Key Highlights

  • Consensus EPS of negative 0.22 compares with second-quarter diluted EPS of negative 0.21, against negative 0.19.
  • Consensus revenue of USD 588.13 million sits within third-quarter guidance of USD 569 million to USD 609 million.
  • Management guided 2026 revenue of USD 2.36 billion to USD 2.45 billion for the full year.
  • Second-quarter revenue was USD 606.9 million, down 4%, with a net loss per share of 0.21.

Teladoc Health (NYSE:TDOC) reports third-quarter results on Wednesday, Oct. 28, after the market closes. Consensus stands at EPS of -0.22 on revenue of USD 588.13 million, and the company has a market capitalization of USD 1.13 billion.

Teladoc Health provides virtual care through its Integrated Care and BetterHelp segments. Second-quarter revenue was USD 606,927 thousand against USD 631,900 thousand, and the net loss was USD 38,908 thousand against USD 32,660 thousand.

Estimates Against Third-Quarter Guidance

The revenue estimate of USD 588.13 million is within third-quarter consolidated revenue guidance of USD 569 million to USD 609 million. Management also guided third-quarter adjusted EBITDA of USD 62 million to USD 74 million, against second-quarter adjusted EBITDA of USD 65.7 million.

The EPS estimate of negative 0.22 compares with second-quarter diluted EPS of negative 0.21, which compared with negative 0.19 a year earlier. The estimates table does not state its EPS basis, and management gave no EPS guidance. Second-quarter revenue of USD 606,927 thousand compared with USD 631,900 thousand.

What Management Guided and What It Left Open

For 2026, management guided revenue of USD 2.36 billion to USD 2.45 billion, with the midpoint reduced by 5% on updated BetterHelp expectations, and adjusted EBITDA of USD 271 million to USD 303 million. BetterHelp 2026 revenue is guided at USD 770 million to USD 830 million, and Integrated Care revenue growth at 0.8% to 2.4%.

Management left open the pace of the BetterHelp shift from cash pay to insurance, saying demand for insurance moved faster than modeled and provider capacity did not keep pace. It said fourth-quarter cash pay revenue would be affected by lower advertising spending tied to holiday ad pricing, and projected an annualized insurance revenue run rate approaching USD 140 million by the end of the fourth quarter.

BetterHelp and Integrated Care Detail

BetterHelp revenue was USD 212.6 million, down 11.6%, with 346,000 paying users, down 11%. BetterHelp insurance revenue was USD 22 million, up USD 9 million from the prior quarter. Integrated Care revenue was USD 394.3 million, up 1%, with 100.3 million members and chronic care enrollment of 1.27 million, up 14%.

International revenue was USD 119.6 million, up 7%, and advertising and marketing expense was USD 143.4 million, down 14%. Adjusted EBITDA was USD 65.7 million at a 10.8% margin. Free cash flow was USD 35.7 million against USD 61.2 million.

Income Statement Lines, Cash and Leverage

The operating loss was USD 37,092 thousand against USD 54,385 thousand, and the loss before income taxes was USD 37,911 thousand against USD 40,423 thousand. The net loss was USD 38,908 thousand against USD 32,660 thousand. The filing describes a quantitative goodwill impairment test on the BetterHelp reporting unit after management revised its expected performance.

Cash and cash equivalents were USD 774,348 thousand against USD 781,084 thousand at the prior year end. Net debt to trailing adjusted EBITDA was 0.8 times, and 3.6 times on a gross debt basis. The estimates table lists a market capitalization of USD 1.13 billion.

Figures to Follow in the Release

Reported revenue against USD 588.13 million and EPS against negative 0.22 are the headline comparisons. Other markers are BetterHelp paying users, insurance revenue and the full-year guidance ranges.