GoodRx (GDRX) posts 2025 profit as Pharma Direct jumps 41% but guides 2026 revenue lower

Rhea-AI Filing Summary

GoodRx Holdings, Inc. reported fourth quarter 2025 revenue of $194.8 million and full year 2025 revenue of $796.9 million, up slightly from 2024. Full year net income rose to $30.4 million with a 3.8% net margin, while Adjusted EBITDA reached $270.5 million and a 33.9% margin. Growth was driven by a 41% increase in 2025 Pharma Direct revenue to $151.4 million, partly offset by declines in prescription transactions and subscription revenue. The company generated $167.9 million in operating cash flow, ended 2025 with $261.8 million in cash and $495.0 million of total debt, and repurchased 48.9 million Class A shares for $217.4 million. For 2026, management guides revenue to $750–$780 million and Adjusted EBITDA of more than $230 million, implying a year-over-year decline in both metrics while maintaining strong profitability.

Positive

• Strong profitability and cash generation: 2025 Adjusted EBITDA reached $270.5 million with a 33.9% margin and net cash provided by operating activities was $167.9 million, supporting financial flexibility despite modest top-line growth.
• High-growth Pharma Direct segment: Pharma Direct revenue increased 41% year-over-year to $151.4 million in 2025, becoming a more meaningful contributor as prescription transactions and subscriptions declined.
• Material share repurchases: The company repurchased 48.9 million Class A shares for $217.4 million in 2025 and still had $72.9 million of unused authorization under a $450.0 million program, significantly reducing share count.

Negative

• Guided revenue and EBITDA decline for 2026: Management’s 2026 outlook of $750–$780 million in revenue and Adjusted EBITDA above $230 million implies year-over-year contraction in both sales and earnings versus 2025.
• Pressure on core prescription and subscription businesses: 2025 prescription transactions revenue fell 6% to $544.0 million and subscription revenue declined 3% to $83.8 million, reflecting lower Monthly Active Consumers and subscription plans.
• Declining user activity: Monthly Active Consumers dropped from 6.7 million in Q1 2024 to 5.3 million in Q4 2025, indicating softer usage amid retail pharmacy changes and program volume reductions.

Insights

Equity & earnings analyst

2025 results were stable, but 2026 guidance points to revenue and profit contraction.

GoodRx delivered 2025 revenue of $796.9 million, up 1%, with Adjusted EBITDA of $270.5 million and a solid 33.9% margin. Net income nearly doubled to $30.4 million, reflecting tighter cost control and growing contribution from higher-margin Pharma Direct.

Business mix is shifting: prescription transactions revenue fell 6% to $544.0 million and subscription revenue declined 3%, while Pharma Direct grew 41% to $151.4 million. Monthly Active Consumers decreased from 6.7 million in Q1 2024 to 5.3 million in Q4 2025, indicating volume pressure even as unit economics improved.

Guidance for 2026 anticipates revenue of $750–$780 million versus $796.9 million in 2025 and Adjusted EBITDA above $230 million versus $270.5 million, signaling planned margin preservation but lower absolute earnings. The $217.4 million repurchase of 48.9 million shares in 2025 and remaining $72.9 million authorization under the $450.0 million program highlight a sizeable capital return alongside a leveraged balance sheet with $495.0 million of debt at year-end 2025.

0001809519FALSE2701 Olympic BoulevardSanta MonicaCalifornia00018095192026-02-252026-02-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________________________

FORM 8-K

________________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 25, 2026

________________________________________

GoodRx Holdings, Inc.

(Exact Name of Registrant as Specified in its Charter)

________________________________________

Delaware	001-39549	47-5104396
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
2701 Olympic Boulevard
Santa Monica, California		90404
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (855) 268-2822

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the

registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock, $0.0001 par value per share		GDRX		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act

of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

On February 25, 2026, GoodRx Holdings, Inc. (the “Company”) announced the Company’s financial results for the three

months and year ended December 31, 2025. The full text of the press release issued in connection with the announcement

is furnished as Exhibit 99.1 to this report.

The information in Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of

Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of

that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or

the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01    Financial Statements and Exhibits.

(d)Exhibits.

99.1*		Press Release, dated February 25, 2026.
104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

*Furnished herewith.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed

on its behalf by the undersigned thereunto duly authorized.

			GOODRX HOLDINGS, INC.
Date:	February 25, 2026	By:	/s/ Christopher McGinnis
			Christopher McGinnis Chief Financial Officer & Treasurer

Exhibit 99.1

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. -- (February 25, 2026) -- 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.”

1Adjusted 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%.

Exhibit 99.1

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.”

2Adjusted 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.

Exhibit 99.1

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.

Investor Contact

GoodRx

Aubrey Reynolds

ir@goodrx.com

Press Contact

GoodRx

Lauren Casparis

lcasparis@goodrx.com

Exhibit 99.1

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.

Exhibit 99.1

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

Exhibit 99.1

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

Exhibit 99.1

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

Exhibit 99.1

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

Exhibit 99.1

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

Reclassifications

Prior to December 31, 2025, prescription reimbursement assets were presented as a component of prepaid expenses and

other current assets, and prescription reimbursement liabilities as a component of accounts payable and accrued expenses

and other current liabilities on our condensed consolidated balance sheets. Amounts have been reclassified on the

condensed consolidated balance sheet as of December 31, 2024 to conform to the current period presentation.

Corresponding reclassifications were also reflected on the condensed consolidated statement of cash flows for the year

ended December 31, 2024. These reclassifications had no impact on previously reported current and total assets and

liabilities, total stockholders’ equity, results of operations, or cash flows provided by operating activities.

Exhibit 99.1

Non-GAAP Financial Measures

Adjusted Revenue and metrics presented as a percentage of Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA

Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings Per Share are supplemental measures of

our performance that are not required by, or presented in accordance with, U.S. GAAP. We also present each cost and

operating expense on our condensed consolidated statements of operations on an adjusted basis to arrive at adjusted

operating income. Collectively, we refer to these non-GAAP financial measures as our “Non-GAAP Measures."

We define Adjusted Revenue for a particular period as revenue excluding client contract termination costs associated with

restructuring related activities. We exclude these costs from revenue because we believe they are not indicative of past or

future underlying performance of the business. For 2025 and 2024, revenue equaled to Adjusted Revenue.

We define Adjusted EBITDA for a particular period as net income or loss before interest, taxes, depreciation and

amortization, and as further adjusted for, as applicable for the periods presented, acquisition related expenses, stock-based

compensation expense, payroll tax expense related to stock-based compensation, loss on extinguishment of debt, financing

related expenses, loss on operating lease assets, restructuring related expenses, legal settlement expenses, gain on sale of

business, and other income or expense, net. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of

Adjusted Revenue.

We define Adjusted Net Income for a particular period as net income or loss adjusted for, as applicable for the periods

presented, amortization of intangibles related to acquisitions and restructuring activities, acquisition related expenses, stock-

based compensation expense, payroll tax expense related to stock-based compensation, loss on extinguishment of debt,

financing related expenses, loss on operating lease assets, restructuring related expenses, legal settlement expenses, gain

on sale of business, other income or expense, net, and as further adjusted for estimated income tax on such adjusted items.

Our adjusted taxes also excludes (i) the valuation allowance recorded against certain of our net deferred tax assets that was

recognized in accordance with GAAP and any subsequent releases of the valuation allowance, and (ii) all tax benefits/

expenses resulting from excess tax benefits/deficiencies in connection with stock-based compensation. Adjusted Net

Income Margin represents Adjusted Net Income as a percentage of Adjusted Revenue.

Adjusted Earnings Per Share is Adjusted Net Income attributable to common stockholders divided by weighted average

number of shares. The weighted average shares we use in computing Adjusted Earnings Per Share – basic is equal to our

GAAP weighted average shares – basic and the weighted average shares we use in computing Adjusted Earnings Per

Share – diluted is equal to either GAAP weighted average shares – basic or GAAP weighted average shares – diluted,

depending on whether we have adjusted net loss or adjusted net income, respectively.

We also assess our performance by evaluating each cost and operating expense on our condensed consolidated

statements of operations on a non-GAAP, or adjusted, basis to arrive at adjusted operating income. The adjustments to

these cost and operating expense items include, as applicable for the periods presented, acquisition related expenses,

amortization of intangibles related to acquisitions and restructuring activities, stock-based compensation expense, payroll

tax expense related to stock-based compensation, financing related expenses, restructuring related expenses, legal

settlement expenses, loss on operating lease assets, and gain on sale of business. Adjusted operating income is Adjusted

Revenue less non-GAAP costs and operating expenses.

We believe our Non-GAAP Measures are helpful to investors, analysts and other interested parties because they assist in

providing a more consistent and comparable overview of our operations across our historical financial periods. Adjusted

Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin are also key measures we use to assess our financial

performance and are also used for internal planning and forecasting purposes. In addition, Adjusted Revenue, Adjusted

EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Earnings Per Share are frequently used by analysts,

investors and other interested parties to evaluate and assess performance.

The Non-GAAP Measures are presented for supplemental informational purposes only and should not be considered as

alternatives or substitutes to financial information presented in accordance with GAAP. These measures have certain

limitations in that they do not include the impact of certain costs that are reflected in our condensed consolidated statements

of operations that are necessary to run our business. Other companies, including other companies in our industry, may not

use these measures or may calculate these measures differently than as presented herein, limiting their usefulness as

comparative measures.

Exhibit 99.1

The following table presents a reconciliation of net income (loss), the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted

EBITDA, and presents net income (loss) margin, the most directly comparable financial measure calculated in accordance with GAAP, with Adjusted EBITDA Margin:

(dollars in thousands)
	Three Months Ended March 31,				Three Months Ended June 30,				Three Months Ended September 30,				Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
Net income (loss)	$ 11,052		$ (1,009)		$ 12,843		$ 6,694		$ 1,119		$ 3,965		$ 5,425		$ 6,740		$ 30,439		$ 16,390
Adjusted to exclude the following:
Interest income	(3,932)		(7,555)		(2,803)		(6,334)		(2,309)		(4,797)		(1,889)		(4,587)		(10,933)		(23,273)
Interest expense	10,644		14,643		10,729		14,566		10,829		12,355		10,403		11,358		42,605		52,922
Income tax expense	5,616		1,302		6,734		4,952		4,981		4,147		8,768		4,669		26,099		15,070
Depreciation and amortization	20,912		15,942		19,729		16,965		21,431		17,535		23,146		19,096		85,218		69,538
Other (income) expense	—		—		(694)		—		—		2,660		(24)		—		(718)		2,660
Loss on extinguishment of debt	—		—		—		—		—		2,077		—		—		—		2,077
Financing related expenses	—		440		—		392		—		66		—		—		—		898
Acquisition related expenses	26		174		—		174		776		65		737		144		1,539		557
Restructuring related expenses	1,219		(125)		546		566		5,526		—		385		8,461		7,676		8,902
Legal settlement expenses	—		13,000		355		—		5,500		—		—		—		5,855		13,000
Stock-based compensation expense	19,174		25,096		21,415		26,590		18,118		26,381		17,919		20,959		76,626		99,026
Payroll tax expense related to stock- based compensation	685		879		549		847		313		510		150		235		1,697		2,471
Loss on operating lease asset	4,409		—		—		—		—		—		—		—		4,409		—
Adjusted EBITDA	$ 69,805		$ 62,787		$ 69,403		$ 65,412		$ 66,284		$ 64,964		$ 65,020		$ 67,075		$ 270,512		$ 260,238
Revenue	$ 202,970		$ 197,880		$ 203,070		$ 200,610		$ 196,028		$ 195,251		$ 194,785		$ 198,583		$ 796,853		$ 792,324
Net income (loss) margin	5.4%		(0.5%)		6.3%		3.3%		0.6%		2.0%		2.8%		3.4%		3.8%		2.1%
Adjusted EBITDA Margin	34.4%		31.7%		34.2%		32.6%		33.8%		33.3%		33.4%		33.8%		33.9%		32.8%

Exhibit 99.1

The following tables present a reconciliation of net income and calculations of net income margin and earnings per share,

the most directly comparable financial measures calculated in accordance with GAAP, to Adjusted Net Income, Adjusted Net

Income Margin, and Adjusted Earnings Per Share, respectively:

(dollars in thousands, except per share amounts)
	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Net income	$ 5,425		$ 6,740		$ 30,439		$ 16,390
Adjusted to exclude the following:
Amortization of intangibles related to acquisitions and restructuring related activities	3,541		2,946		11,920		9,783
Other (income) expense	(24)		—		(718)		2,660
Loss on extinguishment of debt	—		—		—		2,077
Financing related expenses	—		—		—		898
Acquisition related expenses	737		144		1,539		557
Restructuring related expenses	385		8,461		7,676		8,902
Legal settlement expenses	—		—		5,855		13,000
Stock-based compensation expense	17,919		20,959		76,626		99,026
Payroll tax expense related to stock-based compensation	150		235		1,697		2,471
Loss on operating lease asset	—		—		4,409		—
Income tax effects of excluded items and adjustments for valuation allowance and excess tax benefits/deficiencies from equity awards	866		(4,737)		(13,357)		(24,122)
Adjusted Net Income	$ 28,999		$ 34,748		$ 126,086		$ 131,642
Revenue	$ 194,785		$ 198,583		$ 796,853		$ 792,324
Net income margin	2.8%		3.4%		3.8%		2.1%
Adjusted Net Income Margin	14.9%		17.5%		15.8%		16.6%
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
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 Adjusted Earnings Per Share:
Basic	340,205		381,607		356,327		385,737
Diluted	340,761		383,576		356,973		392,172
Adjusted Earnings Per Share:
Basic	$ 0.09		$ 0.09		$ 0.35		$ 0.34
Diluted	$ 0.09		$ 0.09		$ 0.35		$ 0.34

Exhibit 99.1

The following table presents (i) each non-GAAP, or adjusted, cost and expense and operating income measure together with

its most directly comparable financial measure calculated in accordance with GAAP; and (ii) each adjusted cost and

expense and adjusted operating income as a percentage of Adjusted Revenue together with each GAAP cost and expense

and operating income as a percentage of revenue, the most directly comparable financial measure calculated in accordance

with GAAP:

(dollars in thousands)
	GAAP				Adjusted				GAAP				Adjusted
	Three Months Ended December 31,				Three Months Ended December 31,				Year Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024		2025		2024		2025		2024
Cost of revenue	$17,464		$12,193		$17,400		$12,071		$57,597		$48,215		$57,132		$48,164
% of Revenue	9%		6%		9%		6%		7%		6%		7%		6%
Product development and technology	$28,939		$31,739		$23,294		$24,318		$121,026		$123,749		$93,801		$96,528
% of Revenue	15%		16%		12%		12%		15%		16%		12%		12%
Sales and marketing	$78,616		$93,829		$74,120		$80,651		$331,560		$367,114		$307,550		$325,760
% of Revenue	40%		47%		38%		41%		42%		46%		39%		41%
General and administrative	$23,937		$23,546		$14,951		$14,468		$113,960		$117,862		$67,858		$61,634
% of Revenue	12%		12%		8%		7%		14%		15%		9%		8%
Depreciation and amortization	$23,146		$19,096		$19,605		$16,150		$85,218		$69,538		$73,298		$59,755
% of Revenue	12%		10%		10%		8%		11%		9%		9%		8%
Operating income	$22,683		$18,180		$45,415		$50,925		$87,492		$65,846		$197,214		$200,483
% of Revenue	12%		9%		23%		26%		11%		8%		25%		25%

Exhibit 99.1

The following table presents a reconciliation of each non-GAAP, or adjusted, cost and expense and operating income

measure to its most directly comparable financial measure calculated in accordance with GAAP:

	(dollars in thousands)
	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Cost of revenue	$ 17,464		$ 12,193		$ 57,597		$ 48,215
Acquisition related expenses	(14)		—		(14)		—
Restructuring related expenses	—		(27)		(80)		284
Stock-based compensation expense	(49)		(94)		(357)		(320)
Payroll tax expense related to stock-based compensation	(1)		(1)		(14)		(15)
Adjusted cost of revenue	$ 17,400		$ 12,071		$ 57,132		$ 48,164
Product development and technology	$ 28,939		$ 31,739		$ 121,026		$ 123,749
Acquisition related expenses	(68)		—		(68)		(62)
Restructuring related expenses	—		(1,163)		(3,689)		(1,275)
Stock-based compensation expense	(5,504)		(6,158)		(22,547)		(24,649)
Payroll tax expense related to stock-based compensation	(73)		(100)		(921)		(1,235)
Adjusted product development and technology	$ 23,294		$ 24,318		$ 93,801		$ 96,528
Sales and marketing	$ 78,616		$ 93,829		$ 331,560		$ 367,114
Acquisition related expenses	(139)		—		(139)		(351)
Restructuring related expenses	(379)		(6,988)		(3,249)		(7,102)
Stock-based compensation expense	(3,940)		(6,126)		(20,207)		(33,374)
Payroll tax expense related to stock-based compensation	(38)		(64)		(415)		(527)
Adjusted sales and marketing	$ 74,120		$ 80,651		$ 307,550		$ 325,760
General and administrative	$ 23,937		$ 23,546		$ 113,960		$ 117,862
Financing related expenses	—		—		—		(898)
Acquisition related expenses	(516)		(144)		(1,318)		(144)
Restructuring related expenses	(6)		(283)		(658)		(809)
Legal settlement expenses	—		—		(5,855)		(13,000)
Stock-based compensation expense	(8,426)		(8,581)		(33,515)		(40,683)
Payroll tax expense related to stock-based compensation	(38)		(70)		(347)		(694)
Loss on operating lease asset	—		—		(4,409)		—
Adjusted general and administrative	$ 14,951		$ 14,468		$ 67,858		$ 61,634
Depreciation and amortization	$ 23,146		$ 19,096		$ 85,218		$ 69,538
Amortization of intangibles related to acquisitions and restructuring related activities	(3,541)		(2,946)		(11,920)		(9,783)
Adjusted depreciation and amortization	$ 19,605		$ 16,150		$ 73,298		$ 59,755
Operating income	$ 22,683		$ 18,180		$ 87,492		$ 65,846
Amortization of intangibles related to acquisitions and restructuring related activities	3,541		2,946		11,920		9,783
Financing related expenses	—		—		—		898
Acquisition related expenses	737		144		1,539		557
Restructuring related expenses	385		8,461		7,676		8,902
Legal settlement expenses	—		—		5,855		13,000
Stock-based compensation expense	17,919		20,959		76,626		99,026
Payroll tax expense related to stock-based compensation	150		235		1,697		2,471
Loss on operating lease asset	—		—		4,409		—
Adjusted operating income	$ 45,415		$ 50,925		$ 197,214		$ 200,483

FAQ

How did GoodRx (GDRX) perform financially in full year 2025?

GoodRx generated 2025 revenue of $796.9 million, up 1% from 2024, with net income of $30.4 million and a 3.8% net margin. Adjusted EBITDA reached $270.5 million and a 33.9% margin, reflecting strong profitability despite subdued top-line growth.

What were GoodRx (GDRX) results for the fourth quarter of 2025?

In Q4 2025, GoodRx reported $194.8 million in revenue and $5.4 million in net income, for a 2.8% net margin. Adjusted Net Income was $29.0 million and Adjusted EBITDA was $65.0 million, representing an Adjusted EBITDA Margin of 33.4%.

How fast is GoodRx’s Pharma Direct segment growing?

Pharma Direct revenue grew rapidly in 2025, rising 41% year-over-year to $151.4 million from $107.2 million in 2024. Management highlighted Pharma Direct as a key growth driver as they expand market penetration with pharmaceutical manufacturers and other customers.

What 2026 financial guidance did GoodRx (GDRX) provide?

For full year 2026, GoodRx expects revenue between $750 million and $780 million, compared with $796.9 million in 2025. Management also guides to Adjusted EBITDA above $230 million, down from $270.5 million in 2025, while emphasizing disciplined margin management.

How much stock did GoodRx repurchase in 2025 and what capacity remains?

In 2025, GoodRx repurchased 48.9 million Class A shares for an aggregate cost of $217.4 million. As of December 31, 2025, it still had $72.9 million of unused authorization under its $450.0 million share repurchase program, which has no expiration date.

What is GoodRx’s cash and debt position at the end of 2025?

As of December 31, 2025, GoodRx held $261.8 million in cash and cash equivalents and had total outstanding debt of $495.0 million. The company generated $167.9 million in net cash from operating activities during 2025, supporting its capital allocation priorities.

How are GoodRx’s user metrics and subscription plans trending?

Monthly Active Consumers declined from 6.7 million in Q1 2024 to 5.3 million in Q4 2025, while subscription plans fell from 778,000 at March 31, 2024 to 674,000 at December 31, 2025. These trends reflect lower prescription volume and subscription plan counts.

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