Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data American Well Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
114
149
245
253
277
259
254
249
Cost of revenue
58.6
80
157
148
160
164
155
116
Gross profit
55.3
68.9
88.5
104
117
94.8
99
133
Research and development
36.3
53.9
84.4
107
138
106
86.1
72.9
Selling and marketing
31.6
47.7
55.1
66.2
81.6
86.5
76.3
43.3
General and administrative
37.2
54.2
166
94.6
146
127
121
88
Operating income
-55.1
-94.7
-227
-179
-276
-692
-218
-105
Pre-tax income
-52.3
-89.2
-226
-179
-270
-675
-210
-94.5
Income tax
0
-0.8
0.64
-5.38
0.06
3.86
2.75
0.43
Net income to minority interests
0.36
-1.18
-4.19
-0.45
-1.64
-4.01
-4.5
0.73
Net income
-52.7
-87.2
-224
-176
-270
-675
-208
-95.7
EBITDA
-49.8
-86.9
-217
-163
-250
-661
-185
-71.3
EPS, basic
-25.90
-42.23
-45.22
-13.74
-19.72
-47.50
-13.88
-5.96
EPS, diluted
-25.89
-42.23
-45.22
-13.74
-19.72
-47.50
-13.88
-5.96
Shares, basic (weighted)
2.04
2.07
4.97
12.8
13.7
14.2
15
16
Shares, diluted (weighted)
2.04
2.07
4.97
12.8
13.7
14.2
15
16
Balance sheet
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
48
138
942
746
539
372
228
182
Short-term investments
40
100
Receivables
32.7
45.3
51.4
58.4
54.1
71.9
49.7
Inventory
3.1
9.13
7.53
8.74
6.65
2.86
1.19
Other current assets
8.94
14.1
20.3
19.6
14.5
11.4
10.8
Total current assets
224
1,113
827
627
450
317
247
Property, plant and equipment
2.66
3.84
2.24
1.01
0.57
0.38
0.23
Lease right-of-use assets
11.9
6.61
16.4
13.5
10.5
7.2
3.93
Goodwill
127
194
194
443
435
0
0
Intangible assets
63.5
55.5
152
135
120
102
66.1
Other non-current assets
1.55
1.43
1.72
1.97
2.08
2.21
1.62
Total assets
500
1,377
1,446
1,218
590
436
324
Accounts payable
6.5
5.8
12.2
7.24
4.86
5.02
1.65
Accrued liabilities
27.4
42.1
58.7
54.3
39
49.3
45.3
Deferred revenue
64.1
66.5
66.7
68.8
49.5
46.4
53.2
22.6
Total current liabilities
107
121
142
114
93.8
111
73.2
Lease liabilities
7.16
1.3
14.7
11.8
8.21
4.51
0.89
Other non-current liabilities
0.31
0.06
5.14
1.57
1.43
1.17
1.08
Total liabilities
125
130
185
134
110
120
76
Paid-in capital
50.3
1,841
2,054
2,160
2,238
2,286
2,309
Retained earnings
-358
-582
-811
-1,082
-1,758
-1,966
-2,062
Treasury stock
-0.16
-37.6
Other comprehensive income
0.25
0.3
-6.35
-17
-15.7
-15.8
-12.1
Shareholders' equity
-307
1,224
1,239
1,064
464
305
236
Minority interests
26.3
22.1
21.6
20
16
11.5
12.2
Total equity
-204
-281
1,246
1,261
1,084
480
316
248
Total liabilities and equity
500
1,377
1,446
1,218
590
436
324
Shares outstanding
2.12
11.8
13.1
277
288
15.6
16.4
Cash flow statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-52.3
-88.4
-229
-177
-272
-679
-213
-95
Depreciation and amortization
5.33
7.76
10.2
16.1
26.2
31.5
33
34
Stock-based compensation
7.67
12.1
118
43.8
67.7
72.2
47.5
22
Deferred income tax
-1.12
-0.09
-6.25
-3.21
-0.16
-0.25
-1.07
Change in receivables
-19.5
0.8
-14.2
-0.51
-8.14
3.25
-25
12.2
Change in inventory
1.57
-0.59
-6.02
1.6
-1.21
2.09
1.9
1.17
Change in payables
-0.79
1.16
-0.71
5.55
-4.78
-2.36
0.16
-3.42
Cash from operations
-74
-81.9
-112
-142
-192
-148
-127
-66
Capital expenditures
-1.91
-1.34
-3.32
-0.56
-0.29
-0.19
-0.12
-0.02
Acquisitions
-64.4
-45.8
-157
Purchases of investments
-355
-78.9
-160
-499
-390
0
-1
Sales and maturities of investments
176
246
99.1
100
500
390
0
0
Cash from investing
-246
120
-66.8
-59.6
-11.6
-19.2
-18.7
17.1
Stock issued
0.64
1.04
99.1
20.8
5.74
0.57
0
0
Share buybacks
-0.16
-37.6
-15
-0.36
-0.59
-0
-0
Cash from financing
278
46.6
983
5.75
-3.61
2.15
1.38
0.84
Net change in cash
-41.8
84.7
804
-196
-208
-167
-144
-46
Free cash flow
-75.9
-83.2
-116
-142
-193
-149
-127
-66
Income taxes paid
0.19
0.71
1.59
1.72
5
4.11
1.97
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.43 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
51.9%
Gross profit / revenue.
Operating margin
-37.3%
Operating income / revenue.
EBITDA margin
-22.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-35.0%
Pre-tax income / revenue.
Net margin
-35.7%
Net income / revenue.
FCF margin
-12.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-12.1%
Cash from operations / revenue.
Return on equity (ROE)
-35.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-23.9%
Net income / average total assets.
Return on invested capital (ROIC)
-254.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
25.3%
Research and development expense / revenue.
Stock-based pay / revenue
5.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
D&A / revenue
14.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-2.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-3.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
0.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
34.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
4.4%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
8.5%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-22.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-39.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-28.1%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-25.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-35.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-25.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
7.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
5.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
26.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.90x
Current assets / current liabilities.
Quick ratio
2.72x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.15x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$4.66
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$13.04
Revenue / diluted weighted shares.
FCF per share
-$1.58
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.57
Cash from operations / diluted weighted shares.
Book value per share
$13.07
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.05x
Market cap / revenue.
P/B
1.03x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.39x
Market cap / tangible book value, when positive.
EV/Sales
0.15x
Enterprise value / revenue.
FCF yield
-11.6%
Free cash flow / market cap.
Earnings yield
-34.2%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was American Well Corp's revenue in fiscal 2025?
American Well Corp reported revenue of $249.3M for fiscal 2025, 2% lower than the year before.
Was American Well Corp profitable in fiscal 2025?
No. It reported a net loss of $95.7M.
How much free cash flow did American Well Corp generate in fiscal 2025?
Cash from operations of $66.0M minus capital expenditures of $21.0K left free cash flow of -$66.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.