Filing Flows › American Well (AMWL) › Q3 2025
American Well (AMWL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
American Well (AMWL) reported revenue of $56.3M for the third quarter 2025 (Q3 2025), -8% from a year earlier and -21% from the quarter before. Operating margin was -52.1%, net loss $31.9M (56.7% of revenue).
American Well, Q3 2025: revenue $56.3M (-8% year over year), operating margin -52.1%, net loss $31.9M, operating cash flow −$18.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $56.3M | -21% | -8% |
| Operating profit | −$29.3M | — | — |
| Net earnings | −$31.9M | — | — |
| Operating cash flow | −$18.8M | — | — |
What changed
Revenue was $56.3M in Q3 2025, down 8% year over year and down 21% from the previous quarter. Platform Subscription was the largest line at 55% of revenue. Visits lost $6.3M year over year (down 23%), 132% of the total change.
Operating costs exceeded revenue by $29.3M, an operating margin of -52.1%. Total costs fell 21% while revenue fell 8%. The fastest-growing cost line was Other operating costs (+14%). The quarter ended with a net loss of $31.9M, wider than the previous quarter's $19.5M loss.
Operating cash flow was −$18.8M. Non-cash charges added back $9.4M of depreciation and amortization and $4.1M of share-based compensation.
Questions
What was American Well's revenue in the third quarter 2025?
American Well (AMWL) reported revenue of $56.3M for the third quarter 2025 (Q3 2025), -8% from a year earlier and -21% from the quarter before.
Was American Well profitable in the third quarter 2025?
Operating loss was $29.3M (-52.1% of revenue) and net loss $31.9M.
Source: American Well 10-Q on SEC EDGAR.