Teladoc Health (TDOC) Q1 2026 earnings summary

Executive summary

• Q1 2026 consolidated revenue reached $614 million, with Adjusted EBITDA of $58.2 million, both exceeding guidance midpoints, reflecting strong Integrated Care performance and progress in scaling insurance at BetterHelp.

• First quarter revenue was down 2% year-over-year, with net loss narrowing to $63.8 million from $93.0 million in the prior year.

• Integrated Care revenue grew 1.5% YoY to $395 million, while BetterHelp revenue declined 9% YoY due to cash pay pressure, partially offset by insurance revenue growth.

• Strategic focus on product innovation, AI integration, and expanding insurance coverage in BetterHelp, now live in 30 states and DC with over 6,000 credentialed providers.

• Operational excellence and cost discipline remain priorities, with AI-driven efficiencies and a strong balance sheet supporting ongoing investments.

Financial highlights

• Q1 2026 consolidated revenue: $614 million; Adjusted EBITDA: $58.2 million (9.5% margin), both exceeding guidance midpoints.

• Net loss per share: $0.36, including $0.50 amortization, $0.08 stock-based compensation, and $0.07 restructuring costs per share.

• Free cash flow: net outflow of $26.3 million; cash and equivalents: $751 million; net debt to trailing Adjusted EBITDA: under 0.9x.

• U.S. revenue decreased 6% to $491.5 million; international revenue increased 17% to $122.3 million.

• Integrated Care Adjusted EBITDA: $56 million (14.2% margin, up 130 bps YoY); BetterHelp Adjusted EBITDA: $2 million (0.9% margin, down from 3.2% YoY).

Outlook and guidance

• 2026 consolidated revenue guidance: $2.48–$2.58 billion; Adjusted EBITDA: $267–$306 million; free cash flow: $130–$170 million.

• Full-year net loss per share projected at $1.05–$0.75; stock-based compensation expected below $55 million (down 30% YoY).

• Q2 2026 revenue guidance: $597–$626 million; Adjusted EBITDA: $55–$67 million.

• Integrated Care 2026 Adjusted EBITDA margin guidance: 15.1%–16.1%; BetterHelp revenue guidance narrowed to down 6.5% to down 1.0% YoY, with insurance revenue expected at $90–$105 million.

• Integrated Care segment revenue growth expected at 0.8%–3.5% for the year.