Teladoc Health Q1: Integrated Care Up 2% to $395.4M, BetterHelp Down 9%
Teladoc Health’s Q1 revenue fell 2% year-over-year to $613.8 million while net loss narrowed to $63.8 million, or $0.36 per share, from $93.0 million. Integrated Care revenue rose 2% to $395.4 million with a 14.2% EBITDA margin, while BetterHelp revenue dropped 9% to $218.4 million.
1. First Quarter Financial Results
Revenue for the three months ended March 31, 2026, was $613.8 million, down 2% from $629.4 million in Q1 2025. Net loss narrowed to $63.8 million, or $0.36 per share, compared with $93.0 million, or $0.53 per share, in the prior year, while adjusted EBITDA remained flat at $58.2 million.
2. Segment Performance
Integrated Care revenue rose 2% year-over-year to $395.4 million, delivering a 14.2% adjusted EBITDA margin. BetterHelp revenue fell 9% to $218.4 million, with an adjusted EBITDA margin of 0.9%, reflecting increased insurance acceptance efforts.
3. Cash Flow and Capital Expenditures
Operating cash flow was $9.5 million, down from $15.9 million in Q1 2025, as capital expenditures and capitalized software development costs increased to $35.8 million. Free cash flow was a negative $26.3 million, compared with a $15.7 million outflow in the year-ago period.
4. Full-Year 2026 Outlook
The company reaffirmed full-year 2026 guidance, targeting revenue of $2.481–$2.576 billion, adjusted EBITDA of $267–$306 million, net loss per share between $1.05 and $0.75, and free cash flow of $130–$170 million. Integrated Care revenue growth is expected at 0.8%–3.5%, while BetterHelp revenue may decline 6.5%–1.0%.