Teladoc Tops Q4 Earnings Estimates on International Growth & Lower Costs

Teladoc Health, Inc. price-consensus-eps-surprise-chart | Teladoc Health, Inc. Quote

Full-Year 2025 Performance of TDOC

Operating loss of $1.14 per share marked an improvement from the year-ago loss of $5.87.

Operating revenues declined 1.5% year over year to $2.5 billion. Total expenses fell 22.2% year over year to $2.8 billion.

Adjusted EBITDA decreased 9.5% year over year to $281.1 million.

Q4 Operational Update of Teladoc Health

Revenues from access fees totaled $521.6 million, down 4% year over year. The figure missed the Zacks Consensus Estimate of $536.2 million as well as our estimate of $528.9 million. Other revenues increased 24% year over year to $120.7 million. The metric surpassed the Zacks Consensus Estimate of $94.3 million and our estimate of $103.8 million.

On a geographical basis, Teladoc Health generated $517.3 million in revenues from the United States, down 3% year over year. The metric lagged the Zacks Consensus Estimate of $523 million. International revenues of $125 million advanced 19% year over year in the quarter under review and surpassed the consensus mark of $109.7 million.

Adjusted EBITDA rose 12% year over year to $83.8 million and beat our estimate of around $77 million. Total costs and expenses of $678.3 million declined 1.5% year over year and were below our estimate of $679.3 million. The year-over-year decrease was primarily due to lower advertising and marketing, technology and development, and sales expenses.

TDOC: Q4 Segmental Update

The Integrated Care segment’s revenues increased 5% year over year to $409.1 million in the reported quarter. The figure beat the Zacks Consensus Estimate of $400.1 million and our estimate of $396.2 million. Adjusted EBITDA rose 23% year over year to $65.3 million and surpassed the consensus mark of $64.3 million. The adjusted EBITDA margin expanded 240 basis points (bps) year over year to 16%.

The BetterHelp segment generated revenues of $229.1 million, down 6% year over year. The metric missed the Zacks Consensus Estimate of $230.6 million as well as our estimate of $236.5 million. Adjusted EBITDA declined 15% year over year to $18.5 million. The figure surpassed the consensus mark of $15.4 million. The adjusted EBITDA margin of 7.9% contracted 80 bps year over year.

Visits & Memberships of Teladoc Health

Total visits to Teladoc Health were 4.3 million in the fourth quarter, down 1% year over year. The metric also missed the Zacks Consensus Estimate by 1.1%.

U.S. Integrated Care members totaled 101.8 million, up 9% year over year. However, the figure missed the consensus mark by 0.5%.

TDOC’s Financial Update (As of Dec. 31, 2025)

Teladoc Health exited 2025 with cash and cash equivalents of $781.1 million, down from $1.3 billion as of 2024-end.

Total assets decreased to $2.9 billion from $3.5 billion at the end of 2024.

Debt totaled $994.9 million, up from $991.4 million as of 2024-end.

Total stockholders’ equity declined to $1.4 billion from $1.5 billion as of Dec. 31, 2024.

In 2025, TDOC generated net cash from operations of $294.4 million, flat year over year. Free cash flow amounted to $166.9 million, down 2% year over year.

Teladoc Health’s Q1 2026 Outlook

Revenues in the Integrated Care segment are forecasted to witness year-over-year growth in the range of (1.20)-2.00%. The unit’s adjusted EBITDA margin is anticipated to be in the band of 12.5-14%. U.S. Integrated Care members are expected to be between 99 million and 100 million.

Revenues in the BetterHelp segment are estimated to register a 7-11.25% year-over-year decline. The segment’s adjusted EBITDA margin is anticipated to be in the band of 0.75-2.75%.

Total revenues are expected to be between $598 million and $620 million. Adjusted EBITDA is anticipated to be between $50 million and $62 million. Net loss per share is estimated to be between 35 cents and 45 cents.

Teladoc Health’s 2026 Outlook

Revenues in the Integrated Care segment are expected to witness 0.4-3.9% growth on a year-over-year basis. U.S. Integrated Care members are projected to be in the band of 97-100 million. The adjusted EBITDA margin in the segment is forecasted to be in the range of 15.1-16.1%.

Revenues in the BetterHelp segment are anticipated to record a year-over-year decline of 0.5-7%. The adjusted EBITDA margin in the segment is estimated to be between 3% and 4.6%.

The company expects 2026 revenues to be in the $2.470-$2.587 billion range. Adjusted EBITDA is guided at $266-$308 million. Net loss per share is estimated to be in the $0.70-$1.10 range.

Free cash flow is currently projected to be in the $130-$170 million band for 2026.

TDOC’s Zacks Rank

Teladoc Health currently carries a Zacks Rank #3 (Hold).  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Medical Sector Releases

Here are some stocks in the broader Medical space that have also reported earnings for the December quarter: HCA Healthcare, Inc. HCA , The Ensign Group, Inc. ENSG and Tenet Healthcare Corporation THC .

HCA Healthcare reported fourth-quarter 2025 adjusted EPS of $8.01, which outpaced the Zacks Consensus Estimate by 8.8% on the back of strong admissions. Modest gains in emergency room visits and a rise in revenue per equivalent admission also supported performance. The upside was partly offset by HCA Healthcare’s elevated operating expenses.

The Ensign Group reported fourth-quarter 2025 adjusted EPS of $1.82, which beat the Zacks Consensus Estimate by 4% on the back of improved occupancy rates, higher patient days and stronger skilled services performance. The positives were partly offset by higher expenses. The bottom line increased 19.5% year over year. ENSG’s revenues rose 20.2% year over year to $1.36 billion but marginally missed the Zacks Consensus Estimate by 0.5%.

Tenet Healthcare reported fourth-quarter 2025 adjusted EPS of $4.70, which surpassed the Zacks Consensus Estimate by 15.2%. The bottom line increased 36.6% year over year. Tenet’s net operating revenues advanced 8.9% year over year to $5.53 billion. The top line beat the consensus mark by 1.4% on the back of higher same-facility revenues, a favorable payer mix and improved acuity. The upside was partly offset by rising operating costs, particularly supply expenses.