Teladoc Q3 Revenue Falls 3% as Adjusted EBITDA Rises 14%

Teladoc Health reported lower third-quarter revenue but stronger adjusted EBITDA, as improved non-GAAP profitability offset continued pressure on the virtual-care provider’s top line.

Revenue for the third quarter of 2026 was $605 million, down 3% from a year earlier. Adjusted EBITDA rose 14% to $79.4 million, indicating improved adjusted operating performance despite the revenue contraction.

The company recorded a GAAP net loss of $26.9 million, compared with a $49.5 million loss in the prior-year quarter. Net loss was $0.15 per share. The per-share result included $0.49 of pre-tax intangible-asset amortization, $0.06 of pre-tax stock-based compensation and $0.02 of pre-tax restructuring costs.

Teladoc’s adjusted EBITDA calculation excluded $88.3 million of intangible-asset amortization, $11.6 million of stock-based compensation, $4.4 million of restructuring costs and $1.6 million of acquisition, integration and transformation costs, among other items.

Integrated Care and BetterHelp remain the core businesses

Teladoc continues to report through two segments: Integrated Care and BetterHelp. Integrated Care includes virtual general and specialty medical services, chronic-condition management, mental-health offerings, expert medical services, enabling technologies and enterprise telehealth solutions. BetterHelp consists of virtual therapy and wellness services sold primarily to consumers, including customers who pay out of pocket and those who use insurance coverage.

The presentation did not provide numerical third-quarter segment results in its accompanying text. It nevertheless identified BetterHelp’s user and revenue trends, the expansion of insurance-based payment options and the performance of new products such as Teladoc One as important variables affecting future results.

Cash generation and balance sheet

Teladoc generated $106.5 million of operating cash flow during the quarter. After $1.2 million of capital expenditures and $29.3 million of capitalized software-development costs, free cash flow was $75.9 million.

Cash and cash equivalents totaled $850 million as of Sept. 30, 2026, while convertible senior notes stood at $998 million.

Full-year revenue expected to decline

For 2026, Teladoc expects revenue of $2.395 billion to $2.441 billion, representing a year-over-year decline of 4% to 5%. Adjusted EBITDA is projected at $277 million to $303 million, ranging from a 2% decline to an 8% increase. The company expects a full-year net loss of $0.95 to $0.75 per share.

Fourth-quarter revenue is expected to be between $569 million and $615 million, down 4% to 11% from the year-earlier period. Adjusted EBITDA is forecast at $74 million to $100 million, implying a range from a 12% decline to 19% growth. Teladoc projects a fourth-quarter net loss of $0.23 to $0.03 per share.

U.S. Integrated Care membership is expected to finish both the fourth quarter and full year at 99.5 million to 100.5 million, or 1% to 2% below the comparable prior-year level.

Teladoc said its outlook remains subject to risks including declines in BetterHelp cash-pay users and revenue, changes in how insurance availability affects customer payment choices, and provider capacity at the state and payer levels. Other uncertainties include provider recruitment and retention, insurance eligibility and claims workflows, the effectiveness of marketing spending, platform investment costs and the margin impact of BetterHelp’s insurance mix. The company also cited the possibility of a future impairment of BetterHelp goodwill.