Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $114M | $149M | $245M | $253M | $277M | $259M | $254M | $249M |
| Revenue growth | — | 30.6% | 64.8% | 3.1% | 9.7% | -6.5% | -1.8% | -2.0% |
| Operating income | -$55.1M | -$94.7M | -$227M | -$179M | -$276M | -$692M | -$218M | -$105M |
| Operating margin | -48.4% | -63.6% | -92.7% | -70.9% | -99.5% | -267.2% | -85.5% | -42.2% |
| Net income | -$52.7M | -$87.2M | -$224M | -$176M | -$270M | -$675M | -$208M | -$95.7M |
| Net margin | -46.2% | -58.6% | -91.5% | -69.8% | -97.6% | -260.6% | -81.8% | -38.4% |
| EPS (diluted) | -$1.30 | -$2.12 | -$2.27 | -$0.69 | -$19.72 | -$47.50 | -$13.88 | -$5.96 |
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$74.0M | -$81.9M | -$112M | -$142M | -$192M | -$148M | -$127M | -$66.0M |
| Capital expenditures | $1.91M | $1.34M | $3.32M | $559K | $292K | $192K | $119K | $21.0K |
| Free cash flow | -$75.9M | -$83.2M | -$116M | -$142M | -$193M | -$149M | -$127M | -$66.0M |
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $48.0M | $138M | $942M | $746M | $539M | $372M | $228M | $182M |
| Total assets | — | $500M | $1.38B | $1.45B | $1.22B | $590M | $436M | $324M |
| Total liabilities | — | $125M | $130M | $185M | $134M | $110M | $120M | $76.0M |
| Shareholders' equity | -$204M | -$307M | $1.22B | $1.24B | $1.06B | $464M | $305M | $236M |
| Retained earnings | — | -$358M | -$582M | -$811M | -$1.08B | -$1.76B | -$1.97B | -$2.06B |
| Shares (wtd avg diluted) | — | 42.3M | 99.0M | 254M | 13.7M | 14.2M | 15.0M | 16.0M |
Every figure is extracted from American Well Corp’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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