TDOC

MKT CAP:$1B

Teladoc Health, Inc.

Market Cap

$1B

Healthcare·Medical - Healthcare Information Services·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$5.70-$1.35 (-19.15%)

Apr 23, 2026

Company Details

Teladoc Health, Inc. provides virtual healthcare services in the United States and internationally. The company offers a portfolio of services and solutions covering non-urgent, episodic, chronic, and complicated medical conditions, includi...

CEO

Charles Divita

IPO Date

Jun 30, 2015

Website

www.teladochealth.com

Key Metrics TTM

Revenue

$2.5B

-1.5% YoY

Net Income

-$200M

EPS (Diluted)

-$1.14

Free Cash Flow

$228M

Revenue / Share

$14.36

Gross Margin

69.5%

Operating Margin

-10.4%

Net Margin

-7.9%

FCF Margin

9.0%

P/S

0.4x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 26, 2026

$2.5B-1.5%EPS -$1.14

Q4 2025

Feb 26, 2026

$642M+0.3%EPS -$0.14

Q3 2025

Oct 30, 2025

$626M-2.2%EPS -$0.28

Q2 2025

Jul 30, 2025

$632M-1.6%EPS -$0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$565M	$378M	-$6.7B
Q2 22	$592M	$410M	-$3.1B
Q3 22	$611M	$426M	-$72M
Q4 22	$638M	$449M	-$3.8B
Q1 23	$629M	$439M	-$77M
Q2 23	$652M	$462M	-$72M
Q3 23	$660M	$474M	-$65M
Q4 23	$661M	$467M	-$35M
Q1 24	$646M	$452M	-$87M
Q2 24	$642M	$454M	-$841M
Q3 24	$641M	$461M	-$44M
Q4 24	$640M	$452M	-$48M
Q1 25	$629M	$433M	-$121M
Q2 25	$632M	$441M	-$54M
Q3 25	$626M	$439M	-$52M
Q4 25	$642M	$445M	-$36M

Valuation

Quarter	P/S	P/E
Q1 22	5.2x	—
Q2 22	2.7x	—
Q3 22	1.8x	—
Q4 22	1.6x	—
Q1 23	1.7x	—
Q2 23	1.7x	—
Q3 23	1.2x	—
Q4 23	1.4x	—
Q1 24	1.0x	—
Q2 24	0.6x	—
Q3 24	0.6x	—
Q4 24	0.6x	—
Q1 25	0.5x	—
Q2 25	0.6x	—
Q3 25	0.6x	—
Q4 25	0.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$32M	-$36M
Q2 22	$92M	$90M
Q3 22	$63M	$59M
Q4 22	$66M	$59M
Q1 23	$13M	$11M
Q2 23	$101M	$99M
Q3 23	$106M	$68M
Q4 23	$130M	$129M
Q1 24	$9M	$8M
Q2 24	$89M	$87M
Q3 24	$110M	$79M
Q4 24	$86M	$56M
Q1 25	$16M	-$16M
Q2 25	$91M	$90M
Q3 25	$99M	$68M
Q4 25	$88M	$85M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$3M
Q3 22	$4M
Q4 22	$6M
Q1 23	$2M
Q2 23	$2M
Q3 23	$38M
Q4 23	$1M
Q1 24	$1M
Q2 24	$2M
Q3 24	$31M
Q4 24	$30M
Q1 25	$32M
Q2 25	$1M
Q3 25	$31M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+24.6%	+1243.9%
Q2 22	+17.7%	+533.7%
Q3 22	+17.2%	+17.3%
Q4 22	+15.1%	+647.6%
Q1 23	+11.3%	-90.2%
Q2 23	+10.1%	-80.4%
Q3 23	+8.0%	+6.1%
Q4 23	+3.6%	-84.4%
Q1 24	+2.7%	+3.8%
Q2 24	-1.5%	+104.9%
Q3 24	-3.0%	-5.5%
Q4 24	-3.0%	-1.0%
Q1 25	-2.6%	+2.3%
Q2 25	-1.6%	-53.7%
Q3 25	-2.2%	-1.0%
Q4 25	+0.3%	-1.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$60M	10.7%
Q2 22	$51M	8.6%
Q3 22	$56M	9.1%
Q4 22	$51M	8.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$53M	8.0%
Q4 23	$47M	7.1%
Q1 24	$42M	6.6%
Q2 24	$42M	6.6%
Q3 24	$34M	5.3%
Q4 24	$27M	4.3%
Q1 25	$25M	4.0%
Q2 25	$22M	3.5%
Q3 25	$17M	2.7%
Q4 25	$16M	2.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$87M	$105M	$192M
Q2 22	$79M	$113M	$223M
Q3 22	$85M	$112M	$234M
Q4 22	$83M	$120M	$203M
Q1 23	$87M	$114M	$231M
Q2 23	$87M	$126M	$232M
Q3 23	$107M	$116M	$238M
Q4 23	$31M	$109M	$201M
Q1 24	$81M	$112M	$238M
Q2 24	$108M	$110M	$221M
Q3 24	$108M	$114M	$225M
Q4 24	$21M	$100M	$227M
Q1 25	$70M	$113M	$217M
Q2 25	$113M	$108M	$217M
Q3 25	$68M	$103M	$119M
Q4 25	$72M	$108M	$100M

Revenue by Geography

Quarter	Other	United States	Non-US
Q1 23	$88M	$542M	—
Q2 23	—	$562M	$91M
Q3 23	—	$569M	$91M
Q1 24	—	$548M	$99M
Q2 24	—	$541M	$102M
Q3 24	—	$536M	$104M
Q4 24	—	$535M	$105M
Q1 25	—	$525M	$104M
Q2 25	—	$520M	$112M
Q3 25	—	$510M	$117M
Q4 25	—	$517M	$125M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$836M	$3M	$839M
Q2 22	$881M	$3M	$884M
Q3 22	$900M	$0	$900M
Q4 22	$918M	$0	$918M
Q1 23	$889M	$0	$889M
Q2 23	$959M	$0	$959M
Q3 23	$1.0B	$0	$1.0B
Q4 23	$1.1B	$0	$1.1B
Q1 24	$1.1B	$0	$1.1B
Q2 24	$1.2B	$0	$1.2B
Q3 24	$1.2B	$0	$1.2B
Q4 24	$1.3B	$0	$1.3B
Q1 25	$1.2B	$0	$1.2B
Q2 25	$680M	$0	$680M
Q3 25	$726M	$0	$726M
Q4 25	$781M	$0	$781M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	161M	+0.4%	+5.5%
Q2 22	161M	+0.5%	+3.4%
Q3 22	162M	+0.2%	+1.4%
Q4 22	162M	+0.3%	+1.4%
Q1 23	163M	+0.5%	+1.5%
Q2 23	164M	+0.8%	+1.7%
Q3 23	165M	+0.6%	+2.1%
Q4 23	166M	+0.6%	+2.4%
Q1 24	168M	+1.0%	+3.0%
Q2 24	170M	+1.5%	+3.7%
Q3 24	171M	+0.7%	+3.9%
Q4 24	173M	+0.7%	+4.0%
Q1 25	174M	+0.8%	+3.8%
Q2 25	176M	+1.0%	+3.3%
Q3 25	176M	-0.1%	+2.4%
Q4 25	176M	+0.3%	+2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$110.9K	5K
Q2 22	$116.2K	5K
Q3 22	$119.9K	5K
Q4 22	$113.9K	6K
Q1 23	$112.4K	6K
Q2 23	$116.5K	6K
Q3 23	$117.9K	6K
Q4 23	$118.0K	6K
Q1 24	$115.4K	6K
Q2 24	$114.7K	6K
Q3 24	$114.4K	6K
Q4 24	$116.5K	6K
Q1 25	$114.4K	6K
Q2 25	$114.9K	6K
Q3 25	$113.9K	6K
Q4 25	$114.7K	6K

Revenue / Employee