Teladoc Health (TDOC) Financials

$6.79 +0.02 (+0.35%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$6.80 +0.01 (+0.09%)

As of 04:07 AM Eastern

Annual Income Statements for Teladoc Health

This table shows Teladoc Health's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-58	-74	-107	-97	-99	-485	-429	-13,660	-220	-1,001	-200
Consolidated Net Income / (Loss)	-58	-74	-107	-97	-99	-485	-429	-13,660	-220	-1,001	-200
Net Income / (Loss) Continuing Operations	-58	-74	-107	-97	-99	-485	-429	-13,660	-220	-1,001	-200
Total Pre-Tax Income	-58	-74	-107	-97	-109	-576	-385	-13,663	-220	-994	-236
Total Operating Income	-56	-63	-75	-71	-80	-506	-266	-13,653	-249	-1,021	-263
Total Gross Profit	56	91	172	289	369	703	1,382	1,663	1,842	1,818	1,758
Total Revenue	77	123	233	418	553	1,094	2,033	2,407	2,602	2,570	2,530
Operating Revenue	77	123	233	418	553	1,094	2,033	2,407	2,602	2,570	2,530
Total Cost of Revenue	21	32	62	129	184	391	650	744	760	751	772
Operating Cost of Revenue	21	32	62	129	184	391	650	744	760	751	772
Total Operating Expenses	112	154	247	360	449	1,210	1,648	15,316	2,091	2,839	2,021
Selling, General & Admin Expense	61	75	118	176	229	661	689	677	678	640	626
Marketing Expense	20	35	58	85	110	226	417	624	689	706	653
Research & Development Expense	14	22	34	54	65	165	312	334	349	307	278
Depreciation Expense	4.86	8.27	19	36	39	69	8.94	11	11	10	13
Amortization Expense	-	-	-	-	-	-	195	245	326	363	351
Impairment Charge	-	-	-	-	-	0.00	0.00	13,403	0.00	790	72
Restructuring Charge	0.55	6.96	13	10	6.62	88	27	23	38	22	28
Total Other Income / (Expense), net	-2.20	-11	-32	-26	-29	-70	-119	-10	29	27	27
Interest Expense	2.20	2.59	17	26	29	69	125	22	22	24	20
Interest & Investment Income	-	-	-	-	-	-	0.78	13	47	57	37
Other Income / (Expense), net	-	-8.45	-14	-	0.34	-0.55	5.09	-0.86	4.45	-6.04	10
Income Tax Expense	0.04	0.51	-0.23	0.12	-11	-91	44	-3.81	0.76	7.59	-35
Basic Earnings per Share	($2.91)	($1.75)	($1.93)	($1.47)	($1.38)	($5.36)	($2.73)	($84.60)	($1.34)	($5.87)	($1.14)
Weighted Average Basic Shares Outstanding	19.92M	42.33M	55.43M	65.84M	71.84M	90.51M	156.94M	161.46M	164.58M	170.56M	176.22M
Diluted Earnings per Share	($2.91)	($1.75)	($1.93)	($1.47)	($1.38)	($5.36)	($2.73)	($84.60)	($1.34)	($5.87)	($1.14)
Weighted Average Diluted Shares Outstanding	19.92M	42.33M	55.43M	65.84M	71.84M	90.51M	156.94M	161.46M	164.58M	170.56M	176.22M
Weighted Average Basic & Diluted Shares Outstanding	19.92M	42.33M	55.43M	65.84M	71.84M	90.51M	160.33M	162.62M	167.04M	173.67M	178.40M

This table shows Teladoc Health's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-57	-29	-82	-838	-33	-48	-93	-33	-50	-25	-64
Consolidated Net Income / (Loss)	-57	-29	-82	-838	-33	-48	-93	-33	-50	-25	-64
Net Income / (Loss) Continuing Operations	-57	-29	-82	-838	-33	-48	-93	-33	-50	-25	-64
Total Pre-Tax Income	-60	-25	-79	-834	-32	-48	-111	-40	-50	-34	-61
Total Operating Income	-65	-35	-87	-841	-44	-48	-121	-54	-52	-36	-62
Total Gross Profit	474	467	452	454	461	452	433	441	439	445	416
Total Revenue	660	661	646	642	641	640	629	632	626	642	614
Operating Revenue	660	661	646	642	641	640	629	632	626	642	614
Total Cost of Revenue	186	193	195	188	180	189	197	191	187	197	198
Operating Cost of Revenue	186	193	195	188	180	189	197	191	187	197	198
Total Operating Expenses	539	502	539	1,296	505	500	553	496	491	481	478
Selling, General & Admin Expense	168	162	166	160	162	153	161	158	151	156	153
Marketing Expense	186	147	183	170	177	175	168	168	168	150	152
Research & Development Expense	84	90	81	77	72	77	70	69	68	72	68
Depreciation Expense	2.47	2.79	2.83	1.70	2.67	2.98	3.56	4.34	2.61	2.80	2.46
Amortization Expense	92	95	95	95	87	87	84	89	86	92	90
Impairment Charge	0.00	-	0.00	790	0.00	-	59	0.00	13	-	0.00
Restructuring Charge	6.24	5.16	10	1.96	4.04	6.06	6.54	8.35	3.88	9.03	13
Total Other Income / (Expense), net	5.17	9.71	7.92	7.36	12	-5.60	9.34	14	1.74	2.38	0.93
Interest Expense	5.65	5.54	5.65	5.65	5.66	-	5.77	4.47	4.53	4.95	5.37
Interest & Investment Income	13	14	14	14	15	14	13	10	7.08	6.95	6.49
Other Income / (Expense), net	-1.79	1.54	-0.37	-0.56	2.24	-7.34	2.44	8.37	-0.82	0.38	-0.20
Income Tax Expense	-2.48	3.52	2.69	3.88	0.78	0.24	-18	-7.76	-0.72	-8.48	3.00
Basic Earnings per Share	($0.35)	($0.17)	($0.49)	($4.92)	($0.19)	($0.27)	($0.53)	($0.19)	($0.28)	($0.14)	($0.36)
Weighted Average Basic Shares Outstanding	165.12M	164.58M	167.73M	170.23M	171.50M	170.56M	174.15M	175.92M	176.93M	176.22M	179.12M
Diluted Earnings per Share	($0.35)	($0.17)	($0.49)	($4.92)	($0.19)	($0.27)	($0.53)	($0.19)	($0.28)	($0.14)	($0.36)
Weighted Average Diluted Shares Outstanding	165.12M	164.58M	167.73M	170.23M	171.50M	170.56M	174.15M	175.92M	176.93M	176.22M	179.12M
Weighted Average Basic & Diluted Shares Outstanding	165.56M	167.04M	169.59M	171.22M	172.17M	173.67M	175.43M	176.69M	177.47M	178.40M	180.51M

This table details how cash moves in and out of Teladoc Health's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	8.63	-5.05	-7.39	383	90	215	162	28	205	178	-523
Net Cash From Operating Activities	-47	-52	-34	-4.86	30	-54	194	189	350	294	294
Net Cash From Continuing Operating Activities	-47	-52	-34	-4.86	30	-54	194	189	350	294	294
Net Income / (Loss) Continuing Operations	-58	-74	-107	-97	-99	-485	-429	-13,660	-220	-1,001	-200
Consolidated Net Income / (Loss)	-58	-74	-107	-97	-99	-485	-429	-13,660	-220	-1,001	-200
Depreciation Expense	4.86	8.27	19	36	39	71	12	11	11	10	13
Amortization Expense	-	7.72	14	0.00	6.00	6.90	207	256	338	373	363
Non-Cash Adjustments To Reconcile Net Income	6.37	10	39	60	96	534	405	13,637	212	950	159
Changes in Operating Assets and Liabilities, net	-0.39	-4.04	0.41	-3.38	-12	-181	-2.19	-56	9.74	-37	-40
Net Cash From Investing Activities	-108	26	-448	-257	25	-591	-73	-168	-156	-124	-266
Net Cash From Continuing Investing Activities	-108	26	-448	-257	25	-591	-73	-168	-156	-124	-266
Purchase of Property, Plant & Equipment	-6.28	-2.11	-2.63	-4.01	-3.51	-26	-64	-173	-156	-124	-127
Acquisitions	-19	-38	-382	-287	-19	-567	-79	-	0.00	0.00	-111
Purchase of Investments	-103	-44	-149	-56	-	-	-	-	0.00	0.00	-28
Sale and/or Maturity of Investments	20	111	86	84	47	2.50	61	2.51	0.00	0.00	0.74
Other Investing Activities, net	-	-	-	-	0.00	0.00	8.72	2.51	0.00	0.00	0.06
Net Cash From Financing Activities	164	21	475	646	35	859	41	6.50	11	8.31	-552
Net Cash From Continuing Financing Activities	164	21	475	646	35	859	41	6.50	11	8.31	-552
Repayment of Debt	-6.33	-17	-226	0.00	0.00	-34	-5.07	-5.89	-0.28	-0.00	-555
Issuance of Common Equity	163	0.25	261	333	3.38	4.72	17	6.50	9.65	4.75	3.00
Other Financing Activities, net	0.43	2.60	177	33	32	117	29	5.88	1.48	3.57	0.09
Cash Interest Paid	2.00	2.39	9.45	10	12	15	19	17	17	17	15
Cash Income Taxes Paid	-	-	0.14	0.44	1.31	1.32	3.97	2.51	7.24	8.95	8.75

This table details how cash moves in and out of Teladoc Health's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	73	92	-25	65	80	58	-107	-518	47	55	-29
Net Cash From Operating Activities	106	130	8.92	89	110	86	16	91	99	88	9.52
Net Cash From Continuing Operating Activities	106	130	8.92	89	110	86	16	91	99	88	9.52
Net Income / (Loss) Continuing Operations	-57	-29	-82	-838	-33	-48	-93	-33	-50	-25	-64
Consolidated Net Income / (Loss)	-57	-29	-82	-838	-33	-48	-93	-33	-50	-25	-64
Depreciation Expense	2.47	2.79	2.83	1.70	2.67	2.98	3.56	4.34	2.61	2.80	2.46
Amortization Expense	94	98	98	97	89	89	87	91	90	96	92
Non-Cash Adjustments To Reconcile Net Income	57	43	44	834	38	34	86	23	30	20	16
Changes in Operating Assets and Liabilities, net	8.80	16	-54	-6.62	14	8.99	-67	6.25	27	-5.86	-37
Net Cash From Investing Activities	-38	-37	-36	-28	-31	-30	-123	-60	-49	-34	-37
Net Cash From Continuing Investing Activities	-38	-37	-36	-28	-31	-30	-123	-60	-49	-34	-37
Purchase of Property, Plant & Equipment	-38	-37	-36	-28	-31	-30	-32	-30	-31	-34	-36
Acquisitions	-	-	0.00	-	-	-	-65	-30	-17	-	0.00
Purchase of Investments	-	-	0.00	-	-	-	-27	-	-0.80	-	-0.70
Net Cash From Financing Activities	5.07	-1.78	1.75	3.81	0.70	2.06	0.77	-550	-3.59	1.10	-2.45
Net Cash From Continuing Financing Activities	5.07	-1.78	1.75	3.81	0.70	2.06	0.77	-550	-3.59	1.10	-2.45
Repayment of Debt	0.00	-0.28	0.10	-	-	-	0.00	-551	-4.11	0.00	-2.85
Issuance of Common Equity	3.16	1.05	1.52	1.28	0.92	1.03	0.69	0.70	0.52	1.10	0.40
Other Financing Activities, net	1.91	-2.55	0.13	2.52	-0.23	1.03	0.08	0.00	-	0.00	0.00
Cash Income Taxes Paid	5.53	0.92	-0.25	4.86	2.62	1.71	0.33	5.33	0.10	2.98	-0.04

This table presents Teladoc Health's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	230	304	824	1,529	1,603	17,755	17,735	4,345	4,392	3,517	2,858
Total Current Assets	152	83	156	533	588	1,060	1,225	1,315	1,489	1,664	1,119
Cash & Equivalents	55	50	43	424	514	733	893	918	1,124	1,298	781
Accounts Receivable	12	14	27	44	57	169	169	211	217	214	193
Inventories, net	-	-	-	-	0.00	56	73	56	30	38	38
Prepaid Expenses	2.10	3.10	6.84	11	14	47	87	130	118	113	107
Plant, Property, & Equipment, net	6.26	7.48	8.96	10	10	29	27	30	32	29	27
Total Noncurrent Assets	72	213	659	986	1,005	16,667	16,482	3,000	2,871	1,823	1,712
Goodwill	56	188	499	737	746	14,581	14,504	1,073	1,073	283	283
Intangible Assets	15	25	160	247	225	2,021	1,910	1,837	1,678	1,431	1,297
Other Noncurrent Operating Assets	0.29	0.42	0.86	1.40	33	65	67	90	120	109	132
Total Liabilities & Shareholders' Equity	230	304	824	1,529	1,603	17,755	17,735	4,345	4,392	3,517	2,858
Total Liabilities	51	73	265	516	589	1,871	1,680	2,038	2,066	2,025	1,473
Total Current Liabilities	18	21	40	62	90	333	331	400	421	942	405
Accounts Payable	2.21	2.24	3.88	7.77	9.08	46	47	48	44	33	48
Accrued Expenses	8.20	7.98	19	27	34	84	103	169	179	202	198
Current Deferred Revenue	-	-	-	-	12	52	76	102	96	79	62
Current Employee Benefit Liabilities	6.33	8.86	17	28	34	95	92	82	103	76	96
Total Noncurrent Liabilities	33	52	225	453	499	1,539	1,349	1,638	1,646	1,084	1,068
Long-Term Debt	25	42	207	415	440	1,380	1,226	1,535	1,539	991	995
Capital Lease Obligations	-	-	-	-	25	43	-	38	43	32	34
Noncurrent Deferred Revenue	-	-	-	-	2.30	12	3.83	12	14	9.79	9.14
Noncurrent Deferred & Payable Income Tax Liabilities	1.19	1.69	13	32	22	102	76	51	49	50	29
Other Noncurrent Operating Liabilities	6.78	7.61	4.88	6.19	9.24	1.62	53	1.62	1.08	0.72	0.64
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	179	231	559	1,013	1,014	15,884	16,046	2,308	2,326	1,491	1,386
Total Preferred & Common Equity	179	231	559	1,013	1,014	15,884	16,046	2,308	2,326	1,491	1,386
Total Common Equity	179	231	559	1,013	1,014	15,884	16,046	2,308	2,326	1,491	1,386
Common Stock	309	436	866	1,435	1,539	16,858	17,473	17,359	17,592	17,759	17,851
Retained Earnings	-131	-205	-312	-409	-508	-993	-1,421	-15,008	-15,229	-16,230	-16,430
Accumulated Other Comprehensive Income / (Loss)	-0.04	-0.00	4.09	-13	-17	19	-6.29	-43	-37	-38	-35

This table presents Teladoc Health's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	8,104	4,309	4,316	4,328	4,321	3,524	3,529	3,444	2,894	2,879	2,807
Total Current Assets	1,288	1,287	1,321	1,387	1,486	1,547	1,609	1,602	1,073	1,093	1,132
Cash & Equivalents	900	889	959	1,031	1,098	1,162	1,244	1,193	680	726	751
Accounts Receivable	202	216	215	206	214	218	212	233	225	211	214
Inventories, net	59	46	34	36	32	35	37	38	38	40	32
Prepaid Expenses	127	136	113	115	142	131	116	138	130	116	136
Plant, Property, & Equipment, net	27	30	30	33	30	29	28	31	28	27	26
Total Noncurrent Assets	6,789	2,993	2,965	2,908	2,805	1,948	1,892	1,812	1,793	1,759	1,649
Goodwill	4,846	1,073	1,073	1,073	1,073	283	283	283	283	283	283
Intangible Assets	1,854	1,816	1,784	1,728	1,614	1,547	1,497	1,393	1,383	1,337	1,235
Other Noncurrent Operating Assets	89	104	108	107	118	117	112	135	127	139	130
Total Liabilities & Shareholders' Equity	8,104	4,309	4,316	4,328	4,321	3,524	3,529	3,444	2,894	2,879	2,807
Total Liabilities	2,051	2,010	2,021	2,034	2,032	2,022	2,021	2,017	1,472	1,486	1,471
Total Current Liabilities	411	381	383	403	389	931	931	952	402	405	405
Accounts Payable	71	39	16	26	38	56	38	52	54	52	45
Accrued Expenses	177	185	193	193	199	174	188	219	202	206	233
Current Deferred Revenue	90	96	107	99	101	95	88	74	75	70	66
Current Employee Benefit Liabilities	63	51	67	85	51	55	66	57	70	77	61
Total Noncurrent Liabilities	1,640	1,629	1,638	1,631	1,643	1,091	1,089	1,065	1,070	1,081	1,066
Long-Term Debt	1,534	1,536	1,537	1,538	1,540	990	991	992	993	994	996
Capital Lease Obligations	41	-	37	34	40	38	37	34	32	38	32
Noncurrent Deferred Revenue	11	4.12	14	13	15	12	10	10	11	11	10
Noncurrent Deferred & Payable Income Tax Liabilities	52	51	48	44	47	51	51	24	30	34	28
Other Noncurrent Operating Liabilities	1.63	46	1.74	1.69	1.02	1.01	0.74	4.32	4.25	4.24	0.55
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,053	2,291	2,295	2,294	2,289	1,502	1,508	1,427	1,422	1,392	1,336
Total Preferred & Common Equity	6,053	2,291	2,295	2,294	2,289	1,502	1,508	1,427	1,422	1,392	1,336
Total Common Equity	6,053	2,291	2,295	2,294	2,289	1,502	1,508	1,427	1,422	1,392	1,336
Common Stock	17,300	17,410	17,477	17,535	17,638	17,689	17,726	17,787	17,813	17,832	17,866
Retained Earnings	-11,198	-15,078	-15,143	-15,200	-15,311	-16,148	-16,181	-16,323	-16,356	-16,405	-16,494
Accumulated Other Comprehensive Income / (Loss)	-49	-41	-39	-42	-39	-39	-37	-37	-35	-35	-35

This table displays calculated financial ratios and metrics derived from Teladoc Health's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	77.78%	59.15%	89.42%	79.14%	32.40%	97.71%	85.81%	18.41%	8.13%	-1.26%	-1.54%
EBITDA Growth	-296.90%	-8.27%	-2.12%	37.38%	0.30%	-1,120.21%	90.46%	-32,611.72%	100.78%	-715.68%	119.23%
EBIT Growth	-268.22%	-27.49%	-25.87%	20.85%	-13.05%	-532.92%	48.61%	-5,140.62%	98.21%	-320.68%	75.40%
NOPAT Growth	-268.22%	-12.33%	-20.31%	6.02%	-13.53%	-529.55%	47.55%	-5,039.92%	98.18%	-310.73%	74.24%
Net Income Growth	-240.55%	-27.91%	-43.88%	9.08%	-1.83%	-390.71%	11.61%	-3,085.58%	98.39%	-354.35%	79.99%
EPS Growth	71.61%	39.86%	-10.29%	23.83%	6.12%	-288.41%	49.07%	-2,998.90%	98.42%	-338.06%	80.58%
Operating Cash Flow Growth	-315.36%	-9.95%	33.61%	85.89%	714.59%	-279.15%	462.52%	-2.42%	84.91%	-16.10%	0.23%
Free Cash Flow Firm Growth	-71.18%	-150.64%	-162.45%	27.16%	80.44%	-22,887.30%	100.01%	327,645.32%	-99.87%	5,966.24%	-116.80%
Invested Capital Growth	107.22%	209.46%	207.40%	47.41%	1.38%	1,621.02%	-1.13%	-81.91%	-6.04%	-36.53%	-7.54%
Revenue Q/Q Growth	0.00%	13.62%	20.53%	12.25%	6.50%	26.16%	9.18%	3.59%	0.88%	-0.77%	0.07%
EBITDA Q/Q Growth	0.00%	2.53%	-16.52%	20.12%	10.51%	-2,004.20%	91.64%	-38.96%	102.83%	-5.54%	28.53%
EBIT Q/Q Growth	0.00%	-11.51%	-39.73%	8.67%	3.13%	-698.33%	61.51%	-38.17%	93.93%	-2.19%	7.32%
NOPAT Q/Q Growth	0.00%	1.75%	-17.68%	8.67%	2.72%	-697.48%	61.09%	-38.20%	93.83%	-1.30%	4.44%
Net Income Q/Q Growth	0.00%	1.00%	-39.29%	16.73%	5.57%	-340.18%	47.18%	-38.53%	94.49%	-1.99%	10.41%
EPS Q/Q Growth	0.00%	-119.23%	-33.10%	23.83%	5.48%	-274.83%	60.38%	-38.05%	94.54%	-1.73%	10.24%
Operating Cash Flow Q/Q Growth	-22.04%	9.22%	0.75%	66.74%	110.00%	-167.27%	4,769.96%	-8.53%	22.60%	-13.08%	0.63%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-1.88%	4.84%	-126.74%	-1,347.82%	100.01%	39.11%	-99.54%	4.86%	-5.11%
Invested Capital Q/Q Growth	0.00%	-1.10%	-0.20%	-1.52%	2.75%	730.56%	-0.24%	-55.97%	-1.83%	-4.07%	-3.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.81%	74.04%	73.58%	69.20%	66.66%	64.27%	68.01%	69.09%	70.80%	70.76%	69.50%
EBITDA Margin	-65.80%	-44.76%	-24.13%	-8.44%	-6.35%	-39.20%	-2.01%	-556.18%	4.02%	-25.07%	4.90%
Operating Margin	-72.09%	-50.88%	-32.32%	-16.95%	-14.54%	-46.29%	-13.07%	-567.27%	-9.55%	-39.73%	-10.39%
EBIT Margin	-72.09%	-57.75%	-38.37%	-16.95%	-14.48%	-46.34%	-12.82%	-567.30%	-9.38%	-39.96%	-9.98%
Profit (Net Income) Margin	-74.98%	-60.26%	-45.77%	-23.23%	-17.87%	-44.35%	-21.09%	-567.53%	-8.47%	-38.97%	-7.92%
Tax Burden Percent	100.06%	100.69%	99.79%	100.12%	90.32%	84.23%	111.47%	99.97%	100.35%	100.76%	85.05%
Interest Burden Percent	103.94%	103.64%	119.54%	136.85%	136.65%	113.62%	147.64%	100.07%	89.96%	96.76%	93.25%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-77.82%	-31.65%	-12.37%	-6.23%	-5.89%	-4.05%	-1.13%	-98.84%	-6.06%	-31.41%	-10.83%
ROIC Less NNEP Spread (ROIC-NNEP)	-48.95%	14.25%	-181.99%	-453.93%	67.79%	-45.71%	-49.30%	-931.96%	-14.39%	-109.53%	-17.03%
Return on Net Nonoperating Assets (RNNOA)	27.76%	-4.60%	-14.67%	-6.13%	-3.86%	-1.70%	-1.56%	-50.01%	-3.46%	-21.06%	-3.10%
Return on Equity (ROE)	-50.06%	-36.25%	-27.04%	-12.35%	-9.75%	-5.74%	-2.69%	-148.85%	-9.51%	-52.46%	-13.93%
Cash Return on Invested Capital (CROIC)	-147.62%	-133.96%	-114.18%	-44.55%	-7.26%	-182.08%	0.01%	39.87%	0.17%	13.28%	-2.99%
Operating Return on Assets (OROA)	-34.69%	-26.67%	-15.87%	-6.02%	-5.12%	-5.24%	-1.47%	-123.68%	-5.59%	-25.97%	-7.92%
Return on Assets (ROA)	-36.08%	-27.83%	-18.93%	-8.25%	-6.31%	-5.01%	-2.42%	-123.73%	-5.04%	-25.32%	-6.28%
Return on Common Equity (ROCE)	-23.98%	-36.25%	-27.04%	-12.35%	-9.75%	-5.74%	-2.69%	-148.85%	-9.51%	-52.46%	-13.93%
Return on Equity Simple (ROE_SIMPLE)	-32.49%	-32.15%	-19.11%	-9.58%	-9.75%	-3.05%	-2.67%	-591.90%	-9.47%	-67.15%	0.00%
Net Operating Profit after Tax (NOPAT)	-39	-44	-53	-50	-56	-354	-186	-9,557	-174	-715	-184
NOPAT Margin	-50.46%	-35.62%	-22.62%	-11.87%	-10.18%	-32.40%	-9.15%	-397.09%	-6.69%	-27.81%	-7.28%
Net Nonoperating Expense Percent (NNEP)	-28.87%	-45.90%	169.62%	447.71%	-73.68%	41.67%	48.17%	833.12%	8.33%	78.12%	6.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-246.25%	-4.45%	-23.31%	-7.62%
Cost of Revenue to Revenue	27.19%	25.96%	26.42%	30.80%	33.34%	35.73%	31.99%	30.91%	29.20%	29.24%	30.50%
SG&A Expenses to Revenue	78.77%	60.74%	50.48%	42.13%	41.45%	60.40%	33.88%	28.13%	26.07%	24.93%	24.76%
R&D to Revenue	18.36%	17.71%	14.77%	13.01%	11.68%	15.08%	15.34%	13.86%	13.39%	11.96%	10.99%
Operating Expenses to Revenue	144.90%	124.92%	105.90%	86.15%	81.20%	110.57%	81.08%	636.36%	80.35%	110.49%	79.90%
Earnings before Interest and Taxes (EBIT)	-56	-71	-90	-71	-80	-507	-261	-13,654	-244	-1,027	-253
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-51	-55	-56	-35	-35	-429	-41	-13,386	105	-644	124
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.87	3.29	3.55	3.43	5.98	1.82	0.92	1.66	1.53	1.05	0.90
Price to Tangible Book Value (P/TBV)	6.46	42.64	0.00	121.82	142.61	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	8.92	6.17	8.51	8.32	10.95	26.50	7.23	1.59	1.37	0.61	0.49
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	8.56	3.52	3.21	3.59	6.24	1.79	0.92	1.51	1.45	1.04	0.91
Enterprise Value to Revenue (EV/Rev)	7.49	5.99	8.87	8.16	10.86	27.12	7.39	1.86	1.55	0.72	0.59
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	38.48	0.00	12.03
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	201.15	0.00	77.47	23.69	11.50	6.27	5.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	12,776.34	1.16	807.89	6.09	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.15	0.19	0.37	0.41	0.46	0.09	0.08	0.68	0.68	1.06	0.74
Long-Term Debt to Equity	0.14	0.18	0.37	0.41	0.46	0.09	0.08	0.68	0.68	0.69	0.74
Financial Leverage	-0.57	-0.32	0.08	0.01	-0.06	0.04	0.03	0.05	0.24	0.19	0.18
Leverage Ratio	1.39	1.30	1.43	1.50	1.54	1.15	1.11	1.20	1.89	2.07	2.22
Compound Leverage Factor	1.44	1.35	1.71	2.05	2.11	1.30	1.64	1.20	1.70	2.00	2.07
Debt to Total Capital	12.91%	16.14%	27.06%	29.04%	31.46%	8.45%	7.10%	40.54%	40.47%	51.36%	42.62%
Short-Term Debt to Total Capital	0.61%	0.73%	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.00%	17.97%	0.00%
Long-Term Debt to Total Capital	12.30%	15.41%	27.06%	29.04%	31.46%	8.20%	7.10%	40.54%	40.47%	33.39%	42.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	87.09%	83.86%	72.94%	70.96%	68.54%	91.55%	92.90%	59.46%	59.53%	48.64%	57.38%
Debt to EBITDA	-0.52	-0.81	-3.68	-11.76	-13.24	-3.42	-29.95	-0.12	15.12	-2.44	8.31
Net Debt to EBITDA	2.18	0.39	-1.51	1.81	1.47	-1.58	-8.06	-0.05	4.38	-0.43	2.00
Long-Term Debt to EBITDA	-0.50	-0.77	-3.68	-11.76	-13.24	-3.32	-29.95	-0.12	15.12	-1.59	8.31
Debt to NOPAT	-0.68	-1.01	-3.93	-8.36	-8.27	-4.13	-6.59	-0.16	-9.09	-2.20	-5.59
Net Debt to NOPAT	2.84	0.49	-1.61	1.29	0.92	-1.91	-1.77	-0.07	-2.63	-0.39	-1.35
Long-Term Debt to NOPAT	-0.65	-0.97	-3.93	-8.36	-8.27	-4.01	-6.59	-0.16	-9.09	-1.43	-5.59
Altman Z-Score	7.54	5.19	4.05	4.16	6.28	9.23	5.27	-13.27	-3.12	-5.98	-6.65
Noncontrolling Interest Sharing Ratio	52.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.43	3.93	3.87	8.53	6.52	3.19	3.70	3.29	3.54	1.77	2.77
Quick Ratio	8.31	3.78	3.70	8.36	6.37	2.87	3.22	2.82	3.19	1.61	2.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-74	-186	-487	-355	-69	-15,955	1.18	3,855	4.98	302	-51
Operating Cash Flow to CapEx	-751.89%	-2,460.86%	-1,308.05%	0.00%	850.97%	-205.48%	303.42%	109.57%	223.87%	236.74%	230.95%
Free Cash Flow to Firm to Interest Expense	-33.69	-71.74	-27.86	-13.59	-2.36	-231.14	0.01	175.69	0.22	12.70	-2.58
Operating Cash Flow to Interest Expense	-21.46	-20.04	-1.97	-0.19	1.02	-0.78	1.55	8.63	15.71	12.34	14.93
Operating Cash Flow Less CapEx to Interest Expense	-24.31	-20.86	-2.12	-0.13	0.90	-1.15	1.04	0.75	8.69	7.13	8.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.46	0.41	0.36	0.35	0.11	0.11	0.22	0.60	0.65	0.79
Accounts Receivable Turnover	8.16	9.50	11.41	11.83	11.01	9.67	12.02	12.68	12.16	11.91	12.43
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	10.04	11.50	17.71	22.21	20.21
Fixed Asset Turnover	21.13	17.93	28.38	43.73	54.13	56.32	72.88	84.64	84.39	83.54	89.62
Accounts Payable Turnover	9.51	14.37	20.14	22.09	21.90	14.18	13.94	15.67	16.64	19.57	19.03
Days Sales Outstanding (DSO)	44.75	38.44	32.00	30.86	33.15	37.74	30.37	28.78	30.01	30.65	29.36
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	36.37	31.75	20.62	16.43	18.06
Days Payable Outstanding (DPO)	38.36	25.40	18.12	16.52	16.66	25.73	26.18	23.29	21.93	18.65	19.18
Cash Conversion Cycle (CCC)	6.38	13.04	13.87	14.34	16.49	12.01	40.55	37.23	28.70	28.44	28.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	68	209	644	949	962	16,563	16,375	2,963	2,784	1,767	1,634
Invested Capital Turnover	1.54	0.89	0.55	0.52	0.58	0.12	0.12	0.25	0.91	1.13	1.49
Increase / (Decrease) in Invested Capital	35	142	434	305	13	15,600	-187	-13,413	-179	-1,017	-133
Enterprise Value (EV)	580	738	2,070	3,411	6,008	29,665	15,029	4,485	4,026	1,841	1,490
Market Capitalization	691	760	1,985	3,475	6,060	28,986	14,699	3,830	3,568	1,565	1,242
Book Value per Share	$4.64	$5.02	$9.81	$14.45	$14.01	$109.57	$100.23	$14.25	$14.05	$8.66	$7.81
Tangible Book Value per Share	$2.78	$0.39	($1.75)	$0.41	$0.59	($4.96)	($2.30)	($3.72)	($2.57)	($1.30)	($1.10)
Total Capital	205	275	766	1,428	1,479	17,349	17,271	3,881	3,908	3,065	2,415
Total Debt	26	44	207	415	465	1,465	1,226	1,573	1,582	1,574	1,029
Total Long-Term Debt	25	42	207	415	465	1,423	1,226	1,573	1,582	1,024	1,029
Net Debt	-111	-21	85	-64	-52	679	330	655	458	276	248
Capital Expenditures (CapEx)	6.28	2.11	2.63	-1.52	3.51	26	64	173	156	124	127
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.51	-2.16	-6.40	-8.24	-19	-17	-1.59	-2.56	-55	-25	-67
Debt-free Net Working Capital (DFNWC)	135	64	116	470	498	770	894	916	1,068	1,273	714
Net Working Capital (NWC)	134	62	116	470	498	727	894	916	1,068	722	714
Net Nonoperating Expense (NNE)	19	30	54	47	43	131	243	4,102	46	287	16
Net Nonoperating Obligations (NNO)	-111	-21	85	-64	-52	679	330	655	458	276	248
Total Depreciation and Amortization (D&A)	4.86	16	33	36	45	78	220	268	349	383	376
Debt-free, Cash-free Net Working Capital to Revenue	-3.24%	-1.76%	-2.74%	-1.97%	-3.48%	-1.56%	-0.08%	-0.11%	-2.12%	-0.98%	-2.64%
Debt-free Net Working Capital to Revenue	174.25%	51.68%	49.69%	112.54%	89.97%	70.34%	44.00%	38.04%	41.06%	49.55%	28.24%
Net Working Capital to Revenue	172.64%	50.05%	49.69%	112.54%	89.97%	66.45%	44.00%	38.04%	41.06%	28.11%	28.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.91)	($1.75)	($1.93)	($1.47)	($1.38)	($5.36)	($2.73)	($84.60)	($1.34)	($5.87)	($1.14)
Adjusted Weighted Average Basic Shares Outstanding	38.56M	54.24M	61.73M	70.77M	73.01M	152.70M	156.94M	161.46M	164.58M	170.56M	176.22M
Adjusted Diluted Earnings per Share	($2.91)	($1.75)	($1.93)	($1.47)	($1.38)	($5.36)	($2.73)	($84.60)	($1.34)	($5.87)	($1.14)
Adjusted Weighted Average Diluted Shares Outstanding	38.56M	54.24M	61.73M	70.77M	73.01M	152.70M	156.94M	161.46M	164.58M	170.56M	176.22M
Adjusted Basic & Diluted Earnings per Share	($2.91)	($1.75)	($1.93)	($1.47)	($1.38)	($5.36)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	19.92M	42.33M	55.43M	65.84M	71.84M	90.51M	160.33M	162.62M	167.04M	173.67M	178.40M
Normalized Net Operating Profit after Tax (NOPAT)	-32	-36	-44	-46	-52	-293	-167	-159	-147	-146	-114
Normalized NOPAT Margin	-41.93%	-29.32%	-18.66%	-11.05%	-9.34%	-26.76%	-8.23%	-6.61%	-5.66%	-5.69%	-4.52%
Pre Tax Income Margin	-74.93%	-59.85%	-45.87%	-23.20%	-19.78%	-52.65%	-18.92%	-567.69%	-8.44%	-38.67%	-9.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-25.37	-27.48	-5.12	-2.71	-2.73	-7.34	-2.09	-622.22	-10.96	-43.14	-12.81
NOPAT to Interest Expense	-17.76	-16.95	-3.02	-1.90	-1.92	-5.14	-1.49	-435.53	-7.81	-30.02	-9.34
EBIT Less CapEx to Interest Expense	-28.22	-28.29	-5.27	-2.66	-2.85	-7.72	-2.60	-630.10	-17.97	-48.35	-19.28
NOPAT Less CapEx to Interest Expense	-20.61	-17.76	-3.17	-1.84	-2.04	-5.51	-2.00	-443.40	-14.83	-35.23	-15.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Teladoc Health's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	178,396,434.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	178,396,434.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.36
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.99%	3.58%	2.68%	-1.53%	-2.99%	-3.03%	-2.59%	-1.64%	-2.20%	0.28%	-2.47%
EBITDA Growth	485.51%	101.80%	1,920.65%	-11,826.25%	63.70%	-46.34%	-315.19%	106.58%	-20.70%	76.11%	215.06%
EBIT Growth	9.26%	99.12%	-21.19%	-1,071.45%	36.61%	-65.62%	-35.07%	94.53%	-25.18%	35.89%	47.57%
NOPAT Growth	9.77%	99.08%	-13.00%	-1,074.05%	31.40%	-37.44%	-38.44%	93.53%	-17.03%	25.34%	48.79%
Net Income Growth	22.32%	99.24%	-18.29%	-1,185.22%	41.70%	-67.56%	-13.58%	96.10%	-48.78%	48.06%	31.37%
EPS Growth	22.22%	99.27%	-16.67%	-1,130.00%	45.71%	-58.82%	-8.16%	96.14%	-47.37%	48.15%	32.08%
Operating Cash Flow Growth	67.56%	98.45%	-32.20%	-12.35%	4.33%	-33.96%	78.46%	3.10%	-9.90%	2.14%	-40.22%
Free Cash Flow Firm Growth	-60.07%	-98.56%	-98.44%	-89.43%	-74.98%	536.70%	715.86%	-72.24%	-88.79%	-89.01%	-82.39%
Invested Capital Growth	-57.86%	-6.04%	-5.73%	-34.10%	-35.04%	-36.53%	-34.65%	-7.83%	-7.83%	-7.54%	-10.90%
Revenue Q/Q Growth	1.20%	0.04%	-2.18%	-0.57%	-0.30%	0.00%	-1.74%	0.40%	-0.86%	2.53%	-4.43%
EBITDA Q/Q Growth	378.80%	121.88%	-80.66%	-5,808.58%	106.68%	-27.26%	-177.54%	274.53%	-19.43%	61.53%	-49.34%
EBIT Q/Q Growth	7.43%	49.57%	-160.83%	-862.04%	94.99%	-31.77%	-112.72%	61.06%	-14.70%	32.51%	-73.96%
NOPAT Q/Q Growth	9.66%	45.80%	-148.35%	-865.48%	94.72%	-8.59%	-150.15%	54.91%	4.46%	30.72%	-71.59%
Net Income Q/Q Growth	12.43%	49.38%	-183.45%	-922.93%	96.03%	-45.48%	-92.14%	64.89%	-51.58%	49.21%	-153.90%
EPS Q/Q Growth	12.50%	51.43%	-188.24%	-904.08%	96.14%	-42.11%	-96.30%	64.15%	-47.37%	50.00%	-157.14%
Operating Cash Flow Q/Q Growth	4.37%	23.18%	-93.14%	894.20%	24.23%	-22.03%	-81.47%	474.36%	8.57%	-11.61%	-89.15%
Free Cash Flow Firm Q/Q Growth	0.76%	-95.99%	-30.50%	276.09%	138.50%	2.13%	-10.94%	-87.20%	-3.66%	0.14%	42.62%
Invested Capital Q/Q Growth	-2.56%	-1.83%	-0.48%	-30.78%	-3.95%	-4.07%	2.46%	-2.36%	-3.96%	-3.77%	-1.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.83%	70.72%	69.89%	70.73%	71.94%	70.50%	68.73%	69.85%	70.12%	69.32%	67.82%
EBITDA Margin	4.59%	10.19%	2.01%	-115.63%	7.75%	5.64%	-4.45%	7.73%	6.29%	9.90%	5.25%
Operating Margin	-9.80%	-5.31%	-13.48%	-130.93%	-6.93%	-7.53%	-19.16%	-8.61%	-8.29%	-5.60%	-10.06%
EBIT Margin	-10.07%	-5.08%	-13.54%	-131.02%	-6.58%	-8.67%	-18.78%	-7.28%	-8.42%	-5.55%	-10.09%
Profit (Net Income) Margin	-8.64%	-4.37%	-12.67%	-130.39%	-5.20%	-7.56%	-14.78%	-5.17%	-7.90%	-3.91%	-10.40%
Tax Burden Percent	95.83%	113.85%	103.40%	100.47%	102.40%	100.49%	83.59%	80.80%	98.58%	74.79%	104.92%
Interest Burden Percent	89.54%	75.65%	90.52%	99.06%	77.07%	86.71%	94.15%	87.85%	95.16%	94.38%	98.19%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-3.70%	-3.37%	-8.66%	-99.07%	-5.37%	-5.95%	-14.95%	-8.31%	-8.29%	-5.84%	-10.35%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.63%	-4.15%	-12.36%	-147.35%	-5.87%	-9.95%	-16.94%	-6.89%	-12.40%	-5.82%	-16.59%
Return on Net Nonoperating Assets (RNNOA)	-0.82%	-1.00%	-3.05%	-40.00%	-1.35%	-1.91%	-3.94%	-1.79%	-2.74%	-1.06%	-3.96%
Return on Equity (ROE)	-4.52%	-4.36%	-11.71%	-139.07%	-6.73%	-7.86%	-18.89%	-10.11%	-11.03%	-6.90%	-14.31%
Cash Return on Invested Capital (CROIC)	22.43%	0.17%	-0.44%	11.30%	12.33%	13.28%	9.69%	-2.02%	-2.73%	-2.99%	3.18%
Operating Return on Assets (OROA)	-4.18%	-3.03%	-8.22%	-87.21%	-4.34%	-5.64%	-12.35%	-5.77%	-6.65%	-4.40%	-8.12%
Return on Assets (ROA)	-3.59%	-2.61%	-7.69%	-86.79%	-3.42%	-4.91%	-9.72%	-4.09%	-6.24%	-3.11%	-8.37%
Return on Common Equity (ROCE)	-4.52%	-4.36%	-11.71%	-139.07%	-6.73%	-7.86%	-18.89%	-10.11%	-11.03%	-6.90%	-14.31%
Return on Equity Simple (ROE_SIMPLE)	-174.43%	0.00%	-10.18%	-66.94%	-65.11%	0.00%	-70.94%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-45	-25	-61	-589	-31	-34	-84	-38	-36	-25	-43
NOPAT Margin	-6.86%	-3.72%	-9.44%	-91.65%	-4.85%	-5.27%	-13.41%	-6.02%	-5.81%	-3.92%	-7.04%
Net Nonoperating Expense Percent (NNEP)	1.93%	0.78%	3.70%	48.28%	0.50%	4.00%	1.98%	-1.42%	4.10%	-0.02%	6.24%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.63%	-1.58%	-	-	-1.10%	-2.81%	-1.56%	-1.50%	-1.04%	-1.83%
Cost of Revenue to Revenue	28.17%	29.28%	30.11%	29.27%	28.06%	29.50%	31.27%	30.15%	29.88%	30.68%	32.18%
SG&A Expenses to Revenue	25.45%	24.59%	25.70%	24.90%	25.25%	23.84%	25.66%	25.01%	24.07%	24.30%	24.99%
R&D to Revenue	12.77%	13.62%	12.60%	11.95%	11.30%	11.98%	11.12%	10.89%	10.79%	11.15%	11.06%
Operating Expenses to Revenue	81.64%	76.03%	83.38%	201.66%	78.87%	78.03%	87.89%	78.45%	78.42%	74.92%	77.88%
Earnings before Interest and Taxes (EBIT)	-67	-34	-87	-842	-42	-56	-118	-46	-53	-36	-62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	30	67	13	-743	50	36	-28	49	39	64	32
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.34	1.53	1.09	1.10	1.04	1.05	0.97	1.07	0.98	0.90	0.73
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.19	1.37	0.95	0.64	0.61	0.61	0.54	0.60	0.54	0.49	0.39
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.27	1.45	1.08	1.08	1.03	1.04	0.98	1.06	0.98	0.91	0.77
Enterprise Value to Revenue (EV/Rev)	1.40	1.55	1.14	0.80	0.74	0.72	0.69	0.74	0.66	0.59	0.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	38.48	25.49	0.00	0.00	0.00	0.00	17.57	17.35	12.03	6.79
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	12.64	11.50	8.62	6.22	5.64	6.27	5.87	6.17	5.71	5.06	4.34
Enterprise Value to Free Cash Flow (EV/FCFF)	3.36	807.89	0.00	7.60	6.61	6.09	7.96	0.00	0.00	0.00	22.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	0.68	0.69	1.05	1.05	1.06	1.11	0.72	0.74	0.74	0.77
Long-Term Debt to Equity	0.69	0.68	0.69	0.68	0.68	0.69	0.72	0.72	0.74	0.74	0.77
Financial Leverage	0.15	0.24	0.25	0.27	0.23	0.19	0.23	0.26	0.22	0.18	0.24
Leverage Ratio	1.49	1.89	1.88	2.06	2.07	2.07	2.09	2.19	2.21	2.22	2.26
Compound Leverage Factor	1.33	1.43	1.71	2.05	1.59	1.80	1.97	1.93	2.10	2.09	2.22
Debt to Total Capital	40.66%	40.47%	40.83%	51.23%	51.14%	51.36%	52.49%	41.89%	42.57%	42.62%	43.47%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	17.88%	17.85%	17.97%	18.33%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	40.66%	40.47%	40.83%	33.35%	33.30%	33.39%	34.16%	41.89%	42.57%	42.62%	43.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	59.34%	59.53%	59.17%	48.77%	48.86%	48.64%	47.51%	58.11%	57.43%	57.38%	56.53%
Debt to EBITDA	-0.43	15.12	13.50	-2.51	-2.59	-2.44	-2.30	9.61	10.71	8.31	5.58
Net Debt to EBITDA	-0.15	4.38	4.12	-0.66	-0.55	-0.43	-0.56	3.24	3.17	2.00	1.50
Long-Term Debt to EBITDA	-0.43	15.12	13.50	-1.63	-1.68	-1.59	-1.50	9.61	10.71	8.31	5.58
Debt to NOPAT	-0.56	-9.09	-8.73	-2.19	-2.24	-2.20	-2.14	-5.47	-5.36	-5.59	-7.19
Net Debt to NOPAT	-0.19	-2.63	-2.66	-0.58	-0.47	-0.39	-0.52	-1.84	-1.59	-1.35	-1.94
Long-Term Debt to NOPAT	-0.56	-9.09	-8.73	-1.43	-1.46	-1.43	-1.39	-5.47	-5.36	-5.59	-7.19
Altman Z-Score	-3.19	-2.96	-3.38	-5.76	-5.03	-5.07	-5.37	-6.18	-6.32	-6.40	-6.70
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.45	3.54	3.82	1.66	1.73	1.77	1.68	2.67	2.70	2.77	2.80
Quick Ratio	3.07	3.19	3.37	1.48	1.56	1.61	1.50	2.25	2.31	2.41	2.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,848	154	107	404	963	983	876	112	108	108	154
Operating Cash Flow to CapEx	280.50%	356.32%	25.12%	319.60%	353.71%	289.78%	50.40%	302.42%	316.96%	255.67%	26.56%
Free Cash Flow to Firm to Interest Expense	681.46	27.88	19.00	0.00	170.07	0.00	151.87	25.05	23.85	21.83	28.72
Operating Cash Flow to Interest Expense	18.70	23.49	1.58	0.00	19.47	0.00	2.76	20.44	21.93	17.73	1.77
Operating Cash Flow Less CapEx to Interest Expense	12.04	16.90	-4.71	0.00	13.96	0.00	-2.72	13.68	15.01	10.79	-4.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.60	0.61	0.67	0.66	0.65	0.66	0.79	0.79	0.79	0.80
Accounts Receivable Turnover	12.66	12.16	12.18	12.04	12.39	11.91	11.42	11.46	11.96	12.43	11.26
Inventory Turnover	15.86	17.71	19.58	22.10	20.73	22.21	21.44	20.70	19.86	20.21	22.20
Fixed Asset Turnover	85.76	84.39	88.28	87.38	85.02	83.54	84.83	89.21	92.02	89.62	88.35
Accounts Payable Turnover	15.61	16.64	20.04	21.11	23.69	19.57	16.80	13.68	16.97	19.03	15.88
Days Sales Outstanding (DSO)	28.83	30.01	29.98	30.33	29.45	30.65	31.97	31.86	30.52	29.36	32.41
Days Inventory Outstanding (DIO)	23.01	20.62	18.64	16.51	17.61	16.43	17.02	17.63	18.38	18.06	16.44
Days Payable Outstanding (DPO)	23.38	21.93	18.21	17.29	15.41	18.65	21.73	26.68	21.51	19.18	22.98
Cash Conversion Cycle (CCC)	28.47	28.70	30.40	29.55	31.65	28.44	27.26	22.81	27.39	28.23	25.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,836	2,784	2,770	1,918	1,842	1,767	1,811	1,768	1,698	1,634	1,613
Invested Capital Turnover	0.54	0.91	0.92	1.08	1.11	1.13	1.11	1.38	1.43	1.49	1.47
Increase / (Decrease) in Invested Capital	-3,893	-179	-168	-992	-994	-1,017	-960	-150	-144	-133	-197
Enterprise Value (EV)	3,608	4,026	2,981	2,074	1,906	1,841	1,766	1,874	1,671	1,490	1,249
Market Capitalization	3,066	3,568	2,500	1,659	1,572	1,565	1,382	1,528	1,366	1,242	972
Book Value per Share	$13.91	$14.05	$13.65	$8.86	$8.81	$8.66	$8.22	$8.11	$7.88	$7.81	$7.49
Tangible Book Value per Share	($3.08)	($2.57)	($2.38)	($1.94)	($1.59)	($1.30)	($1.44)	($1.39)	($1.29)	($1.10)	($1.02)
Total Capital	3,866	3,908	3,868	3,080	3,086	3,065	3,004	2,447	2,424	2,415	2,364
Total Debt	1,572	1,582	1,580	1,578	1,578	1,574	1,577	1,025	1,032	1,029	1,028
Total Long-Term Debt	1,572	1,582	1,580	1,027	1,027	1,024	1,026	1,025	1,032	1,029	1,028
Net Debt	542	458	482	416	334	276	383	346	306	248	277
Capital Expenditures (CapEx)	38	37	36	28	31	30	32	30	31	34	36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-46	-55	-0.51	4.27	-16	-25	6.80	-8.12	-39	-67	-23
Debt-free Net Working Capital (DFNWC)	984	1,068	1,097	1,167	1,228	1,273	1,200	672	688	714	727
Net Working Capital (NWC)	984	1,068	1,097	616	677	722	649	672	688	714	727
Net Nonoperating Expense (NNE)	12	4.33	21	249	2.20	15	8.58	-5.41	13	-0.05	21
Net Nonoperating Obligations (NNO)	542	458	482	416	334	276	383	346	306	248	277
Total Depreciation and Amortization (D&A)	97	101	101	99	92	92	90	95	92	99	94
Debt-free, Cash-free Net Working Capital to Revenue	-1.79%	-2.12%	-0.02%	0.16%	-0.61%	-0.98%	0.27%	-0.32%	-1.53%	-2.64%	-0.93%
Debt-free Net Working Capital to Revenue	38.16%	41.06%	41.90%	44.71%	47.42%	49.55%	47.01%	26.41%	27.20%	28.24%	28.93%
Net Working Capital to Revenue	38.16%	41.06%	41.90%	23.60%	26.15%	28.11%	25.44%	26.41%	27.20%	28.24%	28.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.35)	($0.17)	($0.49)	($4.92)	($0.19)	($0.27)	($0.53)	($0.19)	($0.28)	($0.14)	($0.36)
Adjusted Weighted Average Basic Shares Outstanding	165.12M	164.58M	167.73M	170.23M	171.50M	170.56M	174.15M	175.92M	176.93M	176.22M	179.12M
Adjusted Diluted Earnings per Share	($0.35)	($0.17)	($0.49)	($4.92)	($0.19)	($0.27)	($0.53)	($0.19)	($0.28)	($0.14)	($0.36)
Adjusted Weighted Average Diluted Shares Outstanding	165.12M	164.58M	167.73M	170.23M	171.50M	170.56M	174.15M	175.92M	176.93M	176.22M	179.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	165.56M	167.04M	169.59M	171.22M	172.17M	173.67M	175.43M	176.69M	177.47M	178.40M	180.51M
Normalized Net Operating Profit after Tax (NOPAT)	-41	-21	-54	-34	-28	-30	-38	-32	-25	-19	-34
Normalized NOPAT Margin	-6.20%	-3.17%	-8.35%	-5.36%	-4.41%	-4.61%	-6.11%	-5.10%	-3.96%	-2.94%	-5.56%
Pre Tax Income Margin	-9.02%	-3.84%	-12.26%	-129.78%	-5.07%	-7.52%	-17.68%	-6.40%	-8.02%	-5.23%	-9.91%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-11.78	-6.06	-15.49	0.00	-7.45	0.00	-20.50	-10.29	-11.66	-7.20	-11.54
NOPAT to Interest Expense	-8.02	-4.43	-10.80	0.00	-5.49	0.00	-14.64	-8.51	-8.04	-5.09	-8.05
EBIT Less CapEx to Interest Expense	-18.45	-12.65	-21.77	0.00	-12.95	0.00	-25.98	-17.05	-18.58	-14.13	-18.22
NOPAT Less CapEx to Interest Expense	-14.69	-11.03	-17.08	0.00	-10.99	0.00	-20.12	-15.27	-14.96	-12.02	-14.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Teladoc Health (TDOC) quarterly results over the last four years show a pattern of stable gross margins and steady revenue levels, ongoing positive operating cash flow, and persistent net losses that require financing activity. Below are the 9 most notable points, organized by positive, neutral, and negative impacts.

Stable gross margin: Gross margin has hovered around 69–70% across 2023–2025 quarters (e.g., Q4 2025: 445.2M gross profit on 642.3M revenue ≈ 69.4%; Q3 2025 ≈ 70.0%).
Revenue remains durable: Operating revenue and total revenue trend in the 626–642M quarterly range in 2023–2025, with Q4 2025 at 642.3M versus Q4 2024 at 640.5M, indicating modest growth.
Positive operating cash flow: Net cash from continuing operating activities has been positive in 2024–2025 quarters, typically in the high tens to low hundreds of millions cumulatively per year, signaling ongoing cash generation from core operations.
Balance sheet liquidity: Total current assets generally exceed total current liabilities, yielding a healthy current ratio (examples around 1.7x–2.7x in 2025 quarters), providing cushion for near-term obligations.
Growth-focused cost structure: SG&A, marketing, and R&D spend remain elevated (roughly 150–170M combined in many quarters), reflecting continued investment in growth and product development rather than immediate profitability bets.
Occasional historical impairment events: A notable impairment charge occurred in 2022, which remained a non-recurring headwind from that period but does not indicate a current recurring trend as of 2023–2025.
Modest leverage with stable capital base: Long-term debt remains roughly 990–994M with total equity around 1.4B, suggesting a stable capital structure rather than growing leverage.
Ongoing net losses: Net income is negative across 2023–2025 quarters (examples: Q4 2025 around -25.1M; Q3 2025 around -49.5M; Q1 2025 around -93.0M), highlighting persistent profitability challenges.
Financing outflows and cash burn: Financing activities have been negative in multiple quarters, indicating reliance on external funding to cover cash shortfalls rather than self-sustaining operations.

05/14/26 04:16 AM ETAI Generated. May Contain Errors.

Teladoc Health Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Teladoc Health's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Teladoc Health's net income appears to be on an upward trend, with a most recent value of -$200.32 million in 2025, rising from -$58.02 million in 2015. The previous period was -$1.00 billion in 2024. Check out Teladoc Health's forecast to explore projected trends and price targets.

Teladoc Health's total operating income in 2025 was -$262.96 million, based on the following breakdown:

Total Gross Profit: $1.76 billion
Total Operating Expenses: $2.02 billion

Over the last 10 years, Teladoc Health's total revenue changed from $77.38 million in 2015 to $2.53 billion in 2025, a change of 3,169.4%.

Teladoc Health's total liabilities were at $1.47 billion at the end of 2025, a 27.3% decrease from 2024, and a 2,777.7% increase since 2015.

In the past 10 years, Teladoc Health's cash and equivalents has ranged from $42.82 million in 2017 to $1.30 billion in 2024, and is currently $781.08 million as of their latest financial filing in 2025.

Over the last 10 years, Teladoc Health's book value per share changed from 4.64 in 2015 to 7.81 in 2025, a change of 68.1%.

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Financial statements for NYSE:TDOC last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Teladoc Health (TDOC) Financials

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Teladoc Health (TDOC) Financials

Annual Income Statements for Teladoc Health

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Quarterly Cash Flow Statements for Teladoc Health

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Quarterly Metrics And Ratios for Teladoc Health

Financials Breakdown Chart

Key Financial Trends

Teladoc Health Financials - Frequently Asked Questions

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How has Teladoc Health's net income changed over the last 10 years?

What is Teladoc Health's operating income?

How has Teladoc Health's revenue changed over the last 10 years?

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How has Teladoc Health's book value per share changed over the last 10 years?

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