Teladoc Health Inc (TDOC) Q4 2025 Earnings Call Highlights: Navigating Challenges and Opportunities

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Thu, February 26, 2026 at 2:02 PM GMT+9 5 min read

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**Consolidated Revenue (Q4 2025):** $642 million.

**Adjusted EBITDA (Q4 2025):** $84 million, 13% margin.

**Net Loss Per Share (Q4 2025):** $0.14.

**Consolidated Revenue (Full Year 2025):** $2.53 billion, 1.5% lower than prior year.

**Adjusted EBITDA (Full Year 2025):** $281 million, 11.1% margin.

**Free Cash Flow (Full Year 2025):** $167 million.

**Cash and Cash Equivalents (End of 2025):** $781 million.

**Integrated Care Revenue (Q4 2025):** $409 million, 4.7% growth year-over-year.

**Integrated Care Adjusted EBITDA (Q4 2025):** $65 million, 16% margin.

**BetterHelp Revenue (Q4 2025):** $233 million, 6.7% decline year-over-year.

**BetterHelp Adjusted EBITDA (Q4 2025):** $18 million, 7.9% margin.

**BetterHelp Revenue (Full Year 2025):** $950 million, 9% decline year-over-year.

**BetterHelp Adjusted EBITDA (Full Year 2025):** $42 million, 4.4% margin.

**Chronic Care Program Enrollment (End of Q4 2025):** 1.19 million, 2% sequential increase.

**US Integrated Care Membership (End of Q4 2025):** 101.8 million members.

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Release Date: February 25, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Teladoc Health Inc (NYSE:TDOC) reported fourth-quarter revenue of $642 million, slightly higher than the prior year, with adjusted EBITDA of $84 million, representing a 13% margin.

Integrated Care segment revenue grew 4.7% year-over-year, driven by performance-based revenue and increased US virtual care visit volume.

The acquisitions of Catapult Health and TeleCare contributed to year-over-year growth, with international revenue delivering double-digit constant currency growth.

BetterHelp's adjusted EBITDA increased to $18 million in Q4, up from $4 million in Q3, driven by a seasonal pullback in ad spend.

Teladoc Health Inc (NYSE:TDOC) ended 2025 with $781 million in cash and cash equivalents after retiring $550 million in convertible debt, with a net debt to trailing fourth quarter adjusted EBITDA under 0.8 times.

Negative Points

Full-year consolidated revenue of $2.53 billion was 1.5% lower than the prior year, with a net loss per share of $1.14.

BetterHelp's revenue declined 9% year-over-year, with a 6% decline in average paying users.

The shift from subscription to visit-based revenue models impacted revenue growth, particularly in the US Virtual Care segment.

Teladoc Health Inc (NYSE:TDOC) expects a $5 million to $7 million headwind from tariffs in 2026, up from $3 million in 2025.

US integrated care membership is expected to decline modestly due to reductions related to government programs and the expiration of enhanced subsidies on Affordable Care Act business.

 






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Q & A Highlights

Q: As you reflect on the guidance for 2026, it includes another year of relatively challenging organic revenue growth. Where do you think we are in stabilizing the business, and is there a path to consistent year-over-year revenue growth? A: Charles Divita, CEO: The headwind from subscriptions to visits has been a factor, but we see this moderating as over 50% of Virtual Care revenues now come from visits. We expect visit growth to drive future growth. In Chronic Care, we see opportunities with our clinical foundations and AI capabilities to drive stronger ROI and growth. BetterHelp’s insurance scaling is also expected to contribute significantly to growth in 2026.

Q: Can you discuss the trends in Chronic Care enrollment and the demand for new products? A: Charles Divita, CEO: Our ability to manage across conditions is a selling factor, and we’ve had success with bundling products. We are focusing on population health and leveraging our clinical model to address high-risk populations, which will drive long-term growth.

Q: Can you explain the ramp in BetterHelp EBITDA this year and the levers that get you to the bottom and top of the full-year guidance range? A: Charles Divita, CEO: The level of advertising spend and investments to scale insurance are key factors. We expect the fourth-quarter EBITDA margin to be the strongest due to seasonal ad spend pullback. Michael Minchak, VP of Investor Relations, added that investments in scaling insurance impact the first half of the year.

Q: With the 2026 selling season closed, what is the early feedback from 2027 RSP discussions with health plans? A: Charles Divita, CEO: The macro environment remains mixed, but we are having more strategic conversations with health plans about how our services can help them. Our enhanced 24/7 care offering and other solutions are resonating well, providing opportunities to leverage our unique solutions.

Q: How are insurance-paid BetterHelp members behaving compared to cash pay users? A: Charles Divita, CEO: It’s early, but trends in conversion, usage, and session numbers are consistent with expectations. In more mature markets, we see significant growth in sessions and utilization, supporting our focus on scaling insurance.

Q: How do you view the opportunity with CMS’s access program, given the reimbursement rates? A: Charles Divita, CEO: We are evaluating the program, which aligns with our value proposition. While there are implications regarding reimbursement levels, we see the focus on chronic illness as positive and believe our programs align well with these initiatives.

Q: Can you comment on the demand between health plan versus employer channels and how it impacts your go-to-market strategy? A: Charles Divita, CEO: We ended 2025 with strong demand in employer channels and renewed strategic conversations with health plans. Our suite of services and innovations position us well to address health plans’ needs and drive cost outcomes.

Q: How should we think about the visibility into BetterHelp’s $75 million to $90 million insurance revenue guidance for 2026? A: Charles Divita, CEO: The 2025 revenue was largely from Uplift’s insurance revenues. We are seeing significant ramping of BetterHelp’s revenues, with strong growth in sessions and utilization, supporting our confidence in the 2026 ramp.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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