Teladoc Health, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Teladoc Health, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	123	233	418	553	1,094	2,033	2,407	2,602	2,570	2,530
Cost of revenue	32	61.6	129	184	391	650	744	760	751	772
Gross profit	91.2	172	289	369	703	1,382	1,663	1,842	1,818	1,758
Research and development	21.8	34.5	54.4	64.6	165	312	334	349	307	278
Selling and marketing	34.7	57.7	85.1	110	226	417	624	689	706	653
General and administrative	48.6	79.8	117	164	507	438	450	465	435	432
Operating income	-62.7	-75.4	-70.9	-80.4	-506	-266	-13,653	-249	-1,021	-263
Interest expense						81.1	21.9	22.3	23.8	19.7
Interest income						0.78	12.7	46.8	57.1	36.8
Other non-operating income				0.34	-0.55	5.09	-0.86	4.45	-6.04	10.4
Pre-tax income	-73.7	-107	-97	-109	-576	-385	-13,663	-220	-994	-236
Income tax	0.51	-0.23	0.12	-10.6	-90.9	44.1	-3.81	0.76	7.59	-35.2
Net income	-74.2	-107	-97.1	-98.9	-485	-429	-13,660	-220	-1,001	-200
EBITDA	-54.4	-56.3	-35.3	-41.5	-437	-61.4	-13,397
EPS, basic	-1.75	-1.93	-1.47	-1.38	-5.36	-2.73	-84.60	-1.34	-5.87	-1.14
EPS, diluted	-1.75	-1.93	-1.47	-1.38	-5.36	-2.73	-84.60	-1.34	-5.87	-1.14
Shares, basic (weighted)	42.3	55.4	65.8	71.8	90.5	157	161	165	171	176
Shares, diluted (weighted)	42.3	55.4	65.8	71.8	90.5	157	161	165	171	176

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	50	42.8	424	514	733	893	918	1,124	1,298	781
Short-term investments			54.5	2.71	53.2	2.54	0
Receivables	13.8	27.1	43.6	56.9	169	169	211	217	214	193
Inventory				0	56.5	73.1	56.3	29.5	38.1	38.2
Other current assets	3.1	6.84	10.6	14	47.3	5.66	12.1	7.44	2.83	2.07
Total current assets	82.7	156	533	588	1,060	1,225	1,315	1,489	1,664	1,119
Property, plant and equipment	7.48	8.96	10.1	10.3	28.6	27.2	29.6	32	29.5	27
Lease right-of-use assets			0	26.5	46.6	46.8	41.8	40.1	27.1	26.1
Goodwill	188	499	737	746	14,581	14,504	1,073	1,073	283	283
Intangible assets	24.9	160	247	225	2,021	1,910	1,837	1,678	1,431	1,297
Other non-current assets	0.42	0.86	1.4	6.55	18.4	20.7	48.5	80.3	81.5	106
Total assets	304	824	1,529	1,603	17,755	17,735	4,345	4,392	3,517	2,858
Accounts payable	2.24	3.88	7.77	9.08	46	47.3	47.7	43.6	33.1	48
Accrued liabilities	8.86	17.1	27.9	34.2	94.6	91.9	81.6	103	76.2	96.3
Deferred revenue	1	4.11	7.65	12.5	52.4	75.6	102	95.7	79.3	62.3
Short-term debt	2			0	42.6	0
Total current liabilities	21.1	40.3	62.4	90.2	333	331	400	421	942	405
Long-term debt	42.4
Lease liabilities			0	25	43.1	41.8	38	42.8	32.1	34.2
Other non-current liabilities	7.61	4.88	6.19	9.24	1.62	1.49	1.62	1.08	0.72	0.64
Total liabilities	72.8	265	516	589	1,871	1,689	2,038	2,066	2,025	1,473
Total debt	44.4			0	42.6	0
Paid-in capital	436	866	1,435	1,539	16,858	17,473	17,359	17,592	17,759	17,850
Retained earnings	-205	-312	-409	-508	-993	-1,421	-15,008	-15,229	-16,230	-16,430
Other comprehensive income	-0	4.09	-13.1	-17.2	18.5	-6.29	-42.8	-37	-38.4	-34.7
Shareholders' equity	231	559	1,013	1,014	15,884	16,046	2,308	2,326	1,491	1,386
Total equity	231	559	1,013	1,014	15,884	16,046	2,308	2,326	1,491	1,386
Total liabilities and equity	304	824	1,529	1,603	17,755	17,735	4,345	4,392	3,517	2,858
Shares outstanding	46.2	61.5	70.5	72.8	150	160	163	167	173	178

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-74.2	-107	-97.1	-98.9	-485	-429	-13,660	-220	-1,001	-200
Depreciation and amortization	8.27	19.1	35.6	39	69.5	204	256
Stock-based compensation	7.72	30.6	43.8	66.7	476	303	218	202	146	80.4
Deferred income tax	0.51	-0.59	-1.9	-10.9	-90.5	41	-7.84	-1.9	-1.15	-41.4
Change in receivables	-2.9	-3.66	-10.9	-15.9	-21.1	-11.2	-49.1	-10.3	-0.38	25.1
Change in inventory			0	0	-24.7	-19.5	14.8	24.1	-9.75	0.4
Change in payables	-0.81	1.53	-0.39	0.91	-88	1.19	1.88	-4.19	-10.4	11.5
Cash from operations	-51.9	-34.4	-4.86	29.9	-53.5	194	189	350	294	294
Capital expenditures	-2.11	-2.63	-4.01	-3.51	-4.02	-8.53	-16.5	-11.5	-10.8	-8.89
Acquisitions	-37	-379	-282	-11.2	-567	-78.7	0	0	0	-81.9
Purchases of investments		-149	-56.3	0	0			0	0	-27.9
Sales and maturities of investments		85.8	84.2	52.1	2.5	50	2.51	0	0
Cash from investing	26.1	-448	-257	25	-591	-73	-168	-156	-124	-266
Debt issued	35	167	0.01
Debt repaid	-17.2	-226	0	0
Stock issued	0.25	259	331	0	0	25.8	5.88	1.48	3.57	0.09
Cash from financing	20.7	475	646	35.1	859	40.9	6.5	10.9	8.31	-552
Exchange rate effect		0.19	-2.08	0.39	4.32	-1.8	-3.34	0.97	-3.29	6.06
Net change in cash		-7.39	383	90	215	162	28	205	178	-523
Free cash flow	-54	-37.1	-8.87	26.4	-57.5	185	173	339	283	285
Interest paid	2.39	9.45	10.3	12.2	14.9	18.8	17.4	17.4	17.3	15
Income taxes paid		0.14	0.44	1.31	1.32	3.97	2.51	7.24	8.95	8.75

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $6.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.0%	Gross profit / revenue.
Operating margin	-7.5%	Operating income / revenue.
Pre-tax margin	-7.3%	Pre-tax income / revenue.
Net margin	-7.1%	Net income / revenue.
FCF margin	10.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.5%	Cash from operations / revenue.
Return on equity (ROE)	-13.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-6.4%	Net income / average total assets.
Return on invested capital (ROIC)	-27.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.8%	Research and development expense / revenue.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	0.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	18.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-7.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-15.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-38.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-18.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-13.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-30.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.83x	Current assets / current liabilities.
Quick ratio	0.72x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.56x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	52.5%	Total liabilities / total assets.
Interest coverage	-9.36x	Operating income / interest expense.
Working capital	-$233.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	52.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$148.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.90x	Revenue / average total assets.
Fixed asset turnover	101x	Revenue / average property, plant and equipment.
Inventory turnover	26.8x	Cost of revenue / average inventory.
Days inventory	14 days	365 x average inventory / cost of revenue.
Receivables turnover	11.3x	Revenue / average receivables.
Days sales outstanding	32 days	365 x average receivables / revenue.
Days payables	18 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	28 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	2.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.98	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.75	Revenue / diluted weighted shares.
FCF per share	$1.40	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.44	Cash from operations / diluted weighted shares.
Book value per share	$7.21	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.82	Tangible book value / shares outstanding.
Cash per share	$4.26	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.11B	Share price x shares outstanding.
Enterprise value	$332.1M	Market cap + total debt - cash - short-term investments.
P/S	0.44x	Market cap / revenue.
P/B	0.84x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	4.36x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.24x	Market cap / cash from operations, when positive.
EV/Sales	0.13x	Enterprise value / revenue.
EV/FCF	1.31x	Enterprise value / free cash flow, when both are positive.
FCF yield	22.9%	Free cash flow / market cap.
Earnings yield	-16.0%	Net income / market cap (the inverse of P/E).

What was Teladoc Health, Inc.'s revenue in fiscal 2025?

Teladoc Health, Inc. reported revenue of $2.53B for fiscal 2025, 1.5% lower than the year before.

Was Teladoc Health, Inc. profitable in fiscal 2025?

No. It reported a net loss of $200.3M.

How much free cash flow did Teladoc Health, Inc. generate in fiscal 2025?

Cash from operations of $294.4M minus capital expenditures of $8.9M left free cash flow of $285.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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