Teladoc Stock Earnings Reports

Teladoc reported Q1 2026 consolidated revenue of $614M and adjusted EBITDA of $58M (9.5% margin), both above guidance midpoints. Cash was $751M and net debt to trailing adjusted EBITDA was <0.9x (3.6x on a gross debt basis). Integrated Care delivered $395M in revenue (up 1.5% YoY) with adjusted EBITDA of $56M (14.2% margin); strength came from visit revenue growth and international/hybrid care, while subscription revenue continued to decline as clients shift toward visit-based models. BetterHelp revenue was $218M (down 9% YoY) with adjusted EBITDA of $2M (0.9% margin); management attributes the weakness in direct-to-consumer cash pay to the broader consumer environment but is seeing meaningful early success scaling insurance coverage after the UpLift acquisition. BetterHelp is live in 30 states + DC, has credentialed >6,000 providers, insurance-contracted lives >150M, and insurance-covered sessions running >14,000/week (annualized run-rate >$75M) with an expected 2026 exit run-rate of at least $125M. Management is investing in AI and data infrastructure (Pulse and Prism) to improve care delivery and operational efficiency, including AI-assisted documentation that has saved therapists ~15 minutes/session. Company reiterated full-year 2026 guidance: revenue $2.48B–$2.58B, adjusted EBITDA $267M–$306M, free cash flow $130M–$170M; they expect SBP expense < $55M for the year. Strategic priorities include product innovation, scaling insurance for BetterHelp, margin improvement in Integrated Care (targeting ~15.1%–16.1% margin), and a two-phase plan to address the 2027 convertible notes to materially lower gross debt. Key near-term risks/notes for investors: continued mix shift from subscription to visits (near-term revenue mix headwinds, but expected to become a tailwind by H2), BetterHelp DTC softness (offsetting insurance growth), therapist capacity as a potential gating factor for insurance scale, and macro/payer enrollment dynamics (ACA/subsidy effects) that could moderate membership trends.