During the quarter Teladoc retired $550.6 million of convertible senior notes, established an undrawn $300 million credit facility and ended Q2 with $679.6 million in cash, down from $1.298 billion at year-end 2024. For full-year 2025 the company forecasts GAAP revenue of $2.50–2.55 billion, adjusted EBITDA of $263–294 million, and free cash flow of $170–200 million. U.S. Integrated Care membership is guided to 101–103 million, while BetterHelp EBITDA margin is expected at 4.0–5.5% as integration and mix shifts persist. Investors will focus on reversing chronic care enrollment declines, improving per-member monetization and executing on recent acquisitions. BetterHelp revenue fell 9% to $240.4 million, with average paying users down 5% year-over-year. Adjusted segment EBITDA plunged 53% as teladoc shifted new subscribers to weekly billing—boosting conversion but increasing churn—and commenced integration of the UpLift acquisition. UpLift, which adds insurance-covered therapy options for over 100 million insured lives, is expected to pressure margins by up to $15 million in 2025 due to ramp-up costs. Integrated Care revenue rose 4% year-over-year to $391.5 million, driven by U.S. membership growth to 102.4 million from 92.4 million in Q2 2024. However, average monthly revenue per U.S. member declined 7%, and chronic care program enrollment dropped 5%, contributing to a segment margin contraction from 17.0% to 14.7%. Management attributed the lower yield to onboarding large, lower-acuity cohorts that have yet to adopt higher-margin services. Teladoc reported Q2 GAAP revenue of $631.9 million, topping analyst expectations by $9.4 million yet down 2% from $642.4 million a year ago. GAAP EPS was a loss of $0.19, beating the consensus loss of $0.26 and representing a 96% improvement from $(4.92) in Q2 2024. Adjusted EBITDA fell 23% year-over-year to $69.3 million, while free cash flow held steady at $61.2 million, a modest 0.5% increase compared to Q2 2024.
During the quarter Teladoc retired $550.6 million of convertible senior notes, established an undrawn $300 million credit facility and ended Q2 with $679.6 million in cash, down from $1.298 billion at year-end 2024. For full-year 2025 the company forecasts GAAP revenue of $2.50–2.55 billion, adjusted EBITDA of $263–294 million, and free cash flow of $170–200 million. U.S. Integrated Care membership is guided to 101–103 million, while BetterHelp EBITDA margin is expected at 4.0–5.5% as integration and mix shifts persist. Investors will focus on reversing chronic care enrollment declines, improving per-member monetization and executing on recent acquisitions. BetterHelp revenue fell 9% to $240.4 million, with average paying users down 5% year-over-year. Adjusted segment EBITDA plunged 53% as teladoc shifted new subscribers to weekly billing—boosting conversion but increasing churn—and commenced integration of the UpLift acquisition. UpLift, which adds insurance-covered therapy options for over 100 million insured lives, is expected to pressure margins by up to $15 million in 2025 due to ramp-up costs. Integrated Care revenue rose 4% year-over-year to $391.5 million, driven by U.S. membership growth to 102.4 million from 92.4 million in Q2 2024. However, average monthly revenue per U.S. member declined 7%, and chronic care program enrollment dropped 5%, contributing to a segment margin contraction from 17.0% to 14.7%. Management attributed the lower yield to onboarding large, lower-acuity cohorts that have yet to adopt higher-margin services. Teladoc reported Q2 GAAP revenue of $631.9 million, topping analyst expectations by $9.4 million yet down 2% from $642.4 million a year ago. GAAP EPS was a loss of $0.19, beating the consensus loss of $0.26 and representing a 96% improvement from $(4.92) in Q2 2024. Adjusted EBITDA fell 23% year-over-year to $69.3 million, while free cash flow held steady at $61.2 million, a modest 0.5% increase compared to Q2 2024.