Teladoc Health, Inc.TDOC

Teladoc Health, Inc. Revenue Disclosure

10-KFiled Feb 26, 20262 min read
Revenue, Deferred Revenue, and Deferred Device and Contract Costs
The Company generates access fees from Clients, as well as individual paying users, accessing the THMG Association professional provider network, the Uplift Association professional provider network, and the Company's therapy and other wellness platforms, hosted virtual care platform, and chronic care management platforms. Visit fee revenue is generated for general medical, expert medical service, virtual therapy, and other specialty visits and is reported
as a component of other revenue. Revenue associated with virtual care device equipment sales included with the Company’s hosted virtual care platform is also reported in other revenue.

The following table presents the Company’s revenues disaggregated by revenue source and geography (in thousands):

Year Ended
December 31,
202520242023
Revenue by Type
Access Fees$2,091,941 $2,215,220 $2,282,521 
Other438,036 354,354 319,894 
Total Revenue$2,529,977 $2,569,574 $2,602,415 
Revenue by Geography
U.S. Revenue$2,071,739 $2,159,959 $2,237,533 
International Revenue458,238 409,615 364,882 
Total Revenue$2,529,977 $2,569,574 $2,602,415 

Deferred Revenue

For certain services, payment is required for future periods before the service is delivered to the member. The Company records deferred revenue when cash payments are received in advance of the Company’s performance obligation to provide services.

The following table summarizes deferred revenue activities for the periods presented (in thousands):

Year Ended
December 31,
20252024
Beginning balance$89,082 $109,282 
Balances assumed as part of business acquisitions890 — 
 Cash collected59,846 66,262 
 Revenue recognized (78,374)(86,462)
Ending balance$71,444 $89,082 

The Company expects to recognize revenue of $62.3 million in 2026, $7.0 million in 2027, and $2.1 million in 2028 and thereafter related to future performance obligations that are unsatisfied or partially unsatisfied as of December 31, 2025.

Deferred Device and Contract Costs

Deferred device and contract costs are classified as a component of prepaid expenses and other current assets or other assets, depending on term, and consisted of the following (in thousands):

As of
December 31,December 31,
20252024
Deferred device and contract costs, current$31,820 $33,188 
Deferred device and contract costs, non-current14,129 17,057 
Total deferred device and contract costs$45,949 $50,245 
Deferred device and contract costs were as follows (in thousands):

Deferred Device and Contract Costs
Beginning balance as of December 31, 2024$50,245 
Additions39,484 
Cost of revenue recognized(43,780)
Ending balance as of December 31, 2025$45,949 
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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 23, 2024
2022Mar 1, 2023
2021Feb 28, 2022
2020Mar 1, 2021
2019Feb 26, 2020
2018Feb 27, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

Income TaxesEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtNew Standards