The company's top-line performance remains under pressure, with a 22.1% year-over-year revenue contraction in 2025Q4 and an operating margin of -45.5% reflecting persistent cost misalignment.
American Well Corporation (AMWL) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 218.53M | 249.32M | 254.36M | 259.05M | 277.19M | 252.79M | 245.26M | 148.86M | 113.95M |
| Revenue Growth % | -19% | -1.98% | -1.81% | -6.55% | 9.65% | 3.07% | 64.77% | 30.63% | - |
| Cost of Goods Sold | 112.72M | 116.47M | 155.41M | 164.29M | 160.42M | 148.47M | 156.79M | 79.98M | 58.61M |
| COGS % of Revenue | - | 46.71% | 61.1% | 63.42% | 57.87% | 58.73% | 63.93% | 53.73% | 51.43% |
| Gross Profit | 105.81M | 132.86M | 98.95M | 94.76M | 116.77M | 104.31M | 88.47M | 68.88M | 55.34M |
| Gross Margin % | 48.42% | 53.29% | 38.9% | 36.58% | 42.13% | 41.27% | 36.07% | 46.27% | 48.57% |
| Gross Profit Growth % | - | 34.27% | 4.42% | -18.85% | 11.94% | 17.9% | 28.45% | 24.46% | - |
| Operating Expenses | 182.79M | 238.13M | 316.49M | 786.9M | 392.62M | 283.46M | 315.91M | 163.59M | 110.45M |
| OpEx % of Revenue | - | 95.51% | 124.42% | 303.77% | 141.64% | 112.13% | 128.8% | 109.89% | 96.92% |
| Selling, General & Admin | 107.06M | 131.31M | 197.45M | 213.1M | 227.98M | 160.78M | 221.34M | 101.88M | 68.85M |
| SG&A % of Revenue | - | 52.67% | 77.62% | 82.27% | 82.25% | 63.6% | 90.25% | 68.44% | 60.42% |
| Research & Development | 55.25M | 72.86M | 86.06M | 105.83M | 138.49M | 106.59M | 84.41M | 53.94M | 36.27M |
| R&D % of Revenue | - | 29.22% | 33.84% | 40.85% | 49.96% | 42.17% | 34.42% | 36.24% | 31.83% |
| Other Operating Expenses | 2M | 33.96M | 32.98M | 467.97M | 26.15M | 16.09M | 10.15M | 7.76M | 5.33M |
| Operating Income | -76.99M | -105.27M | -217.53M | -692.14M | -275.85M | -179.15M | -227.43M | -94.7M | -55.11M |
| Operating Margin % | -35.23% | -42.22% | -85.52% | -267.19% | -99.52% | -70.87% | -92.73% | -63.62% | -48.36% |
| Operating Income Growth % | - | 51.61% | 68.57% | -150.91% | -53.98% | 21.23% | -140.15% | -71.86% | - |
| EBITDA | -44.37M | -71.31M | -184.56M | -660.63M | -249.69M | -163.06M | -217.28M | -86.94M | -49.78M |
| EBITDA Margin % | -20.3% | -28.6% | -72.56% | -255.02% | -90.08% | -64.5% | -88.59% | -58.41% | -43.68% |
| EBITDA Growth % | 59.06% | 61.36% | 72.06% | -164.58% | -53.13% | 24.95% | -149.91% | -74.67% | - |
| D&A (Non-Cash Add-back) | 32.62M | 33.96M | 32.98M | 31.51M | 26.17M | 16.09M | 10.15M | 7.76M | 5.33M |
| EBIT | -76.75M | -94.53M | -209.89M | -255.66M | -272.01M | -182.16M | -227.43M | -94.7M | -55.11M |
| Net Interest Income | 334K | 3.8M | 10.76M | 19.42M | 6.12M | 120K | 1.63M | 5.54M | 2.79M |
| Interest Income | 951K | 3.8M | 10.76M | 19.42M | 6.12M | 120K | 1.63M | 5.54M | 2.79M |
| Interest Expense | 617K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 241K | 10.74M | 7.65M | 16.83M | 3.85M | -3.01M | -556K | 5.54M | 2.79M |
| Pretax Income | -76.75M | -94.53M | -209.89M | -675.31M | -272.01M | -182.16M | -227.99M | -89.17M | -52.31M |
| Pretax Margin % | -35.12% | -37.92% | -82.51% | -260.69% | -98.13% | -72.06% | -92.96% | -59.9% | -45.91% |
| Income Tax | 260K | 434K | 2.75M | 3.86M | 64K | -5.38M | 639K | -803K | 0 |
| Effective Tax Rate % | -0.34% | -0.46% | -1.31% | -0.57% | -0.02% | 2.95% | -0.28% | 0.9% | 0% |
| Net Income | -78.11M | -95.7M | -208.14M | -675.16M | -270.43M | -176.33M | -224.43M | -87.19M | -52.67M |
| Net Margin % | -35.75% | -38.38% | -81.83% | -260.63% | -97.56% | -69.76% | -91.51% | -58.57% | -46.22% |
| Net Income Growth % | 37.27% | 54.02% | 69.17% | -149.66% | -53.36% | 21.43% | -157.41% | -65.53% | - |
| Net Income (Continuing) | -77.01M | -94.97M | -212.64M | -679.17M | -272.07M | -176.78M | -228.63M | -88.37M | -52.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.09M | 12.21M | 11.47M | 15.97M | 19.97M | 21.62M | 22.07M | 26.26M | 27.43M |
| EPS (Diluted) | -4.66 | -5.96 | -13.88 | -47.50 | -19.68 | -13.88 | -45.32 | -42.39 | -25.96 |
| EPS Growth % | 40.89% | 57.06% | 70.78% | -141.36% | -41.79% | 69.37% | -6.91% | -63.29% | - |
| EPS (Basic) | - | -5.96 | -13.88 | -47.50 | -19.68 | -13.88 | -45.32 | -42.39 | -25.96 |
| Diluted Shares Outstanding | 16.76M | 16.05M | 15M | 14.21M | 13.71M | 12.7M | 4.95M | 2.06M | 2.03M |
| Basic Shares Outstanding | 16.76M | 16.05M | 15M | 14.21M | 13.71M | 12.7M | 4.95M | 2.06M | 2.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AMWL stock.
For fiscal year 2025, American Well Corporation (AMWL) reported total revenue of $249.3M. This represents a 118.8% increase compared to $114.0M in 2018.
American Well Corporation (AMWL) reported a net loss of $95.7M for the fiscal year ending 2025.
American Well Corporation (AMWL) reported an operating income of $-105.3M, resulting in an operating profit margin of -42.2%. This margin reflects the operational efficiency of the business before interest and taxes.
American Well Corporation (AMWL) generated $132.9M in gross profit for the year, representing a gross profit margin of 53.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent Revenue Contraction
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
As reported in recent financial statements, AMWL's revenue trajectory remains concerning, with a 22.1% year-over-year decline observed in 2025Q4, signaling that the company is struggling to offset legacy platform churn with new Converge implementations, ultimately leading to a sustained period of top-line contraction.
The consistent downward trend in quarterly revenue suggests that the company's transition to the Converge platform has not yet reached a critical mass to drive organic growth. Investors should monitor whether the current revenue decline reflects a structural loss of market share or merely the expected friction of a multi-year platform migration.
Structural Margin Volatility Persists
Based on the company's reported figures, gross margins have fluctuated significantly, peaking at 56.1% in 2025Q2 before retreating to 51.2% by 2025Q4, which highlights the inherent difficulty in maintaining pricing power while managing a complex mix of software subscriptions and lower-margin professional services.
The inability to stabilize gross margins suggests that the cost of delivering the Converge platform remains highly variable and sensitive to implementation intensity. This volatility warrants further investigation into whether the company can achieve the economies of scale necessary to compete with higher-margin digital health peers.
Operating Expenses Outpacing Revenue
According to recent SEC filings, AMWL continues to face substantial operating pressure, as evidenced by an operating margin of -45.5% in 2025Q4, indicating that the company's current cost structure remains misaligned with its revenue scale despite ongoing efforts to streamline research and development expenditures.
While R&D spending has moderated from its 2024 peaks, the persistent reliance on high SG&A costs to support the national footprint suggests that the business model has yet to achieve operational leverage. The gap between gross profit and operating expenses appears to be a primary driver of the company's ongoing cash burn.
Dilutive Impact of Compensation
As indicated by the provided data, stock-based compensation remains a material factor in the company's financial profile, with $4.6 million recorded in 2025Q4, which continues to exacerbate the gap between GAAP net losses and the underlying operational performance of the business.
The consistent use of equity-based incentives during a period of revenue contraction may signal a misalignment between management compensation and shareholder value creation. Investors should monitor the dilutive impact of these grants, as they represent a significant non-cash expense that obscures the true path to profitability.
Sustainability of Current Business Model
Based on the reported income statement data, the company's inability to generate positive operating income over the last ten quarters suggests that the current business model may be fundamentally unsustainable without a significant shift in either pricing strategy or a drastic reduction in corporate overhead.
Short-sellers would likely focus on the widening gap between the company's strategic vision and its actual financial results, particularly the failure to achieve operating break-even. The risk remains that the company may be forced to seek additional capital, further diluting existing shareholders if the current revenue contraction is not reversed.