American Well Corporation (AMWL) Earnings
American Well Corporation is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.60. AMWL has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +14.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.77 | $-0.78 | -1.3% | $55M | +6.5% |
| Feb 12, 2026 | $-1.59 | $-1.52 | +4.4% | $55M | -4.3% |
| May 1, 2025 | $-3.09 | $-1.73 | +44.0% | $67M | +11.1% |
| Feb 12, 2025 | $-3.04 | $-2.77 | +8.9% | $71M | -4.5% |
| Oct 30, 2024 | $-3.32 | $-2.87 | +13.6% | $61M | -12.2% |
| Jul 31, 2024 | $-3.94 | $-3.36 | +14.7% | $63M | +1.9% |
| May 1, 2024 | $-3.60 | $-5.00 | -38.9% | $60M | -1.6% |
| Feb 14, 2024 | $-3.80 | $-3.40 | +10.5% | $71M | +0.7% |
| Nov 1, 2023 | $-4.00 | $-4.00 | +0.0% | $62M | -1.8% |
| Aug 2, 2023 | $-4.20 | $-4.60 | -9.5% | $62M | -5.4% |
| May 3, 2023 | $-4.00 | $-4.80 | -20.0% | $64M | -1.1% |
| Feb 22, 2023 | $-5.00 | $-4.40 | +12.0% | $79M | +1.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Key Points - Over past 12 months focused on solving customer needs, delivering unified platform. Elevance renewed, DHA deployed globally, pipeline growing, CMS making telehealth flexibilities permanent. - 2025 reduced losses by $100 million, grew subscription revenue mix. Aim to reach cash flow breakeven in Q4 2026. - Amwell offers trusted technology-enabled care infrastructure, unified digital stack. Allows customers to white-label and embed clinical programs, control navigation, monitor results. - Platform built for AI shift from generative to agentic AI, serves as governed environment for agents. Maintains unified data structure for better member engagement and outcomes. - Elevance renewed for 3 years, Military Health System contract extended. Regulatory environment favorable for telehealth. - 2025 reduced net loss and adjusted EBITDA losses by ~$100 million, subscription revenue grew to 53% of total revenue.
Guidance
### Second Quarter 2026: Expected revenue in range of $48 million to $52 million and adjusted EBITDA loss in range of negative $4 million to negative $2 million. ### Full Year 2026: Reiterating revenue outlook, updating adjusted EBITDA expectations. Now expect revenue in range of $195 to $205 million and adjusted EBITDA loss of $16 million to $12 million compared to previous range of $24 million to $18 million loss. Confidence in achieving positive cash flow from operations in Q4 2026.
Segment performance
Total revenue for the first quarter was $54.9 million, down ~18% year-over-year. Subscription revenue was $24.9 million, down ~23% year-over-year. Amwell Medical Group (AMG) visit revenue was $28.9 million, up ~9% year-over-year. AMG paid visits totaled ~382,000, up slightly year-over-year, with revenue per visit ~$76, up ~$5 year-over-year. Virtual primary care visits up ~57% year-over-year. Total platform visits were 1 million, down ~19% year-over-year. Gross profit was $28 million with a gross margin of 51%, down ~180 basis points year-over-year. Total operating expenses were $45.4 million, down ~31% year-over-year. Adjusted EBITDA for the first quarter was a loss of $3.1 million, compared to a loss of $12.2 million in Q1 2025. Cash burn was ~$3.1 million down from $19 million last quarter. Ended the quarter with $179 million in cash and investments with zero debt.
Analyst Q&A
Q: On the DHA relationship, could you remind us or help us understand if there's any dependencies on the broader DHS genesis or partners like Leidos and if that ecosystem dynamic would influence any renewal decision in the near future?
A: When taking the DHA customer, focus is on delivering on their specific and high expectations. Privileged to have many other players involved but focus remains on putting customer first. Service provided and integration into DHA backbone remains constant. Fairly confident and hopeful of renewal based on performance and relationships, but work every day to justify trust.
Q: Two questions on my end. One, any update on upselling the scope of the current DHA contract? And then the second one, what's the driver of the sequential increase in deferred revenue?
A: As it relates to the DHA, laser-focused on renewing the current scope and hopeful of that. As to deferred revenue, it's purely a result of timing based on the renewals of some of the largest clients which took place in the first quarter as compared to prior year which took place at the end of the calendar year.
Q: Can you give us a sense on the mix of what that pipeline is maybe from maybe a dollar standpoint to think through how much is health plans, health systems, government?
A: Pipeline is a multiple of what it had been last year, closer to triple-digit. Primarily falls in line with government opportunities.
Q: Can you remind us the timelines of when you would expect to get a decision on A, the renewal, and remind us, in the off chance that there isn't a renewal, what is the fallback for the government? Because my understanding is they don't really have one. And then lastly, can you kind of remind us what the opportunities are for expansion with this renewal? Would they come together or would those be two separate decisions?
A: Renewal expected to be completed at the end of the quarter, start of the third quarter, perhaps July. If there isn't a renewal, no fallback as per understanding. Opportunity to expand will take place after initial renewal, whether that's a direct contract or working with Leidos partners, renewal expected to commence within that timeframe.
Q: How did the visits volume in the quarter track compared to internal expectations and what's driving the full year guidance of 1.3 to 1.37 million?
A: Trends were positive with premium-priced visits like clinical programs and virtual primary care seeing growth. Saw nice high single digit growth in volume, experienced seasonal boost supported by additional ASO clients participating. Expect trend to continue throughout the year.
Q: How often do AI capabilities come up in your client discussions now? And is the behavior different when you're talking to a health plan versus health systems? And related to that, when clients evaluate your AI capabilities, are they willing to pay explicitly for those? Or they're saying that they should be bundled in your current platform and pricing? How are those conversations evolving?
A: When buying the platform, some AI capabilities relate to consumer experience, etc. Not all customers ready to accept those modules, some focus on reoccurring, stable parts. All customers eager to test AI-driven clinical programs on platform. Integration is fast, deintegration and replacement is fast. Most recognize AI clinical programs necessary for outcomes but not necessarily expressed in platform risks.
Q: Can you talk a little bit more about the Defense Health Agency contract? I think there was a component in there. I think it was mental health that didn't renew, that might renew in the future and expand. What is the annual dollar value amount of that?
A: Can't speak to exact dollar value but expect it to represent in excess of 15 to 20% of the total value of the platform today. The nature of the services includes an automated behavioral health program which works well and could be added again if the client decides, with speed being very quick.
Q: For 2027, would you expect revenue to grow on a year-over-year basis? And I understand there's been some churn. I guess, any more color around the churn that has already occurred? Why has it occurred? Is it maybe one or two clients? And then would you expect revenue to grow in 2027 relative to 2026?
A: 2026 churn has been immaterial, expect low single-digit churn. Have significant expectations for revenue growth in 2027 from new government contracts.
Q: Mark, just are you sort of there or how much more in incremental annualized costs can you pull out of the business?
A: Have a step down of costs, lower operating cost basis coming out of the third quarter. Optimistic about achieving cash flow milestone and meaningful growth next year.