American Well stock gains 1.70 percent as Q2 loss narrows

American Well stock was trading at USD 13.44 on the NYSE on September 23, 2026 at 1:23 p.m. ET, up 1.70 percent. The move follows a second-quarter report showing narrower losses and revenue above consensus expectations.

Q2 revenue beats consensus

American Well reported Q2 2026 revenue of USD 52.0 million, at the top end of its guidance, while net loss improved to USD 9.6 million. Quartr said the loss improved 51 percent year over year in Q2 2026, giving the report a clear operational comparison.

The revenue mix also shifted. Subscription revenue reached USD 25.7 million, while American Well Medical Group visit revenue was USD 24.4 million, with virtual primary care visits up 30 percent year over year, according to Quartr.

Adjusted loss narrows further

The quarterly margin story is more constructive than the revenue decline alone suggests. Adjusted EBITDA loss narrowed to USD 1.15 million from USD 4.7 million in Q2 2025, while gross margin stood at 53 percent, according to Quartr. Operating expenses fell 38 percent year over year to USD 37.1 million, making cost control the central earnings lever.

MarketBeat reported that adjusted EPS of USD -0.59 exceeded the USD -0.86 consensus estimate. Revenue of USD 52.05 million also exceeded the USD 49.87 million estimate, a USD 2.18 million difference that supports the stock's positive session move.

Stock remains below yearly high

At USD 13.44 on September 23, 2026, American Well stock stood 5.29 percent below its USD 14.19 52-week high. The USD 3.71 yearly low shows that the shares remain well above the lower end of their annual range, while the USD 228,512,664 market capitalization places the company firmly in small-cap territory.