Teladoc Health (TDOC) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $642 million, flat year-over-year and slightly above guidance midpoint; adjusted EBITDA rose 12% to $83.8 million (13% margin).

• Full-year 2025 revenue was $2.53 billion, down 1.5%–2% year-over-year; adjusted EBITDA was $281 million (11.1% margin), down 10% from prior year.

• Net loss per share for 2025 was $1.14, impacted by amortization, stock-based compensation, goodwill impairment, and restructuring costs, partially offset by tax benefits.

• Free cash flow for 2025 was $167 million; year-end cash and equivalents stood at $781 million after retiring $550 million in convertible debt.

• Net loss per share for Q4 2025 was $0.14, including significant stock-based compensation and amortization expenses.

Financial highlights

• Integrated Care Q4 revenue grew 4.7%–5% year-over-year to $409 million; adjusted EBITDA up 23% to $65–$66 million (16% margin).

• Full-year Integrated Care revenue rose 3%–3.3% to $1.58 billion; adjusted EBITDA increased 2.7%–3% to $239 million (15.1% margin).

• BetterHelp Q4 revenue declined 6.7%–7% year-over-year to $233 million; adjusted EBITDA rose to $18 million (7.9% margin).

• Full-year BetterHelp revenue fell 9% to $950 million; adjusted EBITDA was $42 million (4.4% margin), down from 7.5% prior year.

• U.S. revenue for Q4 2025 was $535 million, up from $517 million in Q4 2024; international revenue was $105 million, down from $125 million.

Outlook and guidance

• 2026 consolidated revenue expected between $2.47–$2.59 billion, flat at midpoint; adjusted EBITDA guidance is $266–$308 million (2% growth at midpoint).

• Free cash flow projected at $130–$170 million, reflecting working capital build for BetterHelp insurance growth and lower net interest income.

• Stock-based compensation to fall below $60 million in 2026, down over 25% year-over-year.

• Integrated Care 2026 revenue to grow 0.4%–3.9%; adjusted EBITDA margin guided at 15.1%–16.1%.

• BetterHelp 2026 revenue expected to decline 7% to 0.5%; insurance revenue projected at $75–$90 million, with annualized run rate over $100 million by year-end.