The stock may react negatively to the full-year revenue decline and weak 2026 outlook for BetterHelp, despite improved profitability. Traders should monitor Integrated Care's ability to grow and whether cost discipline can offset top-line weakness. The significant cash burn ($517M) warrants attention despite positive operating cash flow.
Price Chart
Executive Summary
Teladoc Health reported flat Q4 revenue of $642.3 million (0% YoY) and full-year 2025 revenue down 2% YoY to $2.53 billion. Net loss narrowed significantly to $200.3 million from $1.0 billion in 2024, driven by a large goodwill impairment in the prior year. Adjusted EBITDA rose 12% in Q4 but fell 10% for the full year. The company issued 2026 guidance projecting revenue of $2.47B–$2.59B and adjusted EBITDA of $266M–$308M, with Integrated Care expected to grow slightly and BetterHelp expected to decline.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $642.3M (flat YoY); Full Year 2025 revenue: $2.53B (down 2% YoY)
- Q4 adjusted EBITDA: $83.8M (up 12% YoY); Full Year adjusted EBITDA: $281.1M (down 10% YoY)
- Full Year 2025 net loss: $200.3M (vs. $1.0B loss in 2024), including a $71.8M goodwill impairment
- Integrated Care segment revenue grew 3% for the year; BetterHelp revenue declined 9%
- 2026 guidance: Revenue $2.47B–$2.59B; Adjusted EBITDA $266M–$308M; BetterHelp revenue expected to decline 0.5% to 7%
- Cash and equivalents ended 2025 at $781.1M, down from $1.3B at end of 2024
Financial Impact
Revenue declined 2% for the full year, with EBITDA down 10%. 2026 guidance suggests continued softness, particularly in the BetterHelp segment which is expected to contract further.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Integrated Care | $1.6B | +3.0% |
| BetterHelp | $950.4M | -9.0% |
Risk Factors
- BetterHelp segment continues to deteriorate, with revenue down 9% and guidance for further decline
- Significant cash burn: cash balance dropped from $1.3B to $781M in one year, partly due to $551M repayment of convertible notes
- Reliance on cost-cutting and margin improvement rather than top-line growth to drive profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001477449-26-000010 |
| Document: tdoc-20260225.htm | 0001477449-26-000010 |
| Document: 0001477449-26-000010-index-headers.html | 0001477449-26-000010 |
| Document: 0001477449-26-000010-index.html | 0001477449-26-000010 |
| Document: 0001477449-26-000010.txt | 0001477449-26-000010 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 21d ago | 144 | $6.16 $6.30 | ▲ +2.27% | ▲ +2.49% | $5.52 (−10.39%) |
Sep 3, 2026 29d ago | Insider Cluster | $6.28 $6.50 | ▲ +3.50% | ▲ +4.71% | $5.52 (−12.10%) |
Sep 2, 2026 4w ago | 144 | $6.46 $6.09 | ▼ −5.73% | ▼ −4.77% | $5.52 (−14.55%) |
Aug 7, 2026 8w ago | Press Release | $7.13 $6.81 | ▲ +4.49% | ▲ +4.89% | $5.52 (+22.58%) |
Jul 31, 2026 9w ago | Press Release | $6.68 $7.08 | ▼ −5.99% | ▼ −3.96% | $5.52 (+17.37%) |
Jun 29, 2026 13w ago | 144 | $8.69 $9.29 | ▲ +6.90% | ▲ +5.52% | $5.52 (−36.48%) |
Jun 11, 2026 16w ago | 144 | $7.31 $7.59 | ▲ +3.83% | ▲ +3.40% | $5.52 (−24.49%) |
Jun 11, 2026 16w ago | Institutional Cluster | $7.31 $7.59 | ▲ +3.83% | ▲ +3.40% | $5.52 (−24.49%) |
Jun 2, 2026 17w ago | 144 | $7.09 $7.03 | ▼ −0.85% | ▲ +2.97% | $5.52 (−22.14%) |
Jun 2, 2026 17w ago | 144 | $7.09 $7.03 | ▼ −0.85% | ▲ +2.97% | $5.52 (−22.14%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access