Teladoc Health (TDOC) Q3 2026 Earnings Call: BetterHelp Insurance Growth, EBITDA Up 13.5%
Source Tradingkey
Key Takeaways
- Teladoc Health reported Q3 2026 revenue of $605 million, down 3.4% year over year, while adjusted EBITDA increased 13.5% to $79 million. Adjusted EBITDA margin expanded about 200 basis points to 13.1%.
- Integrated Care revenue rose 2.3% to $398 million. Adjusted EBITDA increased 13.3% to $75 million, with margin expanding about 180 basis points to 18.8%.
- BetterHelp revenue declined 12.8% to $207 million as cash-pay weakness offset insurance growth. Insurance revenue reached $32 million, up $10 million sequentially.
- BetterHelp recently reached 27,000 insurance-covered sessions per week, equivalent to an annualized insurance revenue run rate above $140 million. Management targets an exit run rate of at least $200 million by the end of 2027.
- Teladoc raised the midpoint of its 2026 revenue outlook by $13 million and now expects $2.39 billion to $2.44 billion. The adjusted EBITDA outlook increased by $3 million at the midpoint to $277 million to $303 million.
- Q3 free cash flow was $76 million. Cash and cash equivalents ended the quarter at $850 million, while net debt to trailing adjusted EBITDA improved to 0.5x from 1.0x a year earlier.
Core Financial Data
| Metric | Q3 2026 | Change / Commentary |
|---|---|---|
| Consolidated revenue | $605 million | Down 3.4% year over year |
| Adjusted EBITDA | $79 million | Up 13.5% year over year |
| Adjusted EBITDA margin | 13.1% | Up approximately 200 basis points |
| Net loss per share | $0.15 | Improved from a $0.28 loss |
| Free cash flow | $76 million | Year-to-date free cash flow of $85 million |
| Cash and cash equivalents | $850 million | Up $76 million sequentially |
| Net debt / trailing adjusted EBITDA | 0.5x | Improved from 1.0x a year earlier |
| Integrated Care revenue | $398 million | Up 2.3% year over year |
| Integrated Care adjusted EBITDA | $75 million | Up 13.3% year over year |
| Integrated Care adjusted EBITDA margin | 18.8% | Up approximately 180 basis points |
| BetterHelp revenue | $207 million | Down 12.8% year over year |
| BetterHelp insurance revenue | $32 million | Up $10 million sequentially |
| BetterHelp adjusted EBITDA | $4 million | Margin of 2.2% |
Business and Operating Performance
Integrated Care
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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