The earnings call presented a mix of strong performance in the Integrated Care segment, innovative product launches, and strategic acquisitions, which highlight the company's growth and financial stability. However, the challenges faced by BetterHelp, including declines in user growth and increased churn rates, present headwinds. While the highlights demonstrate a positive trajectory in several areas, the lowlights in the BetterHelp segment balance the overall sentiment.

Company Guidance -

Q3 2025

During Teladoc Health's second-quarter 2025 earnings call, the company provided guidance on their financial outlook, narrowing the range for consolidated revenue and adjusted EBITDA for the year. They reported second-quarter consolidated revenue of $631.9 million, near the high end of their guidance, while adjusted EBITDA reached $69.3 million, representing an 11% margin. The Integrated Care segment saw revenue growth of 3.7% year-over-year to $391.5 million, with a 14.7% adjusted EBITDA margin. Conversely, BetterHelp's revenue was $240.4 million, slightly above the midpoint of their guidance, despite a decline in average paying users. The company is optimistic about their insurance initiative for BetterHelp, with expectations for meaningful revenue contribution in 2026, as they methodically scale operations and expand their payer therapist network. Additionally, Teladoc highlighted international growth, with the segment now accounting for over 15% of consolidated revenue, and they continue to see robust opportunities across both existing and new geographies.

Record Membership and Revenue in Integrated Care

U.S. Integrated Care segment membership reached 102.4 million members, up 11% year-over-year. Integrated Care segment revenue of $391.5 million increased by 3.7% over the prior year period, exceeding the high end of guidance.

Strong Free Cash Flow and Cash Position

Free cash flow was $61 million in the second quarter, slightly ahead of the prior year period. The company ended the quarter with $680 million in cash and cash equivalents after retiring $551 million in convertible senior notes.

Innovative Product Launches and Strategic Acquisitions

Teladoc launched Wellbound, a new employee assistance program, and enhanced its cardiometabolic health program. Strategic acquisitions, including Catapult Health and UpLift, are strengthening operational capabilities and market opportunities.

International Growth and Expansion

International business now accounts for over 15% of consolidated revenue, with steady double-digit growth. The company is expanding its offering in various countries, including Canada, the UK, and Australia.

Teladoc (TDOC) Earnings, Revenues Date & History

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TDOC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	-0.26 / -	-0.19	―	―	―
Jul 29, 2025	2025 (Q2)	-0.26 / -0.19	-4.92	96.14% (+4.73)
Apr 30, 2025	2025 (Q1)	-0.34 / -0.53	-0.49	-8.16% (-0.04)
Feb 26, 2025	2024 (Q4)	-0.26 / -0.28	-0.17	-64.71% (-0.11)
Oct 30, 2024	2024 (Q3)	-0.28 / -0.19	-0.35	45.71% (+0.16)
Jul 31, 2024	2024 (Q2)	-0.34 / -4.92	-0.4	-1130.00% (-4.52)
Apr 25, 2024	2024 (Q1)	-0.46 / -0.49	-0.42	-16.67% (-0.07)
Feb 20, 2024	2023 (Q4)	-0.22 / -0.17	-23.49	99.28% (+23.32)
Oct 24, 2023	2023 (Q3)	-0.36 / -0.35	-0.45	22.22% (+0.10)
Jul 25, 2023	2023 (Q2)	-0.41 / -0.40	-19.22	97.92% (+18.82)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TDOC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$7.53	$7.40	-1.73%
Apr 30, 2025	$7.19	$6.99	-2.78%
Feb 26, 2025	$10.99	$9.50	-13.56%
Oct 30, 2024	$8.86	$9.00	+1.58%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.