Teladoc Health, Inc. (TDOC) FY2025 10-K Annual Report
Teladoc Health, Inc. (TDOC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Teladoc Health, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Global virtual care leader offering integrated healthcare services via technology platforms to employers, health plans, and individuals
- • New emphasis on AI-enhanced capabilities: Advanced AI-driven predictive analytics, personalized engagement, and AI-enabled clinical documentation improvements launched in Prism platform
- • Strategic shift to integrated mental health: Expanded mental health services fully embedded across longitudinal care programs and national rollout of insurance coverage acceptance for BetterHelp
- • Notable metric: Access for approximately 102 million U.S. members, with 17.1 million telehealth visits completed in 2025 across B2B and D2C channels
- • Unique fact: Established The Institute for Patient Safety and Quality of Virtual Care, first US-certified Patient Safety Organization dedicated to virtual care
Management Discussion & Analysis
- • Revenue details for FY2025 vs FY2024 omitted; see 2024 10-K filed Feb 27, 2025 for full YoY analysis
- • U.S. Integrated Care members +9% YoY, increased by 8.0 million to 101.8 million as of Dec 31, 2025
- • Average monthly revenue per U.S. Integrated Care member down to $1.29 from $1.37 YoY, reflecting new member onboarding
- • BetterHelp paying users declined 5% YoY to 0.39 million for year ended Dec 31, 2025
- • $71.8 million goodwill impairments recorded in 2025 on Integrated Care acquisitions (Telecare, Catapult Health)
- • Goodwill balance $283.2 million as of Dec 31, 2025, all in BetterHelp segment; no impairment recorded on annual test
- • Amortization expense increased by $7.7 million in 2025 due to decreased useful life of trademarks; expects +$30.7 million in 2026
- • Risks from tariffs on imported components could impact operations; continued evaluation ongoing
- • Refunds on BetterHelp service $49.9 million in 2025 vs $84.0 million in 2024
- • Seasonality noted: Integrated Care strong in Q1 and Q4; BetterHelp reduces marketing spend in Q4 causing weaker operating income in Q1
Risk Factors
- • Regulatory risk: Impact of Patient Protection and Affordable Care Act (PPACA) and related laws reducing Medicare payments up to 2% annually through 2030
- • Geopolitical/macroeconomic threat: Revenue risk from potential Client mergers/acquisitions causing contract cancellations or non-renewals impacting 19% total revenue from top five Clients
- • Operational/supply chain vulnerability: Dependence on limited third-party suppliers for timely materials access risks supply chain disruptions and cost inflation
- • Competitive risk: Pricing pressure and market share loss from well-financed health plans and tech companies developing discounted competing virtual care services
- • Financial risk: Accumulated deficit $16.4B with net losses $200.3M in 2025 and $1B in 2024; reliance on raising capital on uncertain terms to fund operations
Teladoc Health, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$2.5B
▼ -1.5% YoY
Net Income
-$200M
▲ +80.0% YoY
Operating Margin
-10.4%
▲ +2934bp YoY
Net Margin
-7.9%
▲ +3105bp YoY
ROE
-14.5%
▲ +5269bp YoY
Total Assets
$2.9B
▼ -18.7% YoY
EPS (Diluted)
$-1.14
▲ +80.6% YoY
Operating Cash Flow
$294M
▲ +0.2% YoY
Source: XBRL data from Teladoc Health, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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