Revenue: As of FY2025, the actual value is USD 228.87 M.

EPS: As of FY2025, the actual value is USD 0.04.

Segment Revenue

• Payor Revenue: Increased by $47.179 million (37.9%) to $171.518 million for the year ended December 31, 2025, compared to $124.339 million for the year ended December 31, 2024, driven by a 31.5% increase in completed Payor sessions and a 29.6% increase in health plan customers.
• Direct-to-Enterprise (DTE) Revenue: Increased by $1.414 million (3.7%) to $39.880 million for the year ended December 31, 2025, compared to $38.466 million for the year ended December 31, 2024.
• Consumer Revenue: Decreased by - $7.315 million (-29.5%) to $17.473 million for the year ended December 31, 2025, compared to $24.788 million for the year ended December 31, 2024, due to a 30.0% decrease in Consumer active members, resulting from the company’s strategic decision to focus marketing efforts on Payor members.
• Total Revenue: Increased by $41.278 million (22.0%) to $228.871 million for the year ended December 31, 2025, from $187.593 million for the year ended December 31, 2024.

Operational Metrics

• Cost of Revenue (excluding depreciation and amortization): Increased by $29.211 million (28.8%) to $130.522 million for the year ended December 31, 2025, from $101.311 million for the year ended December 31, 2024, primarily due to a 21.7% increase in therapist hours worked from increased Payor sessions.
• Research and Development Expenses: Decreased by - $0.7 million (-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 - $0.8 million decrease in employee-related costs due to the exclusion of capitalized internal-use software development costs.
• Clinical Operations Expenses: Increased by $0.7 million (10.2%) to $7.2 million for the year ended December 31, 2025, from $6.5 million for the year ended December 31, 2024, driven by a $0.6 million increase in employee-related costs.
• Sales and Marketing Expenses: Increased by $3.3 million (6.5%) to $53.8 million for the year ended December 31, 2025, from $50.5 million for the year ended December 31, 2024, primarily due to a $4.6 million increase in direct marketing and promotional costs, partially offset by a - $1.0 million decrease in employee-related costs.
• General and Administrative Expenses: Decreased by - $0.8 million (-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, partially offset by a $0.4 million increase in software tools and subscriptions.
• Depreciation and Amortization Expenses: Increased by $2.0 million (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 expense related to capitalized internal-use software assets.
• Income (Loss) from Operations: Improved to $3.152 million for the year ended December 31, 2025, compared to - $4.497 million for the year ended December 31, 2024.
• Net Income: Increased significantly to $7.793 million for the year ended December 31, 2025, from $1.148 million for the year ended December 31, 2024.
• Adjusted EBITDA: Increased to $15.772 million for the year ended December 31, 2025, from $6.962 million for the year ended December 31, 2024.

Cash Flow

• Net Cash Provided by Operating Activities: Was $8.534 million for the year ended December 31, 2025, a decrease from $11.704 million for the year ended December 31, 2024, primarily due to increased accounts receivable.
• Net Cash Used in Investing Activities: Was - $28.877 million for the year ended December 31, 2025, compared to - $46.732 million for the year ended December 31, 2024, primarily driven by higher proceeds from marketable securities maturities, partially offset by purchases and the acquisition of Wisdo Health.
• Net Cash Used in Financing Activities: Was - $18.997 million for the year ended December 31, 2025, compared to - $12.188 million for the year ended December 31, 2024, mainly due to increased common stock repurchases.

Unique Metrics

• Number of Completed Payor Sessions: Increased to 1,617.0 thousand for the year ended December 31, 2025, from 1,229.2 thousand for the year ended December 31, 2024.
• Number of Health Plan Customers: Increased to 35 at year-end 2025, from 27 at year-end 2024.
• Number of Enterprise Customers: Decreased to 159 at year-end 2025, from 188 at year-end 2024.
• Number of Consumer Active Members: Decreased to 5.0 thousand at year-end 2025, from 7.2 thousand at year-end 2024.
• Unique Payor Active Members (Q4): Increased to 124.1 thousand for the three months ended December 31, 2025, from 95.7 thousand for the same period in 2024.
• Cash, Cash Equivalents, and Short-Term Marketable Securities: Totaled $92.6 million as of December 31, 2025, down from $117.8 million as of December 31, 2024.
• Share Repurchase Program: During 2025, Talkspace repurchased and retired 6,577,115 shares of common stock for $17.2 million ($2.62 per share), with $11.8 million remaining available under the program as of December 31, 2025.
• Wisdo Health Acquisition: On October 1, 2025, Talkspace acquired Wisdo Health for $4.9 million in cash and $1.5 million in common stock, recognizing $3.3 million in goodwill.

Outlook / Guidance

Talkspace entered into a definitive merger agreement with Universal Health Services, Inc. (UHS) on March 9, 2026, under which UHS will acquire all outstanding shares for $5.25 per share in cash, valuing the transaction at approximately $835.0 million. The merger is subject to customary closing conditions, including regulatory and stockholder approvals, and is expected to close in the third quarter of 2026. The company anticipates incurring significant transaction-related costs in fiscal year 2026.