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.