26-Feb-2026

GoodRx Reports Fourth Quarter and Full Year 2025 Results

Fourth Quarter and Full Year 2025 Revenue and Adjusted EBITDA Results In-line with Previous Guidance

Pharma Direct Revenue Beats Previous Outlook with Over 40% Year-Over-Year Growth for 2025

SANTA MONICA, Calif.--(BUSINESS WIRE)--GoodRx Holdings, Inc. (Nasdaq: GDRX) ("we," "us," "our," “GoodRx,” or the “Company”), the leading platform for medication savings in the U.S., has released its financial results for the fourth quarter and full year of 2025.

Fourth Quarter 2025 Highlights

Revenue of $194.8 million
Net income of $5.4 million; Net income margin of 2.8%
Adjusted Net Income¹ of $29.0 million; Adjusted Net Income Margin¹ of 14.9%
Adjusted EBITDA¹ of $65.0 million; Adjusted EBITDA Margin¹ of 33.4%
Net cash provided by operating activities of $32.9 million

Full Year 2025 Highlights

Revenue of $796.9 million
Net income of $30.4 million; Net income margin of 3.8%
Adjusted Net Income¹ of $126.1 million; Adjusted Net Income Margin¹ of 15.8%
Adjusted EBITDA¹ of $270.5 million; Adjusted EBITDA Margin¹ of 33.9%
Net cash provided by operating activities of $167.9 million

“We delivered a strong finish to the year by executing across our key priorities, expanding manufacturer partnerships, growing differentiated subscription offerings, and strengthening retail relationships,” said Wendy Barnes, President and Chief Executive Officer of GoodRx. “We rebranded Pharma Manufacturer Solutions as Pharma Direct and are continuing to elevate it as a key growth driver of our business, reflecting our belief that self-pay and direct-to-consumer engagement will define the future of prescription access. We are confident that the actions we’re taking today position us to return to growth beyond 2026, expand our role across the healthcare ecosystem, and create meaningful long-term value for consumers, partners, and stockholders.”

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Net Income Margin are non-GAAP financial measures and are presented for supplemental informational purposes only. Adjusted EBITDA Margin and Adjusted Net Income Margin are defined as Adjusted EBITDA and Adjusted Net Income, respectively, divided by Adjusted Revenue. Refer to the Non-GAAP Financial Measures section below for definitions, additional information, and reconciliations to the most directly comparable GAAP measures.

Full Year 2025 Financial Overview (all comparisons are made to the same period of the prior year unless otherwise noted):

Revenue increased 1% to $796.9 million compared to $792.3 million.

Prescription transactions revenue decreased 6% to $544.0 million compared to $577.5 million, primarily driven by a decrease in Monthly Active Consumers due to the broader changes in the retail pharmacy landscape, including store closures, and volume reduction in one of our integrated savings programs, partially offset principally by improved unit economics related to contracting with certain of our customers and partners and favorable changes in sales mix.

Subscription revenue decreased 3% to $83.8 million compared to $86.5 million, primarily driven by a decrease in the number of our subscription plans.

Pharma direct (formerly pharma manufacturer solutions) revenue increased 41% to $151.4 million compared to $107.2 million, driven by organic growth as we continued to expand our market penetration with pharma manufacturers and other customers, including ongoing growth in our consumer direct pricing.

Net income was $30.4 million compared to $16.4 million. Net income margin was 3.8% compared to 2.1%. Adjusted Net Income¹ was $126.1 million compared to $131.6 million.

Adjusted EBITDA¹ was $270.5 million compared to $260.2 million. Adjusted EBITDA Margin¹ was 33.9% compared to 32.8%.

Cash Flow and Capital Allocation

Net cash provided by operating activities in 2025 was $167.9 million compared to $183.9 million in 2024. As of December 31, 2025, we had cash and cash equivalents of $261.8 million and total outstanding debt of $495.0 million.

We are focused on a disciplined approach to capital allocation, centered on furthering our mission and creating stockholder value. Our capital allocation priorities are investing for profitable growth, paying down debt, buying back shares, and M&A that aligns with our strategic priorities. These capital allocation priorities support our long-term growth strategy while also providing flexibility to navigate near-term challenges.

Share Repurchases

In 2025, we repurchased 48.9 million shares of Class A common stock for an aggregate cost of $217.4 million. As of December 31, 2025, we had $72.9 million of unused authorized share repurchase capacity under our $450.0 million share repurchase program, which does not have an expiration date.

Guidance

For the full year 2026, management is anticipating the following:

$ in millions	FY 2026	FY 2025	YoY Change
Revenue	$750 - $780	$796.9	(6%) - (2%)
Adjusted EBITDA²	> $230

“We closed the year with disciplined financial performance and delivered results in line with our latest guidance,” said Chris McGinnis, Chief Financial Officer and Treasurer of GoodRx. “Adjusted EBITDA finished just above the midpoint of our range, reflecting continued cost discipline and focused execution across the business. Pharma Direct grew 41% year-over-year, underscoring the strategic progress we are making as we reposition the Company. As we enter 2026, our priority is to operate with rigor, preserve margin strength, and reinforce the long-term durability of our platform.”

Adjusted EBITDA is a non-GAAP financial measure and is presented for supplemental informational purposes only. We have not reconciled our Adjusted EBITDA guidance to GAAP net income or loss because we do not provide guidance for such GAAP measure due to the uncertainty and potential variability of stock-based compensation expense, acquired intangible assets and related amortization and income taxes, which are reconciling items between Adjusted EBITDA and the most directly comparable GAAP measure. Because such items cannot be provided without unreasonable efforts, we are unable to provide a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure. However, such items could have a significant impact on our future GAAP net income or loss.

Investor Conference Call and Webcast

GoodRx management will host a conference call and webcast tomorrow, February 26, 2026, at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time) to discuss the results and the Company’s business outlook.

To access the conference call, please pre-register using the following link:

https://register-conf.media-server.com/register/BIdac3339259784908974e81a19855a705

Registrants will receive a confirmation with dial-in details and a unique passcode required to join.

The call will also be webcast live on the Company’s investor relations website at https://investors.goodrx.com, where accompanying materials will be posted prior to the conference call.

Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://investors.goodrx.com for at least 30 days.

About GoodRx

GoodRx is the leading platform for medication savings in the U.S., used by nearly 25 million consumers and over one million healthcare professionals annually. Uniquely situated at the center of the healthcare ecosystem, GoodRx connects consumers, healthcare professionals, payers, pharmacy benefit managers, pharmaceutical manufacturers, and retail pharmacies to make saving on medications easier. By reducing friction and inefficiencies, GoodRx helps consumers save time and money when filling prescriptions so they can get the care they deserve. Since 2011, GoodRx has helped Americans save over $100 billion on the cost of their medications.

GoodRx periodically posts information that may be important to investors on its investor relations website at https://investors.goodrx.com. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors and potential investors are encouraged to consult GoodRx’s website regularly for important information, in addition to following GoodRx’s press releases, filings with the Securities and Exchange Commission and public conference calls and webcasts. The information contained on, or that may be accessed through, GoodRx’s website is not incorporated by reference into, and is not a part of, this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our future results of operations and financial position, industry and business trends, including uncertainty in the macro environment, the impact of trends impacting retail pharmacies on our future financial results, the potential impact of the new government sponsored direct-to-consumer platform called “TrumpRx.gov” and other evolving federal initiatives on our business, our value proposition, our business strategy and our ability to execute on our strategic priorities including expanding manufacturer partnerships, growing differentiated subscription offerings and strengthening retail relationships, our plans, market opportunity, ability to preserve margin strength and long-term growth prospects, our capital allocation priorities, pharma direct as the future key growth driver of our business, and the future of prescription access. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, risks related to our limited operating history and early stage of growth; our recent growth rates may not be sustainable or indicative of future growth; our ability to achieve broad market education and change consumer purchasing habits; our general ability to continue to attract, acquire and retain consumers in a cost-effective manner; our significant reliance on our prescription transactions offering and ability to expand our offerings; changes in medication pricing and the significant impact of pricing structures negotiated by industry participants; our general inability to control the categories and types of prescriptions for which we can offer savings or discounted prices; our reliance on a limited number of industry participants, including pharmacy benefit managers, pharmacies, and pharma manufacturers; the competitive nature of our industry; risks related to pandemics, epidemics, or outbreak of infectious disease; the accuracy of our estimate of our addressable market and other operational metrics; our ability to respond to changes in the market for prescription pricing and to maintain and expand the use of GoodRx codes; our ability to maintain positive perception of our platform or maintain and enhance our brand; risks related to any failure to maintain effective internal control over financial reporting; risks related to use of social media, emails, text messages, and other messaging channels as part of our marketing strategy; our dependence on our information technology systems and those of our third-party vendors, and risks related to any failure or significant disruptions thereof; risks related to government regulation of the internet, e-commerce, consumer data and privacy, information technology, and cybersecurity; risks related to the use of AI and machine learning in our business; risks related to a decrease in consumer willingness to receive correspondence or any technical, legal, or any other restrictions to send such correspondence; risks related to any failure to comply with applicable data protection, privacy and security, advertising and consumer protection laws, regulations, standards, and other requirements; our ability to utilize our net operating loss carryforwards and certain other tax attributes; the risk that we may be unable to realize expected benefits from our restructuring and cost reduction efforts; our ability to attract, develop, motivate and retain well-qualified employees; risks related to our acquisition strategy; risks related to our debt arrangements; interruptions or delays in service on our apps or websites or any undetected errors or design faults; our reliance on third-party platforms to distribute our platform and offerings, including software as-a-service technologies; systems failures or other disruptions in the operations of these parties on which we depend; risks related to climate change; risks associated with environmental sustainability and social initiatives; risks related to our intellectual property; risks related to operating in the healthcare industry; risks related to our organizational structure; litigation related risks; our ability to accurately forecast revenue and appropriately plan our expenses in the future; risks related to general economic factors, natural disasters, or other unexpected events; risks related to fluctuations in our tax obligations and effective income tax rate which could materially and adversely affect our results of operations; risks related to the healthcare reform legislation and other proposed or future changes impacting the healthcare industry and healthcare spending, including the new platform TrumpRx, which may adversely affect our business, financial condition and results of operations; as well as the other important factors discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Key Operating Metrics

Monthly Active Consumers (MACs) refers to the number of unique consumers who have used a GoodRx code to purchase a prescription medication in a given calendar month and have saved money compared to the list price of the medication. A unique consumer who uses a GoodRx code more than once in a calendar month to purchase prescription medications is only counted as one Monthly Active Consumer in that month. A unique consumer who uses a GoodRx code in two or three calendar months within a quarter will be counted as a Monthly Active Consumer in each such month. Monthly Active Consumers do not include subscribers to our subscription offerings, consumers of our pharma direct offering, or consumers who use our telehealth offering. When presented for a period longer than a month, Monthly Active Consumers are averaged over the number of calendar months in such period. Monthly Active Consumers from acquired companies are only included beginning in the first full quarter following the acquisition. Effective January 1, 2025, Monthly Active Consumers from acquired companies are included beginning from the acquisition date. Prior to January 1, 2025, Monthly Active Consumers from acquired companies were only included beginning in the first full quarter following the acquisition. As our business continues to evolve, we are reassessing the Monthly Active Consumers metric as a primary indicator of performance to ensure it aligns with how we measure growth and profitability.

Subscription plans represent the ending subscription plan balance across our subscription offerings, GoodRx Gold, Kroger Savings Club (sunset in July 2024), condition-specific related subscription programs (first launched in June 2025), and RxSmartSaver+ powered by GoodRx (launched in July 2025). For GoodRx Gold, Kroger Savings Club, and RxSmartSaver+, each subscription plan may represent more than one subscriber since family subscription plans may include multiple members.

	Three Months Ended
(in millions)	December 31, 2025	September 30, 2025	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
Monthly Active Consumers	5.3	5.4	5.7	6.4	6.6	6.5	6.6	6.7

	As of
(in thousands)	December 31, 2025	September 30, 2025	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
Subscription plans	674	671	668	680	684	701	696	778

GoodRx Holdings, Inc. Condensed Consolidated Balance Sheets (Unaudited)
	(in thousands, except par values)
	December 31, 2025			December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	261,820		$	448,346
Accounts receivable, net		235,746			145,934
Prescription reimbursement assets		98,331			22,944
Prepaid expenses and other current assets		47,205			42,031
Total current assets		643,102			659,255
Property and equipment, net		12,268			12,664
Goodwill		430,331			410,769
Intangible assets, net		64,082			52,102
Capitalized software, net		139,261			124,781
Operating lease right-of-use assets, net		28,808			27,794
Deferred tax assets, net		57,111			77,182
Other assets		29,095			23,520
Total assets	$	1,404,058		$	1,388,067
Liabilities and stockholders' equity
Current liabilities
Accounts payable	$	19,405		$	14,137
Prescription reimbursement liabilities		130,139			15,798
Accrued expenses and other current liabilities		86,705			83,332
Current portion of debt		5,000			5,000
Operating lease liabilities, current		4,753			5,636
Total current liabilities		246,002			123,903
Debt, net		483,264			486,711
Operating lease liabilities, net of current portion		49,789			46,040
Other liabilities		8,741			6,755
Total liabilities		787,796			663,409
Stockholders' equity
Preferred stock, $0.0001 par value		—			—
Common stock, $0.0001 par value		34			38
Additional paid-in capital		2,026,802			2,165,633
Accumulated deficit		(1,410,574	)		(1,441,013	)
Total stockholders' equity		616,262			724,658
Total liabilities and stockholders' equity	$	1,404,058		$	1,388,067

GoodRx Holdings, Inc. Condensed Consolidated Statements of Operations (Unaudited)
	(in thousands, except per share amounts)
	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Revenue	$	194,785		$	198,583		$	796,853		$	792,324
Costs and operating expenses:
Cost of revenue, exclusive of depreciation and amortization presented separately below		17,464			12,193			57,597			48,215
Product development and technology		28,939			31,739			121,026			123,749
Sales and marketing		78,616			93,829			331,560			367,114
General and administrative		23,937			23,546			113,960			117,862
Depreciation and amortization		23,146			19,096			85,218			69,538
Total costs and operating expenses		172,102			180,403			709,361			726,478
Operating income		22,683			18,180			87,492			65,846
Other expense, net:
Other income (expense)		24			—			718			(2,660	)
Loss on extinguishment of debt		—			—			—			(2,077	)
Interest income		1,889			4,587			10,933			23,273
Interest expense		(10,403	)		(11,358	)		(42,605	)		(52,922	)
Total other expense, net		(8,490	)		(6,771	)		(30,954	)		(34,386	)
Income before income taxes		14,193			11,409			56,538			31,460
Income tax expense		(8,768	)		(4,669	)		(26,099	)		(15,070	)
Net income	$	5,425		$	6,740		$	30,439		$	16,390
Earnings per share:
Basic	$	0.02		$	0.02		$	0.09		$	0.04
Diluted	$	0.02		$	0.02		$	0.09		$	0.04
Weighted average shares used in computing earnings per share:
Basic		340,205			381,607			356,327			385,737
Diluted		340,761			383,576			356,973			392,172

Stock-based compensation included in costs and operating expenses:
Cost of revenue	$	49		$	94		$	357		$	320
Product development and technology		5,504			6,158			22,547			24,649
Sales and marketing		3,940			6,126			20,207			33,374
General and administrative		8,426			8,581			33,515			40,683

GoodRx Holdings, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)
	(in thousands)
	Year Ended December 31,
	2025			2024
Cash flows from operating activities
Net income	$	30,439		$	16,390
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		85,218			69,538
Loss on extinguishment of debt		—			2,077
Amortization of debt issuance costs and discounts		1,768			2,497
Non-cash operating lease expense		4,007			4,184
Stock-based compensation expense		76,626			99,026
Deferred income taxes		20,071			(11,914	)
Loss on operating lease assets		4,409			—
Other		1,810			—
Changes in operating assets and liabilities, net of effects of business acquisitions:
Accounts receivable		(88,016	)		(2,326	)
Prescription reimbursement assets		(75,387	)		(7,463	)
Prepaid expenses and other assets		(8,387	)		13,790
Accounts payable		4,103			(15,819	)
Prescription reimbursement liabilities		114,341			10,376
Accrued expenses and other current liabilities		1,185			9,911
Operating lease liabilities		(6,269	)		(4,953	)
Other liabilities		1,986			(1,422	)
Net cash provided by operating activities		167,904			183,892
Cash flows from investing activities
Purchase of property and equipment		(3,521	)		(1,240	)
Acquisitions		(43,440	)		—
Capitalized software		(70,499	)		(69,107	)
Other		(2,500	)		—
Net cash used in investing activities		(119,960	)		(70,347	)
Cash flows from financing activities
Proceeds from long-term debt		—			472,033
Payments on long-term debt		(5,000	)		(639,038	)
Payments of debt issuance costs		—			(2,673	)
Repurchases of Class A common stock		(216,372	)		(158,845	)
Proceeds from exercise of stock options		61			19,046
Employee taxes paid related to net share settlement of equity awards		(14,467	)		(29,784	)
Proceeds from employee stock purchase plan		1,308			1,766
Net cash used in financing activities		(234,470	)		(337,495	)
Net change in cash and cash equivalents		(186,526	)		(223,950	)
Cash and cash equivalents
Beginning of period		448,346			672,296
End of period	$	261,820		$	448,346

For the fourth quarters and full years of 2025 and 2024, revenue comprised of the following:

(in thousands)
	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Prescription transactions revenue	$	124,720	$	144,987	$	544,001	$	577,549
Subscription revenue		21,582		20,676		83,786		86,536
Pharma direct revenue		44,379		28,088		151,380		107,237
Other revenue		4,104		4,832		17,686		21,002
Total revenue	$	194,785	$	198,583	$	796,853	$	792,324

Contacts

Investor Contact
GoodRx
Aubrey Reynolds
ir@goodrx.com

Press Contact
GoodRx
Lauren Casparis
lcasparis@goodrx.com

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Last Updated: 26-Feb-2026