GoodRx Holdings reported its fourth‑quarter and full‑year 2025 financial results, posting revenue of $194.8 million and a non‑GAAP earnings per share of $0.09, exactly matching analyst expectations. The company’s total revenue for the year rose 1% to $796.9 million, while the quarter’s revenue fell 1.9% to $194.8 million from $198.6 million in Q4 2024.
The decline in quarterly revenue is largely attributable to a 6% drop in Prescription Transactions revenue, reflecting ongoing retail pharmacy closures and changes in pharmacy‑benefit‑manager networks. In contrast, the company’s Pharma Direct segment grew 41% year‑over‑year to $151.4 million, representing roughly 19% of total revenue and underscoring the strategic shift toward manufacturer‑partnered, direct‑to‑consumer solutions.
GoodRx’s adjusted EBITDA increased to $270.5 million, up $10.3 million from $260.2 million in 2024, and the adjusted EBITDA margin expanded to 33.9% from 32.8%. The margin improvement is driven by the higher‑margin mix of Pharma Direct and disciplined cost management across the business.
Management guided for full‑year 2026 revenue of $750 million to $780 million, with a midpoint of $765 million that falls below the consensus estimate of $816 million. Adjusted EBITDA guidance for 2026 is expected to exceed $230 million, lower than the $270.5 million reported for 2025. The cautious outlook reflects persistent headwinds in the core Prescription Transactions segment, including a decline in monthly active consumers from 6.7 million in Q1 2024 to 5.3 million in Q4 2025.
"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 President and CEO Wendy Barnes. "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."
"We closed the year with disciplined financial performance and delivered results in line with our latest guidance. 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," added Chief Financial Officer Chris McGinnis.
Investors reacted negatively to the guidance, with the market focusing on the lower-than‑expected 2026 revenue forecast and the projected decline in adjusted EBITDA. The cautious outlook has outweighed the in‑line earnings and the strong growth in Pharma Direct, leading to a sharp decline in investor sentiment.
GoodRx is in a transition phase: while its core Prescription Transactions business continues to face headwinds, the company’s Pharma Direct segment is a robust growth engine. The guidance signals management’s concern about near‑term demand in the legacy segment, but the company remains confident that scaling Pharma Direct will ultimately restore overall growth momentum beyond 2026.
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