Companies · AMWL
Amwell
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Nov 3, 2026
Amwell raises full-year 2026 guidance for the ninth consecutive beat quarter, with VA contract negotiations and VPC growth defining the 2027 growth thesis.
Amwell delivered Q3 2026 revenue of $49 million, above the high end of guidance, driven by an 11.7% year-over-year increase in AMG visit revenue and continued cost discipline that cut the adjusted EBITDA loss to $3.6 million from $12.7 million a year ago. Full-year 2026 guidance was raised to $204–$206 million on both revenue and EBITDA, with Q4 guidance of breakeven to positive adjusted EBITDA marking the company's first path to profitability. The strategic setup for 2027 hinges on two government contracts — a direct DHA agreement expected to close imminently and a VA deployment following a letter of intent — alongside an organic growth vector in virtual primary care, which grew 41% year over year.
Tone: cautiousRevenue
$249.3M
AMWL 10-K · FY 2025
Employees
562
Revenue FY2024
$254.4M
Founded
2006
Profile
AMWL 10-K Item 1 · Feb 12, 2026Amwell is an enterprise platform and software-as-a-service company that digitally enables hybrid care delivery for health systems, health plans, and government entities. Founded in 2006, the company provides the core technology, clinical services, and devices that allow clients to deploy virtual, in-person, and automated care programs under their own brands. Its platform supports use cases ranging from urgent care and behavioral health to virtual nursing and chronic disease management.
Read filing description ↓ Collapse description ↑
Amwell is a leading enterprise platform and software company digitally enabling hybrid care. We empower health providers, payers, and innovators to achieve their digital ambitions, enabling a coordinated experience across in-person, virtual and automated care. We provide our clients with the core technology and services necessary to successfully develop and distribute digital care programs that meet their strategic, operational, financial and clinical objectives under their own brands. Founded in 2006, Amwell pioneered virtual healthcare. Today, Amwell extends digital care beyond telehealth, enabling care across in-person, virtual and automated modalities and providing an open, scalable platform that can flex and grow alongside our clients. We bring technology and services that facilitate new models of care, strategic partnerships, consistent execution and better outcomes. Together with our clients and innovation partners, we forge a new hybrid model of care delivery that adapts as needs evolve and makes care more accessible for all. As of December 31, 2025, we power the digital care programs of approximately 50 health plans, which collectively represent more than 90 million covered lives, as well as approximately 80 of the nation's largest health systems. Since inception, we have powered more than 37.6 million virtual care visits for our clients, including more than 4.5 million in the year ended December 31, 2025. Our enterprise platform and software as a service solutions enable hybrid care delivery by offering our clients products to help weave digital care across all care settings, from provider-to-provider virtual care for stroke and virtual nursing to on-demand and scheduled provider-to-patient care for urgent care, primary care, behavioral health, chronic disease management, and specialty follow-up care.
Primary products
- Amwell Platform
- Carepoint devices
- Carepoint Calling
- Amwell Medical Group (AMG)
- SilverCloud by Amwell
- Automated Care Programs
End markets
Geographies
Named customers
For the years ended December 31, 2025, 2024 and 2023, our largest client, Elevance, accounted for 31%, 27% and 24% of our revenue, respectively. For the years ended December 31, 2025, 2024 and 2023, our top ten clients by revenue accounted for 71%, 58% and 51% of our total revenue, respectively.
Named competitors
“We believe the breadth of our existing customer ecosystem, our unique customer footprint with both payers and providers, the depth of the Amwell Platform, and our business-to-business focus on promoting existing healthcare brands and integrating with multiple platforms increases the likelihood that stakeholders seeking to develop digital and hybrid care solutions will increasingly choose to collaborate with Amwell.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue declined from $254.4 million in 2024 to $249.3 million in 2025, reflecting continued client churn in both health system and health plan segments.
The rest of AMWL is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.