Teladoc Health Inc (0LDR.L) Q2 2025 Earnings Report

Revenue: $631.9 million; YoY: -1.64%; QoQ: +0.40%
Gross Profit: $441.363 million; Gross Margin: 69.85%; YoY: -2.87%; QoQ: +2.04%
Operating Income: $-54.385 million; Operating Margin: -8.61%; YoY: +93.53%; QoQ: +54.91%
Net Income: $-32.66 million; Net Margin: -5.17%; YoY: +96.10%; QoQ: +64.89%
EPS (Diluted): $-0.19; YoY: +96.14%; QoQ: +64.15%
EBITDA: $2.675 million; EBITDA Margin: ~0.42%
Cash from Operations: $91.432 million; Free Cash Flow: $90.164 million
Cash at End of Period: $679.621 million; Beginning Cash: $1,193.332 million; Net Change in Cash: -$513.711 million
Total Assets: $2.894 billion; Total Liabilities: $1.4719 billion; Total Stockholders’ Equity: $1.422 billion
Net Debt: $345.591 million; Cash Position Net of Debt: $- (net cash position peers noted)
Current Ratio: 2.67; Quick Ratio: 2.58

Transcript data not provided in the input. Consequently, management quotes and call-side themes could not be extracted. Notes for future incorporation: once the earnings call transcript is available, group quotes by themes such as strategy execution, operating discipline, platform monetization, payer mix and international expansion, and market conditions. This will enable precise attribution of commentary to financial results and guidance expectations.

Quantitatively, QQ2 2025 shows revenue stability with modest QoQ growth and improving but still negative bottom-line profitability. Cash flow strength and a healthy liquidity position provide a cushion for ongoing investments in platform enhancements and international expansion. The stock trades at a discount on revenue multiples relative to some peers (P/S around 2.42 vs higher peers), but negative earnings complicate relative valuation (P/E negative). Qualitatively, Teladoc remains exposed to sector headwinds (reimbursement dynamics, competition) even as it leverages its diversified brand suite and cash flow generation capabilities. The key investment thesis rests on the company’s ability to translate stabilized revenue into sustained margin expansion and leveraged free cash flow, supported by disciplined cost control, monetization of the platform ecosystem, and successful international growth. Investors should monitor the trajectory of operating margin, the pace of deleveraging, and any explicit guidance from management on profitability milestones and capex efficiency.