Teladoc Health (TDOC) investor relations material

Executive summary

• Second quarter 2026 revenue was $606.9 million, a 4% year-over-year decrease, primarily due to a 12% decline in BetterHelp revenue, while Integrated Care grew 1%; net loss widened to $38.9 million ($0.21 per share).

• Adjusted EBITDA for Q2 2026 was $65.7 million, down 5% year-over-year.

• BetterHelp accelerated its national insurance rollout, now covering all U.S. states, but cash pay revenue declined faster than anticipated, prompting a revised revenue outlook.

• Teladoc One, a new connected care model, was launched, aiming to unify clinical capabilities and address population health, initially targeting cardiometabolic conditions.

Financial highlights

• Q2 consolidated revenue was $606.9 million; adjusted EBITDA was $65.7 million (10.8% margin); net loss per share was $0.21.

• Free cash flow for the quarter was $35.7 million; cash and equivalents at quarter-end were $774.3 million.

• Integrated Care revenue was $394.3 million (+1% YoY); BetterHelp revenue was $212.6 million (-12% YoY).

• Integrated Care adjusted EBITDA was $65.2 million (16.5% margin); BetterHelp adjusted EBITDA was $0.5 million (0.2% margin).

• U.S. revenue was $487.4 million (-6% YoY); international revenue was $119.6 million (+7% YoY).

Outlook and guidance

• 2026 consolidated revenue guidance is $2,362M–$2,447M (midpoint down 5% from prior), mainly due to lower BetterHelp cash pay outlook.

• Adjusted EBITDA guidance is $271M–$303M, with margin expansion of ~85 bps over 2025.

• Net loss per share for 2026 projected between ($1.00) and ($0.75); free cash flow guidance is $130M–$170M.

• Integrated Care 2026 revenue growth expected at 0.8%–2.4%; adjusted EBITDA margin guidance raised to 15.6%–16.4%.

• BetterHelp 2026 revenue to decline 19.0%–12.7% YoY; adjusted EBITDA margin guidance reaffirmed at 3.0%–4.6%.