Teladoc Health, Inc.TDOC
Teladoc Health, Inc. Segments Disclosure
Segments
ASC Subtopic 280-10, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer is the CODM and is responsible for reviewing financial information presented on a segment basis for purposes of making operating decisions and assessing financial performance.
The CODM measures and evaluates segments based on segment operating revenues, segment expenses, and Adjusted EBITDA. The CODM reviews annual-operating-plan-to-actual variances for these measures on a regular basis to assess the performance of the segments and to make decisions about allocating resources. The Company does not include the following items in segment expenses and Adjusted EBITDA: provision for income taxes; interest income; interest expense; other expense (income), net; depreciation of property and equipment; amortization of intangible assets; restructuring costs; acquisition, integration, and transformation charges; goodwill impairment; and stock-based compensation. Although these amounts are excluded from segment Adjusted EBITDA, they are included in reported consolidated net loss and are included in the reconciliations that follow.
The Company’s computation of segment Adjusted EBITDA may not be comparable to other similarly titled metrics computed by other companies because all companies do not calculate segment Adjusted EBITDA in the same fashion.
Operating revenues and expenses directly associated with each segment are included in determining its operating results. Other expenses that are not directly attributable to a particular segment are based upon allocation methodologies, including the following: revenue, headcount, time and other relevant usage measures, and/or a combination of such.
The Company has two reportable segments: Integrated Care and BetterHelp. The Integrated Care segment includes a suite of global virtual medical services including general medical, expert medical services, specialty medical, chronic condition management, mental health, and enabling technologies and enterprise telehealth solutions for hospitals and health systems. The BetterHelp segment includes virtual therapy and other wellness services provided on a global basis which are predominantly marketed and sold on a direct-to-consumer basis.
The CODM does not review any information regarding total assets on a segment basis. Segments do not record intersegment revenues, and, accordingly, there is none to be reported. The accounting policies for segment reporting are the same as for the Company as a whole.
The following tables present the financial results of the Company's reportable segments, along with reconciliations of the segments' total consolidated Adjusted EBITDA to the consolidated net loss for the periods indicated (in thousands):
| Year Ended December 31, 2025 | Integrated Care | BetterHelp | Consolidated | ||||||||||||||
| Revenue | $ | 1,579,610 | $ | 950,367 | $ | 2,529,977 | |||||||||||
| Cost of revenue, exclusive of depreciation, amortization, and stock-based compensation (1) | 516,326 | 253,185 | |||||||||||||||
| Advertising and marketing, exclusive of stock-based compensation (1) | 130,023 | 518,455 | |||||||||||||||
| Other segment expenses (2) | 694,039 | 136,854 | |||||||||||||||
| Adjusted EBITDA | $ | 239,222 | $ | 41,873 | 281,095 | ||||||||||||
| Less adjustments to reconcile to consolidated net loss: | |||||||||||||||||
| Stock-based compensation | 80,414 | ||||||||||||||||
| Goodwill impairments | 71,763 | ||||||||||||||||
| Acquisition, integration, and transformation costs | 9,010 | ||||||||||||||||
| Restructuring costs | 18,785 | ||||||||||||||||
| Amortization of intangible assets | 350,764 | ||||||||||||||||
| Depreciation of property and equipment | 13,314 | ||||||||||||||||
| Other expense (income), net | (10,369) | ||||||||||||||||
| Interest expense | 19,714 | ||||||||||||||||
| Interest income | (36,770) | ||||||||||||||||
| Loss before provision for income taxes | (235,530) | ||||||||||||||||
| Provision for income taxes | (35,208) | ||||||||||||||||
| Net loss | $ | (200,322) | |||||||||||||||
| Year Ended December 31, 2024 | Integrated Care | BetterHelp | Consolidated | ||||||||||||||
| Revenue | $ | 1,528,870 | $ | 1,040,704 | $ | 2,569,574 | |||||||||||
| Cost of revenue, exclusive of depreciation, amortization, and stock-based compensation (1) | 474,955 | 271,533 | |||||||||||||||
| Advertising and marketing, exclusive of stock-based compensation (1) | 134,453 | 558,759 | |||||||||||||||
| Other segment expenses (2) | 686,560 | 132,603 | |||||||||||||||
| Adjusted EBITDA | $ | 232,902 | $ | 77,809 | 310,711 | ||||||||||||
| Less adjustments to reconcile to consolidated net loss: | |||||||||||||||||
| Stock-based compensation | 145,951 | ||||||||||||||||
| Goodwill impairments | 790,000 | ||||||||||||||||
| Acquisition, integration, and transformation costs | 1,743 | ||||||||||||||||
| Restructuring costs | 20,355 | ||||||||||||||||
| Amortization of intangible assets | 363,365 | ||||||||||||||||
| Depreciation of property and equipment | 10,183 | ||||||||||||||||
| Other expense (income), net | 6,035 | ||||||||||||||||
| Interest expense | 23,803 | ||||||||||||||||
| Interest income | (57,071) | ||||||||||||||||
| Loss before provision for income taxes | (993,653) | ||||||||||||||||
| Provision for income taxes | 7,592 | ||||||||||||||||
| Net loss | $ | (1,001,245) | |||||||||||||||
| Year Ended December 31, 2023 | Integrated Care | BetterHelp | Consolidated | ||||||||||||||
| Revenue | $ | 1,468,794 | $ | 1,133,621 | $ | 2,602,415 | |||||||||||
| Cost of revenue, exclusive of depreciation, amortization, and stock-based compensation (1) | 440,996 | 313,572 | |||||||||||||||
| Advertising and marketing, exclusive of stock-based compensation (1) | 131,738 | 541,815 | |||||||||||||||
| Other segment expenses (2) | 704,189 | 141,985 | |||||||||||||||
| Adjusted EBITDA | $ | 191,871 | $ | 136,249 | 328,120 | ||||||||||||
| Less adjustments to reconcile to consolidated net loss: | |||||||||||||||||
| Stock-based compensation | 201,550 | ||||||||||||||||
| Goodwill impairments | — | ||||||||||||||||
| Acquisition, integration, and transformation costs | 21,110 | ||||||||||||||||
| Restructuring costs | 16,942 | ||||||||||||||||
| Amortization of intangible assets | 325,933 | ||||||||||||||||
| Depreciation of property and equipment | 11,138 | ||||||||||||||||
| Other expense (income), net | (4,445) | ||||||||||||||||
| Interest expense | 22,282 | ||||||||||||||||
| Interest income | (46,782) | ||||||||||||||||
| Loss before provision for income taxes | (219,608) | ||||||||||||||||
| Provision for income taxes | 760 | ||||||||||||||||
| Net loss | $ | (220,368) | |||||||||||||||
(1)The significant segment expense categories and amounts align with the information that is regularly provided to the CODM.
(2)Other segment expenses for the corresponding reportable segment includes sales expenses, technology and development expenses, and general and administrative expenses, each exclusive of stock-based compensation.
Geographic data for long-lived assets (representing property and equipment, net) were as follows (in thousands):
| As of | |||||||||||
| December 31, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| United States | $ | 22,796 | $ | 25,686 | |||||||
| International | 4,176 | 3,801 | |||||||||
| Total long-lived assets | $ | 26,972 | $ | 29,487 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 23, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.