It has been about a month since the last earnings report for Teladoc (TDOC Quick QuoteTDOC - Free Report) . Shares have lost about 14.8% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Teladoc due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Teladoc Health, Inc. before we dive into how investors and analysts have reacted as of late.

Teladoc Health's Q3 Loss Widens Y/Y on Weak BetterHelp Unit

Teladoc Health incurred a third-quarter 2025 adjusted loss of 21 cents per share, narrower than the Zacks Consensus Estimate of a loss of 26 cents but wider than the year-ago quarter’s loss of 19 cents.

Operating revenues dipped 2% year over year to $626.4 million. Nevertheless, the top line beat the consensus mark by 0.2%.

The quarterly results were hit by a decline in access fee revenues, a decline in U.S. revenues and softer performance of the BetterHelp segment. Nevertheless, the downside was partly offset by strong international revenue growth and a lower expense level.

Quarterly Operational Update of Teladoc Health

Revenues from access fees amounted to $520.9 million, which fell 6% year over year. The metric fell short of the Zacks Consensus Estimate of $534 million and our estimate of $528.6 million. 

Other revenues climbed 24% year over year to $105.5 million, higher than the consensus mark of $91 million and our estimate of $97.1 million. 

On a geographical basis, Teladoc Health generated $509.8 million in revenues from the United States, down 5% year over year. The metric lagged the Zacks Consensus Estimate of $521 million. International revenues of $116.7 million advanced 12% year over year in the quarter under review and surpassed the consensus mark of $105 million. 

Adjusted EBITDA tumbled 16% year over year to $69.9 million but came higher than our estimate of $60 million.

Total costs and expenses of $678.4 million dipped 1% year over year and came lower than our estimate of $691.4 million. The year-over-year decline came on the back of lower advertising and marketing, technology and development, general and administrative, and restructuring expenses.

Teladoc Health’s Q3 Segmental Update

The Integrated Care segment’s revenues grew 2% year over year to $389.5 million in the third quarter, which beat the Zacks Consensus Estimate of $388 million and our estimate of $385.8 million. Adjusted EBITDA came in at $66.1 million, which slipped 3% year over year but outpaced the consensus mark of $59 million. The adjusted EBITDA margin deteriorated 70 basis points (bps) year over year to 17%. 

The BetterHelp segment recorded revenues of $236.9 million in the quarter under review, which decreased 8% year over year and missed the Zacks Consensus Estimate of $238 million and our estimate of $240 million. Adjusted EBITDA plunged 75% year over year to $3.8 million and lagged the consensus mark of $8.5 million. The adjusted EBITDA margin of 1.6% deteriorated 490 bps year over year.

Visits & Memberships of Teladoc Health

Total visits to Teladoc Health were 4.1 million in the third quarter, which inched up 1% year over year and beat the Zacks Consensus Estimate of 4 million.

U.S. Integrated Care Members came in at 102.5 million as of Sept. 30, 2025, which rose 9% year over year, and surpassed the consensus mark of 102 million and our estimate of 102.2 million.

Teladoc Health’s Financial Update (As of Sept. 30, 2025)

Teladoc Health exited the third quarter with cash and cash equivalents of $726.2 million, which dropped 44.1% from the 2024-end level.  
Total assets of $2.9 billion fell 18.1% from the figure at 2024-end.

Debt amounted to $994 million, up 0.3% from the figure as of Dec. 31, 2024. 

Total stockholders’ equity of $1.4 billion tumbled 6.6% from the 2024-end level. 

TDOC generated net cash from operations of $99.3 million in the third quarter, which decreased 9.9% year over year. Free cash flow dropped 14% year over year to $67.9 million. Capex escalated 42.8% year over year to $2.3 million in the quarter under review.

Teladoc Health’s Outlook

Q4 View

Revenues in the Integrated Care segment are forecasted to witness year-over-year growth in the range of 1-5.2%.  The unit’s adjusted EBITDA margin is anticipated to be in the band of 15.3-16.8%. U.S. Integrated Care members are expected to be between 101.5 million and 102.5 million.

Revenues in the BetterHelp segment are estimated to register a 8.8-3.8% year-over-year decline. The segment’s adjusted EBITDA margin is anticipated to be in the band of 5.5-8.6%. 

Total revenues are expected to be between $622 and $652 million. Adjusted EBITDA is anticipated to lie between $73 million and $90 million. Net loss per share is estimated to be between 25 cents and 10 cents.

2025 View

Revenues in the Integrated Care segment are now expected to witness 2.4-3.5% growth on a year-over-year basis, up from the earlier estimated growth range of 1.75-3.25%. U.S. Integrated Care members are projected within 102.5-103.5 million compared with the prior view of 101-103 million. The adjusted EBITDA margin in the Integrated Care segment is now forecasted within 15-15.4%, up from the previous expectation of 14.5-15.25%. 

Revenues in the BetterHelp segment are now anticipated to record a year-over-year decline within 9.2-8% compared with the prior outlook of a 9.2-6.8% decline. The adjusted EBITDA margin in the BetterHelp segment is now estimated to be between 3.8% and 4.6%, lower than the previous view of 4-5.5%. 

The company now expects 2025 revenues within $2.510-$2.539 billion compared with the earlier guidance of $2.501-$2.548 billion. Adjusted EBITDA is forecasted within $270-$287 million compared with the prior outlook of $263-$294 million. Net loss per share is estimated within $1.25-$1.10 compared with the earlier expected range of $1.35-$1 per share. 

Free cash flow is currently projected to be within $170-$185 million for 2025. 

How Have Estimates Been Moving Since Then?

It turns out, estimates review have trended upward during the past month.

VGM Scores

Currently, Teladoc has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Teladoc has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Teladoc belongs to the Zacks Medical Services industry. Another stock from the same industry, Elevance Health (ELV Quick QuoteELV - Free Report) , has gained 5.2% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.

Elevance Health reported revenues of $50.09 billion in the last reported quarter, representing a year-over-year change of +12%. EPS of $6.03 for the same period compares with $8.37 a year ago.

For the current quarter, Elevance Health is expected to post earnings of $3.20 per share, indicating a change of -16.7% from the year-ago quarter. The Zacks Consensus Estimate has changed -6.2% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Elevance Health. Also, the stock has a VGM Score of B.