Teladoc Health Reports Third Quarter 2026 Results
Teladoc Health, Inc. (TDOC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Teladoc Health Reports Third Quarter 2026 Results NEW YORK, October 28, 2026 — Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, today reported financial results for the three months ended September 30, 2026 (“Third Quarter 2026”). Unless otherwis
How this was made
The 30-second read
Why it matters
The earnings miss may trigger short‑term sell pressure, but the company’s cash flow and adjusted EBITDA growth provide a floor for valuation.
Market read
First‑report earnings release with new financial metrics; material for traders monitoring telehealth stocks.
What to watch
Strong cash flow generation and continued international expansion may support longer‑term valuation.
Third Quarter 2026 revenue declined 3% to $605.1 million, while adjusted EBITDA increased 14% to $79.4 million and net loss narrowed to $26.9 million.
Adjusted EBITDA, Integrated Care revenue, free cash flow and the net loss improved year over year, but consolidated revenue declined and BetterHelp revenue, paying users and U.S. Integrated Care members contracted.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, Three Months Ended September 30GAAP | $605.1M | – | (3) % |
| Revenue, Nine Months Ended September 30GAAP | $1.83B | – | (3) % |
| Access Fees revenue, Three Months Ended September 30GAAP | $466.7M | – | (10) % |
| Access Fees revenue, Nine Months Ended September 30GAAP | $1.43B | – | (9) % |
| Other revenue, Three Months Ended September 30GAAP | $138.4M | – | 31 % |
| Other revenue, Nine Months Ended September 30GAAP | $400.3M | – | 26 % |
| U.S. revenue, Three Months Ended September 30GAAP | $489.2M | – | (4) % |
| U.S. revenue, Nine Months Ended September 30GAAP | $1.47B | – | (6) % |
| International revenue, Three Months Ended September 30GAAP | $115.9M | – | (1) % |
| International revenue, Nine Months Ended September 30GAAP | $357.8M | – | 7 % |
| Cost of revenue, Three Months Ended September 30GAAP | 190,258 | – | – |
| Cost of revenue, Nine Months Ended September 30GAAP | 578,621 | – | – |
| Advertising and marketing, Three Months Ended September 30GAAP | 123,978 | – | – |
| Advertising and marketing, Nine Months Ended September 30GAAP | 418,902 | – | – |
| Sales, Three Months Ended September 30GAAP | 49,578 | – | – |
| Technology and development, Three Months Ended September 30GAAP | 65,546 | – | – |
| General and administrative, Three Months Ended September 30GAAP | 107,400 | – | – |
| Goodwill impairment, Three Months Ended September 30GAAP | — | – | – |
| Restructuring costs, Three Months Ended September 30GAAP | 4,404 | – | – |
| Amortization of intangible assets, Three Months Ended September 30GAAP | 88,286 | – | – |
| Total costs and expenses, Three Months Ended September 30GAAP | 633,201 | – | – |
| Loss from operations, Three Months Ended September 30GAAP | (28,099) | – | – |
| Net loss, Three Months Ended September 30GAAP | −$26.93M | – | 46 % |
| Net loss, Nine Months Ended September 30GAAP | −$129.7M | – | 26 % |
| Net loss per share, basic and diluted, Three Months Ended September 30GAAP | $ (0.15) | – | 46 % |
| Net loss per share, basic and diluted, Nine Months Ended September 30GAAP | $ (0.72) | – | 28 % |
| Adjusted EBITDA, Three Months Ended September 30non-GAAP | $79.36M | – | 14 % |
| Adjusted EBITDA, Nine Months Ended September 30non-GAAP | $203.2M | – | 3 % |
| Total Visits, Three Months Ended September 30other | 4.0 | – | (2) % |
| Total Visits, Nine Months Ended September 30other | 12.5 | – | (2) % |
| U.S. Integrated Care Members, As of September 30other | 100.1 | – | (2) % |
| Chronic Care Program Enrollment, As of September 30other | 1.344 | – | 15 % |
| Average Monthly Revenue Per U.S. Integrated Care Member, Three Months Ended September 30other | $ 1.33 | – | 5 % |
| Average Monthly Revenue Per U.S. Integrated Care Member, Nine Months Ended September 30other | $ 1.31 | – | 3 % |
| BetterHelp Paying Users, Three Months Ended September 30other | 0.336 | – | (12) % |
| BetterHelp Paying Users, Nine Months Ended September 30other | 0.348 | – | (11) % |
| Total stock-based compensation expense, Three Months Ended September 30GAAP | $11.62M | – | – |
| Total stock-based compensation expense, Nine Months Ended September 30GAAP | $35.53M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Integrated Care, Three Months Ended September 30Adjusted EBITDA was $ 74,881 versus $ 66,068, and adjusted EBITDA margin was 18.8 % versus 17.0 %. | $398.5M | – | 2 % |
| Integrated Care, Nine Months Ended September 30Adjusted EBITDA was $ 196,400 versus $ 173,897, and adjusted EBITDA margin was 16.5 % versus 14.9 %. | $1.19B | – | 2 % |
| BetterHelp, Three Months Ended September 30Consumer and Other revenue was $ 174,533, down (25) %, while Insurance Covered Services revenue was $ 32,108 versus $ 3,675. Adjusted EBITDA was $ 4,477 versus $ 3,841 and adjusted EBITDA margin was 2.2 % versus 1.6 %. | $206.6M | – | (13) % |
| BetterHelp, Nine Months Ended September 30Consumer and Other revenue was $ 570,848, down (20) %, while Insurance Covered Services revenue was $ 66,815 versus $ 5,803. Adjusted EBITDA was $ 6,840 versus $ 23,416 and adjusted EBITDA margin was 1.1 % versus 3.3 %. | $637.7M | – | (11) % |
Full Year 2026; 4Q 2026 outlook
- RevenueFull Year 2026: $2,395 - $2,441 million; 4Q 2026: $569 - $615 million
- NoteAdjusted EBITDA: Full Year 2026 $277 - $303 million; 4Q 2026 $74 - $100 million
- NoteNet loss per share: Full Year 2026 ($0.95) - ($0.75); 4Q 2026 ($0.23) - ($0.03)
- NoteFree Cash Flow: Full Year 2026 $135 - $165 million
- NoteU.S. Integrated Care Members: Full Year 2026 99.5 - 100.5 million; 4Q 2026 99.5 - 100.5 million
- NoteIntegrated Care Revenue growth percentage (year-over-year): Full Year 2026 1.1% - 2.1%; 4Q 2026 0.0% - 3.8%
- NoteIntegrated Care Adjusted EBITDA margin: Full Year 2026 16.0% - 16.6%; 4Q 2026 14.5% - 16.8%
- NoteBetterHelp Revenue growth percentage (year-over-year): Full Year 2026 (16.1%) - (12.9%); 4Q 2026 (31.5%) - (18.5%)
- NoteBetterHelp Adjusted EBITDA margin: Full Year 2026 2.7% - 4.3%; 4Q 2026 9.2% - 15.1%
What drove it
- Integrated Care revenue increased 2% in Third Quarter 2026 and segment adjusted EBITDA increased $8.8 million.
- Other revenue increased 31% to $138.4 million in Third Quarter 2026.
- Insurance Covered Services revenue was $ 32,108 in Third Quarter 2026, compared with $ 3,675 in Third Quarter 2025.
- Average Monthly Revenue Per U.S. Integrated Care Member increased 5% to $ 1.33 in the third quarter.
- Advertising and marketing expense was 123,978 in Third Quarter 2026, compared to 167,985 in Third Quarter 2025.
- Third Quarter 2026 included legal settlement costs and recoveries, net of (600).
Concerns
- Consolidated revenue decreased 3% in Third Quarter 2026.
- BetterHelp revenue decreased 13%, with Consumer and Other revenue down 25%.
- BetterHelp Paying Users decreased 12% to 0.336.
- U.S. Integrated Care Members decreased 2% to 100.1.
- Access Fees revenue decreased 10% to $466.7 million.
- BetterHelp adjusted EBITDA margin was 2.2%, and nine-month BetterHelp adjusted EBITDA declined (71) % to $ 6,840.
- Restructuring costs increased to 4,404 from 1,950 in the third quarter.
What to watch
- Fourth-quarter consolidated revenue outlook of $569 - $615 million and adjusted EBITDA outlook of $74 - $100 million.
- Fourth-quarter BetterHelp Revenue growth percentage outlook of (31.5%) - (18.5%).
- Fourth-quarter BetterHelp Adjusted EBITDA margin outlook of 9.2% - 15.1%.
- U.S. Integrated Care Members outlook of 99.5 - 100.5 million.
- Insurance Covered Services expansion and the decline in BetterHelp users paying directly out-of-pocket.
- Implementation of Teladoc One with early launch partners and initiatives including hybrid care and AI-enabled solutions.
Balance sheet and cash flow
- Cash flow from operations was $106.5 million in Third Quarter 2026, compared to $99.3 million in Third Quarter 2025.
- Cash flow from operations was $180.6 million in the first nine months of 2026, compared to $206.6 million in the first nine months of 2025.
- Capex was $30.5 million in Third Quarter 2026, compared to $31.3 million in Third Quarter 2025.
- Capex was $95.3 million in the first nine months of 2026, compared to $93.1 million in the first nine months of 2025.
- Free cash flow was $75.9 million in Third Quarter 2026, compared to $67.9 million in Third Quarter 2025.
- Free cash flow was $85.4 million in the first nine months of 2026, compared to $113.5 million in the first nine months of 2025.
- Cash and cash equivalents were $ 849,909 as of September 30, 2026, compared to $ 781,084 as of December 31, 2025.
- Convertible senior notes, net—current were 997,593 as of September 30, 2026; convertible senior notes, net—non-current were —.
- Net cash provided by operating activities was 180,636 for the nine months ended September 30, 2026, compared to 206,615 for the nine months ended September 30, 2025.
Analysis
Teladoc reported third-quarter revenue of $605.1 million, down 3% year over year, while adjusted EBITDA increased 14% to $79.4 million and net loss narrowed to $26.9 million from $49.5 million. The improvement in adjusted EBITDA occurred alongside lower advertising and marketing expense of 123,978 versus 167,985, although total revenue and access fees revenue both declined. Third-quarter free cash flow increased to $75.9 million from $67.9 million.
Integrated Care provided the growth component of the portfolio. Segment revenue rose 2% to $398.5 million, segment adjusted EBITDA increased to $74.9 million from $66.1 million, and adjusted EBITDA margin expanded to 18.8% from 17.0%. Average Monthly Revenue Per U.S. Integrated Care Member increased 5% to $1.33, while Chronic Care Program Enrollment increased 15% to 1.344. Those advances occurred despite a 2% decline in U.S. Integrated Care Members to 100.1.
BetterHelp remained the central demand and mix pressure point. Segment revenue declined 13% to $206.6 million, reflecting a 25% decline in Consumer and Other revenue to $174.5 million and a 12% decrease in BetterHelp Paying Users to 0.336. Insurance Covered Services increased to $32.1 million from $3.7 million, and the company said insurance revenue exceeded expectations. Segment adjusted EBITDA rose to $4.5 million from $3.8 million in the quarter, but nine-month adjusted EBITDA fell to $6.8 million from $23.4 million and nine-month margin was 1.1%.
Cash flow was mixed across the reported periods. Third-quarter operating cash flow increased to $106.5 million and free cash flow increased to $75.9 million, while nine-month operating cash flow declined to $180.6 million and free cash flow declined to $85.4 million. Cash and cash equivalents were $849.9 million at September 30, 2026, and convertible senior notes, net—current were 997,593. The company gave full-year revenue outlook of $2,395 - $2,441 million, adjusted EBITDA outlook of $277 - $303 million and free-cash-flow outlook of $135 - $165 million.
The fourth-quarter outlook calls for revenue of $569 - $615 million and adjusted EBITDA of $74 - $100 million. The outlook anticipates Integrated Care revenue growth of 0.0% - 3.8% and BetterHelp revenue growth of (31.5%) - (18.5%), placing attention on the expected pace of BetterHelp contraction, the scaling of Insurance Covered Services, provider capacity, and the execution of Teladoc One, hybrid care and AI-enabled initiatives.
Management, verbatim
We delivered third quarter results near the upper end of our guidance range for consolidated revenue and above our range for consolidated adjusted EBITDA, reflecting solid execution across our two segments.
Chuck Divita, Chief Executive Officer of Teladoc Health
In the BetterHelp segment, insurance revenue exceeded our expectations, and we are making encouraging progress expanding provider capacity and scaling access to covered services.
Chuck Divita, Chief Executive Officer of Teladoc Health
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported metrics
- Gross profit and gross margin
- Operating margin
- GAAP operating-income guidance
- Tax-rate guidance
- Capital returns, including share repurchases and dividends
- Prior-period outlook needed to assess actual results versus prior guidance
- Debt amount expressed as total debt; the filing reports convertible senior notes, net—current and convertible senior notes, net—non-current
- Sales, Technology and development, General and administrative, and other operating expense comparisons for the nine months in key_metrics were not separately included because no change percentages were printed for those line items
AlphAI 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
Teladoc Health filed a Form 8‑K reporting its third‑quarter 2026 financial results, including segment breakdowns and outlook guidance.
Ticker impact
Teladoc Health reported Q3 2026 revenue of $605.1M (down 3% YoY) and a net loss of $26.9M, missing prior guidance on revenue growth.
likely pressure as the market prices in the revenue miss and higher loss
Revenue fell while loss narrowed, but the decline in BetterHelp revenue and modest top‑line growth raise concerns about near‑term momentum.
Market effects
Virtual‑care sector may face scrutiny as Teladoc's integrated‑care growth slows and BetterHelp revenue contracts.
U.S. telehealth stocks could see modest downside pressure in the short term.
Limited; impact confined to health‑tech and telehealth subsectors.
Counterpoint
The narrowing loss and stable adjusted EBITDA could be seen as a sign of operational improvement despite revenue dip.
Key entities
- companyTeladoc Health, Inc.
Provider of virtual care services, ticker TDOC.
- executiveChuck Divita
Chief Executive Officer of Teladoc Health.
