Teladoc Health, Inc. (TDOC): Results of Operations and Financial Condition
Teladoc Health, Inc. (TDOC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Teladoc Health Reports Second Quarter 2026 Results NEW YORK, July 29, 2026 — Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, today reported financial results for the three months ended June 30, 2026 (“Second Quarter 2026”). Unless otherwise note
How this was made
The 30-second read
Why it matters
The key new decision-relevant item is management lowering the BetterHelp segment revenue outlook due to cash-pay pressure accelerating beyond prior assumptions, while Integrated Care remains a relative bright spot with margin strength and the Teladoc One launch.
Market read
Traders should focus on the segment outlook change and cash-pay vs insurance mix dynamics, as they directly affect near-term revenue expectations and margin trajectory.
What to watch
The filing notes insurance demand outpaced provider capacity and that Teladoc accelerated the nationwide insurance rollout ahead of plan; execution on capacity conversion could reduce the magnitude of the cash-pay drag over time.
Second Quarter 2026 revenue of $606.9 million, down 4% year-over-year; net loss of $38.9 million, or $0.21 per share; and adjusted EBITDA of $65.7 million, down 5% year-over-year.
Integrated Care revenue increased 1% and its adjusted EBITDA margin was 16.5%, but consolidated revenue decreased 4%, BetterHelp revenue decreased 12%, adjusted EBITDA decreased 5%, free cash flow declined, and the company lowered its BetterHelp segment revenue outlook.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $606.9 million | – | down 4% |
| Access fees revenueGAAP | $474.2 million | – | decreased 9% |
| Other revenueGAAP | $132.7 million | – | increased 23% |
| U.S. revenueGAAP | $487.4 million | – | decreased 6% |
| International revenueGAAP | $119.6 million | – | increased 7% |
| Net lossGAAP | $38.9 million | – | (19)% |
| Net loss per shareGAAP | $0.21 per share | – | (11)% |
| Adjusted EBITDAnon-GAAP | $65.7 million | – | down 5% |
| Integrated Care segment adjusted EBITDAnon-GAAP | increase of $7.8 million | – | – |
| BetterHelp segment adjusted EBITDAnon-GAAP | decrease of $11.4 million | – | – |
| Cash flow from operationsother | $64.7 million | – | – |
| Capital expenditures and capitalized software development costsother | $28.9 million | – | – |
| Free cash flowother | $35.7 million | – | – |
| Six-month revenueGAAP | $1,220.8 million | – | decreased 3% |
| Six-month net lossGAAP | $102.7 million | – | 18% |
| Six-month net loss per shareGAAP | $0.57 per share | – | 21% |
| Six-month adjusted EBITDAnon-GAAP | $123.9 million | – | decreased 3% |
| Six-month cash flow from operationsother | $74.2 million | – | – |
| Six-month capital expenditures and capitalized software development costsother | $64.7 million | – | – |
| Six-month free cash flowother | $9.4 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Integrated CareAdjusted EBITDA margin of 16.5%; the company stated that revenue growth and adjusted EBITDA margin were above the midpoint of its guidance ranges. | $394.3 million | – | up 1% year-over-year |
| BetterHelpAdjusted EBITDA margin of 0.2%; insurance revenue came in near the high end of expectations, while cash pay revenue pressure accelerated in late May and June. | $212.6 million | – | down 12% year-over-year |
| Integrated Care, first six months of 2026Segment adjusted EBITDA increased $13.7 million in the first six months of 2026. | $789.8 million | – | increased 1% |
| BetterHelp, first six months of 2026Segment adjusted EBITDA decreased $17.2 million in the first six months of 2026. | $431.0 million | – | decreased 10% |
Full Year 2026 and 3Q 2026 outlook
- RevenueFull Year 2026: $2,362 - $2,447 million; 3Q 2026: $569 - $609 million
- NoteFull Year 2026 Adjusted EBITDA: $271 - $303 million
- NoteFull Year 2026 Net loss per share: ($1.00) - ($0.75)
- NoteFull Year 2026 Free Cash Flow: $130 - $170 million
- NoteFull Year 2026 U.S. Integrated Care Members: 98.5 - 100.5 million
- NoteFull Year 2026 Integrated Care Revenue growth percentage (year-over-year): 0.8% - 2.4%
- NoteFull Year 2026 Integrated Care Adjusted EBITDA margin: 15.6% - 16.4%
- NoteFull Year 2026 BetterHelp Revenue growth percentage (year-over-year): (19.0%) - (12.7%)
- NoteFull Year 2026 BetterHelp Adjusted EBITDA margin: 3.0% - 4.6%
- Note3Q 2026 Adjusted EBITDA: $62 - $74 million
- Note3Q 2026 Net loss per share: ($0.30) - ($0.20)
- Note3Q 2026 U.S. Integrated Care Members: 99.0 - 100.5 million
- Note3Q 2026 Integrated Care Revenue growth percentage (year-over-year): 0.0% - 3.0%
- Note3Q 2026 Integrated Care Adjusted EBITDA margin: 15.7% - 17.2%
- Note3Q 2026 BetterHelp Revenue growth percentage (year-over-year): (24.2%) - (12.3%)
- Note3Q 2026 BetterHelp Adjusted EBITDA margin: 0.5% - 2.5%
What drove it
- Integrated Care segment revenue increased 1% to $394.3 million.
- Other revenue increased 23% to $132.7 million.
- International revenue increased 7% to $119.6 million.
- The company launched Teladoc One, its new connected care model for the U.S. market.
- BetterHelp insurance revenue came in near the high end of expectations.
- The company accelerated the nationwide insurance rollout ahead of plan.
Concerns
- Consolidated revenue decreased 4% to $606.9 million.
- Access fees revenue decreased 9% to $474.2 million.
- U.S. revenue decreased 6% to $487.4 million.
- BetterHelp segment revenue decreased 12% to $212.6 million.
- BetterHelp cash pay revenue pressure accelerated further in late May and into June.
- Demand for insurance-covered services outpaced available provider capacity, limiting conversion into sessions and revenue.
- Adjusted EBITDA decreased 5% to $65.7 million.
- Free cash flow declined to $35.7 million from $61.2 million.
What to watch
- BetterHelp cash pay revenue assumptions and the revised full-year BetterHelp revenue growth range of (19.0%) - (12.7%).
- The scaling of provider capacity for insurance-covered BetterHelp services.
- BetterHelp adjusted EBITDA margin guidance of 0.5% - 2.5% for 3Q 2026 and 3.0% - 4.6% for Full Year 2026.
- Integrated Care revenue growth and adjusted EBITDA margin against the 3Q 2026 outlook ranges.
- Free cash flow against the Full Year 2026 outlook of $130 - $170 million.
Balance sheet and cash flow
- Cash flow from operations was $64.7 million in Second Quarter 2026, compared to $91.4 million in Second Quarter 2025.
- Capital expenditures and capitalized software development costs were $28.9 million in Second Quarter 2026, compared to $30.2 million in Second Quarter 2025.
- Free cash flow was $35.7 million in Second Quarter 2026, compared to $61.2 million in Second Quarter 2025.
- Cash flow from operations was $74.2 million in the first six months of 2026, compared to $107.4 million in the first six months of 2025.
- Free cash flow was $9.4 million in the first six months of 2026, compared to $45.5 million in the first six months of 2025.
Analysis
Teladoc Health reported a weaker consolidated second quarter, with revenue decreasing 4% to $606.9 million and adjusted EBITDA decreasing 5% to $65.7 million. The GAAP net loss increased to $38.9 million from $32.7 million, while net loss per share increased to $0.21 from $0.19. Revenue pressure was concentrated in access fees, which decreased 9% to $474.2 million, and in U.S. revenue, which decreased 6% to $487.4 million. Other revenue increased 23% to $132.7 million and International revenue increased 7% to $119.6 million.
The two segments continued to diverge. Integrated Care revenue increased 1% to $394.3 million and delivered a 16.5% adjusted EBITDA margin. Management said both its revenue growth and adjusted EBITDA margin were above the midpoint of their guidance ranges, and cited the launch of Teladoc One in the U.S. market. BetterHelp revenue decreased 12% to $212.6 million and its adjusted EBITDA margin was 0.2%. The $7.8 million increase in Integrated Care adjusted EBITDA was more than offset by an $11.4 million decrease in BetterHelp adjusted EBITDA.
BetterHelp's demand and capacity dynamics drove the guidance change. Management said insurance revenue was near the high end of expectations, but cash pay pressure accelerated in late May and June. Demand for insurance-covered services exceeded available provider capacity, limiting conversion into sessions and revenue. The company accelerated its nationwide insurance rollout ahead of plan, continues to expect 2026 insurance revenue within its previously communicated range, and lowered the BetterHelp segment revenue outlook to incorporate updated cash pay assumptions and prioritization of the insurance market.
Cash generation also declined in the quarter. Cash flow from operations was $64.7 million compared with $91.4 million, while capex was $28.9 million compared with $30.2 million and free cash flow was $35.7 million compared with $61.2 million. For the first six months, revenue decreased 3% to $1,220.8 million, adjusted EBITDA decreased 3% to $123.9 million, and free cash flow was $9.4 million compared with $45.5 million. The full-year outlook calls for revenue of $2,362 - $2,447 million, adjusted EBITDA of $271 - $303 million, and free cash flow of $130 - $170 million, while the third-quarter outlook calls for revenue of $569 - $609 million and adjusted EBITDA of $62 - $74 million.
Management, verbatim
We continue to make progress on the priorities we believe are most important to the long-term success of Teladoc Health. Our second-quarter results were within our guidance ranges on a consolidated basis and reflected distinct dynamics across our two segments.
Chuck Divita, Chief Executive Officer of Teladoc Health
In the BetterHelp segment, insurance revenue came in near the high end of our expectations. However, pressure on cash pay revenue accelerated further in late May and into June, beyond the assumptions underlying our prior outlook.
Chuck Divita, Chief Executive Officer of Teladoc Health
Not in the filing
stated, not guessed- GAAP gross margin
- GAAP operating income or loss
- GAAP operating expenses
- Cash balance
- Debt balance
- Share repurchases
- Dividends
- Previous-release outlook for metric-by-metric comparison
- Quarter-over-quarter comparisons
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC 8-K (Item 2.02) with Exhibit 99.1 reporting Teladoc’s Q2 2026 results for the three months ended June 30, 2026.
Ticker impact
Teladoc reported Q2 2026 revenue of $606.9M (down 4% YoY) and lowered BetterHelp revenue outlook due to faster cash-pay pressure.
Likely bearish bias for TDOC into the next earnings cycle as investors reprice BetterHelp revenue trajectory and cash conversion.
The filing discloses segment-level revenue declines (BetterHelp -12% YoY) and management commentary that cash-pay pressure accelerated beyond prior assumptions, prompting a lowered segment outlook.
Market effects
Virtual care and telehealth platforms may face heightened sensitivity to payer mix and cash-pay demand elasticity, reinforcing focus on segment economics.
U.S. revenue declined 6% YoY while International rose 7%, suggesting investors may differentiate U.S. payer dynamics from ex-U.S. growth.
Limited direct global read-across beyond investor scrutiny of reimbursement mix and provider capacity constraints.
Counterpoint
Integrated Care delivered revenue growth and adjusted EBITDA margin above the midpoint of guidance, which could stabilize consolidated results if BetterHelp scaling improves.
Key entities
- public_companyTeladoc Health, Inc.
Reported Q2 2026 financial results and provided segment commentary, including a lowered BetterHelp revenue outlook.
- business_segmentBetterHelp segment
Revenue down 12% YoY to $212.6M; cash-pay pressure accelerated and outlook was lowered.
- business_segmentIntegrated Care segment
Revenue up 1% YoY to $394.3M; adjusted EBITDA margin 16.5% and Teladoc One launch mentioned.
