Filing Flows › American Well (AMWL) › Q2 2026 › vs Q2 2025
American Well (AMWL) Q2 2026 vs Q2 2025 (year over year)
American Well's revenue fell $18.9M (-27%) from $70.9M in Q2 2025 to $52.0M in Q2 2026. The biggest changes: Platform Subscription −$14.8M (-36%); Others −$5.8M (-75%); Visits +$1.7M (+7%).
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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 20.6% | -6.7% | +27.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Platform Subscription | $25.7M | $40.5M | −$14.8M | -36% |
| Visits | $24.4M | $22.8M | $1.7M | +7% |
| Others | $1.9M | $7.7M | −$5.8M | -75% |
| Revenue | $52.0M | $70.9M | −$18.9M | -27% |
| Income tax benefit | $548K | $725K | −$177K | -24% |
| Net loss | $9.6M | $19.5M | −$9.9M | -51% |
| Costs & expenses | $62.2M | $91.3M | −$29.1M | -32% |
| Operating costs | $61.6M | $91.3M | −$29.7M | -33% |
| Interest & other, net | $617K | −$123K | $740K | — |
| Cost of revenue | $24.5M | $31.1M | −$6.7M | -21% |
| Research & development | $10.4M | $18.2M | −$7.9M | -43% |
| Sales & marketing | $5.8M | $12.5M | −$6.7M | -53% |
| General & admin | $13.9M | $21.2M | −$7.3M | -34% |
| Other operating costs | $7.0M | $8.2M | −$1.2M | -15% |
| Operating cash sources | $20.3M | $14.8M | $5.5M | +37% |
| Depreciation & amortization | $7.0M | $8.2M | −$1.2M | -15% |
| Share-based compensation | $2.0M | $6.0M | −$4.0M | -66% |
| Working capital & other | $11.3M | $573K | $10.7M | 20× |
| Net loss absorbed | $9.6M | $19.5M | −$9.9M | -51% |
| Operating cash flow | $10.7M | −$4.7M | $15.4M | — |
| Free cash flow (OCF − capex) | $10.7M | −$4.7M | $15.4M | — |
| Capital expenditures | $8K | $0 | $8K | — |
Questions
How much did American Well's revenue grow year over year in Q2 2026?
American Well's revenue fell $18.9M (-27%) from $70.9M in Q2 2025 to $52.0M in Q2 2026.
What drove American Well's revenue change in Q2 2026?
Platform Subscription −$14.8M (-36%); Others −$5.8M (-75%); Visits +$1.7M (+7%).