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American Well AMWL Q4 2025 Annual earnings

Reported February 12, 2026 · After market close

Revenue$55.3MBeat by $2.7M
EPS-$1.52Beat by $0.07
Revenue estimate$52.6M
EPS estimate-$1.59

Next report

Aug 4, 2026 (In 5 days)
Revenue estimate$49.9M
EPS estimate-$0.60

Financials

Q4 2025

Income statement

See full
Revenue$55.3M-22.1%
Gross profit$28.3M-17.6%
Operating income-$25.2M+41.2%
Net income-$24.9M+41.6%
EPS (diluted)-$1.52+44.7%

Balance sheet

See full
Cash & equivalents$182.3M-20.1%
Total debt$4.5M-44.8%
Total equity$235.6M-22.7%
Total assets$323.8M-25.7%

Cash flow

See full
Operating cash flow-$17.4M-29.2%
CapEx$12.0K+300%
Free cash flow-$17.4M-29.2%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$80.38M-27.6%
Enterprise value-$97.42M+10.7%
P/S0.3×-0.1×

Profitability

See full
Gross margin53.3%+14.4pp
Operating margin-42.2%-14.2pp
Net margin-38.4%-13.3pp
FCF margin-26.5%-8.5pp

Returns & leverage

See full
Return on equity-35.4%-9.1pp
Debt / equity0×0.0×
Current ratio3.4×+0.5×

Segments

By product

See full
Platform Subscription$28.8M-22.0%
Visits$23.7M-18.7%
Others$2.8M-43.4%

Versus estimates

Revenue

Q1 2026$54.9MBeat by $3.3M
Q4 2025$55.3MBeat by $2.7M
Q3 2025$56.3MBeat by $1.7MQ2 2025$70.9MBeat by $9.5MQ1 2025$66.8MBeat by $6.7MQ4 2024$71.0MMiss by $3.3M

Diluted EPS

Q1 2026-$0.78Miss by $0.01
Q4 2025-$1.52Beat by $0.07
Q3 2025-$1.74Miss by $0.28Q2 2025-$1.24Beat by $0.60Q1 2025-$1.73Beat by $1.36Q4 2024-$2.77Beat by $0.27

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Questions, answered.

When did American Well report Q4 2025 earnings?
American Well (AMWL) reported Q4 2025 earnings on February 12, 2026 after market close.
What were American Well's Q4 2025 revenue and EPS?
American Well reported revenue of $55.3M and eps of $-1.52 for Q4 2025.
Did American Well beat estimates in Q4 2025?
Revenue beat the consensus estimate of $52.6M by $2.7M. EPS beat the consensus estimate of $-1.59 by $0.07.
How did American Well's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 22.1% from $71.0M a year earlier and eps grew 45.1% from $-2.77.
Where can I find American Well's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001193125-26-048737) and the 10-K periodic report (0001193125-26-048776) directly on SEC EDGAR. The filing index links above go to sec.gov.