Teladoc Retires $550M Convertible, Posts $167M FCF and 11.1% EBITDA Margin
Teladoc ended 2025 with $781M cash, $167M free cash flow and retired $550M convertible debt, leaving net debt below 0.8x trailing EBITDA. Full-year revenue fell 1.5% to $2.53B with adjusted EBITDA of $281M (11.1% margin), as Q4 Integrated Care grew 4.7% to $409M while BetterHelp declined 6.7% to $233M.
1. Consolidated 2025 Results
Teladoc ended 2025 with $781M in cash and $167M of free cash flow, and retired $550M of convertible debt at maturity, reducing net debt to under 0.8x trailing four-quarter adjusted EBITDA. Full-year revenue declined 1.5% to $2.53B, adjusted EBITDA reached $281M (11.1% margin), and net loss per share was $1.14.
2. Segment Performance
In Q4, Integrated Care revenue rose 4.7% year-over-year to $409M with adjusted EBITDA of $65M (16% margin), lifting full-year segment revenue to $1.58B (+3.3%) and adjusted EBITDA to $239M (15.1% margin). BetterHelp posted Q4 revenue of $233M, down 6.7%, with 375,000 average paying users and adjusted EBITDA of $18M (7.9% margin); full-year revenue fell 9% to $950M.
3. 2026 Strategy and Guidance
For 2026, management forecasts consolidated revenue of $2.47B–$2.59B (flat at midpoint), adjusted EBITDA of $266M–$308M and free cash flow of $130M–$170M. Strategic priorities include AI-powered enhancements to integrated care, scaling BetterHelp’s insurance revenue toward $75M–$90M and driving operational efficiencies.