10-K · April 30, 2026
Talkspace's 2025 10-K reveals solid revenue growth with opportunities for future upside through its acquisition by Universal Health Services at $5.25 per share. The company's operating performance improved significantly…
Earnings analysis · 10-Q
TALK earnings analysis
Filed May 11, 2026 · Our reading of the company's report
The latest report
Talkspace reported revenue of $61.7 million for Q1 2026, an increase of 18.2% compared to Q1 2025, primarily driven by a 28.3% increase in Payor revenue. However, the company experienced a substantial loss of $6.3…
Read full summary
Talkspace reported revenue of $61.7 million for Q1 2026, an increase of 18.2% compared to Q1 2025, primarily driven by a 28.3% increase in Payor revenue. However, the company experienced a substantial loss of $6.3 million, despite maintaining a diluted EPS of $0.02, and significant increases in transaction-related costs associated with its ongoing merger with Universal Health Services.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-6.3
- Segment
- Payor
- Segment
- DTE
- Segment
- Consumer
What stood out
-
Strong Overall Revenue Growth
Q1 2026 revenue reached $61.7 million, up 18.2% from $52.2 million in Q1 2025.
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Payor Revenue Surge
Payor revenue increased by 28.3% to $48.6 million, contributing to overall growth.
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Increased Number of Completed Sessions
Completed Payor sessions grew to 459,300, a 31.2% increase year-over-year.
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Operating Margin Decline
Operating loss increased to $7.1 million in Q1 2026, compared to a loss of $1.1 million in Q1 2025.
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Massive Increase in G&A Expenses
General and administrative expenses rose 146.2% to $12.8 million due to transaction costs related to the merger.
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No Debt and Strong Cash Position
Total cash stood at $84.2 million despite a decrease from $92.6 million at year-end 2025.
What to watch
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Increasing Losses
Net losses for Q1 2026 grew to $6.3 million, compared to $6.6 million in Q1 2025, indicating worsening financial health.
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Decline in Consumer Membership
Consumer active members fell to 5,200 from 6,900 in Q1 2025, a drop of 23.9%.
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High Dependency on Payor Revenue
Shift in revenue focus towards Payor members may impact long-term sustainability and diversification.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-K · March 13, 2026
Talkspace reported full-year 2025 revenue of $228.9 million, up from $187.6 million in 2024 (+$41.3M, +22.0%), driven by growth in Payor sessions (1,617,000 in 2025 vs 1,229,200 in 2024). Quarterly trends show improving…
10-Q · November 6, 2025
Talkspace reported Q3 2025 revenue of $59,381 (in thousands), up from $47,399 in Q3 2024 (+$11,982, +25.3%), with income from operations of $2,198 (in thousands) versus $99 in Q3 2024 and diluted EPS of $0.02 (vs…
10-Q · May 9, 2025
Talkspace reported Q1 revenue of $52.18M (up $6.77M / +14.9% year-over-year) and a GAAP net income of $318k versus a loss of $1.466M in Q1 2024, driven by strong Payor growth. Gross margin held at ~44.6% while operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.