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Teladoc Health (TDOC) investor relations material
Teladoc Health Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Q3 2025 revenue was $626.4 million, down 2% year-over-year, with a net loss of $49.5 million ($0.28 per share), including a $0.07 per share non-cash goodwill impairment charge. 
- Adjusted EBITDA for Q3 2025 was $69.9 million (11.2% margin), down 16% year-over-year but at the high end of guidance. 
- Integrated Care revenue grew 2% to $389.5 million, while BetterHelp revenue declined 8% to $236.9 million. 
- Strategic priorities include expanding integrated care, scaling mental health (BetterHelp), international growth, and leveraging recent acquisitions. 
- CFO Mala Murthy announced resignation effective November 21, 2025. 
Financial highlights
- Q3 2025 revenue decreased by $14.1 million year-over-year, mainly due to lower BetterHelp revenue, partially offset by Integrated Care growth. 
- Integrated Care membership reached 102.5 million, up 9% year-over-year; BetterHelp paying users declined 4% to 0.382 million. 
- Free cash flow for Q3 2025 was $68 million; cash and equivalents at quarter end were $726 million. 
- U.S. revenue was $510 million and international revenue $117 million in Q3 2025. 
- Cost of revenue increased 4% in Q3 2025, while advertising and marketing expenses declined 5% year-over-year. 
Outlook and guidance
- Full-year 2025 revenue expected at $2.510–$2.539 billion; adjusted EBITDA $270–$287 million; free cash flow $170–$185 million. 
- Q4 2025 revenue guidance is $622–$652 million, adjusted EBITDA $73–$90 million, and net loss per share ($0.25)–($0.10). 
- Integrated Care revenue guidance raised to 2.4%–3.5% growth; adjusted EBITDA margin expected at 15%–15.4%. 
- BetterHelp revenue expected to decline 8%–9.2% year-over-year; adjusted EBITDA margin guidance is 3.8%–4.6%. 
- U.S. Integrated Care Members expected at 101.5M to 102.5M, up 8% to 9% year-over-year. 
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