GoodRx (GDRX) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $194.0 million, down 4% year-over-year, with net income of $1.2 million and adjusted EBITDA of $58.3 million (30% margin); performance was impacted by retail pharmacy closures and lower prescription transactions, but Pharma Direct and subscriptions showed strong growth.

• Pharma Direct revenue surged 82% year-over-year to $52.2 million, driven by manufacturer-sponsored pricing programs, GLP-1 access, and expanded market penetration.

• Subscription revenue increased 16% year-over-year to $24.4 million, led by new condition-specific programs and GoodRx for Weight Loss.

• Prescription transactions revenue declined 24% year-over-year to $113.7 million, attributed to fewer Monthly Active Consumers and retail pharmacy disruptions.

• Launched Employer Direct platform and expanded collaborations with pharma manufacturers, including early integration with TrumpRx.gov.

Financial highlights

• Q1 2026 revenue was $194 million; Adjusted EBITDA reached $58.3 million (30% margin), and net income margin was 0.6%, down from 5.4% in Q1 2025.

• Pharma Direct revenue grew to $52.2 million, up 82% year-over-year; subscription revenue rose 16% to $24.4 million.

• Cost of revenue increased 51% year-over-year, mainly from acquired business delivery costs and Pharma Direct fulfillment.

• Share repurchases totaled 5.5 million shares for $12.6 million in Q1 2026.

• Cash and cash equivalents stood at $235.7 million as of March 31, 2026, with total outstanding debt of $493.8 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $765–$785 million, with Adjusted EBITDA expected to exceed $235 million.

• Pharma Direct revenue projected to grow over 50% year-over-year in 2026.

• Subscription revenue expected to build as condition-specific programs scale.

• Overall revenue is expected to decline 1–4% year-over-year from $796.9 million in 2025.

• Continued pressure anticipated on prescription transactions revenue due to retail pharmacy changes.