tdoc-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________________________________________________

Form 10-Q


			x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File Number: 001-37477

______________________________________

TELADOC HEALTH, INC.

(Exact name of registrant as specified in its charter)


Delaware						04-3705970
(State of incorporation)						(I.R.S. Employer Identification No.)

155 E 44th Street, Suite 1700
New York, New York						10017
(Address of principal executive office)						(Zip code)

(203) 635-2002

(Registrant’s telephone number including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	TDOC	New York Stock Exchange

______________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of April 23, 2026, the Registrant had 180,513,087 shares of Common Stock outstanding.


		Page Number

PART I	Financial Information	2
Item 1.	Financial Statements	2
	Condensed Consolidated Balance Sheets as of March 31 , 202 6 (unaudited) and December 31, 202 5	2
	Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) for the three months ended March 3 1 , 202 6 and 202 5	3
	Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for the three months ended March 3 1 , 202 6 and 20 2 5	4
	Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 3 1 , 202 6 and 202 5	5
	Notes to Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	33
PART II	Other Information	34
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 5.	Other Information	34
Item 6.	Exhibits	35
Exhibit Index		35
Signatures		36


	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	750,738	$	781,084
Accounts receivable, net of allowance for doubtful accounts of $3,016 and $4,033 at March 31, 2026 and December 31, 2025, respectively	213,627		192,826
Inventories	31,557		38,203
Prepaid expenses and other current assets	136,417		107,016
Total current assets	1,132,339		1,119,129
Property and equipment, net	26,278		26,972
Goodwill	283,190		283,190
Intangible assets, net	1,235,185		1,297,087
Operating lease—right-of-use assets	24,233		26,119
Other assets	106,036		105,803
Total assets	$	2,807,261	$	2,858,300
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	45,196	$	47,967
Accrued expenses and other current liabilities	233,292		198,208
Accrued compensation	60,668		96,258
Deferred revenue, current	65,714		62,305
Total current liabilities	404,870		404,738
Operating lease liabilities, net of current portion	31,738		34,204
Deferred revenue, net of current portion	10,365		9,139
Deferred taxes, net	27,610		28,945
Convertible senior notes, net	995,811		994,925
Other liabilities	551		643
Total liabilities	1,470,945		1,472,594
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized; 180,431,102 shares and 178,315,400 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	180		178
Additional paid-in capital	17,865,617		17,850,478
Accumulated deficit	(16,494,059)		(16,430,222)
Accumulated other comprehensive loss	(35,422)		(34,728)
Total stockholders’ equity	1,336,316		1,385,706
Total liabilities and stockholders’ equity	$	2,807,261	$	2,858,300


	Three Months Ended March 31,
	2026		2025
Revenue	$	613,845	$	629,369
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization, which are shown separately below)	197,526		196,829
Advertising and marketing	151,527		168,185
Sales	51,276		48,693
Technology and development	67,865		69,958
General and administrative	102,093		112,774
Goodwill impairment	—		59,138
Acquisition, integration, and transformation costs	1,064		2,188
Restructuring costs	11,975		4,347
Amortization of intangible assets	89,826		84,304
Depreciation of property and equipment	2,461		3,564
Total costs and expenses	675,613		749,980
Loss from operations	(61,768)		(120,611)
Interest income	(6,490)		(12,674)
Interest expense	5,368		5,765
Other expense (income), net	196		(2,435)
Loss before provision for income taxes	(60,842)		(111,267)
Provision for income taxes	2,995		(18,255)
Net loss	(63,837)		(93,012)
Other comprehensive (loss) income, net of tax:
Currency translation adjustment	(694)		1,143
Comprehensive loss	$	(64,531)	$	(91,869)

Net loss per share, basic and diluted	$	(0.36)	$	(0.53)

Weighted-average shares used to compute basic and diluted net loss per share	179,122,268		174,154,128


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Shares	Amount
Balances as of December 31, 2025	178,315,400	$	178	$	17,850,478	$	(16,430,222)	$	(34,728)	$	1,385,706

Issuance of common stock upon vesting of restricted stock units	2,115,702	2		(2)		—		—		—

Stock-based compensation	—	—		15,141		—		—		15,141
Other comprehensive loss, net of tax	—	—		—		—		(694)		(694)
Net loss	—	—		—		(63,837)		—		(63,837)
Balances as of March 31, 2026	180,431,102	$	180	$	17,865,617	$	(16,494,059)	$	(35,422)	$	1,336,316

Balances as of December 31, 2024	173,405,016	$	173	$	17,759,194	$	(16,229,900)	$	(38,388)	$	1,491,079
Exercise of stock options	10,607	—		80		—		—		80
Issuance of common stock upon vesting of restricted stock units	1,924,702	2		(2)		—		—		—

Stock-based compensation	—	—		27,740		—		—		27,740
Other comprehensive income, net of tax	—	—		—		—		1,143		1,143
Net loss	—	—		—		(93,012)		—		(93,012)
Balances as of March 31, 2025	175,340,325	$	175	$	17,787,012	$	(16,322,912)	$	(37,245)	$	1,427,030


	As of
	March 31,		December 31,
	2026		2025
Deferred device and contract costs, current	$	37,377	$	31,820
Deferred device and contract costs, non-current	15,563		14,129
Total deferred device and contract costs	$	52,940	$	45,949


	Deferred Device and Contract Costs
Beginning balance as of December 31, 2025	$	45,949
Additions	19,013
Cost of revenue recognized	(12,022)
Ending balance as of March 31, 2026	$	52,940


	Integrated Care		BetterHelp		Total
Balance as of March 31, 2026 and December 31, 2025	$	—	$	283,190	$	283,190


	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life (Years)
March 31, 2026
Client and other relationships	2 to 20 years	$	1,523,782	$	(631,490)	$	892,292	10.1
Trademarks	2 to 15 years	271,848		(236,537)		35,311		1.1
Capitalized software development costs	3 to 5 years	692,298		(452,662)		239,636		2.0
Acquired technology	4 to 7 years	330,942		(262,996)		67,946		1.6
Intangible assets, net		$	2,818,870	$	(1,583,685)	$	1,235,185	7.8
December 31, 2025
Client and other relationships	2 to 20 years	$	1,525,815	$	(602,572)	$	923,243	10.3
Trademarks	2 to 15 years	272,269		(226,370)		45,899		1.3
Capitalized software development costs	3 to 5 years	665,631		(416,448)		249,183		2.0
Acquired technology	4 to 7 years	331,973		(253,211)		78,762		1.8
Intangible assets, net		$	2,795,688	$	(1,498,601)	$	1,297,087	7.9


Years Ending December 31,
Remainder of 2026	$	261,630
2027	245,724
2028	147,853
2029	107,347
2030 and thereafter	472,631
	$	1,235,185


	2027 Notes
Principal Amount Outstanding as of March 31, 2026 (in thousands)	$	1,000,000
Interest Rate Per Year	1.25		%
Fair Value as of March 31, 2026 (in thousands) (1)	$	961,000
Fair Value as of December 31, 2025 (in thousands) (1)	$	950,000
Maturity Date	June 1, 2027
Optional Redemption Date	June 5, 2024
Conversion Date	December 1, 2026
Conversion Rate Per $1,000 Principal Amount as of March 31, 2026	4.1258
Remaining Contractual Life as of March 31, 2026	1.2 years


	As of
	March 31,		December 31,
	2026		2025
Raw materials and purchased parts	$	11,276	$	13,783
Work in process	1,100		502
Finished goods	19,181		23,918
Total inventories	$	31,557	$	38,203


	As of
	March 31,		December 31,
	2026		2025
Franchise, sales, other taxes, and compliance related liabilities	$	61,558	$	50,428
Marketing and advertising	31,887		26,707
Client performance guarantees and accrued rebates	20,352		19,734
Professional fees	14,101		9,868
Consulting fees/provider fees	13,970		13,790
Contingent consideration related to acquisitions (1)	12,675		15,523
Operating lease liabilities—current	10,501		11,037
Information technology	9,767		12,174
Insurance	8,455		7,719
Lease abandonment obligation—current	4,510		4,443
Staff augmentation	4,453		5,301
Interest payable	4,167		1,042
Other	36,896		20,442
Total	$	233,292	$	198,208

SEC Form 10-Q filed by Teladoc Health Inc.