Short answer
Teladoc Health, Inc. (TDOC) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $2.5B (−1.5% year over year) and net income of −$200M.
- Top risk flagged: Regulatory risk: Impact of Patient Protection and Affordable Care Act (PPACA) and related laws reducing Medicare payments up to 2% annually through 2030
FY2025 key financial metrics · XBRL
- Revenue
- $2.5B
- −1.5% YoY
- Net income
- −$200M
- +80.0% YoY
- Operating margin
- -10.4%
- +29.3 pp YoY
- EPS (diluted)
- −$1.14
- +80.6% YoY
- ROE
- -14.5%
- +52.7 pp YoY
- Operating cash flow
- $294M
- +0.2% YoY
Source: XBRL data from the Teladoc Health, Inc. (TDOC) FY2025 10-K on SEC EDGAR. USD.
Teladoc Health, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.