It has been about a month since the last earnings report for Teladoc (TDOC Quick QuoteTDOC - Free Report) . Shares have added about 3.2% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Teladoc due for a pullback? Well, first let's take a quick look at the latest 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 Tops Q4 Earnings Estimates on International Growth & Lower Costs

Teladoc Health reported a fourth-quarter 2025 adjusted loss of 14 cents per share, narrower than the Zacks Consensus Estimate of a loss of 19 cents.

The company posted a loss of 28 cents in the year-ago quarter.

Operating revenues increased 0.3% year over year to $642.3 million and beat the Zacks Consensus Estimate by 1.3%.

The quarterly results benefited from strong international growth, solid Integrated Care performance and lower expenses. However, lower access fee revenues, a decline in U.S. revenues and weakness in the BetterHelp segment partly offset the upside.

Full-Year 2025 Performance of TDOC

Operating loss of $1.14 per share marked an improvement from the year-ago loss of $5.87.

Operating revenues declined 1.5% year over year to $2.5 billion. Total expenses fell 22.2% year over year to $2.8 billion.

Adjusted EBITDA decreased 9.5% year over year to $281.1 million.

Q4 Operational Update of Teladoc Health

Revenues from access fees totaled $521.6 million, down 4% year over year. The figure missed the Zacks Consensus Estimate of $536.2 million as well as our estimate of $528.9 million. Other revenues increased 24% year over year to $120.7 million. The metric surpassed the Zacks Consensus Estimate of $94.3 million and our estimate of $103.8 million.

On a geographical basis, Teladoc Health generated $517.3 million in revenues from the United States, down 3% year over year. The metric lagged the Zacks Consensus Estimate of $523 million. International revenues of $125 million advanced 19% year over year in the quarter under review and surpassed the consensus mark of $109.7 million.

Adjusted EBITDA rose 12% year over year to $83.8 million and beat our estimate of around $77 million. Total costs and expenses of $678.3 million declined 1.5% year over year and were below our estimate of $679.3 million. The year-over-year decrease was primarily due to lower advertising and marketing, technology and development, and sales expenses.

TDOC: Q4 Segmental Update

The Integrated Care segment’s revenues increased 5% year over year to $409.1 million in the reported quarter. The figure beat the Zacks Consensus Estimate of $400.1 million and our estimate of $396.2 million. Adjusted EBITDA rose 23% year over year to $65.3 million and surpassed the consensus mark of $64.3 million. The adjusted EBITDA margin expanded 240 basis points (bps) year over year to 16%.

The BetterHelp segment generated revenues of $229.1 million, down 6% year over year. The metric missed the Zacks Consensus Estimate of $230.6 million as well as our estimate of $236.5 million. Adjusted EBITDA declined 15% year over year to $18.5 million. The figure surpassed the consensus mark of $15.4 million. The adjusted EBITDA margin of 7.9% contracted 80 bps year over year.

Visits & Memberships of Teladoc Health

Total visits to Teladoc Health were 4.3 million in the fourth quarter, down 1% year over year. The metric also missed the Zacks Consensus Estimate by 1.1%.

U.S. Integrated Care members totaled 101.8 million, up 9% year over year. However, the figure missed the consensus mark by 0.5%.

TDOC’s Financial Update (As of Dec. 31, 2025)

Teladoc Health exited 2025 with cash and cash equivalents of $781.1 million, down from $1.3 billion as of 2024-end.

Total assets decreased to $2.9 billion from $3.5 billion at the end of 2024.

Debt totaled $994.9 million, up from $991.4 million as of 2024-end.

Total stockholders’ equity declined to $1.4 billion from $1.5 billion as of Dec. 31, 2024.

In 2025, TDOC generated net cash from operations of $294.4 million, flat year over year. Free cash flow amounted to $166.9 million, down 2% year over year.

Teladoc Health’s Q1 2026 Outlook

Revenues in the Integrated Care segment are forecasted to witness year-over-year growth in the range of (1.20)-2.00%. The unit’s adjusted EBITDA margin is anticipated to be in the band of 12.5-14%. U.S. Integrated Care members are expected to be between 99 million and 100 million.

Revenues in the BetterHelp segment are estimated to register a 7-11.25% year-over-year decline. The segment’s adjusted EBITDA margin is anticipated to be in the band of 0.75-2.75%.

Total revenues are expected to be between $598 million and $620 million. Adjusted EBITDA is anticipated to be between $50 million and $62 million. Net loss per share is estimated to be between 35 cents and 45 cents.

Teladoc Health’s 2026 Outlook

Revenues in the Integrated Care segment are expected to witness 0.4-3.9% growth on a year-over-year basis. U.S. Integrated Care members are projected to be in the band of 97-100 million. The adjusted EBITDA margin in the segment is forecasted to be in the range of 15.1-16.1%.

Revenues in the BetterHelp segment are anticipated to record a year-over-year decline of 0.5-7%. The adjusted EBITDA margin in the segment is estimated to be between 3% and 4.6%.

The company expects 2026 revenues to be in the $2.470-$2.587 billion range. Adjusted EBITDA is guided at $266-$308 million. Net loss per share is estimated to be in the $0.70-$1.10 range.

Free cash flow is currently projected to be in the $130-$170 million band for 2026.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -9.21% due to these changes.

VGM Scores

At this time, Teladoc has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.

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

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, 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 is part of the Zacks Medical Services industry. Over the past month, Pediatrix Medical Group (MD Quick QuoteMD - Free Report) , a stock from the same industry, has gained 5.6%. The company reported its results for the quarter ended December 2025 more than a month ago.

Pediatrix Medical Group reported revenues of $493.77 million in the last reported quarter, representing a year-over-year change of -1.7%. EPS of $0.50 for the same period compares with $0.51 a year ago.

For the current quarter, Pediatrix Medical Group is expected to post earnings of $0.37 per share, indicating a change of +12.1% from the year-ago quarter. The Zacks Consensus Estimate has changed +2.3% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Pediatrix Medical Group. Also, the stock has a VGM Score of A.