Teladoc (TDOC) financial statements
Teladoc reported revenue of $2.5B in fiscal 2025, up 39.9% a year over 9 years.
Net income was -$200M and the operating margin -10.4%, against -50.9% in 2016.
Free cash flow was $167M.
The diluted share count rose 316% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Teladoc's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $123M | $233M | $418M | $553M | $1.1B | $2.0B | $2.4B | $2.6B | $2.6B | $2.5B |
| Cost of revenue | $32M | $62M | $129M | $184M | $391M | $650M | $744M | $760M | $751M | $772M |
| Gross profit | $91M | $172M | $289M | $369M | $703M | $1.4B | $1.7B | $1.8B | $1.8B | $1.8B |
| Research and development | $22M | $34M | $54M | $65M | $165M | $312M | $334M | $349M | $307M | $278M |
| Selling, general and admin | $75M | $118M | $176M | $229M | $661M | $689M | $677M | $678M | $640M | $626M |
| Operating income | -$63M | -$75M | -$71M | -$80M | -$506M | -$266M | -$13.7B | -$249M | -$1.0B | -$263M |
| Interest expense | — | — | — | — | — | $81M | $22M | $22M | $24M | $20M |
| Pre-tax income | -$74M | -$107M | -$97M | -$109M | -$576M | -$385M | -$13.7B | -$220M | -$994M | -$236M |
| Income tax | $510,000 | -$225,000 | $118,000 | -$11M | -$91M | $44M | -$4M | $760,000 | $8M | -$35M |
| Net income | -$74M | -$107M | -$97M | -$99M | -$485M | -$429M | -$13.7B | -$220M | -$1.0B | -$200M |
| EPS (diluted) | -$1.75 | -$1.93 | -$1.47 | -$1.38 | -$5.36 | -$2.73 | -$84.60 | -$1.34 | -$5.87 | -$1.14 |
| Diluted shares | 42M | 55M | 66M | 72M | 91M | 157M | 161M | 165M | 171M | 176M |
| Gross margin | 74.0% | 73.6% | 69.2% | 66.7% | 64.3% | 68.0% | 69.1% | 70.8% | 70.8% | 69.5% |
| Operating margin | -50.9% | -32.3% | -17.0% | -14.5% | -46.3% | -13.1% | -567.3% | -9.6% | -39.7% | -10.4% |
| Net margin | -60.3% | -45.8% | -23.2% | -17.9% | -44.3% | -21.1% | -567.5% | -8.5% | -39.0% | -7.9% |
Balance sheet
Fiscal years, from Teladoc's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $66M | $122M | $479M | $517M | $787M | $896M | $918M | $1.1B | $1.3B | $781M |
| Receivables | $14M | $27M | $44M | $57M | $169M | $169M | $211M | $217M | $214M | $193M |
| Inventory | — | — | — | $0 | $56M | $73M | $56M | $30M | $38M | $38M |
| Total current assets | $83M | $156M | $533M | $588M | $1.1B | $1.2B | $1.3B | $1.5B | $1.7B | $1.1B |
| Property, plant and equipment | $7M | $9M | $10M | $10M | $29M | $27M | $30M | $32M | $29M | $27M |
| Goodwill | $188M | $499M | $737M | $746M | $14.6B | $14.5B | $1.1B | $1.1B | $283M | $283M |
| Total assets | $304M | $824M | $1.5B | $1.6B | $17.8B | $17.7B | $4.3B | $4.4B | $3.5B | $2.9B |
| Total current liabilities | $21M | $40M | $62M | $90M | $333M | $331M | $400M | $421M | $942M | $405M |
| Long-term debt | $42M | — | — | — | — | — | — | — | — | — |
| Total liabilities | $73M | $265M | $516M | $589M | $1.9B | $1.7B | $2.0B | $2.1B | $2.0B | $1.5B |
| Shareholders' equity | $231M | $559M | $1.0B | $1.0B | $15.9B | $16.0B | $2.3B | $2.3B | $1.5B | $1.4B |
| Net debt | -$6M | -$43M | -$424M | -$514M | -$691M | -$893M | -$918M | -$1.1B | -$1.3B | -$781M |
Cash flow
Fiscal years, from Teladoc's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$52M | -$34M | -$5M | $30M | -$54M | $194M | $189M | $350M | $294M | $294M |
| Capital spending | $2M | $3M | $4M | $4M | $26M | $64M | $173M | $156M | $124M | $127M |
| Free cash flow | -$54M | -$37M | -$9M | $26M | -$80M | $130M | $17M | $194M | $170M | $167M |
| Stock-based compensation | $8M | $31M | $44M | $67M | $476M | $303M | $218M | $202M | $146M | $80M |
| Net borrowing | $18M | -$60M | $10,000 | $0 | — | — | — | — | — | — |
| Free cash flow margin | -43.8% | -15.9% | -2.1% | 4.8% | -7.3% | 6.4% | 0.7% | 7.4% | 6.6% | 6.6% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for TDOC.
Open TDOC in InvestinglyQuestions
What was Teladoc's revenue in 2025?
$2.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Teladoc generate?
$167M in fiscal 2025 (operating cash flow minus capital spending).
From Teladoc's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.