Teladoc Health Inc
teladochealth.comWhat Do They Do?
Provides virtual medical and mental health care to employers and healthcare organizations, and to individuals; sells telehealth software and equipment to hospitals and health systems.
10-K for FY2025, filed Feb 26, 2026Our Integrated Care segment delivers high-quality virtual care that is available to more than 100 million members through their employers…View ↗
Our BetterHelp segment primarily consists of our market leading mental health platform. Online counseling and therapy services are provided…View ↗
As of December 31, 2025, approximately 102 million members in the United States (“U.S.”) have access to one or more of our services. The…View ↗
Our Solo platform, which is technology designed for the hospital and health system market, is a complete end-to-end telehealth solution…View ↗
How Do They Make Money?
Access fees are the main source: clients pay monthly for access to care, while individual therapy users typically pay weekly or monthly; the company also collects fees for completed visits and sells or rents virtual-care equipment.
10-K for FY2025, filed Feb 26, 2026Our Integrated Care segment primarily generates revenue on a contractually recurring, access fee basis. Clients pay monthly access fees on…View ↗
In our BetterHelp segment, we primarily generate revenue from paying users, including both those who pay directly out-of-pocket and those…View ↗
We also generate revenue from Clients on a per-telehealth visit basis. These visit fees are typically paid by Clients and/or members.View ↗
Revenue is also generated from contracts with Clients in hospital and health systems for the sale and rental of equipment consisting of…View ↗
For contracts where revenue is generated on a per-telehealth visit basis, revenues are recognized when the visits are completed as the…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$2.5B
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10-K for FY2025, filed Feb 26, 2026
$2.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Access Fees
Recurring
10-K for FY2025, filed Feb 26, 2026 |
83%
FY2022: 87%
|
Access Fees, FY2025
$2.1B Sources
|
Recurring |
|
Other
|
17%
FY2022: 13%
|
Other, FY2025
$438M Sources
|
Who Are Their Customers?
Employers and health plans, plus hospitals and health systems, buy Integrated Care services, mainly through direct sales, with brokers and other partners also distributing them. BetterHelp markets therapy to individuals directly and uses third parties to find and reach users.
10-K for FY2025, filed Feb 26, 2026We sell our Integrated Care services principally through our direct sales organization. Our direct sales team comprises enterprise focused…View ↗
We sell our BetterHelp services principally by marketing our mental health services directly to potential users. We also rely on…View ↗
As of December 31, 2025, approximately 102 million members in the United States (“U.S.”) have access to one or more of our services. The…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $200.3M in FY2025, but brought in more cash than it spent: $285.5M of free cash flow.
10-K for FY2025, filed Feb 26, 2026
−$263MView ↗
10-K for FY2025, filed Feb 26, 2026
−$200.3MView ↗
10-K for FY2025, filed Feb 26, 2026
$285.5MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
−$38.9MView ↗
- ▲ +19% (Loss)
- vs −$32.7M in Q2 FY2025
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Aug 31, 2026
Teladoc appointed Michael Grasher as CFO
Michael Grasher became CFO; Charles Divita continued as CEO.
Sources
8-K, filed Aug 31, 2026
Effective August 31, 2026, Teladoc Health, Inc. (the “Company”) hired Michael Grasher as its Chief Financial Officer. Charles Divita, III…View ↗
Growing. Revenue grew 24% in 4 years, from $2B in FY2021 to $2.5B in FY2025, about 6% a year.
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