American Well (AMWL) Earnings Date & Reports

Key Takeaways

• Total revenue of $48.99 million beat the consensus estimate of roughly $47.29 million but declined about 13% year over year.
• GAAP (generally accepted accounting principles) net loss per share of -$0.67 was narrower than the consensus estimate of -$0.78.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) improved sharply to a loss of $3.6 million, versus a loss of $12.7 million a year earlier.
• Management raised its full-year 2026 revenue and adjusted EBITDA outlook and reaffirmed its visit guidance.
• Net loss attributable to American Well Corporation narrowed to $11.4 million, down from $32.4 million in the prior-year quarter.
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Earnings Context and Why It Matters

American Well Corporation, better known as Amwell, operates a comprehensive, software-as-a-service-based telehealth and digital-care platform serving health systems, health plans, and government clients. This third quarter report matters because it marks another step in the company's multi-year push toward profitability after a long period of heavy losses. Amwell has spent recent quarters narrowing its losses, shedding non-core assets, and shifting its revenue mix toward higher-margin subscription revenue. Investors are closely watching whether the company can sustain its cost discipline and finally deliver on its stated goal of positive cash flow from operations in the fourth quarter of 2026, a milestone that would validate its turnaround strategy.

Reported Results

For the third quarter ended September 30, 2026, Amwell reported total revenue of $48.99 million, above the consensus estimate of about $47.29 million but down roughly 13% from $56.29 million in the same period a year earlier. The revenue decline reflects the company's continued transition away from lower-margin visit volume toward subscription-based contracts.

GAAP net loss per share came in at -$0.67, beating the consensus estimate of -$0.78. Net loss attributable to American Well Corporation narrowed to $11.4 million, compared with $32.4 million in the prior-year quarter. Total visits on the platform were 0.8 million.

On a non-GAAP basis, adjusted EBITDA was a loss of $3.6 million, a substantial improvement from a loss of $12.7 million a year earlier, though slightly wider than the $1.2 million loss recorded in the second quarter of 2026 due to expected seasonal factors.

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Market Reaction and Investor Sentiment

Shares of Amwell closed at $12.74 ahead of the report and edged higher in after-hours trading following the announcement, according to market data. The modestly positive initial reaction reflects a result that beat top- and bottom-line expectations, combined with a guidance raise and continued progress toward the company's breakeven objective. Still, investor sentiment remains balanced by the fact that revenue continues to decline year over year and the business remains unprofitable on a GAAP basis. The market's focus has shifted decisively toward Amwell's ability to convert its improving cost structure into sustained positive operating cash flow, making each quarterly report a key test of execution rather than a simple revenue story.

Forward Outlook and Key Factors to Monitor

Amwell raised its full-year 2026 outlook, now guiding for revenue in the range of $204 million to $206 million, up from $200 million to $205 million, and an adjusted EBITDA loss of $8 million to $7 million, improved from $9 million to $7 million. The company reaffirmed its Amwell Medical Group (AMG) visit guidance of 1.32 million to 1.37 million visits.

For the fourth quarter, management guided revenue of $48 million to $50 million and adjusted EBITDA between $0 and $1 million, while reiterating its objective of achieving positive cash flow from operations in the fourth quarter of 2026. This makes the upcoming quarter a critical inflection point.

Investors should monitor several factors in the quarters ahead. First, the pace of subscription-revenue growth and whether it can offset declining visit revenue. Second, the trajectory of adjusted EBITDA toward breakeven and, ultimately, positive operating cash flow. Third, any developments with large government contracts, which have been a meaningful driver of the company's platform endorsement. Fourth, gross margin stability as the revenue mix continues to shift. Cost discipline, renewal rates, and the company's progress integrating AI across its platform will also remain important signals for the sustainability of the turnaround.

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