Teladoc Health Inc Financials
This page shows Teladoc Health Inc (TDOC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Positive cash generation persists despite recurring GAAP losses, revealing a business whose reported earnings understate its day-to-day cash economics.
From FY2024 to FY2025, operating cash flow stayed near$294M and free cash flow stayed near$284M . With net losses still reported and goodwill down to$283M , the cleaner read is that accounting charges have been moving earnings more than the underlying cash engine.
Revenue eased from
The liquidity profile is sturdier than the shrinking asset base suggests: cash was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Teladoc Health Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Teladoc Health Inc has an operating margin of -10.4%, meaning the company retains $-10 of operating profit per $100 of revenue. This below-average margin results in a low score of 18/100, suggesting thin profitability after operating expenses. This is up from -39.7% the prior year.
Teladoc Health Inc's revenue declined 1.5% year-over-year, from $2.6B to $2.5B. This contraction results in a growth score of 27/100.
Teladoc Health Inc has a moderate D/E ratio of 1.06. This balance of debt and equity financing earns a leverage score of 45/100.
With a current ratio of 2.77, Teladoc Health Inc holds $2.77 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.
Teladoc Health Inc converts 11.3% of revenue into free cash flow ($285.5M). This strong cash generation earns a score of 72/100.
Teladoc Health Inc generates a -14.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 18/100. This is up from -67.2% the prior year.
Teladoc Health Inc scores -6.49, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.7B) relative to total liabilities ($1.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Teladoc Health Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Teladoc Health Inc generates $-1.47 in operating cash flow ($294.4M OCF vs -$200.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Teladoc Health Inc earns $-13.3 in operating income for every $1 of interest expense (-$263.0M vs $19.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Teladoc Health Inc generated $2.5B in revenue in fiscal year 2025. This represents a decrease of 1.5% from the prior year.
Teladoc Health Inc reported -$200.3M in net income in fiscal year 2025. This represents an increase of 80.0% from the prior year.
Teladoc Health Inc earned $-1.14 per diluted share (EPS) in fiscal year 2025. This represents an increase of 80.6% from the prior year.
Cash & Balance Sheet
Teladoc Health Inc generated $285.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 0.9% from the prior year.
Teladoc Health Inc held $781.1M in cash against $0 in long-term debt as of fiscal year 2025.
Teladoc Health Inc had 178M shares outstanding in fiscal year 2025. This represents an increase of 2.8% from the prior year.
Margins & Returns
Teladoc Health Inc's gross margin was 69.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.3 percentage points from the prior year.
Teladoc Health Inc's operating margin was -10.4% in fiscal year 2025, reflecting core business profitability. This is up 29.3 percentage points from the prior year.
Teladoc Health Inc's net profit margin was -7.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 31.1 percentage points from the prior year.
Teladoc Health Inc's ROE was -14.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 52.7 percentage points from the prior year.
Capital Allocation
Teladoc Health Inc invested $277.9M in research and development in fiscal year 2025. This represents a decrease of 9.6% from the prior year.
Teladoc Health Inc invested $8.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 17.6% from the prior year.
TDOC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $613.8M-4.4% | $642.3M+2.5% | $626.4M-0.9% | $631.9M+0.4% | $629.4M-1.7% | $640.5M0.0% | $640.5M-0.3% | $642.4M |
| Cost of Revenue | $197.5M+0.2% | $197.0M+5.3% | $187.2M-1.8% | $190.5M-3.2% | $196.8M+4.2% | $188.9M+5.1% | $179.7M-4.4% | $188.1M |
| Gross Profit | $416.3M-6.5% | $445.2M+1.4% | $439.3M-0.5% | $441.4M+2.0% | $432.5M-4.2% | $451.6M-2.0% | $460.8M+1.4% | $454.4M |
| R&D Expenses | $67.9M-5.2% | $71.6M+6.0% | $67.6M-1.8% | $68.8M-1.7% | $70.0M-8.9% | $76.8M+6.0% | $72.4M-5.7% | $76.8M |
| SG&A Expenses | $102.1M-5.8% | $108.4M+5.7% | $102.6M-5.1% | $108.1M-4.1% | $112.8M+12.8% | $100.0M-12.5% | $114.2M+4.3% | $109.6M |
| Operating Income | -$61.8M-71.6% | -$36.0M+30.7% | -$52.0M+4.5% | -$54.4M+54.9% | -$120.6M-150.2% | -$48.2M-8.6% | -$44.4M+94.7% | -$841.1M |
| Interest Expense | $5.4M+8.4% | $5.0M+9.4% | $4.5M+1.2% | $4.5M-22.4% | $5.8M-15.8% | $6.8M+21.0% | $5.7M+0.2% | $5.6M |
| Income Tax | $3.0M+135.3% | -$8.5M-1085.3% | -$715K+90.8% | -$7.8M+57.5% | -$18.3M-7770.2% | $238K-69.5% | $780K-79.9% | $3.9M |
| Net Income | -$63.8M-153.9% | -$25.1M+49.2% | -$49.5M-51.6% | -$32.7M+64.9% | -$93.0M-92.1% | -$48.4M-45.5% | -$33.3M+96.0% | -$837.7M |
| EPS (Diluted) | $-0.36 | N/A | $-0.28-47.4% | $-0.19+64.2% | $-0.53 | N/A | $-0.19+96.1% | $-4.92 |
TDOC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.8B-1.8% | $2.9B-0.7% | $2.9B-0.5% | $2.9B-16.0% | $3.4B-2.0% | $3.5B-0.3% | $3.5B+0.1% | $3.5B |
| Current Assets | $1.1B+1.2% | $1.1B+2.4% | $1.1B+1.8% | $1.1B-33.0% | $1.6B-3.7% | $1.7B+3.4% | $1.6B+4.0% | $1.5B |
| Cash & Equivalents | $750.7M-3.9% | $781.1M+7.6% | $726.2M+6.9% | $679.6M-43.0% | $1.2B-8.1% | $1.3B+4.4% | $1.2B+7.0% | $1.2B |
| Inventory | $31.6M-17.4% | $38.2M-4.3% | $39.9M+4.6% | $38.2M+0.4% | $38.0M-0.3% | $38.1M+3.1% | $37.0M+6.0% | $34.9M |
| Accounts Receivable | $213.6M+10.8% | $192.8M-8.5% | $210.8M-6.5% | $225.4M-3.2% | $233.0M+8.8% | $214.1M+1.0% | $212.0M-2.9% | $218.4M |
| Goodwill | $283.2M0.0% | $283.2M0.0% | $283.2M0.0% | $283.2M0.0% | $283.2M0.0% | $283.2M0.0% | $283.2M0.0% | $283.2M |
| Total Liabilities | $1.5B-0.1% | $1.5B-0.9% | $1.5B+1.0% | $1.5B-27.0% | $2.0B-0.4% | $2.0B+0.2% | $2.0B0.0% | $2.0B |
| Current Liabilities | $404.9M0.0% | $404.7M-0.1% | $405.1M+0.8% | $401.8M-57.8% | $952.4M+1.2% | $941.5M+1.1% | $931.4M+0.1% | $930.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.3B-3.6% | $1.4B-0.5% | $1.4B-2.1% | $1.4B-0.3% | $1.4B-4.3% | $1.5B-1.1% | $1.5B+0.4% | $1.5B |
| Retained Earnings | -$16.5B-0.4% | -$16.4B-0.2% | -$16.4B-0.3% | -$16.4B-0.2% | -$16.3B-0.6% | -$16.2B-0.3% | -$16.2B-0.2% | -$16.1B |
TDOC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $9.5M-89.2% | $87.7M-11.6% | $99.3M+8.6% | $91.4M+474.4% | $15.9M-81.5% | $85.9M-22.0% | $110.2M+24.2% | $88.7M |
| Capital Expenditures | $1.7M-36.6% | $2.6M+14.9% | $2.3M+79.8% | $1.3M-53.5% | $2.7M-55.5% | $6.1M+284.0% | $1.6M-16.5% | $1.9M |
| Free Cash Flow | $7.9M-90.8% | $85.1M-12.2% | $97.0M+7.6% | $90.2M+583.4% | $13.2M-83.5% | $79.8M-26.5% | $108.6M+25.1% | $86.8M |
| Investing Cash Flow | -$36.5M-6.4% | -$34.3M+29.6% | -$48.7M+18.4% | -$59.7M+51.6% | -$123.3M-315.8% | -$29.6M+4.8% | -$31.1M-12.3% | -$27.7M |
| Financing Cash Flow | -$2.4M-321.8% | $1.1M+130.7% | -$3.6M+99.3% | -$549.9M-71612.7% | $769K-62.6% | $2.1M+194.8% | $698K-81.7% | $3.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TDOC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.8%-1.5pp | 69.3%-0.8pp | 70.1%+0.3pp | 69.8%+1.1pp | 68.7%-1.8pp | 70.5%-1.4pp | 71.9%+1.2pp | 70.7% |
| Operating Margin | -10.1%-4.5pp | -5.6%+2.7pp | -8.3%+0.3pp | -8.6%+10.5pp | -19.2%-11.6pp | -7.5%-0.6pp | -6.9%+124.0pp | -130.9% |
| Net Margin | -10.4%-6.5pp | -3.9%+4.0pp | -7.9%-2.7pp | -5.2%+9.6pp | -14.8%-7.2pp | -7.6%-2.4pp | -5.2%+125.2pp | -130.4% |
| Return on Equity | -4.8%-3.0pp | -1.8%+1.7pp | -3.6%-1.3pp | -2.3%+4.2pp | -6.5%-3.3pp | -3.2%-1.0pp | -2.2%+53.6pp | -55.8% |
| Return on Assets | -2.3%-1.4pp | -0.9%+0.8pp | -1.7%-0.6pp | -1.1%+1.6pp | -2.7%-1.3pp | -1.4%-0.4pp | -0.9%+22.8pp | -23.8% |
| Current Ratio | 2.80+0.0 | 2.77+0.1 | 2.70+0.0 | 2.67+1.0 | 1.68-0.1 | 1.77+0.0 | 1.73+0.1 | 1.66 |
| Debt-to-Equity | 1.10+0.0 | 1.060.0 | 1.07+0.0 | 1.03-0.4 | 1.41+0.1 | 1.36+0.0 | 1.340.0 | 1.35 |
| FCF Margin | 1.3%-12.0pp | 13.3%-2.2pp | 15.5%+1.2pp | 14.3%+12.2pp | 2.1%-10.3pp | 12.4%-4.5pp | 17.0%+3.4pp | 13.5% |
Similar Companies
Frequently Asked Questions
What is Teladoc Health Inc's annual revenue?
Teladoc Health Inc (TDOC) reported $2.5B in total revenue for fiscal year 2025. This represents a -1.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Teladoc Health Inc's revenue growing?
Teladoc Health Inc (TDOC) revenue declined by 1.5% year-over-year, from $2.6B to $2.5B in fiscal year 2025.
Is Teladoc Health Inc profitable?
No, Teladoc Health Inc (TDOC) reported a net income of -$200.3M in fiscal year 2025, with a net profit margin of -7.9%.
What is Teladoc Health Inc's gross margin?
Teladoc Health Inc (TDOC) had a gross margin of 69.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Teladoc Health Inc's operating margin?
Teladoc Health Inc (TDOC) had an operating margin of -10.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Teladoc Health Inc's net profit margin?
Teladoc Health Inc (TDOC) had a net profit margin of -7.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Teladoc Health Inc's return on equity (ROE)?
Teladoc Health Inc (TDOC) has a return on equity of -14.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Teladoc Health Inc's free cash flow?
Teladoc Health Inc (TDOC) generated $285.5M in free cash flow during fiscal year 2025. This represents a 0.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Teladoc Health Inc's operating cash flow?
Teladoc Health Inc (TDOC) generated $294.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Teladoc Health Inc's total assets?
Teladoc Health Inc (TDOC) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Teladoc Health Inc's capital expenditures?
Teladoc Health Inc (TDOC) invested $8.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Teladoc Health Inc spend on research and development?
Teladoc Health Inc (TDOC) invested $277.9M in research and development during fiscal year 2025.
What is Teladoc Health Inc's current ratio?
Teladoc Health Inc (TDOC) had a current ratio of 2.77 as of fiscal year 2025, which is generally considered healthy.
What is Teladoc Health Inc's debt-to-equity ratio?
Teladoc Health Inc (TDOC) had a debt-to-equity ratio of 1.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Teladoc Health Inc's return on assets (ROA)?
Teladoc Health Inc (TDOC) had a return on assets of -7.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Teladoc Health Inc's Altman Z-Score?
Teladoc Health Inc (TDOC) has an Altman Z-Score of -6.49, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Teladoc Health Inc's Piotroski F-Score?
Teladoc Health Inc (TDOC) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Teladoc Health Inc's earnings high quality?
Teladoc Health Inc (TDOC) has an earnings quality ratio of -1.47x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Teladoc Health Inc cover its interest payments?
Teladoc Health Inc (TDOC) has an interest coverage ratio of -13.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Teladoc Health Inc?
Teladoc Health Inc (TDOC) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.