TDOC earnings analysis
What we found in TDOC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Teladoc Health reported Q1 2026 revenue of $613.8 million, reflecting a 2% decline year-over-year but surpassing consensus estimates of $610.9 million. The company narrowed its net loss to $63.8 million, or $(0.36) per share, showing a significant improvement from a loss of $(0.53) per share in Q1 2025. Operational performance showed growth in the Integrated Care segment despite challenges in the BetterHelp segment.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Expectations
- Actual revenue of $613.8 million was above the consensus estimate of $610.9 million.
- Improved Net Loss
- Net loss reduced to $63.8 million from $93.0 million in Q1 2025.
- Positive Segment Performance
- Integrated Care revenue grew as acquisitions contributed approximately 3% to growth.
- Higher Average Revenue per Member
- Average monthly revenue per U.S. Integrated Care member increased to $1.30 from $1.27 year-over-year.
- Reduced Advertising Costs
- Advertising and marketing expenses decreased by 10% to $151.5 million.
- Cost Control
- Total costs and expenses fell by 10% to $675.6 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in BetterHelp Revenue
- BetterHelp users declined by 9% to 361,000 compared to 397,000 in Q1 2025.
- Restructuring Costs Increase
- Restructuring costs rose significantly, increasing by 175% to $12.0 million.
- Increased Competition
- Health plans may introduce services that replicate Teladoc's offerings, potentially leading to member loss.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.36
- Segment
- Integrated Care
- Segment
- BetterHelp
What they said about what is next.
Company reaffirmed full-year financial outlook with no changes noted.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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