Filing Flows › American Well (AMWL) › Q4 2025
American Well (AMWL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
American Well (AMWL) reported revenue of $55.3M for the fourth quarter 2025 (Q4 2025), -22% from a year earlier and -2% from the quarter before. Operating margin was -45.5%, net loss $25.2M (45.5% of revenue).
American Well, Q4 2025: revenue $55.3M (-22% year over year), operating margin -45.5%, net loss $25.2M, operating cash flow −$17.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $55.3M | -2% | -22% |
| Operating profit | −$25.2M | — | — |
| Net earnings | −$25.2M | — | — |
| Operating cash flow | −$17.4M | — | — |
What changed
Revenue was $55.3M in Q4 2025, down 22% year over year and down 2% from the previous quarter. Platform Subscription was the largest line at 52% of revenue.
Operating costs exceeded revenue by $25.2M, an operating margin of -45.5%. Total costs fell 29% while revenue fell 22%. The quarter ended with a net loss of $25.2M, narrower than the previous quarter's $31.9M loss. Minority interests bore $247K of it: to shareholders the quarter was a loss of $24.9M.
Operating cash flow was −$17.4M. Non-cash charges added back $8.5M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items used $5.3M. Capital expenditures of $12K exceeded it, leaving free cash flow of −$17.4M.
Questions
What was American Well's revenue in the fourth quarter 2025?
American Well (AMWL) reported revenue of $55.3M for the fourth quarter 2025 (Q4 2025), -22% from a year earlier and -2% from the quarter before.
Was American Well profitable in the fourth quarter 2025?
Operating loss was $25.2M (-45.5% of revenue) and net loss $25.2M.
Source: American Well 10-K on SEC EDGAR.