Teladoc posts stable Q4 with modest beat, guides flat 2026 revenue

 

 as BetterHelp shifts from cash-pay to insurance

• Q4 2025 revenue $642.3M grew slightly YoY, modestly above estimates and guidance midpoint; adjusted EBITDA $84M, 13% margin.
• 2025 revenue fell 1.5% to $2.53B while adjusted EBITDA rose to $281M, 11.1% margin.
• Q4 2025 net loss was $0.14 per share for the period.
• Full-year 2025 net loss totaled $200.3M for the year period.
• Integrated Care Q4 revenue rose 4.7% YoY to $409M; segment EBITDA margin improved to 16%.
• BetterHelp Q4 revenue declined 6.7% YoY to $233M, but EBITDA margin rebounded to 7.9%.
• Company issued below-consensus Q1 revenue and EBITDA guidance for the upcoming quarter.
• 2026 guidance: revenue $2.47–$2.59B (flat YoY midpoint), EBITDA $266–$308M (+2% midpoint).
• Integrated Care 2026 revenue guided to 0.4–3.9% growth with ~45 bps EBITDA margin expansion.

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