American Well (AMWL) Operating Margin (2019 - 2026)
American Well's Operating Margin came in at -18.36% for Q2 2026, up 10.38 percentage points from -28.74% a year earlier and up 13.39 percentage points from the prior quarter.
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Analysis
American Well (AMWL) Operating Margin (2019 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, American Well reported Operating Margin of -37.28%, up 14.95 percentage points year-over-year; for FY2025, it was -42.22%, up 43.30 percentage points from FY2024.
- Operating Margin carries a five-year change of +50.51 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was -85.52% in FY2024 (+181.67 pp), -267.19% in FY2023 (-167.67 pp), -99.52% in FY2022 (-28.65 pp) and -70.87% in FY2021 (+21.86 pp).
- The Q2 2026 figure represents the highest quarterly Operating Margin in data going back to Q3 2019.
- Year-over-year, Operating Margin has increased for 11 consecutive quarters, with an average year-over-year change of +46.73 percentage points over the last eight quarters.
- The fastest year-over-year change in Operating Margin over five years came in Q1 2024 (a gain of 494.75 percentage points), and the weakest in Q1 2023 (a drop of 511.08 percentage points).
- Business Quant data shows AMWL's Operating Margin at -31.75% (Q1 2026), -45.48% (Q4 2025) and -52.11% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Bryn | 945.00 Bn | 945.00 Bn | - | - |
| 2 | Veeva Systems | 45.35 Bn | 17.59 Bn | 695.95 Mn | 29.64% |
| 3 | Samsara | 22.20 Bn | 18.97 Bn | 392.58 Mn | 0.96% |
| 4 | Toast | 17.53 Bn | 10.20 Bn | 516.00 Mn | 7.97% |
| 5 | Ptc | 15.47 Bn | 14.28 Bn | 490.47 Mn | 27.75% |
| 6 | Trimble | 13.41 Bn | 12.48 Bn | 674.90 Mn | 13.58% |
| 7 | Duolingo | 12.56 Bn | 7.73 Bn | 216.74 Mn | 11.37% |
| 8 | Manhattan Associates | 11.77 Bn | 10.77 Bn | 168.33 Mn | 22.24% |
| 9 | Costar | 10.95 Bn | 4.91 Bn | 728.00 Mn | 8.22% |
| 10 | American Well | 228.49 Mn | -516.79 Mn | 27.56 Mn | -18.36% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -18.36% |
| 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% |
API Access
American Well Operating Margin 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-margin&ticker=AMWL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=AMWL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();