Teladoc (TDOC) Q3 2026 Earnings Report
MX:TDOC Q3 2026 EPS Results
- Actual EPS
- -MXN 2.82
- Consensus EPS
- -MXN 4.08
- Beat/Miss
- Beat by +MXN 1.26
- One Year Ago EPS
- -MXN 5.26
MX:TDOC Q3 2026 Revenue Results
- Actual Revenue
- MXN 11.37B
- Expected Revenue
- MXN 11.05B
- Beat/Miss
- Beat by +MXN 318.72M
- YoY Revenue Growth
- -3.41%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
Teladoc's next earnings date is estimated for February 23, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was positive overall. Management reported a solid third quarter with adjusted EBITDA above guidance, expanding margins, strong cash flow and liquidity, improved leverage, Integrated Care growth, and accelerating BetterHelp insurance traction. These positives outweighed the ongoing BetterHelp cash pay decline, lower total revenue and paying users, margin pressure, and continued uncertainty around the business transition.
For 2026, Teladoc expects consolidated revenue of $2.39 billion to $2.44 billion, adjusted EBITDA of $277 million to $303 million, free cash flow of $135 million to $165 million, stock based compensation expense below $50 million, and a full year net loss per share of a loss of $0.95 per share to a loss of $0.75 per share; fourth-quarter consolidated revenue is expected to be $569 million to $615 million and adjusted EBITDA $74 million to $100 million. Integrated care revenue growth is expected to be 1.1% to 2.1%, adjusted EBITDA margin 16% to 16.6%, fourth-quarter revenue flat to up 3.8%, and fourth-quarter adjusted EBITDA margin 14.5% to 16.8%; BetterHelp revenue is expected to decline 16.1% to 12.9%, insurance revenue is expected to be $99 million to $105 million, adjusted EBITDA margin 2.7% to 4.3%, fourth-quarter revenue down 31.5% to down 18.5%, insurance revenue $32 million to $38 million, and adjusted EBITDA margin 9.2% to 15.1%. For 2027, Teladoc expects continued growth in insurance, a goal of sequential quarterly improvement over the course of 2027, and a goal of achieving an annualized revenue run rate of at least $200 million as we exit 2027; BetterHelp advertising and marketing spending is expected to decline in the mid to high-20% range for the full year in 2027.
- Adjusted EBITDA Beat Guidance and Expanded Year Over YearThird-quarter consolidated adjusted EBITDA was $79 million, up 13.5% year over year and above the high end of guidance. Adjusted EBITDA margin increased approximately 200 basis points year over year to 13.1%.
- Revenue Finished Near the High End of GuidanceThird-quarter consolidated revenue was $605 million, toward the high end of the guidance range. Solid performance in Integrated Care and strong BetterHelp insurance growth partially offset ongoing BetterHelp cash pay headwinds.
- Improved Net Loss Per ShareNet loss per share was $0.15, compared with a $0.28 per share loss in the prior-year period.
- Strong Cash Flow, Liquidity, and Leverage PositionThird-quarter free cash flow was $70 million, bringing year-to-date free cash flow to $85 million. Cash and cash equivalents ended the quarter at $850 million, up $76 million sequentially, while net debt to trailing adjusted EBITDA declined to 0.5x from 1x in the year-ago quarter.
- Integrated Care Revenue and Membership GrowthIntegrated Care revenue was $398 million, with year-over-year growth of 2.3%, supported by continued strong international performance that grew double digits, as well as growth in chronic care and visits revenue. US Integrated Care membership ended the quarter at 100.1 million, in the upper half of the guidance range.
- Integrated Care Margin ExpansionIntegrated Care adjusted EBITDA was $75 million, up 13.3% year over year. Adjusted EBITDA margin was 18.8%, above the high end of guidance and approximately 180 basis points higher year over year, despite the ongoing mix shift toward visit-based arrangements.
- Clinic Care Program Enrollment IncreasedTotal clinic care program enrollment grew 15% year over year and 6% sequentially to 1.34 million at quarter end, driven by adoption of bundled solutions and improvements to member engagement strategies.
- Teladoc 1 Advanced from Announcement to ExecutionTeladoc activated initial launch partners during the quarter, began engaging patients in the new comprehensive care model, and is preparing for broader market availability in 2027. Management said client engagement and member feedback have been encouraging and expects some impact in 2027, with further growth in 2028.
- Hybrid Care Expansion Through AcquisitionTeladoc completed the acquisition of Teledoc Health, which provides virtual clinical services to US hospitals and health systems and leverages Teladoc technology in physical care settings. Management said the acquisition expands its ability to provide services to this market in addition to technology products.
- New AI Capabilities for Clinical WorkflowsThe company introduced AI-powered capabilities integrated into its Solo platform, including contact-free vital sign measurement and ambient clinical documentation. These capabilities are designed to reduce administrative burden, improve efficiency, and support patient care.
- BetterHelp Insurance Revenue and Sessions AcceleratedBetterHelp insurance revenue was $32 million, exceeding the high end of expectations and increasing $10 million sequentially. Weekly insurance-covered sessions recently reached 27,000, representing an annualized insurance revenue run rate of over $140 million, compared with a $110 million run rate referenced on the prior earnings call.
- Expansion of BetterHelp Insurance User MixInsurance accounted for 36% of acquired US users in the third quarter, up approximately 8 percentage points from the second quarter. Management said insurance momentum reflected progress in user acquisition, therapist capacity, and session growth.
- BetterHelp Therapist Network Capacity ExpandedMore than 3,000 therapists were added to the BetterHelp network during the quarter, bringing the aggregate number credentialed to over 11,000. Available capacity, active therapists, and therapists accepting new patients generally trended positively from the second quarter.
- Operational Efficiency ImprovementsIntegrated Care member self-service interactions in the US increased 30% over the last year through AI-enabled digital experiences and other enhancements. The company also cited AI-assisted quality assurance and operational controls, organizational streamlining, cost-structure management, and improved operational efficiency.
- Bookings Progressed in Line with ExpectationsOverall bookings through the third quarter generally progressed in line with expectations. Management said client conversations increasingly focused on outcomes, demonstrated return on investment, comprehensive care, and reducing fragmentation among point solutions.
- Full-Year Revenue and Adjusted EBITDA Outlook IncreasedThe company raised its 2026 consolidated revenue outlook to $2.39 billion to $2.44 billion, a $13 million increase at the midpoint versus the prior range. Adjusted EBITDA guidance increased to $277 million to $303 million, up $3 million at the midpoint, representing approximately 90 basis points of margin expansion versus 2025.
- Integrated Care Margin Guidance RaisedThe company raised its 2026 Integrated Care adjusted EBITDA margin outlook to 16% to 16.6%, approximately 30 basis points higher at the midpoint than prior guidance and representing approximately 115 basis points of year-over-year growth.
- Stock-Based Compensation Expected to Decline2026 stock-based compensation expense is expected to be below $50 million, representing a decline of more than 35% from the prior year.
- BetterHelp Insurance Growth Target for 2027Management expects continued BetterHelp insurance growth in 2027, with a goal of sequential quarterly improvement and an annualized insurance revenue run rate of at least $200 million exiting 2027. The company cited 150 million-plus lives in current payer contracts as available room to execute the strategy.
MX:TDOC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 23, 2027 | 2026 (Q4) | -2.07- | -2.63 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | -4.08-2.82 | -5.26 | 46.43% (+2.44) | |
| Jul 29, 2026 | 2026 (Q2) | -4.70-3.95 | -3.57 | -10.53% (-0.38) | |
| Apr 29, 2026 | 2026 (Q1) | -6.41-6.76 | -9.96 | 32.08% (+3.19) | |
| Feb 25, 2026 | 2025 (Q4) | -3.40-2.63 | -5.26 | 50.00% (+2.63) | |
| Oct 29, 2025 | 2025 (Q3) | -4.96-5.26 | -3.57 | -47.37% (-1.69) | |
| Jul 29, 2025 | 2025 (Q2) | -4.85-3.57 | -92.43 | 96.14% (+88.86) | |
| Apr 30, 2025 | 2025 (Q1) | -6.37-9.96 | -9.21 | -8.16% (-0.75) | |
| Feb 26, 2025 | 2024 (Q4) | -4.92-5.26 | -3.19 | -64.71% (-2.07) | |
| Oct 30, 2024 | 2024 (Q3) | -5.20-3.57 | -6.58 | 45.71% (+3.01) |
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.