American Well (AMWL) financial statements
American Well reported revenue of $249M in fiscal 2025, up 11.8% a year over 7 years.
Net income was -$96M and the operating margin -42.2%, against -48.4% in 2018.
Free cash flow was -$66M.
The diluted share count rose 691% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from American Well's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $114M | $149M | $245M | $253M | $277M | $259M | $254M | $249M |
| Cost of revenue | $59M | $80M | $157M | $148M | $160M | $164M | $155M | $116M |
| Gross profit | $55M | $69M | $88M | $104M | $117M | $95M | $99M | $133M |
| Research and development | $36M | $54M | $84M | $107M | $138M | $106M | $86M | $73M |
| Selling, general and admin | $69M | $102M | $221M | $161M | $228M | $213M | $197M | $131M |
| Operating income | -$55M | -$95M | -$227M | -$179M | -$276M | -$692M | -$218M | -$105M |
| Pre-tax income | -$52M | -$89M | -$226M | -$179M | -$270M | -$673M | -$207M | -$93M |
| Income tax | $0 | -$803,000 | $639,000 | -$5M | $64,000 | $4M | $3M | $434,000 |
| Net income | -$53M | -$87M | -$224M | -$176M | -$270M | -$675M | -$208M | -$96M |
| EPS (diluted) | -$26.00 | -$42.40 | -$45.40 | -$13.80 | -$19.72 | -$47.50 | -$13.88 | -$5.96 |
| Diluted shares | 2M | 2M | 5M | 13M | 14M | 14M | 15M | 16M |
| Gross margin | 48.6% | 46.3% | 36.1% | 41.3% | 42.1% | 36.6% | 38.9% | 53.3% |
| Operating margin | -48.4% | -63.6% | -92.7% | -70.9% | -99.5% | -267.2% | -85.5% | -42.2% |
| Net margin | -46.2% | -58.6% | -91.5% | -69.8% | -97.6% | -260.6% | -81.8% | -38.4% |
Balance sheet
Fiscal years, from American Well's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $48M | $178M | $1.0B | $746M | $539M | $372M | $228M | $182M |
| Receivables | — | $33M | $45M | $51M | $58M | $54M | $72M | $50M |
| Inventory | — | $3M | $9M | $8M | $9M | $7M | $3M | $1M |
| Total current assets | — | $224M | $1.1B | $827M | $627M | $450M | $317M | $247M |
| Property, plant and equipment | — | $3M | $4M | $2M | $1M | $572,000 | $376,000 | $225,000 |
| Goodwill | $127M | $194M | $194M | $443M | $435M | $0 | $0 | — |
| Total assets | — | $500M | $1.4B | $1.4B | $1.2B | $590M | $436M | $324M |
| Total current liabilities | — | $107M | $121M | $142M | $114M | $94M | $111M | $73M |
| Total liabilities | — | $125M | $130M | $185M | $134M | $110M | $120M | $76M |
| Shareholders' equity | -$204M | -$307M | $1.2B | $1.2B | $1.1B | $464M | $305M | $236M |
| Net debt | -$48M | -$138M | -$942M | -$746M | -$539M | -$372M | -$228M | -$182M |
Cash flow
Fiscal years, from American Well's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$74M | -$82M | -$112M | -$142M | -$192M | -$148M | -$127M | -$66M |
| Capital spending | $2M | $1M | $3M | $559,000 | $10M | $15M | $15M | $21,000 |
| Free cash flow | -$76M | -$83M | -$116M | -$142M | -$203M | -$164M | -$143M | -$66M |
| Stock-based compensation | $8M | $12M | $118M | $44M | $68M | $72M | $48M | $22M |
| Free cash flow margin | -66.6% | -55.9% | -47.2% | -56.2% | -73.2% | -63.2% | -56.0% | -26.5% |
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What was American Well's revenue in 2025?
$249M in fiscal 2025, from its 10-K filing.
How much free cash flow does American Well generate?
-$66M in fiscal 2025 (operating cash flow minus capital spending).
From American Well's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.