TDOCNYSEServices-Offices & Clinics of Doctors of MedicineUS GAAP · USD

Teladoc Health, Inc.

Teladoc Health, Inc. provides virtual healthcare services and related technology through two main brands: Teladoc Health for integrated care and BetterHelp for consumer mental health services. The company serves employers, health plans, hospitals and health systems, insurers, financial services firms, and individual users in the United States and internationally.

Kysy yhtiöstä
Liikevaihto2 530milj. USD
−1,5 %v/v
Liikevoitto (EBIT)−263milj. USD
+74,2 %v/v
EBIT-marginaali−10,4%
+29,3 %-yks.v/v
Nettotulos−200milj. USD
+80,0 %v/v
Vapaa kassavirta285milj. USD
+0,9 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−15 000−10 000−5 00005 000milj. USD2020: 1 094 milj. USD2020: EBIT −506 milj. USD20202021: 2 033 milj. USD2021: EBIT −266 milj. USD20212022: 2 407 milj. USD2022: EBIT −13 653 milj. USD20222023: 2 602 milj. USD2023: EBIT −249 milj. USD20232024: 2 570 milj. USD2024: EBIT −1 021 milj. USD20242025: 2 530 milj. USD2025: EBIT −263 milj. USD20252 530−263
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Teladoc Health, Inc.

Liiketoiminta

Osuus liikevaihdosta
Integrated Care65 %

Employer, health plan, and provider-facing virtual care services and technology.

BetterHelp35 %

Consumer mental health services delivered through online therapy and wellness apps.

Tuotteet

Raportoitu · osuus liikevaihdosta
82,7%17,3%FY2025100 %
  • Access Fees Revenue82,7 %
  • Other17,3 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Teladoc sells primarily to employers, health plans, hospitals and health systems, insurance companies, and financial services firms that buy access to virtual care for their members, employees, or beneficiaries. It also serves individual consumers, especially in mental health, who pay directly or use insurance coverage. The business model depends on recurring client contracts, member engagement, and the ability to show access, convenience, and cost savings.

Employers

Buy integrated virtual care benefits for employees and dependents to improve access and manage healthcare costs.

Health plans

Purchase Teladoc services for members and beneficiaries as part of benefit design and care navigation.

Hospitals and health systems

Use virtual care software, implementation services, and related hardware to extend care delivery.

Consumers and patients

Pay directly or through insurance for mental health therapy and wellness services on BetterHelp.

Insurance and financial services firms

Buy access-based virtual care offerings for policyholders, cardholders, and members.

Strategia

Teladoc's strategy centers on expanding engagement across its virtual care platform, broadening services within existing client relationships, and using technology and data to improve clinical and financial outcomes. It also emphasizes consumer acquisition for BetterHelp and the use of insurance coverage to widen access and improve conversion. Internationally, the company aims to deepen penetration in markets where it already has local infrastructure and expertise.

Expand utilization within existing client relationshipsKeskipitkä aikaväli

Recurring access-fee revenue depends on active member engagement and client retention.

Grow consumer mental health adoptionLyhyt aikaväli

BetterHelp relies on direct-to-consumer acquisition and conversion of paying users.

Strengthen international localizationKeskipitkä aikaväli

Local relevance and clinician access are needed to scale outside the U.S.

Invest in product and technology capabilitiesPitkä aikaväli

Competitive differentiation depends on usability, reliability, and clinical outcomes.

Maantiede

Q1/2026

Teladoc has a large U.S. membership base and also operates internationally across five continents. Its international operations are headquartered in Barcelona, Spain, with satellite locations in Canada, Europe, South America, Australia, and Asia. Geography matters because the company must localize care delivery, clinician networks, and regulatory compliance across different health systems.

USA80 %
Other countries (US filing)20 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Teladoc faces execution risk in a competitive and heavily regulated virtual care market where demand, member engagement, and public acceptance can change quickly. The company is also exposed to client concentration, cybersecurity and privacy incidents, workforce and provider supply constraints, and potential goodwill impairment tied to acquisitions and market valuation. Because much of revenue is recurring and relationship-based, loss of major clients or lower usage can affect results disproportionately.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Client and user concentration1Goodwill impairment2Cybersecurity and data privacy3Virtual care market adoption4Competition5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Client and user concentrationVaikutus: KorkeaTodennäköisyys: Korkea

    Revenue depends on retaining large employers, health plans, and active BetterHelp users.

    Kohdistuu: Five largest customers were 31% of Integrated Care revenue in the cited period.

  2. Goodwill impairmentVaikutus: KorkeaTodennäköisyys: Korkea

    Acquisitions and market-cap declines can trigger non-cash impairment charges.

    Kohdistuu: Integrated Care reporting unit and acquired intangibles.

  3. Cybersecurity and data privacyVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The business stores and transmits sensitive health information through third parties and its own systems.

    Kohdistuu: PII and PHI across virtual care and mental health services.

  4. Virtual care market adoptionVaikutus: KeskitasoTodennäköisyys: Korkea

    Growth depends on sustained willingness of members and purchasers to use virtual care.

    Kohdistuu: Demand can weaken if engagement or public perception declines.

  5. CompetitionVaikutus: KeskitasoTodennäköisyys: Korkea

    The company competes with health plans, telehealth platforms, and large technology companies.

    Kohdistuu: Integrated Care and BetterHelp both face crowded markets.

Kysy Clarifolta: Teladoc Health, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition across multiple service types

Contracts may include access fees, visit fees, software licenses, hardware, and implementation services.

Vaikutus: Affects timing and mix of recognized revenue.

Variable consideration and performance-based fees

Some contracts place fees at risk or pay for service-level, savings, or outcome targets.

Vaikutus: Requires judgment in estimating revenue and reserves.

Goodwill and intangible asset impairment

Acquisitions have created goodwill that must be tested for impairment.

Vaikutus: Can produce material non-cash charges in operating results.

Acquisition accounting

Purchased businesses add fair-value estimates for intangibles and liabilities.

Vaikutus: Changes amortization, impairment risk, and comparability.

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Päivitetty: 24.9.2026

Teladoc Health, Inc. (TDOC) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo