Guardian Pharmacy Services (GRDN) Q4 2025 earnings summary

Executive summary

• Delivered Q4 and full-year 2025 results exceeding expectations, with strong organic and acquisition-driven growth and 13% organic revenue growth, 18% total revenue growth year-over-year.

• Integrated three acquisitions mid-year and completed four in 2025, expanding scale and operational leverage.

• Net income for Q4 was $21.3 million, up 81% year-over-year; full-year net income was $49.0 million, reversing a prior-year loss.

• Focused on disciplined investment in growth, technology, and infrastructure, maintaining strong cash generation.

• Served over 205,000 residents at year-end, up 10% year-over-year.

Financial highlights

• Q4 revenue increased 17% year-over-year to $397.6 million; full-year revenue was $1.45 billion, up 18% year-over-year.

• Gross profit rose 27% to $85.5 million, with gross margin expanding to 21.5%.

• Adjusted EBITDA for Q4 was $39.5 million, up 53% year-over-year; full-year Adjusted EBITDA was $115.1 million, up 27%.

• Cash and cash equivalents at year-end totaled $66 million, up from $5 million at end of 2024.

• Return on equity reached 27% for the year.

Outlook and guidance

• Raised 2026 Adjusted EBITDA guidance to $120–$124 million, reflecting durable growth drivers.

• Maintained 2026 revenue forecast at $1.4–$1.42 billion as IRA pricing flows through.

• Guidance excludes future acquisitions.

• Expect quarterly revenue and EBITDA distribution similar to 2025, with vaccine seasonality in Q4.

• Projected 2027 revenue headwind of $65 million from further IRA drug negotiations, viewed as manageable.