Filing Flows › American Well (AMWL) › Q2 2026 › vs Q1 2026
American Well (AMWL) Q2 2026 vs Q1 2026 (quarter over quarter)
American Well's revenue fell $2.8M (-5%) from $54.9M in Q1 2026 to $52.0M in Q2 2026. The biggest changes: Visits −$4.5M (-15%); Others +$824K (+76%); Platform Subscription +$798K (+3%).
American Well, Q2 2026: revenue $52.0M (-27% year over year), operating margin -18.4%, net loss $9.6M, operating cash flow $10.7M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 20.6% | -1.8% | +22.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Platform Subscription | $25.7M | $24.9M | $798K | +3% |
| Visits | $24.4M | $28.9M | −$4.5M | -15% |
| Others | $1.9M | $1.1M | $824K | +76% |
| Revenue | $52.0M | $54.9M | −$2.8M | -5% |
| Income tax benefit | $548K | −$217K | $765K | — |
| Net loss | $9.6M | $10.3M | −$676K | -7% |
| Costs & expenses | $62.2M | $72.5M | −$10.3M | -14% |
| Operating costs | $61.6M | $72.3M | −$10.7M | -15% |
| Interest & other, net | $617K | −$7.3M | $8.0M | — |
| Cost of revenue | $24.5M | $26.9M | −$2.4M | -9% |
| Research & development | $10.4M | $12.4M | −$2.0M | -16% |
| Sales & marketing | $5.8M | $7.7M | −$1.9M | -25% |
| General & admin | $13.9M | $17.7M | −$3.8M | -21% |
| Other operating costs | $7.0M | $7.6M | −$542K | -7% |
| Operating cash sources | $20.3M | $9.3M | $11.0M | +118% |
| Depreciation & amortization | $7.0M | $7.6M | −$580K | -8% |
| Share-based compensation | $2.0M | $2.3M | −$271K | -12% |
| Working capital & other | $11.3M | −$579K | $11.9M | — |
| Net loss absorbed | $9.6M | $10.3M | −$676K | -7% |
| Operating cash flow | $10.7M | −$983K | $11.7M | — |
| Free cash flow (OCF − capex) | $10.7M | −$988K | $11.7M | — |
| Capital expenditures | $8K | $5K | $3K | +60% |
Questions
How much did American Well's revenue grow quarter over quarter in Q2 2026?
American Well's revenue fell $2.8M (-5%) from $54.9M in Q1 2026 to $52.0M in Q2 2026.
What drove American Well's revenue change in Q2 2026?
Visits −$4.5M (-15%); Others +$824K (+76%); Platform Subscription +$798K (+3%).