American Well stock reports a narrower Q2 loss as cash flow improves

Published on 09/29/2026 at 19:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

American Well stock posted Q2 2026 revenue of USD 52.05 million and a net loss of USD 9.93 million. First-half operating cash flow reached USD 9.7 million.

AMWL, US03044L1052, Illustration mit AI erstellt.

American Well (ISIN US03044L1052) reported Q2 2026 revenue of USD 52.05 million and a net loss of USD 9.93 million, while its NYSE stock was last at USD 13.21 on September 29, 2026 at 1:10 p.m. ET. The figures show a smaller loss alongside a sharp revenue decline, making the company's path to cash-flow breakeven the central investor question.

Revenue falls while losses narrow

According to StockTitan on September 29, 2026, Q2 revenue fell 27.00 percent from USD 70.9 million in Q2 2025 to USD 52.0 million. The net loss narrowed from USD 19.7 million to USD 9.9 million, while adjusted EBITDA improved from a USD 4.7 million loss to a USD 1.2 million loss.

MarketBeat reported that Q2 revenue of USD 52.05 million exceeded the USD 49.87 million consensus estimate. Adjusted EPS of negative USD 0.59 also beat the negative USD 0.86 consensus estimate.

Guidance points to a pivot

Investing.com reported that American Well raised its full-year 2026 revenue guidance to USD 200 million to USD 205 million from USD 195 million to USD 205 million. Adjusted EBITDA guidance improved to a loss of USD 7 million to USD 9 million from a loss of USD 12 million to USD 16 million.

Management is targeting positive adjusted EBITDA and positive operating cash flow in Q4 2026, according to TickerFile on September 23, 2026. Subscription revenue reached USD 25.7 million in Q2, representing 49.00 percent of total revenue and reinforcing the shift toward recurring platform income.

Cash flow changes the investor equation

First-half operating cash flow turned positive at USD 9.7 million, compared with a USD 29.8 million outflow in the first half of 2025, while cash and restricted cash reached USD 196.7 million, StockTitan reported. The counterweight is usage: first-half visits fell to 1.9 million from 2.5 million a year earlier.

Analyst targets remain divided

Yahoo Finance reported on September 5, 2026 that Wells Fargo raised its target from USD 9.00 to USD 16.00, Morgan Stanley from USD 6.50 to USD 13.00, and Truist from USD 7.50 to USD 12.00. The same report said Morgan Stanley kept an Equal Weight rating and Truist maintained Hold.

NYSE quote stays above consensus target

American Well was trading at USD 13.21 on the NYSE on September 29, 2026 at 1:10 p.m. ET. Its market capitalization was USD 224.7 million, and the 52-week range stood at USD 3.71 to USD 14.19, placing the quote below the yearly high and above the USD 9.50 average target reported by MarketBeat on September 12, 2026.