American Well (AMWL) Operating Margin (2019 - 2026)
American Well's (AMWL) quarterly Operating Margin came in at 31.75% in Q1 2026, up 1376.0% year-on-year from 2.15% in Q1 2025, and up 30.19% quarter-over-quarter from 45.48% in Q4 2025.
American Well (AMWL) Operating Margin (2019 - 2026) Analysis & Trends
American Well's Operating Margin history runs 8 years deep, the most recent figure standing at 31.75% for Q1 2026.
- On a quarterly basis, Operating Margin rose 1376.0% year-over-year to 31.75% in Q1 2026; TTM through Mar 2026 was 38.88%, a 2720.0% increase from a year earlier, with the FY2025 full-year figure at 42.22%, up 4330.0% from the prior year.
- Operating Margin grew to 31.75% in Q1 2026 per AMWL's latest filing, from 45.48% in the prior quarter.
- Across five years, Operating Margin topped out at 28.74% in Q2 2025 and bottomed at 620.81% in Q1 2023.
- The 5-year median for Operating Margin is 81.84% (2022), against an average of 119.83%.
- Across the five-year window, Operating Margin tumbled 51108 bps in 2023 and jumped 49475 bps in 2024, its largest moves.
- Year by year, Operating Margin stood at 81.84% in 2022, then advanced by 2 bps to 80.58% in 2023, then gained by 25 bps to 60.21% in 2024, then gained by 24 bps to 45.48% in 2025, then surged by 30 bps to 31.75% in 2026.
- Per Business Quant, the three latest AMWL Operating Margin figures stand at 31.75% (Q1 2026), 45.48% (Q4 2025), and 52.11% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 29.34 Bn | 22.03 Bn | 662.02 Mn | 30.93% |
| 2 | BrightSpring Health Services | 13.49 Bn | 12.59 Bn | 482.22 Mn | 3.36% |
| 3 | Healthequity | 7.96 Bn | 7.70 Bn | 256.31 Mn | 29.03% |
| 4 | 10x Genomics | 6.17 Bn | 5.63 Bn | 106.18 Mn | -11.30% |
| 5 | Hinge Health | 6.02 Bn | 5.70 Bn | 154.23 Mn | 17.59% |
| 6 | MiniMed | 4.19 Bn | 3.89 Bn | 480.00 Mn | -11.11% |
| 7 | Waystar Holding | 4.14 Bn | 4.07 Bn | 216.84 Mn | 25.64% |
| 8 | Doximity | 3.82 Bn | 3.08 Bn | 125.97 Mn | 17.08% |
| 9 | Privia Health | 3.10 Bn | 2.73 Bn | - | 1.23% |
| 10 | American Well | 180.58 Mn | 13.37 Mn | 27.96 Mn | -31.75% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -31.75% |
| Dec 31, 2025 | -45.48% |
| Sep 30, 2025 | -52.11% |
| Jun 30, 2025 | -28.74% |
| Mar 31, 2025 | -45.50% |
| Dec 31, 2024 | -60.21% |
| Sep 30, 2024 | -77.60% |
| Jun 30, 2024 | -83.41% |
| Mar 31, 2024 | -126.06% |
| Dec 31, 2023 | -80.58% |
| Sep 30, 2023 | -231.52% |
| Jun 30, 2023 | -151.34% |
| Mar 31, 2023 | -620.81% |
| Dec 31, 2022 | -81.84% |
| Sep 30, 2022 | -102.77% |
| Jun 30, 2022 | -107.58% |
| Mar 31, 2022 | -109.73% |
| Dec 31, 2021 | -65.19% |
| Sep 30, 2021 | -89.11% |
| Jun 30, 2021 | -62.33% |