Teladoc’s first quarter results for 2026 reflected the company’s ongoing shift from subscription-based to visit-based revenue models, a transition that has reshaped both revenue mix and customer engagement. Management pointed to enhancements in the 24/7 care platform and the scaling of BetterHelp’s insurance coverage as meaningful contributors to operational improvement. CEO Charles Divita highlighted that the company addressed near-term revenue headwinds by focusing on broadening its care offerings and integrating new AI-driven features, noting, “We see our ability to provide more comprehensive care at scale positioning us well for the opportunities ahead.”
Is now the time to buy TDOC? Find out in our full research report (it’s free for active Edge members).
Teladoc (TDOC) Q1 CY2026 Highlights:
- Revenue: $613.8 million vs analyst estimates of $610.8 million (2.5% year-on-year decline, 0.5% beat)
- EPS (GAAP): -$0.36 vs analyst expectations of -$0.34 (3.6% miss)
- Adjusted EBITDA: $58.17 million vs analyst estimates of $56.17 million (9.5% margin, 3.6% beat)
- The company reconfirmed its revenue guidance for the full year of $2.53 billion at the midpoint
- EPS (GAAP) guidance for the full year is -$0.90 at the midpoint, roughly in line with what analysts were expecting
- EBITDA guidance for the full year is $286.5 million at the midpoint, above analyst estimates of $282.1 million
- Operating Margin: -10.1%, up from -19.2% in the same quarter last year
- Market Capitalization: $1.20 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Teladoc’s Q1 Earnings Call
- David Roman (Goldman Sachs): Asked about the sustainability of Integrated Care’s return to growth and the timeline for BetterHelp’s growth turnaround. CEO Charles Divita explained that the mix shift toward visit-based revenue and new product innovations should become tailwinds later in the year, while BetterHelp’s insurance rollout is already showing signs of stabilization.
- Sarah James (Cantor Fitzgerald): Inquired about assumptions for ACA subsidy-related disenrollment and its impact. Divita said first quarter enrollment was higher than expected but maintained a cautious outlook for moderation through the year, with minimal revenue impact expected.
- Daniel Grosslight (Citi): Questioned the success and risks of the BetterHelp insurance rollout, especially regarding cannibalization of cash pay. Divita noted improved funnel conversion and session rates with insurance, acknowledging some cannibalization but emphasizing net revenue lift in states with mature insurance offerings.
- Jailendra Singh (Truist Securities): Asked if stabilization in the Chronic Care business signals the worst is over and about demand trends. Divita said the pipeline is similar to last year but highlighted growing interest in comprehensive, bundled solutions and ongoing point solution fatigue among clients.
- Charles Rhyee (TD Cowen): Sought clarity on cannibalization versus additive growth in BetterHelp’s insurance states. Divita confirmed some cannibalization is occurring but emphasized a net improvement in revenue and higher conversion rates due to reduced cost barriers.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will be watching (1) the adoption and impact of new AI-enabled products across Teladoc’s care platform, (2) continued progress in scaling BetterHelp’s insurance offering—particularly therapist onboarding and state expansion, and (3) stabilization and growth in the chronic care segment as bundled, multi-condition solutions gain traction. Execution on international expansion and efficiency initiatives will also be closely monitored for additional signs of sustainable growth.
Teladoc currently trades at $6.65, up from $5.95 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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