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Teladoc
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Latest analysis
Updated Aug 31, 2026
Teladoc appoints seasoned insurance CFO Michael Grasher; strategic shift signals financial discipline focus.
Teladoc hired Michael Grasher as CFO effective August 31, 2026, replacing interim CFO Charles Divita who remains CEO. Grasher brings 30+ years in insurance and financial services, including 12+ years as CFO at public and private companies (AMERISAFE, Fortegra, IFG Companies). The appointment carries $3M in equity incentives tied to 2026 EBITDA and 2026-2028 revenue CAGR targets, signaling management's intent to drive disciplined growth and operational efficiency in a company that declined revenue 1.5% in FY2025.
Tone: neutralRevenue
$2.5B
TDOC 10-K · FY 2025
Employees
5,600
Revenue FY2024
$2.6B
Founded
2002
Profile
TDOC 10-K Item 1 · Feb 26, 2026Teladoc Health is the global leader in virtual care, operating two reportable segments: Integrated Care and BetterHelp. The company serves approximately 102 million U.S. members through employers and insurers, while BetterHelp delivers direct-to-consumer mental health therapy via a network of nearly 35,000 licensed clinicians. Revenue is generated primarily through recurring access fees on a per-member-per-month basis.
Read filing description ↓ Collapse description ↑
Teladoc Health is the global leader in virtual care, founded more than 20 years ago on the principle that everyone should have access to the best healthcare anywhere in the world. The company connects patients, care providers, healthcare platforms, and partners to provide more complete and personalized care. Through its unique technology, breadth of services, and depth of clinical expertise, Teladoc delivers and orchestrates care to improve health outcomes and reduce healthcare costs globally. The company offers a portfolio of services and solutions bolstered by technology, artificial intelligence, machine learning, and human expertise. In 2025, Teladoc completed 17.1 million telehealth visits through its B2B and D2C channels. The Integrated Care segment delivers high-quality virtual care available to more than 100 million members through their employers and insurers, addressing a broad spectrum of care needs including preventive care, primary care, 24/7 urgent care, mental healthcare, chronic care, and expert second opinions. For hospitals and health systems, the company provides scalable connected care solutions including hardware, software, and services. The BetterHelp segment is the company's market-leading mental health platform, providing online counseling and therapy services via a network of nearly 35,000 licensed clinicians. Teladoc works with health plans, employers, health systems, and partners around the world. For the year ended December 31, 2025, 83% of consolidated revenue was derived from access fees.
Primary products
- Teladoc Health Prism care delivery platform
- BetterHelp mental health platform
- Solo platform (hospital and health system telehealth)
- Inpatient Connected Care
- Teladoc Health Pulse (intelligence engine)
- Clarity monitoring solution
Business segments
End markets
Geographies
Named customers
For the years ended December 31, 2025 and 2024, our top five Clients by revenue accounted for 19% and 18% of our total revenue, respectively, and 31% of our Integrated Care segment revenue for both years ended December 31, 2025 and 2024.
Named competitors
“We believe that Teladoc Health is the global leader in virtual care because of our strong competitive advantages that address the most pressing challenges and trends in the delivery of healthcare around the world.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue decreased by $39.6 million, or 2%, in 2025 versus 2024, driven by lower BetterHelp segment revenue, partially offset by higher Integrated Care segment revenue and approximately 2 percentage points of contribution from the Catapult Health, Uplift, and Telecare acquisitions.
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