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American Well cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$11.7M in Q3 2026 · −$19.3M over twelve months

Operating cash flow−$11.7M
Capital spending−$10K
Free cash flow−$11.7M
Cash conversion cycle93 days

Analysis

In Q3 2026, American Well generated −$11.7M of operating cash flow and spent $10K on capital projects, leaving free cash flow of −$11.7M. That is $7.1M more than in Q3 2025 (−$18.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$19.3M; the largest uses were operating cash flow ($19.3M), other investing ($8.8M), capital spending ($35K); besides operations, cash came from asset & business sales ($4.9M), shares issued ($542K); the cash balance fell by $20.1M.

Operating cash flow was −$11.7M against net income of −$11.0M. The largest differences: deferred revenue −$5.8M, depreciation & amortization +$5.2M, accrued liabilities −$5.1M.

Its cash conversion cycle was 93 days (receivables 101 + inventory 4 − payables 11).

Free cash flow

American Well: free cash flow by quarterAmerican Well: free cash flow by quarter−$13.4MQ4 2024−$25.1MQ1 2025−$4.7MQ2 2025−$18.8MQ3 2025−$17.4MQ4 2025−$988KQ1 2026$10.7MQ2 2026−$11.7MQ3 2026
Operating cash flow less capital spending.
American Well: operating cash flow against capital spendingAmerican Well: operating cash flow against capital spendingOperating cash flowCapital spending−$13.4M$3KQ4 2024−$25.1M$9KQ1 2025−$4.7M$0Q2 2025−$18.8M$0Q3 2025−$17.4M$12KQ4 2025−$983K$5KQ1 2026$10.7M$8KQ2 2026−$11.7M$10KQ3 2026
Latest (Q3 2026): Operating cash flow −$11.7M, Capital spending $10K.

Capital allocation, year by year

American Well: where the cash came from (up) and went (down), by fiscal yearAmerican Well: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$142MFY2021: Shares issued $20.8MFY2021: Capital spending −$559KFY2021: Acquisitions −$157MFY2021: Buybacks −$15.0M$20.8MFY2021FY2022: Operating cash flow −$192MFY2022: Shares issued $5.7MFY2022: Capital spending −$292KFY2022: Buybacks −$360K$5.7MFY2022FY2023: Operating cash flow −$148MFY2023: Shares issued $569KFY2023: Capital spending −$192KFY2023: Buybacks −$586K$569KFY2023FY2024: Operating cash flow −$127MFY2024: Capital spending −$119KFY2024: Buybacks −$3KFY2024FY2025: Operating cash flow −$66.0MFY2025: Asset sales $18.3MFY2025: Capital spending −$21KFY2025: Buybacks −$4K$18.3MFY2025
Over these 5 years operating cash flow totalled −$675M; the largest uses were operating cash flow ($675M) and acquisitions ($157M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$181M
Debtnone
Net cash$181M
Cash runway9.4 years

American Well is burning cash: its operations consume cash, a free cash flow of −$19.3M a year at the current rate against $181M of cash and investments: a runway of about 9.4 years before any new financing.

Where the cash came from and went

American Well: sources (+) and uses (−) of cash, Q3 2026American Well: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$15.2MOperating cash flow−$11.7MOther investing−$3.0MExchange rates−$756KShares issued$239KCapital spending−$10KBuybacks−$1K
American Well: sources (+) and uses (−) of cash, TTM to Q3 2026American Well: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$20.1MOperating cash flow−$19.3MOther investing−$8.8MAsset & business sales$4.9MExchange rates$2.5MShares issued$542KCapital spending−$35KBuybacks−$2K

From profit to cash

American Well: net income to operating cash flow, Q3 2026American Well: net income to operating cash flow, Q3 2026Net income−$11.0MDepreciation & amortization$5.2MStock-based pay$2.3MDeferred taxes$8KReceivables−$2.0MInventory$75KPayables$2.1MAccrued liabilities−$5.1MDeferred revenue−$5.8MPrepaid and other assets$1.9MOperating cash flow−$11.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202610141193
Q2 2026964694
Q1 2026884586
Q4 20258851380
Q3 20258971779
Q2 20258171573
Q1 20259781688
Q4 2024104101797

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$11.7M−$10K−$1K$239K$15.2M−$11.7M
Q2 2026$10.7M−$8K——−$16.7M$10.7M
Q1 2026−$983K−$5K—$303K$3.1M−$988K
Q4 2025−$17.4M−$12K−$1K—$18.6M−$17.4M
Q3 2025−$18.8M—−$1K$300K$18.2M−$18.8M
Q2 2025−$4.7M—−$1K—$3.3M−$4.7M
Q1 2025−$25.1M−$9K−$1K$544K$5.9M−$25.1M
Q4 2024−$13.4M−$3K−$2K—$16.3M−$13.4M

American Well: income statement and cash flow

American Well, Q3 2026: revenue $49.0M (-13% year over year), operating margin -23.8%. The chart follows the revenue to costs, profit and cash.

American Well: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.