Teladoc Stock Earnings Reports

Teladoc reported Q3 2025 consolidated revenue of $626 million (down 2.2% YoY) and adjusted EBITDA of $70 million (11.2% margin), both above the midpoint of guidance. Integrated Care was the main growth driver: segment revenue of $390 million (up 1.5% YoY) with U.S. membership at 102.5 million and chronic care enrollment returning to sequential growth (+4% quarter-over-quarter to 1.17 million). International Integrated Care grew mid-teens on a constant-currency basis and recent acquisitions Catapult and Telecare contributed meaningfully to growth and funnel expansion. BetterHelp revenue declined (average paying users down 4% YoY to 382k) amid continued pressure on U.S. cash-pay demand, though international BetterHelp showed high-single-digit user growth and early insurance rollouts (UpLift) are live in 7 states + D.C. Management said early insurance metrics are in line with expectations and expects national rollout through 2026. The company took a non-cash goodwill impairment in the quarter; adjusted EBITDA guidance for 2025 was maintained at $270M–$287M and consolidated revenue guidance was narrowed to $2.510B–$2.539B. Free cash flow YTD was $113M, Q3 FCF $68M, and cash/equivalents ended the quarter at $726M with net debt <1x trailing adjusted EBITDA. CFO Mala Murthy will step down next month. Management highlighted strategic priorities: (1) advancing integrated care via the Prism platform and visit-based revenue models, (2) scaling mental health including the Wellbound EAP and BetterHelp insurance, and (3) international expansion. They reiterated focus on operational excellence and cost discipline while investing to support product rollouts and the insurance ramp.