--- title: "TalkSpace | 10-K: FY2025 Revenue Beats Estimate at USD 228.87 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/283960388.md" datetime: "2026-04-24T08:29:29.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283960388.md) - [en](https://longbridge.com/en/news/283960388.md) - [zh-HK](https://longbridge.com/zh-HK/news/283960388.md) --- # TalkSpace | 10-K: FY2025 Revenue Beats Estimate at USD 228.87 M Revenue: As of FY2025, the actual value is USD 228.87 M, beating the estimate of USD 227.78 M. EPS: As of FY2025, the actual value is USD 0.04. EBIT: As of FY2025, the actual value is USD 3.152 M. Talkspace, Inc. operates as a single segment, with the Chief Executive Officer reviewing consolidated results and allocating resources based on consolidated net income. ### Revenue by Segment - **Total Revenue**: Increased by 22.0% to $228.9 million for the year ended December 31, 2025, from $187.6 million for the year ended December 31, 2024. - **Payor Revenue**: Increased by 37.9% to $171.5 million for the year ended December 31, 2025, from $124.3 million for the year ended December 31, 2024. - **DTE Revenue**: Increased by 3.7% to $39.9 million for the year ended December 31, 2025, from $38.5 million for the year ended December 31, 2024. - **Consumer Revenue**: Decreased by -29.5% to $17.5 million for the year ended December 31, 2025, from $24.8 million for the year ended December 31, 2024. ### Operational Metrics - **Completed Payor Sessions**: Increased by 31.5% to 1,617,000 sessions for the year ended December 31, 2025, compared to 1,229,200 sessions for the year ended December 31, 2024. - **Health Plan Customers**: Increased to 35 at year-end December 31, 2025, from 27 at year-end December 31, 2024. - **Enterprise Customers**: Decreased to 159 at year-end December 31, 2025, from 188 at year-end December 31, 2024. - **Consumer Active Members**: Decreased to approximately 5,000 at year-end December 31, 2025, from 7,200 at year-end December 31, 2024, due to a strategic decision to focus marketing efforts on Payor members. - **Unique Payor Active Members (Q4)**: Increased to 124,100 for the three months ended December 31, 2025, from 95,700 for the three months ended December 31, 2024. ### Operating Costs and Expenses - **Cost of Revenue, excluding depreciation and amortization**: Increased by 28.8% to $130.5 million for the year ended December 31, 2025, from $101.3 million for the year ended December 31, 2024, primarily due to a 21.7% increase in therapist hours worked. - **Research and Development Expenses**: Decreased by -7.2% to $9.5 million for the year ended December 31, 2025, from $10.3 million for the year ended December 31, 2024, mainly due to a decrease in employee-related costs from capitalized internal-use software development costs. - **Clinical Operations Expenses**: Increased by 10.2% to $7.2 million for the year ended December 31, 2025, from $6.5 million for the year ended December 31, 2024, primarily due to a $0.6 million increase in employee-related costs. - **Sales and Marketing Expenses**: Increased by 6.5% to $53.8 million for the year ended December 31, 2025, from $50.5 million for the year ended December 31, 2024, driven by a $4.6 million increase in direct marketing and promotional costs. - **General and Administrative Expenses**: Decreased by -3.6% to $21.8 million for the year ended December 31, 2025, from $22.6 million for the year ended December 31, 2024, primarily due to a $1.1 million decrease in employee-related costs. - **Depreciation and Amortization**: Increased by 234.7% to $2.9 million for the year ended December 31, 2025, from $0.9 million for the year ended December 31, 2024, mainly due to a $1.8 million increase in amortization related to capitalized internal-use software assets. ### Profitability - **Income from Operations**: Was $3.2 million for the year ended December 31, 2025, compared to - $4.5 million for the year ended December 31, 2024. - **Net Income**: Was $7.8 million for the year ended December 31, 2025, compared to $1.1 million for the year ended December 31, 2024. - **Adjusted EBITDA**: Was $15.8 million for the year ended December 31, 2025, compared to $7.0 million for the year ended December 31, 2024. ### Cash Flow - **Net Cash Provided by Operating Activities**: Was $8.5 million for the year ended December 31, 2025, compared to $11.7 million for the year ended December 31, 2024, primarily due to timing of customer payments increasing accounts receivable. - **Net Cash Used in Investing Activities**: Was - $28.9 million for the year ended December 31, 2025, compared to - $46.7 million for the year ended December 31, 2024. - **Net Cash Used in Financing Activities**: Was - $19.0 million for the year ended December 31, 2025, compared to - $12.2 million for the year ended December 31, 2024, primarily due to increased common stock repurchases. ### Unique Metrics - **Capitalized Internal-Use Software Costs**: The Company capitalized $11.5 million of qualifying costs during the year ended December 31, 2025, compared to $6.3 million for the year ended December 31, 2024. - **Goodwill**: $3.3 million of goodwill was recognized as a result of the acquisition of Wisdo Health on October 1, 2025. - **Intangible Assets**: Acquired intangible assets from the Wisdo Health acquisition include $981,000 in technology (5.25 years amortization) and $2.1 million in customer relationship (6.25 years amortization). - **Share Repurchase Program**: As of December 31, 2025, $11.8 million remained available under the program, which authorized repurchases up to $40.0 million in total until August 1, 2026. ### Outlook / Guidance Talkspace, Inc. entered into a definitive merger agreement with Universal Health Services, Inc. (UHS) on March 9, 2026, for $5.25 per share in cash, valuing the transaction at approximately $835.0 million. The merger is expected to close in the third quarter of 2026, subject to customary closing conditions including stockholder and regulatory approvals. Talkspace anticipates incurring significant transaction-related costs, such as advisory, legal, and accounting fees, which will be expensed in the periods incurred during fiscal year 2026. ### Related Stocks - [TALK.US](https://longbridge.com/en/quote/TALK.US.md) ## Related News & Research - [Talkspace Chief Legal Officer John C. 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