American Well (AMWL) Operating Expenses (2019 - 2026)
American Well (AMWL) recorded Operating Expenses of $61.6 million in Q2 2026, down 32.5% from $91.28 million a year earlier and down 14.8% from the prior quarter.
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Analysis
American Well (AMWL) Operating Expenses (2019 - 2026) Analysis & Trends
On a TTM basis, American Well's Operating Expenses came in at $299.99 million as of Jun 30, 2026, down 27.0% year-over-year; for FY2025, it came in at $354.6 million, down 24.9% from FY2024.
- Annual Operating Expenses has a five-year compound annual growth rate of -5.6% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $471.9 million in FY2024 (-50.4%), $951.19 million in FY2023 (+72.0%), $553.04 million in FY2022 (+28.0%) and $431.94 million in FY2021 (-8.6%).
- The Q2 2026 figure is the lowest quarterly Operating Expenses since Q3 2019.
- On a year-over-year basis, Operating Expenses has declined for 11 consecutive quarters, with an average decline of 26.9% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 242.4% in Q1 2023, against a decline of 70.8% in Q1 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at $72.31 million (Q1 2026), $80.46 million (Q4 2025) and $85.62 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Bryn | 945.00 Bn | 945.00 Bn | - | 178,646.00 |
| 2 | Veeva Systems | 45.35 Bn | 17.59 Bn | 695.95 Mn | 420.93 Mn |
| 3 | Samsara | 22.20 Bn | 18.97 Bn | 392.58 Mn | 387.71 Mn |
| 4 | Toast | 17.53 Bn | 10.20 Bn | 516.00 Mn | 364.00 Mn |
| 5 | Ptc | 15.47 Bn | 14.28 Bn | 490.47 Mn | 323.96 Mn |
| 6 | Trimble | 13.41 Bn | 12.48 Bn | 674.90 Mn | 542.90 Mn |
| 7 | Duolingo | 12.56 Bn | 7.73 Bn | 216.74 Mn | 182.80 Mn |
| 8 | Manhattan Associates | 11.77 Bn | 10.77 Bn | 168.33 Mn | 231.56 Mn |
| 9 | Costar | 10.95 Bn | 4.91 Bn | 728.00 Mn | 652.00 Mn |
| 10 | American Well | 228.49 Mn | -516.79 Mn | 27.56 Mn | 61.60 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 61.60 Mn |
| Mar 31, 2026 | 72.31 Mn |
| Dec 31, 2025 | 80.46 Mn |
| Sep 30, 2025 | 85.62 Mn |
| Jun 30, 2025 | 91.28 Mn |
| Mar 31, 2025 | 97.24 Mn |
| Dec 31, 2024 | 113.76 Mn |
| Sep 30, 2024 | 108.42 Mn |
| Jun 30, 2024 | 115.17 Mn |
| Mar 31, 2024 | 134.55 Mn |
| Dec 31, 2023 | 127.63 Mn |
| Sep 30, 2023 | 205.28 Mn |
| Jun 30, 2023 | 156.95 Mn |
| Mar 31, 2023 | 461.32 Mn |
| Dec 31, 2022 | 144.08 Mn |
| Sep 30, 2022 | 140.33 Mn |
| Jun 30, 2022 | 133.92 Mn |
| Mar 31, 2022 | 134.71 Mn |
| Dec 31, 2021 | 120.17 Mn |
| Sep 30, 2021 | 117.67 Mn |
API Access
American Well Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=AMWL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "AMWL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=AMWL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();