Teladoc Health Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.67%.
Did TDOC Beat Earnings? Q2 2025 Results
Teladoc Health delivered a cleaner-than-expected second quarter, posting a loss of $0.19 per share against a consensus estimate of $0.31, a beat of 38.71%, while revenue of $631.90 million edged past the $622.80 million estimate by 1.46%, though it still fell 1.6% from a year ago. The headline improvement was driven largely by a dramatic narrowing of the net loss to $32.66 million, compared with $837.67 million in Q2 2024, a period that had been heavily distorted by a $790.00 million non-cash goodwill impairment charge. Beneath the surface, however, the company's two segments told diverging stories: Integrated Care grew revenue 4% to $391.51 million, while BetterHelp continued to shrink, declining 9% to $240.39 million as paying users fell 5% to 388,000. Despite the earnings beat, shares sold off sharply in after-hours trading, reflecting investor unease about the growth trajectory. For full-year 2025, Teladoc guided revenue of $2.50 billion to $2.55 billion, with BetterHelp expected to remain in decline and free cash flow targeted at $170.00 million to $200.00 million.
- Integrated Care segment revenue growth of 4% driven by 11% increase in U.S. Integrated Care members to 102.4 million
- Other revenue increased 31% year-over-year to $108.2 million
- International revenue grew 10% to $112.2 million
- Net loss dramatically reduced from $837.7 million to $32.7 million due to absence of prior-year $790 million goodwill impairment charge
- BetterHelp paying users declined 5% to 388,000, driving 9% revenue decline
“I'm pleased with our performance in the second quarter, with consolidated revenue and adjusted EBITDA both at the higher end of our guidance ranges. This reflects continued disciplined execution and builds on our solid results from the first quarter. We continue to work with focus and urgency to advance our strategic priorities, invest in products and capabilities, and deliver solid financial performance.”
Teladoc Health CEO, on the earnings call
Forward Guidance & Outlook
For full year 2025, Teladoc expects revenue of $2,501–$2,548 million, adjusted EBITDA of $263–$294 million, net loss per share of ($1.35)–($1.00), and free cash flow of $170–$200 million, with U.S. Integrated Care Members of 101–103 million. Integrated Care revenue growth is expected at 1.75%–3.25% with adjusted EBITDA margin of 14.50%–15.25%. BetterHelp revenue is expected to decline 6.80%–9.20% with adjusted EBITDA margin of 4.00%–5.50%. For Q3 2025, revenue is expected at $614–$636 million, adjusted EBITDA of $56–$70 million, net loss per share of ($0.35)–($0.20), and U.S. Integrated Care Members of 101.5–102.5 million. Q3 Integrated Care revenue growth is guided at (0.50%)–2.25% with EBITDA margin of 14.00%–15.50%, while BetterHelp revenue is expected to decline 5.00%–9.75% with EBITDA margin of 1.00%–3.75%.
TDOC YoY Financials
TDOC Revenue by Segment
TDOC Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.