Revenue growth has turned negative at -2.5% in 2026Q1, while gross margins have compressed significantly to 52.8% from historical levels near 70%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 2.51B | 2.53B | 2.57B | 2.6B | 2.41B | 2.03B | 1.09B | 553.31M | 417.91M | 233.28M | 123.16M | 77.38M | 43.53M | 19.91M |
| Revenue Growth % | -1.5% | -1.54% | -1.26% | 8.13% | 18.41% | 85.81% | 97.71% | 32.4% | 79.14% | 89.42% | 59.15% | 77.78% | 118.67% | - |
| Cost of Goods Sold | 864.58M | 771.59M | 751.27M | 760.03M | 743.99M | 650.26M | 390.83M | 184.47M | 128.74M | 61.62M | 31.97M | 21.04M | 9.93M | 4.19M |
| COGS % of Revenue | - | 30.5% | 29.24% | 29.2% | 30.91% | 31.99% | 35.73% | 33.34% | 30.8% | 26.42% | 25.96% | 27.19% | 22.81% | 21.03% |
| Gross Profit | 1.65B | 1.76B | 1.82B | 1.84B | 1.66B | 1.38B | 703.13M | 368.84M | 289.17M | 171.66M | 91.19M | 56.34M | 33.6M | 15.72M |
| Gross Margin % | 65.62% | 69.5% | 70.76% | 70.8% | 69.09% | 68.01% | 64.27% | 66.66% | 69.2% | 73.58% | 74.04% | 72.81% | 77.19% | 78.97% |
| Gross Profit Growth % | - | -3.3% | -1.31% | 10.8% | 20.28% | 96.61% | 90.63% | 27.55% | 68.46% | 88.25% | 61.84% | 67.69% | 113.73% | - |
| Operating Expenses | 1.84B | 2.02B | 2.84B | 2.09B | 15.32B | 1.65B | 1.21B | 449.28M | 360.03M | 247.05M | 153.85M | 112.13M | 48.75M | 21.59M |
| OpEx % of Revenue | - | 79.9% | 110.49% | 80.35% | 636.36% | 81.08% | 110.57% | 81.2% | 86.15% | 105.9% | 124.92% | 144.9% | 111.99% | 108.45% |
| Selling, General & Admin | 1.06B | 1.09B | 1.35B | 1.37B | 1.3B | 1.11B | 886.88M | 339.07M | 265.16M | 180.3M | 113.65M | 89.27M | 38.23M | 17.1M |
| SG&A % of Revenue | - | 42.9% | 52.39% | 52.54% | 54.04% | 54.38% | 81.07% | 61.28% | 63.45% | 77.29% | 92.28% | 115.36% | 87.83% | 85.92% |
| Research & Development | 320.12M | 277.92M | 307.27M | 348.52M | 333.63M | 311.88M | 164.94M | 64.64M | 54.37M | 34.46M | 21.82M | 14.21M | 7.57M | 3.53M |
| R&D % of Revenue | - | 10.99% | 11.96% | 13.39% | 13.86% | 15.34% | 15.08% | 11.68% | 13.01% | 14.77% | 17.71% | 18.36% | 17.4% | 17.74% |
| Other Operating Expenses | 3M | 658.15M | 1.19B | 375.12M | 13.68B | 230.88M | 157.73M | 45.57M | 40.49M | 32.29M | 18.39M | 8.64M | 2.94M | 954K |
| Operating Income | -191.07M | -262.95M | -1.02B | -248.55M | -13.65B | -265.63M | -506.42M | -80.44M | -70.85M | -75.39M | -62.66M | -55.78M | -15.15M | -5.87M |
| Operating Margin % | -7.6% | -10.39% | -39.73% | -9.55% | -567.27% | -13.07% | -46.29% | -14.54% | -16.95% | -32.32% | -50.88% | -72.09% | -34.81% | -29.48% |
| Operating Income Growth % | - | 74.24% | -310.73% | 98.18% | -5039.92% | 47.55% | -529.55% | -13.53% | 6.02% | -20.31% | -12.33% | -268.22% | -158.14% | - |
| EBITDA | 42.11M | 100.17M | -780.38M | 5.56M | -13.44B | -58.06M | -442.73M | -41.49M | -35.25M | -56.3M | -54.39M | -50.92M | -12.83M | -5.12M |
| EBITDA Margin % | 1.67% | 3.96% | -30.37% | 0.21% | -558.54% | -2.86% | -40.47% | -7.5% | -8.44% | -24.13% | -44.17% | -65.8% | -29.48% | -25.7% |
| EBITDA Growth % | 105.04% | 112.84% | -14133% | 100.04% | -23054.52% | 86.89% | -967.07% | -17.7% | 37.38% | -3.5% | -6.82% | -296.9% | -150.83% | - |
| D&A (Non-Cash Add-back) | 233.19M | 363.12M | 240.51M | 254.11M | 209.93M | 207.57M | 63.69M | 38.95M | 35.6M | 19.09M | 8.27M | 4.86M | 2.32M | 754K |
| EBIT | -169.13M | -215.82M | -208.79M | -210.5M | -217.47M | -238.99M | -418.19M | -73.82M | -65.96M | -62.2M | -52.55M | -52M | -14.53M | -5.67M |
| Net Interest Income | 88.32M | 17.06M | 33.27M | 24.5M | -9.27M | -80.36M | -59.95M | -29.36M | -26.11M | -17.49M | -2.59M | -2.2M | -1.5M | -56K |
| Interest Income | 107.64M | 36.77M | 57.07M | 46.78M | 12.67M | 776K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 19.32M | 19.71M | 23.8M | 22.28M | 21.94M | 81.14M | 59.95M | 29.36M | 26.11M | 17.49M | 2.59M | 2.2M | 1.5M | 56K |
| Other Income/Expense | 5.97M | 27.43M | 27.23M | 28.95M | -10.13M | -119.03M | -69.57M | -29.01M | -26.11M | -31.61M | -11.04M | -2.2M | -1.5M | -56K |
| Pretax Income | -185.1M | -235.53M | -993.65M | -219.61M | -13.66B | -384.66M | -575.99M | -109.45M | -96.97M | -107.01M | -73.71M | -57.98M | -16.65M | -5.92M |
| Pretax Margin % | -7.36% | -9.31% | -38.67% | -8.44% | -567.69% | -18.92% | -52.65% | -19.78% | -23.2% | -45.87% | -59.85% | -74.93% | -38.25% | -29.76% |
| Income Tax | -13.96M | -35.21M | 7.59M | 760K | -3.81M | 44.14M | -90.86M | -10.59M | 118K | -225K | 510K | 36K | 388K | 94K |
| Effective Tax Rate % | 7.54% | 14.95% | -0.76% | -0.35% | 0.03% | -11.47% | 15.77% | 9.68% | -0.12% | 0.21% | -0.69% | -0.06% | -2.33% | -1.59% |
| Net Income | -171.15M | -200.32M | -1B | -220.37M | -13.66B | -428.79M | -485.14M | -98.86M | -97.08M | -106.78M | -74.22M | -58.02M | -17.04M | -6.02M |
| Net Margin % | -6.81% | -7.92% | -38.97% | -8.47% | -567.53% | -21.09% | -44.35% | -17.87% | -23.23% | -45.77% | -60.26% | -74.98% | -39.14% | -30.24% |
| Net Income Growth % | 83.09% | 79.99% | -354.35% | 98.39% | -3085.58% | 11.61% | -390.71% | -1.83% | 9.08% | -43.88% | -27.91% | -240.55% | -183.05% | - |
| Net Income (Continuing) | -171.15M | -200.32M | -1B | -220.37M | -13.66B | -428.79M | -485.14M | -98.86M | -97.08M | -106.78M | -74.22M | -58.02M | -17.04M | -6.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.96 | -1.14 | -5.87 | -1.34 | -84.60 | -2.73 | -5.36 | -1.38 | -1.47 | -1.93 | -1.75 | -2.91 | -0.62 | -0.22 |
| EPS Growth % | 83.61% | 80.58% | -338.06% | 98.42% | -2998.9% | 49.07% | -288.41% | 6.12% | 23.83% | -10.29% | 39.86% | -369.35% | -181.82% | - |
| EPS (Basic) | - | -1.14 | -5.87 | -1.36 | -84.60 | -2.73 | -5.36 | -1.38 | -1.47 | -1.93 | -1.75 | -2.91 | -0.62 | -0.22 |
| Diluted Shares Outstanding | 179.12M | 176.22M | 170.56M | 164.58M | 161.46M | 156.94M | 90.51M | 71.84M | 65.84M | 55.43M | 42.33M | 19.92M | 27.61M | 27.61M |
| Basic Shares Outstanding | 179.12M | 176.22M | 170.56M | 162.17M | 161.46M | 156.94M | 90.51M | 71.84M | 65.84M | 55.43M | 42.33M | 19.92M | 27.61M | 27.61M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Market saturation and churn
As reported in recent financial filings, TDOC's revenue has experienced a sustained decline, culminating in a 2.5% year-over-year contraction in 2026Q1, which suggests that the company's core telehealth offerings are struggling to maintain market share against specialized digital health entrants and shifting consumer demand patterns.
The consistent negative revenue growth over the last several quarters indicates that the company has likely reached a saturation point within its existing B2B and D2C segments. Investors should monitor whether this trend reflects a fundamental loss of pricing power or merely the expected normalization of post-pandemic telehealth utilization.
Based on the provided income statement data, gross margins have faced significant pressure, dropping to 52.8% in 2026Q1 from historical levels near 70%, which may indicate rising costs of care delivery or a shift in service mix toward lower-margin clinical interactions.
The sharp decline in gross margin suggests that the company's high-value software-like delivery model is being compromised by increased variable costs. This compression warrants further investigation into whether clinician wage inflation or higher utilization of expensive chronic care services is permanently altering the firm's unit economics.
According to the latest quarterly results, SG&A expenses remain stubbornly high relative to gross profit, with the company failing to achieve the operating leverage necessary to offset its significant marketing and administrative overhead, as evidenced by the persistent negative operating margins observed throughout the period.
The inability to scale operating expenses in proportion to revenue suggests that the current cost structure is not yet optimized for a lower-growth environment. Management's reliance on heavy marketing spend to drive member acquisition appears to be yielding diminishing returns, potentially necessitating a more aggressive restructuring of the D2C segment.
As highlighted in the income statement, the company continues to report significant net losses, with 2026Q1 net income reaching negative $63.8 million, a figure that is further complicated by ongoing stock-based compensation expenses that dilute shareholder value without translating into consistent bottom-line profitability.
The reliance on stock-based compensation as a primary component of the cost structure obscures the true cash-generating potential of the business. Investors should be cautious, as the lack of GAAP profitability suggests that the company's current business model may require a fundamental pivot to achieve long-term sustainability.
Based on the provided financial data, the primary risk to the investment thesis is the combination of negative revenue growth and persistent operating losses, which suggests that the company's competitive moat may be eroding in the face of more agile, niche-focused digital health competitors.
Short-sellers would likely focus on the company's inability to demonstrate a clear path to profitability despite its massive scale. The risk remains that the company is trapped in a cycle of high customer acquisition costs that are no longer supported by the recurring revenue growth required to justify its valuation.
Quick answers to the most common questions about buying TDOC stock.
For fiscal year 2025, Teladoc Health, Inc. (TDOC) reported total revenue of $2.53B. This represents a 12609.6% increase compared to $19.9M in 2013.
Teladoc Health, Inc. (TDOC) reported a net loss of $200.3M for the fiscal year ending 2025.
Teladoc Health, Inc. (TDOC) reported an operating income of $-263.0M, resulting in an operating profit margin of -10.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Teladoc Health, Inc. (TDOC) generated $1.76B in gross profit for the year, representing a gross profit margin of 69.5%. This demonstrates the company's core pricing power and production efficiency.