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Dec 31, 2025
Teladoc Q4 2025 Earnings Report
Teladoc reported Fourth Quarter 2025 financial results with flat revenue and improved adjusted EBITDA.
Key Takeaways
Teladoc Health delivered Q4 2025 revenue of $642.3 million, which was flat year-over-year, while adjusted EBITDA grew 12% to $83.8 million. The company saw a significant narrowing of its net loss compared to the prior year, driven by growth in the Integrated Care segment and international markets, despite a decline in BetterHelp revenue.
Q4 revenue of $642.3 million was flat year-over-year, beating the midpoint of guidance.
Adjusted EBITDA increased 12% to $83.8 million, reflecting improved operational efficiency.
International revenue grew 19% year-over-year, offsetting a 3% decline in U.S. revenue.
The BetterHelp segment continues to face headwinds with revenue declining 7% and adjusted EBITDA down 15%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the full year 2026, Teladoc expects revenue between $2.47 billion and $2.587 billion, with a focus on Integrated Care growth and stabilizing BetterHelp margins.
Positive Outlook
- Integrated Care revenue growth projected up to 3.9%.
- Full year free cash flow expected between $130 million and $170 million.
- U.S. Integrated Care membership expected to reach up to 100 million.
- Integrated Care adjusted EBITDA margins expected to remain strong at 15.1% - 16.1%.
- Net loss per share expected to narrow to as low as ($0.70) for the full year.
Challenges Ahead
- BetterHelp revenue expected to decline between 0.5% and 7.0% for the full year.
- Q1 2026 BetterHelp revenue growth projected to be down as much as 11.25%.
- BetterHelp adjusted EBITDA margins expected to be low, between 3.0% and 4.6% for the year.
- Q1 2026 Integrated Care revenue growth could be negative (down to -1.2%).
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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