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Teladoc Health cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$105M in Q3 2026 · $262M over twelve months

Operating cash flow$106M
Capital spending−$1.2M
Free cash flow+$105M
Cash conversion cycle28 days

Analysis

In Q3 2026, Teladoc Health generated $106M of operating cash flow and spent $1.2M on capital projects, leaving free cash flow of $105M. That is $8.3M more than in Q3 2025 ($97.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $268M; the largest uses were other investing ($137M), capital spending ($6.4M), other financing ($94K); besides operations, cash came from shares issued ($41K); the cash balance rose by $124M.

Operating cash flow was $106M against net income of −$26.9M. The largest differences: employee-related liabilities +$15.4M, stock-based pay +$11.6M, receivables −$10.3M.

Its cash conversion cycle was 28 days (receivables 34 + inventory 14 − payables 20).

Free cash flow

Teladoc Health: free cash flow by quarterTeladoc Health: free cash flow by quarter$79.8MQ4 2024$13.2MQ1 2025$90.2MQ2 2025$97.0MQ3 2025$85.1MQ4 2025$7.9MQ1 2026$63.7MQ2 2026$105MQ3 2026
Operating cash flow less capital spending.
Teladoc Health: operating cash flow against capital spendingTeladoc Health: operating cash flow against capital spendingOperating cash flowCapital spending$85.9M$6.1MQ4 2024$15.9M$2.7MQ1 2025$91.4M$1.3MQ2 2025$99.3M$2.3MQ3 2025$87.7M$2.6MQ4 2025$9.5M$1.7MQ1 2026$64.7M$928KQ2 2026$106M$1.2MQ3 2026
Latest (Q3 2026): Operating cash flow $106M, Capital spending $1.2M.

Capital allocation, year by year

Teladoc Health: where the cash came from (up) and went (down), by fiscal yearTeladoc Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $194MFY2021: Shares issued $25.8MFY2021: Capital spending −$8.5MFY2021: Acquisitions −$78.7M$220MFY2021FY2022: Operating cash flow $189MFY2022: Shares issued $5.9MFY2022: Capital spending −$16.5M$195MFY2022FY2023: Operating cash flow $350MFY2023: Shares issued $1.5MFY2023: Capital spending −$11.5M$352MFY2023FY2024: Operating cash flow $294MFY2024: Shares issued $3.6MFY2024: Capital spending −$10.8M$297MFY2024FY2025: Operating cash flow $294MFY2025: Net borrowing −$551MFY2025: Shares issued $85KFY2025: Capital spending −$8.9MFY2025: Acquisitions −$81.9M$294MFY2025
Over these 5 years operating cash flow totalled $1.3B; the largest uses were net borrowing ($551M) and acquisitions ($161M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$850M
Debtnone
Net cash$850M

Teladoc Health funds itself: free cash flow was $262M over the last twelve months, with $850M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Teladoc Health: sources (+) and uses (−) of cash, Q3 2026Teladoc Health: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$106MCash drawn (+) / kept (−)−$75.6MOther investing−$29.6MCapital spending−$1.2MExchange rates−$492KOther financing$413KShares issued$4K
Teladoc Health: sources (+) and uses (−) of cash, TTM to Q3 2026Teladoc Health: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$268MOther investing−$137MCash drawn (+) / kept (−)−$124MCapital spending−$6.4MExchange rates−$1.4MOther financing−$94KShares issued$41K

From profit to cash

Teladoc Health: net income to operating cash flow, Q3 2026Teladoc Health: net income to operating cash flow, Q3 2026Net income−$26.9MStock-based pay$11.6MDeferred taxes$138KOther non-cash$1.5MReceivables−$10.3MInventory−$2.5MPayables$9.0MEmployee-related liabilities$15.4MDeferred revenue$473KPrepaid and other assets$9.8MOther liabilities−$97KOperating cash flow$106M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202634142028
Q2 202633142027
Q1 202630162124
Q4 202529182324
Q3 202532192625
Q2 202533182526
Q1 202532171930
Q4 202431181732

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$106M−$1.2M—$4K−$75.6M$105M
Q2 2026$64.7M−$928K—$33K−$23.6M$63.7M
Q1 2026$9.5M−$1.7M——$30.3M$7.9M
Q4 2025$87.7M−$2.6M—$4K−$54.8M$85.1M
Q3 2025$99.3M−$2.3M−$16.6M—−$46.6M$97.0M
Q2 2025$91.4M−$1.3M−$694K$1K$514M$90.2M
Q1 2025$15.9M−$2.7M−$64.6M$80K$105M$13.2M
Q4 2024$85.9M−$6.1M—$855K−$54.5M$79.8M

Teladoc Health: income statement and cash flow

Teladoc Health, Q3 2026: revenue $605M (-3% year over year), operating margin -4.6%. The chart follows the revenue to costs, profit and cash.

Teladoc Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.