Teladoc Health, Inc. · NYSE:TDOC
Teladoc Health — Q4 2025 Earnings Presentation
13 slides from Teladoc Health's earnings presentation, Feb 25, 2026
Slide 1: 4Q-25 Quarterly Results
4Q-25 Quarterly Results Teladoc HEALTH
Slide 2: Cautionary Note
Cautionary Note • This presentation contains, and the officers of Teladoc Health, Inc. (the “Company” or “Teladoc Health”) may make, “forward-looking” statements that are based on management’s beliefs and assumptions and on information currently available to management. These forward-looking stateme
Slide 3: Key Financial Data
Key Financial Data 4Q-25 Adj. 4Q-25 Revenue of 4Q-25 Net loss per EBITDA(2) of $642M, 0% y/y share of $(0.14)(1) $83.8M, 12% y/y FY-26 Revenue outlook range FY-26 Net loss per share FY-26 Adj. EBITDA outlook of $2,470M to $2,587M outlook range of range of $266M to $308M $(1.10) to $(0.70) • 1Q-26 Re
Slide 4: 4Q-25 Consolidated Revenue & Adj. EBITDA
4Q-25 Consolidated Revenue & Adj. EBITDA Revenue ($ millions) Adj. EBITDA ($ millions)(1) (1) See reconciliation of GAAP to non-GAAP measures included in the Appendix of this presentation. 4
Slide 5: Quarterly Segment Results
Quarterly Segment(1) Results Integrated Care Segment Revenue ($ millions) BetterHelp Segment Revenue ($ millions) Integrated Care Segment Adjusted EBITDA ($ millions) BetterHelp Segment Adjusted EBITDA ($ millions) (1) The Company has two segments: Integrated Care and BetterHelp. The Integrated Care
Slide 6: 4Q-25 Revenue: U.S. & International
4Q-25 Revenue: U.S. & International U.S. Revenue ($ millions) International Revenue ($ millions) 6
Slide 7: Quarterly Key Operating Metrics
Quarterly Key Operating Metrics U.S. Integrated Care Members(1) (millions) BetterHelp Paying Users(2) (thousands) Average Monthly Revenue per Chronic Care Program Enrollment(4) (thousands) U.S. Integrated Care Member(3) 1. U.S. Integrated Care Members represent the number of unique individuals who h
Slide 8: Quarterly Adjusted EBITDA & Adjusted EBITDA Margin
Quarterly Adjusted EBITDA & Adjusted EBITDA Margin Adj. EBITDA(1) ($ millions) & Adj. EBITDA Margin (1) See reconciliation of GAAP to non-GAAP measures included in the Appendix of this presentation. 8
Slide 9: Balance Sheet and Cash Flow Highlights
Balance Sheet and Cash Flow Highlights • Cash and Cash Equivalents (as of December 31, 2025): $781M • Convertible Senior Notes (as of December 31, 2025): $995M • Operating Cash Flow (4Q-25): $88M • Free Cash Flow (1) (4Q-25): $53M (1) See reconciliation of GAAP to non-GAAP measures included in the a
Slide 10: Outlook: 1Q-26 and FY-26
Outlook: 1Q-26 and FY-26 1Q-26 Y/Y % Growth FY-26 Y/Y % Growth Revenue ($M) $598 to $620 (5)% to (1)% $2,470 to $2,587 (2)% to 2% Net loss per share $(0.45) to $(0.35) NM $(1.10) to $(0.70) NM Adj. EBITDA ($M) $50 to $62 (14)% to 6% $266 to $308 (5)% to 10% US Integrated Care 99 to 100 (3)% to (2)%
Slide 11: Appendix
Telad¢ c. HEALTH © Appendix
Slide 12: Reconciliation of GAAP Net Loss to Adjusted EBITDA
Reconciliation of GAAP Net Loss to Adjusted EBITDA 4Q-24 1Q-25 2Q-25 3Q-25 4Q-25 Net loss $(48,409) $(93,012) $(32,660) $(49,507) $(25,143) Add: Provision for income taxes 238 (18,255) (7,763) (715) (8,475) Other expense (income), net 7,341 (2,435) (8,371) 815 (378) Interest expense 6,846 5,765 4,47
Slide 13: Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow 4Q-25 Net cash provided by operating activities $87,742 Capital expenditures (2,619) Capitalized software development costs (31,700) Capex (34,319) Free Cash Flow $53,423 (in 000s) 13