GoodRx (GDRX) Q4 2025 earnings summary

Executive summary

• Achieved a strong Q4 finish, expanding direct-to-consumer affordability programs, scaling subscriptions, and deepening retail pharmacy partnerships amid significant healthcare landscape changes in 2025.

• Pharma Manufacturer Solutions (now Pharma Direct) became a key growth engine, with full-year revenue up over 40% year-over-year, reflecting industry shifts toward direct-to-consumer models and self-pay strategies.

• Expanded e-commerce ecosystem, tripling retail footprint and increasing order volume by 83% quarter-over-quarter, with direct contracts now in place with nine of the top 10 retail pharmacies.

• Launched condition-specific subscriptions (weight loss, ED, hair loss) with strong early adoption, and introduced Employer Direct to address gaps in traditional insurance coverage.

• Net income for Q4 was $5.4M (2.8% margin); full year net income was $30.4M (3.8% margin).

Financial highlights

• Q4 2025 revenue was $194.8 million; full-year revenue reached $796.9 million, up 1% year-over-year and in line with guidance.

• Adjusted EBITDA for 2025 was $270.5 million, a 4% increase over 2024, and above the midpoint of guidance.

• Prescription revenue declined 6% year-over-year to $544 million, impacted by Rite Aid bankruptcy, lower volume from an Integrated Savings Program partner, and retail pharmacy changes.

• Subscription revenue decreased 3% year-over-year to $83.8 million, with new condition-specific subscriptions expected to contribute more in 2026.

• Pharma Direct revenue rose to $151.4 million, up 41% year-over-year, driven by expanded manufacturer partnerships and consumer direct pricing.

Outlook and guidance

• 2026 revenue expected between $750 million and $780 million, representing a 2%–6% year-over-year decline; Adjusted EBITDA at least $230 million.

• Pharma Direct revenue projected to grow at least 30% year-over-year in 2026.

• Monthly Active Consumers fell 14% in 2025 but are expected to flatten sequentially through 2026.

• Management expects to preserve margin strength and focus on long-term platform durability.

• Strategic investments in Pharma Direct and Subscriptions will pressure near-term revenue but are aimed at long-term durability and growth.