Teladoc Health (TDOC) investor relations material

Executive summary

• Q3 revenue was $605.1M, down 3% YoY; net loss narrowed to $26.9M, or $0.15/share, while adjusted EBITDA rose 14% to $79.4M.

• Integrated Care growth and higher insurance revenue partly offset BetterHelp cash-pay declines; results were near the high end of revenue guidance and above adjusted EBITDA guidance.

Financial highlights

• Q3 adjusted EBITDA margin was 13.1%, versus 11.2% a year earlier; operating loss narrowed to $28.1M from $52.0M.

• Q3 operating cash flow was $106.5M and free cash flow was $75.9M; nine-month free cash flow was $85.4M versus $113.5M.

• Nine-month revenue declined 3% to $1.826B; net loss narrowed to $129.7M and adjusted EBITDA increased 3% to $203.2M.

• Q3 advertising and marketing expense fell 26% to $124.0M, primarily due to lower BetterHelp digital and media spending.

Outlook and guidance

• FY 2026 revenue guidance is $2,395M–$2,441M and adjusted EBITDA guidance is $277M–$303M; free cash flow guidance is $135M–$165M.

• FY 2026 net loss per share guidance is $0.95–$0.75; Q4 revenue guidance is $569M–$615M, adjusted EBITDA is $74M–$100M, and net loss per share is $0.23–$0.03.

• FY and Q4 U.S. Integrated Care member outlook is 99.5M–100.5M.

• BetterHelp’s 2026 outlook was materially reduced; cash-pay declines are not expected to be fully offset by insurance revenue.

• 2027 BetterHelp goal: sequential quarterly insurance growth and an exit annualized revenue run rate of at least $200M; full-year advertising spend expected to decline in the mid-to-high 20% range.