Companies /Healthcare

Teladoc Health Inc

NYSE: TDOC Health Information Services
$6.46
▲ $0.20 (+3.19%) today
Markets closed · 7:15am ET

Q3 2025 Earnings

Reported Oct 29, 2025, 4:04pm ET · SEC source
$-0.28
Beat +8.94%
EPS · est. $-0.31
$626.4M
Beat +0.06%
Revenue · est. $626.1M
−14.4%
Trailing market
TDOC vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%0+4%+8%Oct 29Oct 30report 4:04pm ETearnings−0.7%+5.8%
−4%0+4%+8%Oct 29Oct 30earnings−0.7%+5.8%
TDOC +5.8%S&P 500 −0.7%
−5%0+5%+10%Oct 29Oct 30report 4:04pm ETearnings−0.8%+5.8%
−5%0+5%+10%Oct 29Oct 30earnings−0.8%+5.8%
TDOC +5.8%NASDAQ −0.8%
0+6%+12%Oct 28Nov 6report 4:04pm ETearnings−2.1%−3.5%
0+6%+12%Oct 28Nov 6earnings−2.1%−3.5%
TDOC −3.5%S&P 500 −2.1%
0+6%+12%Oct 28Nov 6report 4:04pm ETearnings−3.4%−3.5%
0+6%+12%Oct 28Nov 6earnings−3.4%−3.5%
TDOC −3.5%NASDAQ −3.4%
+6.20%
Day of report
−1.26%
Next session
−12.81%
One week
−14.19%
30 days

S&P 500 over the same 30 days: +0.25%.

Did TDOC Beat Earnings? Q3 2025 Results

Teladoc Health edged past Wall Street's expectations in Q3 2025, posting a loss of $0.28 per share against a consensus estimate of $0.31 and reporting revenue of $626.44 million, a narrow beat of just 0.06% but still a 2.2% decline from the year-ago period. The headline story remained the structural tension within the business: Integrated Care grew 2% to $389.54 million while BetterHelp, the direct-to-consumer therapy segment, slid 8% to $236.90 million as it navigates a deliberate transition toward insurance acceptance that has compressed its adjusted EBITDA margin to just 1.6%. The net loss widened to $49.51 million, partly reflecting a $12.63 million goodwill impairment charge tied to the Telecare Australia acquisition. With the company already drawing attention for its pivot toward AI-driven virtual care solutions, management is betting that strategic reinvestment will stabilize the platform, guiding Q4 revenue of $622 million to $652 million and full-year free cash flow of $170 million to $185 million.

Key Takeaways
  • Integrated Care segment revenue grew 2% driven by 9% increase in U.S. Integrated Care Members to 102.5 million
  • International revenue grew 12% year-over-year to $116.7 million
  • Other revenue increased 24% year-over-year to $105.5 million
  • Stock-based compensation expense decreased significantly from $34.0 million to $17.0 million

“In the third quarter, we again delivered consolidated revenues and adjusted EBITDA in the upper half of our guidance ranges, reflecting consistent execution along with our steadfast commitment to serving our clients and members. Looking ahead we remain focused on advancing important work across each of our strategic priorities, including growth initiatives to drive greater value and impact within our Integrated Care segment and the ongoing rollout of insurance acceptance in BetterHelp.”

Teladoc Health CEO, on the earnings call

Forward Guidance & Outlook

For full year 2025, the company expects revenue of $2,510–$2,539 million, adjusted EBITDA of $270–$287 million, net loss per share of ($1.25)–($1.10), free cash flow of $170–$185 million, and U.S. Integrated Care Members of 101.5–102.5 million. Integrated Care revenue growth is expected at 2.4%–3.5% YoY with adjusted EBITDA margin of 15.0%–15.4%. BetterHelp revenue is expected to decline 9.2%–8.0% YoY with adjusted EBITDA margin of 3.8%–4.6%. For Q4 2025, guidance calls for revenue of $622–$652 million, adjusted EBITDA of $73–$90 million, and net loss per share of ($0.25)–($0.10). Q4 Integrated Care revenue growth is guided at 1.0%–5.2% with BetterHelp revenue declining 8.8%–3.8%.

TDOC YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$300.0M$600.0M$640.5M$626.4MRevenue$-96,655,603$-49,507,000Net Income$-62,627,456$-51,962,000Operating Income
$0$300.0M$600.0MRevenueNet IncomeOperating Income

TDOC Revenue by Segment

Access Fees$520.9M−6.0%
Integrated Care$389.5M+2.0%
BetterHelp$236.9M−8.0%
Therapy Services$231.8M−7.0%
Other Revenue
Other Wellness Services$5.1M−18.0%

TDOC Revenue by Geography

United States$509.8M−5.0%
Rest of World$116.7M+12.0%

Figures from SEC filings and company reports. Not investment advice.