.00 million at the end of 2025, a 36.5% decrease from 2024, and a 39.2% decrease since 2019.

In the past 6 years, American Well's cash and equivalents has ranged from $137.67 million in 2019 to $941.62 million in 2020, and is currently $182.33 million as of their latest financial filing in 2025.

Over the last 7 years, American Well's book value per share changed from 0.00 in 2018 to 14.39 in 2025, a change of 1,439.0%.

Related Companies

Financial statements for NYSE:AMWL last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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American Well (AMWL) Financials

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American Well (AMWL) Financials

Annual Income Statements for American Well

Quarterly Income Statements for American Well

Annual Cash Flow Statements for American Well

Quarterly Cash Flow Statements for American Well

Annual Balance Sheets for American Well

Quarterly Balance Sheets for American Well

Annual Metrics And Ratios for American Well

Quarterly Metrics And Ratios for American Well

Financials Breakdown Chart

Key Financial Trends

American Well Financials - Frequently Asked Questions

When does American Well's fiscal year end?

How has American Well's net income changed over the last 7 years?

What is American Well's operating income?

How has American Well's revenue changed over the last 7 years?

How much debt does American Well have?

How much cash does American Well have?

How has American Well's book value per share changed over the last 7 years?

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