Teladoc Health Reports Third Quarter 2026 Results

NEW YORK, Oct. 28, 2026 (GLOBE NEWSWIRE) -- Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, today reported financial results for the three months ended September 30, 2026 (“Third Quarter 2026”). Unless otherwise noted, percentage and other changes are relative to the three months ended September 30, 2025 (“Third Quarter 2025”).

Highlights

“We delivered third quarter results near the upper end of our guidance range for consolidated revenue and above our range for consolidated adjusted EBITDA, reflecting solid execution across our two segments,” said Chuck Divita, Chief Executive Officer of Teladoc Health.

“Within the Integrated Care segment, we continue to advance our innovation agenda, including the implementation of Teladoc One with our early launch partners, while also expanding our capabilities through initiatives such as hybrid care and AI-enabled solutions. In the BetterHelp segment, insurance revenue exceeded our expectations, and we are making encouraging progress expanding provider capacity and scaling access to covered services. While there is more work ahead, we remain focused on disciplined execution against our strategic priorities. The actions we are taking are showing traction, and we believe will position us well for the opportunities ahead.”

See note (1) in the Notes section that follows.

Third Quarter 2026

Revenue decreased 3% to $605.1 million from $626.4 million in Third Quarter 2025. Access fees revenue decreased 10% to $466.7 million while other revenue increased 31% to $138.4 million. U.S. revenue decreased 4% to $489.2 million while International revenue decreased 1% to $115.9 million.

Integrated Care segment revenue increased 2% to $398.5 million in Third Quarter 2026 while BetterHelp segment revenue decreased 13% to $206.6 million, reflecting continued actions to prioritize Insurance Covered Services and the continuing decline in users paying directly out of pocket.

Net loss totaled $26.9 million, or $0.15 per share, for Third Quarter 2026, compared to $49.5 million, or $0.28 per share, for Third Quarter 2025. Results for Third Quarter 2026 included amortization of intangibles of $88.3 million, or $0.49 per share pre-tax, stock-based compensation expense of $11.6 million, or $0.06 per share pre-tax, and restructuring costs related to severance costs and costs associated with office space reductions of $4.4 million, or $0.02 per share pre-tax.

Results for Third Quarter 2025 included amortization of intangibles of $85.8 million, or $0.48 per share pre-tax, stock-based compensation expense of $17.0 million or $0.10 per share pre-tax, and a non-cash goodwill impairment charge of $12.6 million, or $0.07 per share pre-tax. Net loss for Third Quarter 2025 also included restructuring costs related to severance costs and costs associated with office space reductions of $2.0 million, or $0.01 per share pre-tax. The non-cash goodwill impairment charge recorded in Third Quarter 2025 was the result of the fair value of the Integrated Care segment being less than its carrying value at the time of the acquisition of Telecare Australia Pty Ltd ("Telecare").

Adjusted EBITDA (1) increased 14% to $79.4 million, compared to $69.9 million for Third Quarter 2025. The Integrated Care segment adjusted EBITDA increased $8.8 million and the BetterHelp segment adjusted EBITDA increased $0.6 million in Third Quarter 2026.

Nine Months Ended September 30, 2026

Revenue decreased 3% to $1,825.9 million from $1,887.7 million in the first nine months of 2025. Access fees revenue decreased 9% to $1,425.6 million while other revenue increased 26% to $400.3 million. U.S. revenue decreased 6% to $1,468.1 million while International revenue increased 7% to $357.8 million.

Integrated Care segment revenue increased 2% to $1,188.2 million in the first nine months of 2026 while BetterHelp segment revenue decreased 11% to $637.7 million.

Net loss totaled $129.7 million, or $0.72 per share, for the first nine months of 2026, compared to $175.2 million, or $1.00 per share, for the first nine months of 2025. Results for the first nine months of 2026 included amortization of intangibles of $266.6 million, or $1.48 per share pre-tax, and stock-based compensation expense of $35.5 million, or $0.20 per share pre-tax. Net loss for the first nine months of 2026 also included restructuring costs of $17.3 million, or $0.10 per share pre-tax, primarily related to severance costs.

Results for the first nine months of 2025 included amortization of intangibles of $258.7 million, or $1.47 per share pre-tax, non-cash goodwill impairment charges of $71.8 million, or $0.41 per share pre-tax, and stock-based compensation expense of $64.5 million, or $0.37 per share pre-tax. Net loss for the first nine months of 2025 also included restructuring costs related to severance costs and costs associated with office space reductions of $12.0 million, or $0.07 per share pre-tax. These items were partially offset by a discrete tax benefit of $20.1 million, or $0.11 per share, related to the completion of a research and development tax credit study and acquisition related tax benefits of $11.1 million, or $0.06 per share.

The non-cash goodwill impairment charges recorded in the first nine months of 2025 were the results of the fair value of the Integrated Care segment being less than its carrying value at the time of the acquisitions of Catapult Health, LLC and Telecare.

Adjusted EBITDA (1) increased 3% to $203.2 million, compared to $197.3 million for the first nine months of 2025. The Integrated Care segment adjusted EBITDA increase of $22.5 million was offset by a $16.6 million decrease in BetterHelp segment adjusted EBITDA in the first nine months of 2026.

Capex and Cash Flow

Cash flow from operations was $106.5 million in Third Quarter 2026, compared to $99.3 million in Third Quarter 2025, and was $180.6 million in the first nine months of 2026, compared to $206.6 million in the first nine months of 2025. Capital expenditures and capitalized software development costs (together, “Capex”) were $30.5 million in Third Quarter 2026, compared to $31.3 million in Third Quarter 2025, and were $95.3 million in the first nine months of 2026, compared to $93.1 million in the first nine months of 2025. Free cash flow was $75.9 million in Third Quarter 2026, compared to $67.9 million in Third Quarter 2025, and was $85.4 million in the first nine months of 2026, compared to $113.5 million in the first nine months of 2025.

Financial Outlook

The outlook provided below is based on current market conditions and expectations and what we know today.

See note (2) in the Notes section that follows.

Earnings Conference Call

The Third Quarter 2026 earnings conference call and webcast will be held Wednesday, October 28, 2026 at 5:00 p.m. E.T. The conference call can be accessed by dialing 833-461-5787 for U.S. participants and using the meeting ID # 404 870 451. For international participants, please visit the following link for global dial-in numbers, using the same meeting ID # 404 870 451: https://help.events.q4inc.com/eahc/international-dial-in-numbers. A live audio webcast will also be available online at http://ir.teladoc.com/news-and-events/events-and-presentations/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

About Teladoc Health

Teladoc Health is the global leader in virtual care. The company is delivering and orchestrating care across patients, care providers, platforms, and partners — transforming virtual care into a catalyst for how better health happens. Through our relationships with health plans, employers, providers, health systems and consumers, we are enabling more access, driving better outcomes, extending provider capacity and lowering costs. Learn more at www.teladochealth.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, the information under the caption “Financial Outlook” and statements we make regarding future financial or operating results, future numbers of members, BetterHelp paying users or clients, litigation outcomes, regulatory developments, market developments, new products and growth strategies, initiatives to improve our efficiency and competitiveness, and the effects of any of the foregoing on our future results of operations or financial condition.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that have in the past and/or may in the future cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market conditions and receptivity to our services and offerings, including our ability to effectively compete; (iii) results of litigation or regulatory actions; (iv) the loss of one or more key clients or the loss of a significant number of members or BetterHelp paying users; (v) a decrease in revenue from users who pay directly out-of-pocket without offsetting growth in insurance-covered services in our BetterHelp segment; (vi) changes in valuations or useful lives of our assets; (vii) changes in our abilities to recruit and retain qualified providers into our network; (viii) the impact of and risk related to impairment losses with respect to goodwill or other assets; (ix) the success of our initiatives to improve our efficiency and competitiveness; (x) imposed and threatened tariffs by the United States and its trading partners, and any resulting disruptions or inefficiencies in our supply chain; (xi) the performance of our new products, including Teladoc One; (xii) the rate and magnitude of declines in BetterHelp cash-pay users and revenue; (xiii) the extent to which insurance availability changes users’ payment choices; (xiv) available provider capacity including on a state and payer specific basis; (xv) the timing, cost and effectiveness of provider recruitment, credentialing, enrollment, activation, compensation and retention; (xvi) the performance of insurance-specific eligibility, matching, booking, scheduling, utilization, session-duration, claims and collection workflows; (xvii) the effectiveness and revenue consequences of changes in advertising and marketing spending; (xviii) the effects of BetterHelp’s reduced near term emphasis and investment outside the United States; (xix) the cost, timing and effectiveness of platform and provider-capacity investments; (xx) the margin effects of the insurance mix; and (xxi) potential impairment of BetterHelp goodwill. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to, our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

Stock-based Compensation Summary

Compensation expense for stock-based awards was classified as follows (in thousands, unaudited):

See note (3) in the Notes section that follows.

Revenues

Summary Operating Metrics

Consolidated

Integrated Care

BetterHelp

See notes (2), (4), (5), and (6) in the Notes section that follows.

Operating Results by Segment (see note (7) in the Notes section that follows)

The following table presents operating results by reportable segment for the periods indicated:

n/m - not meaningful

Non-GAAP Financial Measures:

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain non-GAAP financial measures to clarify and enhance an understanding of past performance, which include adjusted EBITDA and free cash flow. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance and are commonly used by investors to evaluate our performance and that of our competitors. We further believe that these financial measures are useful to assess our operating performance and financial and business trends from period-to-period by excluding certain items that we believe are not representative of our core business, and that free cash flow reflects an additional way of viewing our liquidity that, when viewed together with GAAP results, provides management, investors, and other users of our financial information with a more complete understanding of factors and trends affecting our cash flows. We use these non-GAAP financial measures for business planning purposes and in measuring our performance relative to that of our competitors. We utilize adjusted EBITDA as a key measure of our performance.

Adjusted EBITDA consists of net loss before provision for income taxes; other expense (income), net; interest income; interest expense; depreciation of property and equipment; amortization of intangible assets; restructuring costs; acquisition, integration, and transformation costs; goodwill impairments; legal settlement costs and recoveries, net; and stock-based compensation.

Free cash flow is net cash provided by operating activities less capital expenditures and capitalized software development costs.

Our use of these non-GAAP terms may vary from that of others in our industry, and other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.

Non-GAAP measures have important limitations as analytical tools and you should not consider them in isolation, and they should not be considered as an alternative to net loss before provision for income taxes, net loss, net loss per share, net cash from operating activities or any other measures derived in accordance with GAAP. Some of these limitations are:

In addition, although amortization of intangible assets and depreciation of property and equipment are non-cash charges, the assets being amortized and depreciated will often have to be replaced in the future, and adjusted EBITDA does not reflect any expenditures for such replacements.

We compensate for these limitations by using these non-GAAP measures along with other comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include net loss, net loss per share, net cash from operating activities, and other performance measures.

In evaluating these financial measures, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of these non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

The following is a reconciliation of net loss, the most directly comparable GAAP financial measure, to adjusted EBITDA:

See note (8) in the Notes section that follows.

The following is a reconciliation of net cash provided by operating activities, the most directly comparable GAAP financial measure, to free cash flow:

See note (9) in the Notes section that follows.

Notes:

Investors:

Michael Minchak

617-444-9612

ir@teladochealth.com

Media:

Lou Serio

202-569-9715

pr@teladochealth.com