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American Well (AMWL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · American Well (AMWL) Q3 2026 earnings results →
Q3 2026 Revenue down 13% year over year to $49.0M · 22¢ of every $1 of revenue lost · operating margin -23.8%
American Well made $49.0M in Q3 2026 (-13% Y/Y): Platform Subscription $23.9M, Visits $23.7M, Others $1.4M. Operating margin -23.8%, net loss $11.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
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What changed this quarter
Revenue was $49.0M in Q3 2026, down 13% year over year and down 6% from the previous quarter. Platform Subscription was the largest line at 49% of revenue. Platform Subscription lost $7.0M year over year (down 23%), 95% of the total change.
Operating costs exceeded revenue by $11.7M, an operating margin of -23.8%. Total costs fell 29% while revenue fell 13%. The quarter ended with a net loss of $11.0M, wider than the previous quarter's $9.6M loss.
Operating cash flow was −$11.7M. Non-cash charges added back $5.2M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items used $8.3M. Capital expenditures of $10K exceeded it, leaving free cash flow of −$11.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $49.0M | -13% | -23.8% | −$11.0M | −$11.7M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $52.0M | -27% | -18.4% | −$9.6M | $10.7M |
| Q1 2026 | 10-Q | May 5, 2026 | $54.9M | -18% | -31.7% | −$10.3M | −$983K |
| Q4 2025 | 10-K | Feb 12, 2026 | $55.3M | -22% | -45.5% | −$25.2M | −$17.4M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $56.3M | -8% | -52.1% | −$31.9M | −$18.8M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $70.9M | +13% | -28.7% | −$19.5M | −$4.7M |
| Q1 2025 | 10-Q | May 1, 2025 | $66.8M | +12% | -45.5% | −$18.4M | −$25.1M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About American Well
American Well Corporation (the “Company”) was incorporated under the laws of the State of Delaware in June 2006. The Company is headquartered in Boston, Massachusetts. The Company is a leading enterprise software company enabling digital delivery of care for healthcare’s key stakeholders. The Company empowers our clients with the core technology and services necessary to successfully develop and distribute virtual care programs that meet their strategic, operational, financial and clinical objectives under their own brands.
In its own words, from its 10-Q, filed Aug 4, 2026.
American Well against its Services-Business Services, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -13% against the peers' median +10%. Operating margin: -23.8% against the peers' median 9.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AMWL American Well | Q3 2026 | $49.0M | -13% | -23.8% |
| ACN Accenture | Q4 FY26 | $18.7B | +6% | 15.3% |
| UBER Uber Technologies | Q3 2026 | $14.8B | +10% | 9.8% |
| V Visa | Q4 FY26 | $12.1B | +13% | 59.8% |
| MELI MercadoLibre | Q3 2026 | $10.8B | +45% | 6.3% |
| MA Mastercard | Q3 2026 | $9.8B | +14% | 59.8% |
| PYPL PayPal Holdings | Q3 2026 | $8.6B | +2% | 16.3% |
| FISV Fiserv | Q3 2026 | $5.2B | -1% | -105.7% |
| DASH DoorDash | Q3 2026 | $4.6B | +34% | 9.6% |
Source: American Well 10-Q on SEC EDGAR · CIK 1393584 · Services-Business Services, NEC
Guidance and outlook
13F: who owns AMWL and who is buying
More on AMWL
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results