Executive Summary
Teladoc Health reported QQ3 2025 revenue of $626.4 million, a modest 2.2% YoY decline and 0.9% QoQ decrease, with a robust gross margin of 70.1% and an ongoing operating loss of $51.96 million. Net income came in at a negative $49.5 million or -$0.28 per share, reflecting fixed-cost pressure within a still-elevated operating expense base. Despite the bottom-line softness, Teladoc generated positive operating cash flow per share of $0.565 and free cash flow per share of $0.552, underscoring cash-generation discipline even as profitability remains a work in progress. The company maintains solid liquidity (current ratio 2.70; cash per share $4.13) and a moderate debt footprint (debt ratio 0.358; long-term debt capitalization ~42.6%). Relative to peers and benchmarks, the stock trades with a negative earnings multiple and a subdued EV multiple, highlighting its risk/recovery profile as it advances its multi-segment strategy (Integrated Care and BetterHelp) and monetization efforts. The key investor implications hinge on (1) the pace of operating leverage as fixed costs dilute with higher volumes, (2) progress in enterprise and international uptake of telehealth services, and (3) the ability to translate gross-margin resilience into sustained EBITDA and cash-flow expansion.
Key Performance Indicators
QoQ: -51.58% | YoY:-48.78%
QoQ: -47.37% | YoY:-40.00%
Key Insights
Revenue: $626.439M (-YoY -2.20%, QoQ -0.86%)
Gross Profit: $439.26M (Gross Margin 70.12%)
Operating Income: -$51.962M (Margin -8.29%)
EBITDA: -$51.962M (EBITDA Margin -8.29%)
Net Income: -$49.507M (Net Margin -7.90%)
EPS: -$0.28 (Diluted -$0.28)
Cash Flow / Share: Operating Cash Flow per Share $0.565; Free Cash Flow per Share $0.552
Cash / Share: $4.13; Current Ratio: 2.70; Quick Ratio: 2.60; Cash Ratio: 1.793
Debt metrics: Debt Ratio 0.358; Debt to Capitalization 0.426; Interest Coverage (negat...
Financial Highlights
Revenue: $626.439M (-YoY -2.20%, QoQ -0.86%)
Gross Profit: $439.26M (Gross Margin 70.12%)
Operating Income: -$51.962M (Margin -8.29%)
EBITDA: -$51.962M (EBITDA Margin -8.29%)
Net Income: -$49.507M (Net Margin -7.90%)
EPS: -$0.28 (Diluted -$0.28)
Cash Flow / Share: Operating Cash Flow per Share $0.565; Free Cash Flow per Share $0.552
Cash / Share: $4.13; Current Ratio: 2.70; Quick Ratio: 2.60; Cash Ratio: 1.793
Debt metrics: Debt Ratio 0.358; Debt to Capitalization 0.426; Interest Coverage (negative, due to -$51.96M EBITDA)
Valuation signals: P/S ~2.17; P/E negative; EV Multiple negative; Net cash generation supports liquidity despite profitability gap.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
626.44M |
-2.20% |
-0.86% |
| Gross Profit |
439.26M |
-4.67% |
-0.48% |
| Operating Income |
-51.96M |
-17.03% |
4.46% |
| Net Income |
-49.51M |
-48.78% |
-51.58% |
| EPS |
-0.28 |
-40.00% |
-47.37% |
Key Financial Ratios
operatingProfitMargin
-8.29%
operatingCashFlowPerShare
$0.57
freeCashFlowPerShare
$0.55
Management Commentary
Transcript data not provided in the input. No verbatim management quotes are available for QQ3 2025. The following highlights reflect the quantitative results and common themes likely to be discussed in earnings commentary:
Transcript data not provided in the input.
— Management
Transcript data not provided in the input.
— Management
Forward Guidance
There is no explicit forward guidance disclosed in the provided data for QQ4 2025 or the full-year. Given the results, the implicit trajectory hinges on achieving operating leverage through higher volumes, scaling enterprise telehealth deals, and monetizing the BetterHelp and Livongo platforms while continuing to manage fixed costs. Key factors investors should monitor include: trajectory of operating expenses as a percentage of revenue, cadence of cash flow improvements (OCF/FS and FCF/FS), progress in enterprise contract wins, international growth, and any policy or reimbursement developments affecting telehealth adoption.