10-Q · April 30, 2026
Teladoc Health reported Q1 2026 revenue of $613.8 million, reflecting a 2% decline year-over-year but surpassing consensus estimates of $610.9 million. The company narrowed its net loss to $63.8 million, or $(0.36) per…
TDOC earnings analysis
10-Q · Filed October 29, 2026 · Our reading of the company's report
The latest report
Teladoc delivered a third-quarter revenue and EPS beat, with revenue of $605.1 million and a diluted loss of $0.15, while adjusted EBITDA and free cash flow improved to $79.4 million and $75.9 million, respectively. The…
Read full summary
Teladoc delivered a third-quarter revenue and EPS beat, with revenue of $605.1 million and a diluted loss of $0.15, while adjusted EBITDA and free cash flow improved to $79.4 million and $75.9 million, respectively. The trend remains mixed: Integrated Care supported results, but BetterHelp revenue declined 13% year over year amid cash-pay weakness and reduced marketing investment. The filing highlights heightened customer concentration, with the five largest Integrated Care Clients representing 33% of segment revenue, and does not provide enough information to determine whether full-year guidance changed.
Reported figures
- Earnings per share
- $-0.15
- Segment
- Integrated Care: revenue growth supported consolidated results; exact segment revenue was not provided in the extracted filing text.
- Segment
- BetterHelp: revenue declined 13% year over year, with cash-pay pressure only partly offset by insurance-covered services.
What stood out
-
Revenue beat, but declined year over year
Third-quarter revenue was $605.1 million, above the $589.5 million consensus estimate and approximately 3.4% below the $626 million reported in 2025 Q3.
-
EPS loss narrowed materially
Diluted EPS was a loss of $0.15 versus a loss of $0.28 in 2025 Q3 and a loss of $0.21 in 2026 Q2, indicating sequential and year-over-year improvement.
-
Profitability and cash flow improved
Adjusted EBITDA increased 14% to $79.4 million, while free cash flow rose to $75.9 million from $64 million in 2026 Q2 and $68 million in 2025 Q3.
-
Integrated Care offset BetterHelp weakness
Integrated Care growth supported results, while BetterHelp revenue declined 13% year over year, leaving segment performance mixed.
-
Integrated Care customer concentration disclosed
Management reported that one Integrated Care customer contributed $68.1 million of consolidated revenue in the quarter; approximately 80% of company revenue is generated in the U.S.
-
No revolver borrowings outstanding
The company had no borrowings under its revolving credit facility as of September 30, 2026, limiting current variable-rate debt exposure.
What to watch
-
BetterHelp cash-pay deterioration
BetterHelp continues to face cash-pay revenue declines, and management stated insurance-covered service growth may not offset those declines. BetterHelp revenue already fell 13% year over year.
-
Marketing cuts may pressure growth
BetterHelp advertising and marketing spending was reduced during the three months ended June 30, 2026 and is expected to remain reduced for the remainder of 2026; the company warned this may reduce paying-user acquisition and revenue.
-
Customer concentration increased
Integrated Care concentration increased: the five largest Clients represented 33% of segment revenue for the nine months ended September 30, 2026, versus 31% in the prior-year period; one customer contributed $68.1 million of consolidated quarterly revenue.
-
Cash yield remains rate-sensitive
A 1% change in interest rates would change interest income from cash and cash equivalents by approximately $5.0 million over the next 12 months, although there were no revolving-credit borrowings at September 30, 2026.
Management's outlook
The filing does not establish whether the outlook was raised, maintained, or lowered versus the prior outlook. Previously disclosed full-year 2026 outlook was revenue of $2.395 billion-$2.441 billion, net loss per share of ($0.95)-($0.75), and free cash flow of $135 million-$165 million; fourth-quarter revenue outlook was $569 million-$615 million and net loss per share was ($0.23)-($0.03).
Earlier filings 1
Smart money in TDOC
Totals from the last full session. Insider and politician figures cover 90 days.
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.
See every TDOC trade live.
The free pages stop at the last full session. Trader shows every trade as it prints.
Start tracking No card needed.