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GoodRx Holdings, Inc.

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

GDRX$3.65+4.0%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Table of Contents

Page
PART I
Item 1.Business7
Item 1A.Risk Factors17
Item 1B.Unresolved Staff Comments55
Item 1C.Cybersecurity55
Item 2.Properties56
Item 3.Legal Proceedings56
Item 4.Mine Safety Disclosures56
PART II
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities57
Item 6.[Reserved]58
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations59
Item 7A.Quantitative and Qualitative Disclosures About Market Risk67
Item 8.Financial Statements and Supplementary Data67
Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure67
Item 9A.Controls and Procedures67
Item 9B.Other Information68
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections68
PART III
Item 10.Directors, Executive Officers and Corporate Governance69
Item 11.Executive Compensation69
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters69
Item 13.Certain Relationships and Related Transactions, and Director Independence69
Item 14.Principal Accountant Fees and Services69
PART IV
Item 15.Exhibits and Financial Statement Schedules70

Glossary of Selected Terminology

As used in this Annual Report on Form 10-K, unless the context otherwise requires, references to:

“we,” “us,” “our,” the “Company,” “GoodRx,” and similar references refer to GoodRx Holdings, Inc. and its

consolidated subsidiaries.

“Co-Founders” refers to Trevor Bezdek and Douglas Hirsch, each a director of the Company.

“consumers” refer to the general population in the United States that uses or otherwise purchases healthcare

products and services. References to “our consumers” or “GoodRx consumers” refer to consumers that have

used one or more of our offerings.

“discounted price” refers to a price for a prescription provided on our platform that represents a negotiated

rate provided by one of our PBM partners at a retail pharmacy or under a direct contract with one of our

partner pharmacies. Through our platform, our discounted prices are free to access for consumers by saving a

GoodRx code to their mobile device for their selected prescription and presenting it at the chosen pharmacy.

The term “discounted price” excludes prices we may otherwise source, such as prices from patient assistance

programs for low-income individuals and Medicare prices, and any negotiated rates offered through our

subscription offerings.

“Francisco Partners” refers to investment funds associated with Francisco Partners, including Francisco

Partners IV, L.P. and Francisco Partners IV-A, L.P.

“GoodRx code” refers to codes that can be accessed by our consumers through our apps or websites or that

can be provided to our consumers directly by healthcare professionals, including physicians and pharmacists,

that allow our consumers free access to our discounted prices or a lower list price for their prescriptions when

such code is presented at their chosen pharmacy.

“Monthly Active Consumers” 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 GoodRx Pharma Direct (formerly pharma manufacturer solutions and

referred to hereafter as "pharma direct") offering, or consumers who used our telehealth offering. When

presented for a period longer than a month, Monthly Active Consumers is averaged over the number of

calendar months in such period. For example, a unique consumer who uses a GoodRx code twice in January,

but who did not use our prescription transactions offering again in February or March, is counted as 1 in

January and as 0 in both February and March, thus contributing 0.33 to our Monthly Active Consumers for

such quarter (average of 1, 0 and 0). A unique consumer who uses a GoodRx code in January and in March,

but did not use our prescription transactions offering in February, would be counted as 1 in January, 0 in

February, and 1 in March, thus contributing 0.66 to our Monthly Active Consumers for such quarter. 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.

“Monthly Visitors” refers to the number of individuals who visited our apps and websites in a given calendar

month. Visitors to our apps and websites are counted independently. As a result, a consumer that visits or

engages with our platform through both apps and websites will be counted multiple times in calculating

Monthly Visitors, while family members who use a single computer to visit our websites will be counted only

once. Additionally, Monthly Active Consumers who use a GoodRx code without accessing our apps or websites

(since their GoodRx codes were saved in their profile at the pharmacy), will not be counted as Monthly Visitors.

When presented for a period longer than a calendar month, Monthly Visitors is averaged over each calendar

month in such period.

"partner pharmacies" refers to select licensed pharmacies with whom we have direct contractual agreements.

“PBM” refers to a pharmacy benefit manager. PBMs aggregate demand to negotiate prescription medication

prices with pharmacies and pharma manufacturers. PBMs find most of their demand through relationships with

insurance companies and employers. However, nearly all PBMs also have consumer direct or cash network

pricing that they negotiate with pharmacies for consumers who choose to purchase prescriptions outside of

insurance.

“pharma” is an abbreviation for pharmaceutical.

“savings,” “saved” and similar references refer to the difference between the list price for a particular

prescription at a particular pharmacy and the price paid by the GoodRx consumer for that prescription utilizing

a GoodRx code available through our platform at that same pharmacy. In certain circumstances, we may show

a list price on our platform when such list price is lower than the negotiated price available using a GoodRx

code and, in certain circumstances, a consumer may use a GoodRx code and pay the list price at a pharmacy

if such list price is lower than the negotiated price available using a GoodRx code. We do not earn revenue

from such transactions, but our savings calculation includes an estimate of the savings achieved by the

consumer because our platform has directed the consumer to the pharmacy with the low list price. This

estimate of savings when the consumer pays the list price is based on internal data and is calculated as the

difference between the average list price across all pharmacies where GoodRx consumers paid the list price

and the average list price paid by consumers in the pharmacies to which we directed them. We do not

calculate savings based on insurance prices as we do not have information about a consumer’s specific

coverage or price. We do not believe savings are representative or indicative of our revenue or results of

“subscribers” and similar references refer to our consumers that are subscribed to our subscription offerings,

GoodRx Gold (“Gold”), Kroger Rx Savings Club powered by GoodRx (“Kroger Savings”) which sunset in July

2024, condition-specific subscription programs which first launched in June 2025, and RxSmartSaver+

powered by GoodRx ("RxSmartSaver+") which launched in July 2025. References to subscription plans as of a

particular date represents an active subscription to any one of our aforementioned subscription offerings as of

the specified date. For Gold, Kroger Savings, and RxSmartSaver+, each subscription plan may represent more

than one subscriber since family subscription plans may include multiple members.

“Silver Lake” and similar references refer to investment funds associated with Silver Lake Partners, including

SLP Geology Aggregator, L.P.

Certain monetary amounts, percentages, and other figures included in this Annual Report on Form 10-K have been

subject to rounding adjustments. Percentage amounts included in this Annual Report on Form 10-K have not in all cases

been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason,

percentage amounts in this Annual Report on Form 10-K may vary from those obtained by performing the same calculations

using the figures in our consolidated financial statements included elsewhere in this Annual Report on Form 10-K. Certain

other amounts that appear in this Annual Report on Form 10-K may not sum due to rounding.

Forward-Looking Statements

This Annual Report on Form 10-K contains forward-looking statements. We intend such forward-looking statements to

be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of

1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the

“Exchange Act”). All statements other than statements of historical facts contained in this Annual Report on Form 10-K may

be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,”

“should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,”

“forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking

statements contained in this Annual Report on Form 10-K include, but are not limited to statements regarding ourfuture

results of operations and financial position, industry and business trends, the anticipated impact of ongoing changes in the

U.S. retail pharmacy landscape and macroeconomic environment, the impact of store closures and the announced

bankruptcy of one of our retail partners on our business, 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

collaborations, and partnerships with third parties, including our integrated savings program, the impact of the recent volume

reduction in one of our integrated savings programs, the anticipated expansion of our condition-specific subscription

program, our direct contracting approach with select pharmacies, the impact of the sunset of certain of our offerings,

anticipated impacts of our restructuring and cost savings initiatives, stock compensation, our stock repurchase program,

realizability of deferred tax assets, impacts from recent tax legislation, potential outcomes and estimated impacts of certain

legal proceedings, our business strategy, our plans, market opportunity and growth and our objectives for future operations.

The forward-looking statements in this Annual Report on Form 10-K are only predictions. We have based these forward-

looking statements largely on our current expectations and projections about future events and financial trends that we

believe may affect our business, financial condition and results of operations. Forward-looking statements 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, the important factors discussed in Part I, Item 1A, “Risk Factors” in

this Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The forward-looking statements in this

Annual Report on Form 10-K are based upon information available to us as of the date of this Annual Report on Form 10-K,

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.

You should read this Annual Report on Form 10-K and the documents that we reference in this Annual Report on Form

10-K and have filed as exhibits to this Annual Report on Form 10-K with the understanding that our actual future results,

levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our

forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of

this Annual Report on Form 10-K. Except as required by applicable law, we do not plan to publicly update or revise any

forward-looking statements contained in this Annual Report on Form 10-K, whether as a result of any new information, future

events or otherwise.

Additionally, certain information (including information regarding environmental, social, and governance (“ESG”)

assessments, goals and relevant issues) in our filings with the Securities and Exchange Commission (the “SEC”), including

this filing, or other locations, such as our corporate website, is informed by various ESG standards and frameworks

(including standards for the measurement of underlying data) and the interests of various stakeholders. As such, such

information may not be, and should not be interpreted as necessarily being, “material” under the federal securities laws for

SEC reporting purposes. Furthermore, much of this information is subject to assumptions, estimates, or third-party

information that is still evolving and subject to change. For additional information, please see Part I, Item 1A, “Risk Factors –

ESG initiatives could increase our costs, harm our reputation, and adversely impact our financial results.”

Summary Risk Factors

Our business is subject to numerous risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors”

in this Annual Report on Form 10-K. You should carefully consider these risks and uncertainties when investing in our Class

A common stock. The principal risks and uncertainties affecting our business include thefollowing:

Risks related to our limited operating history and historical growth rates could materially adversely impact our

business, financial condition, and results of operations;

We may be unsuccessful in achieving broad market education and changing consumer purchasing habits;

We may be unable to continue to attract, acquire, and retain consumers, or may fail to do so in a cost-effective

manner;

We rely significantly on our prescription transactions offering and may not be successful inexpanding or

maintaining our offerings within our markets, particularly the U.S. prescriptions market, or to other segments of

the healthcare industry;

Our business is subject to changes in medication pricing and is significantly impacted by pricing structures

negotiated by industry participants;

We generally do not control the categories and types of prescriptions for which we can offer savings or

discounted prices;

We rely on a limited number of industry participants;

We operate in a very competitive industry and we may fail to effectively differentiate our offerings and services

from those of our competitors, which could impair our ability to attract and acquire new consumers and retain

existing consumers;

Our estimated addressable market is subject to inherent challenges and uncertainties. If we overestimate the

size of our addressable market or the various markets in which we operate, our future growth opportunities

may be limited;

We calculate certain operational metrics using internal systems and tools and do not independently verify such

metrics. Certain metrics are subject to inherent challenges in measurement, and real or perceived inaccuracies

in such metrics may harm our reputation and negatively affect our business;

We may be unable to successfully respond to changes in the market for prescription pricing, and may fail to

maintain and expand the use of GoodRx codes through our apps and websites;

We may be unable to maintain a positive perception regarding our platform or maintain and enhance our

brand;

We are obligated to maintain effective internal control over financial reporting and any failure to maintain

effective internal controls may cause us to not be able to accurately report our financial condition or results of

operations, which may adversely affect investor confidence in our company and, as a result, the value of our

Class A common stock;

Use of social media, emails, and text messages may adversely impact our reputation, subject us to fines or

other penalties or be an ineffective source to market our offerings;

We depend on our information technology systems, and those of our third-party vendors, contractors, and

consultants, and any failure or significant disruptions of these systems, security breaches or loss of data could

materially adversely affect our business, financial condition and results of operations;

Government regulation of the internet and e-commerce is evolving, and unfavorable changes or failure by us to

comply with these laws and regulations could substantially harm our business and results of operations;

Our business relies on email, mail, and other messaging channels and any technical, legal or other restrictions

on the sending of such correspondence or a decrease in consumer willingness to receive such

correspondence could adversely affect our business;

We face the risk of litigation resulting from unauthorized text messages sent in violation of the Telephone

Consumer Protection Act;

Actual or perceived failures to comply with applicable data protection, privacy and security, advertising and

consumer protection laws, regulations, standards, and other requirements could adversely affect our business,

financial condition and results of operations;

We may be unable to realize expected benefits from our restructuring and cost reduction efforts and our

business might be adversely affected;

Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited;

We rely on the performance of members of management and highly skilled personnel, and if we are unable to

attract, develop, motivate and retain well-qualified employees, our business could be harmed;

A pandemic, epidemic, or outbreak of an infectious disease in the United States, has and could in the future

adversely impact our business;

General economic factors, natural disasters, or other unexpected events may adversely affect our business,

financial performance and results of operations;

We may seek to grow our business through acquisitions of, or investments in, new or complementary

businesses, technologies or products, or through strategic alliances, and the failure to manage these

acquisitions, investments, or alliances, or to integrate them with our existing business, could have a material

adverse effect on us;

Restrictions in our debt arrangements could adversely affect our operating flexibility, and failure to comply with

any of these restrictions could result in acceleration of our debt;

Our business depends on network and mobile infrastructure and our ability to maintain and scale our

technology. Any significant interruptions or delays in service on our apps or websites or any undetected errors

or design faults could result in limited capacity, reduced demand, processing delays, and loss of consumers;

We depend on our relationships with third parties and would be adversely impacted by system failures or other

disruptions in the operations of these parties;

Changes in consumer sentiment or laws, rules, or regulations regarding the use of cookies and other tracking

technologies and other privacy matters could have a material adverse effect on our ability to generate

revenues, could adversely affect our ability to collect proprietary data on consumer behavior, and could result

in material financial penalties;

We are subject to a series of risks related to climate change;

ESG initiatives could increase our costs, harm our reputation, and adversely impact our financial results;

Risks related to our intellectual property could materially adversely impact our business, competitive position,

financial condition, and results of operations;

Risks related to the healthcare industry, as well as the impact of healthcare reform legislation and other

proposed or future changes, could materially adversely impact our business, financial condition, and results of

operations;

Risks related to our organizational structure, including agreements and relationships with significant

stockholders, could materially adversely impact our business, financial condition and results of operations;

We are, and may become in the future, subject to various legal proceedings and claims that arise in or outside

the ordinary course of business, which may require significant management time and attention, result in

significant legal expenses and may result in unfavorable outcomes, which may have a material adverse effect

on our business, operating results and financial condition, and negatively affect the price of our Class A

common stock; and

We may be unable to accurately forecast revenue and appropriately plan our expenses in the future.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.