Teladoc

Q2 FY2026 EarningsQ2 FY26 results were mixed, featuring a top-line miss but a bottom-line beat relative to consensus. Revenue of $606.9M missed the $616.3M mean estimate by 1.5%, primarily due to a 12% YoY decline in the BetterHelp segment. Despite the revenue shortfall, GAAP EPS of -$0.21 exceeded the -$0.25 consensus, supported by aggressive cost-containment measures, including a 14% YoY reduction in advertising and marketing spend. Management materially lowered the FY26 revenue outlook for BetterHelp due to persistent capacity constraints in insurance-covered services and an accelerating decline in out-of-pocket users.