EarningsQ2 2026 Earnings Report
MX:TDOC Q2 2026 EPS Results
Actual EPS-$3.81
Consensus EPS-$4.54
Beat/MissBeat by +$0.73
One Year Ago EPS-$3.45
MX:TDOC Q2 2026 Revenue Results
Actual Revenue$11.02B
Expected Revenue$11.18B
Beat/MissMissed by -$154.58M
YoY Revenue Growth-3.95%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MX:TDOC Upcoming Earnings
Teladoc's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:TDOC Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mixed but balanced picture: clear strength and margin expansion in Integrated Care, meaningful product and AI-driven innovation (Teladoc 1 and Pulse), strong liquidity and disciplined cost actions. Offsetting these positives were material near-term challenges in BetterHelp as the business transitions from cash-pay to an insurance/in-network model — accelerated declines in cash-pay users, provider capacity constraints that limited insurance conversion, and a downward revision to consolidated revenue guidance. Management has taken decisive actions (national insurance rollout, provider recruitment/activation initiatives, lower ad spend) to address the issues, but execution risk and timing remain. Overall, the results show operational progress in core businesses and constructive steps to fix the BetterHelp transition, balanced by meaningful short-term revenue pressure and uncertainty in that segment.Company Guidance
Consolidated financial performance
Q2 consolidated revenue $607M with adjusted EBITDA $66M (10.8% margin). Free cash flow $36M for the quarter and $774M cash on the balance sheet. Full-year adjusted EBITDA guidance raised slightly at the midpoint to $271M–$303M and free cash flow guidance unchanged at $130M–$170M.
Integrated Care growth and margin expansion
Integrated Care revenue $394M, up 0.7% year-over-year and in the upper half of guidance. Integrated Care adjusted EBITDA $65M, up 13.6% YoY, with a margin of 16.5% (up ~190 bps YoY). U.S. Integrated Care members 100.3M (slightly above guidance) and chronic care enrollment 1.27M (up ~6% sequential, +14% YoY). International and hybrid care contributed double-digit growth and a 30% increase in revenue from hybrid care models.
Product and technology innovation (Teladoc 1 and Pulse)
Launched Teladoc 1, a unified connected care model (broad availability beginning Jan 2027) focused initially on cardiometabolic populations. Introduced Teladoc Health Pulse, an AI-driven intelligence engine to power clinical insights and care coordination.
BetterHelp insurance momentum and national rollout
Accelerated BetterHelp insurance rollout to a national footprint during the quarter (additional 20 states comprising ~1/3 of U.S. population). Contracted for over $150M in network lives and credentialed more than 8,000 mental health professionals. Insurance sessions exceeded 20,000 in a week, representing an estimated annualized revenue run rate of over $110M (up from >$75M at the prior quarter).
Cost discipline and shareholder-friendly expense reductions
Advertising and marketing expense declined 17% YoY in Q2 and management expects ad spend to be reduced in the mid-to-high 20% range to better align with insurance capacity. Full-year stock-based compensation expected to be below $50M (down >35% YoY and ~75% lower than 2023).
Balance sheet and leverage
Ended Q2 with $774M cash and cash equivalents. Net debt to trailing adjusted EBITDA was 0.8x (3.6x on a gross debt basis), indicating moderate leverage with meaningful liquidity headroom.
MX:TDOC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed