Q2 26 EPS
$-0.21
BEAT +6.67%
Est. $-0.23
Q2 26 Revenue
$606.9M
MISS 1.53%
Est. $616.3M
vs S&P Since Q2 26
-29.3%
TRAILING MARKET
TDOC -24.7% vs S&P +4.6%
Market Reaction
Did TDOC Beat Earnings? Q2 2026 Results
Teladoc Health posted a mixed second quarter for fiscal 2026, narrowly beating on the bottom line while falling short on revenue as accelerating weakness in its BetterHelp segment overshadowed steadier performance elsewhere. The virtual care company … Read more Teladoc Health posted a mixed second quarter for fiscal 2026, narrowly beating on the bottom line while falling short on revenue as accelerating weakness in its BetterHelp segment overshadowed steadier performance elsewhere. The virtual care company reported revenue of $606.93 million, down 4.0% year-over-year and slightly below the $616.33 million consensus, while a GAAP net loss of $0.21 per share edged past the $0.23 analyst estimate by 6.67%. The story behind the miss centered squarely on BetterHelp, where cash-pay consumer revenue dropped 20% to $190.85 million as pressure intensified in late May and June beyond what management had anticipated, pulling total BetterHelp revenue down 12% to $212.62 million. Integrated Care provided a partial offset, with that segment growing 1% to $394.31 million. Looking ahead, Teladoc trimmed its full-year revenue outlook to $2.36 billion to $2.45 billion, reflecting updated BetterHelp assumptions, as the company pivots toward insurance-covered therapy and bets on its newly launched Teladoc One connected care model to reorient long-term growth.
Key Takeaways
- • Integrated Care segment revenue growth of 1% and adjusted EBITDA margin of 16.5%
- • Average monthly revenue per U.S. Integrated Care member increased 3% to $1.31
- • Chronic Care Program Enrollment grew 14% to 1.272 million
- • International revenue grew 7% year-over-year
- • Other revenue increased 23% year-over-year
- • Stock-based compensation expense declined significantly to $9.3 million from $22.3 million
TDOC Forward Guidance & Outlook
For full year 2026, Teladoc expects revenue of $2,362–$2,447 million, adjusted EBITDA of $271–$303 million, net loss per share of ($1.00)–($0.75), and free cash flow of $130–$170 million. U.S. Integrated Care Members are expected at 98.5–100.5 million. Integrated Care revenue growth is expected at 0.8%–2.4% YoY with adjusted EBITDA margin of 15.6%–16.4%. BetterHelp revenue is expected to decline 19.0%–12.7% YoY with adjusted EBITDA margin of 3.0%–4.6%. For Q3 2026, revenue is expected at $569–$609 million, adjusted EBITDA at $62–$74 million, and net loss per share of ($0.30)–($0.20). The company lowered its BetterHelp segment revenue outlook to reflect updated assumptions for cash-pay declines and prioritization of the growing insurance market, while continuing to expect 2026 insurance revenue within its previously communicated range.
TDOC YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
TDOC Revenue by Segment
With YoY comparisons, source: SEC Filings
TDOC Revenue by Geography
With YoY comparisons, source: SEC Filings
“We continue to make progress on the priorities we believe are most important to the long-term success of Teladoc Health. Our second-quarter results were within our guidance ranges on a consolidated basis and reflected distinct dynamics across our two segments. We delivered solid Integrated Care segment performance, with revenue growth and adjusted EBITDA margin above the midpoint of our guidance ranges and continued to advance new innovations designed to strengthen the value we provide to clients and members, including the launch of Teladoc One, our new connected care model for the U.S. market.”
— Chuck Divita, Q2 2026 Earnings Press Release
TDOC Earnings Trends
TDOC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TDOC EPS Trend
Earnings per share: estimate vs actual
TDOC Revenue Trend
Quarterly revenue: estimate vs actual
TDOC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $-0.23 | $-0.21 | +6.67% | $606.9M | -1.53% |
| Q4 25 BEAT FY | $-0.22 | $-0.14 | +35.19% | $642.3M | +1.09% |
| FY Full Year | $-0.99 | $-1.14 | -14.92% | $2.53B | +0.27% |
| Q3 25 BEAT | $-0.31 | $-0.28 | +8.94% | $626.4M | +0.06% |
| Q2 25 BEAT | $-0.31 | $-0.19 | +38.71% | $631.9M | +1.46% |
| Q1 25 MISS | $-0.36 | $-0.53 | -48.04% | $629.4M | +1.64% |