Teladoc Health reported fourth‑quarter 2025 revenue of $642.3 million, up 0.3% from $640.5 million a year earlier, and a net loss of $25.1 million ($0.14 per share). The company beat consensus estimates of $633.91 million in revenue and a loss of $0.19 per share, a $0.05 per‑share improvement that reflects tighter cost control and a more favorable mix of high‑margin Integrated Care services.
Integrated Care revenue rose 5% to $409.1 million, driven by a 19% increase in international sales to $125.0 million and a 4.7% rise in U.S. revenue. BetterHelp revenue fell 7% to $233.2 million, a decline attributed to intensified competition and a shift toward an insurance‑based model that reduces marketing intensity. The Integrated Care segment contributed $65.3 million to adjusted EBITDA, up 23%, while BetterHelp contributed $18.5 million, down 15%.
Adjusted EBITDA for the quarter was $83.8 million, a 12% increase that lifted the adjusted EBITDA margin to 13%. The margin expansion is largely due to the higher contribution from Integrated Care and the continued scaling of its international operations, offsetting the lower margin impact from BetterHelp’s declining revenue.
Full‑year 2025 revenue declined 2% to $2,530.0 million, with U.S. sales down 4% to $2,071.7 million and international sales up 12% to $458.2 million. The company posted a net loss of $200.3 million, a dramatic improvement from the $1,001.2 million loss in 2024. Teladoc guided for full‑year 2026 revenue of $2.47 billion to $2.59 billion and adjusted EBITDA of $266 million to $308 million, while Q1 2026 revenue guidance of $598 million to $620 million was below analyst estimates.
"We closed 2025 with a solid finish, delivering consolidated revenue and adjusted EBITDA above the midpoint of our guidance ranges for the fourth quarter. I'm encouraged by the progress we made last year against each of our strategic priorities, as we strengthened our product portfolio, advanced innovation across Integrated Care and BetterHelp, and positioned the company to build on this momentum in 2026," said CEO Chuck Divita. "Our focus remains on disciplined execution and performance acceleration as we progress through the year, with a clear commitment to advancing care and delivering better outcomes. Through continued product innovation and by leveraging advancements in our technology, we are strengthening our ability to meet the evolving needs of our clients and members to support sustainable growth over time."
The results underscore Teladoc’s ability to grow its core Integrated Care business while managing costs, but also highlight the ongoing challenge of turning around BetterHelp’s direct‑to‑consumer segment. The company’s shift toward an insurance‑based model for BetterHelp, combined with the integration of recent acquisitions such as Catapult Health and TeleCare, signals a strategic pivot aimed at improving margins and reducing marketing spend. The guidance for 2026 reflects confidence in maintaining profitability, though the lower Q1 revenue outlook indicates caution amid a competitive virtual‑care landscape.
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