GoodRx Holdings, Inc.
For the period ended Mar 31, 2026. Filed May 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
GDRX$3.51+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001809519-25-000143
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001809519-26-000111
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 353 previous paragraphs and 289 current paragraphs.
141 unchanged; 93 reworded; 51 added; 109 removed; 10 previous and 4 current paragraphs rearranged.
Tables are not compared: 6 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (51)
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subsidiaries.
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beginning from the acquisition date.
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announced the launch of Employer Direct, a new platform designed to help employers address gaps in traditional insurance
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coverage by pairing their existing benefits with integrated cash pricing in order to expand affordability and access for their
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manufacturer to offer eligible patients nationwide access to certain medications, including Lipitor®, Celebrex®, Viagra®, and
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business. Widening coverage gaps, elevated out-of-pocket costs, and a growing uninsured population are increasing
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demand for pricing transparency and affordability solutions. As a result, cost is becoming a more significant factor earlier in
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the patient journey, with consumers and providers actively evaluating cost before prescribing and filling, pharma
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manufacturers expanding direct-to-consumer strategies, employers seeking solutions for high-cost therapies, and
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pharmacies adapting to more transparent, digitally enabled fulfillment models. As these dynamics evolve, how affordability is
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presented and experienced by consumers is becoming increasingly important, shaping not just awareness, but whether
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patients ultimately move forward with treatments. Separately, as previously described in Part II, Item 7, “Management’s
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integration partner for pharma manufacturers offering discounted cash prices on TrumpRx at launch. We are observing early
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utilization of the platform, with initial demand concentrated in GLP-1 therapies. Based on preliminary data, this utilization
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appears to be incremental, expanding access to new patients rather than displacing existing demand. The potential impact
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of TrumpRx on our business, offerings, or results of operations remains uncertain and could be material. With the
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clear validation of our mission.
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will continue in the near term and are reflected in our year-over-year comparative results below.
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While our prescription transactions offering remains foundational, given the evolving dynamics of prescription access
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and pharmacy economics, including the growing relevance of self-pay and direct-to-consumer distribution models, we are
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continuing to position our Pharma Direct offering as a key driver of growth. As these programs scale, our focus is shifting
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from launch to how affordability is surfaced and discovered by consumers, and we are developing new ways for
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manufacturers to engage patients on GoodRx. When manufacturers utilize GoodRx as a channel, these programs are
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accessible across our nationwide pharmacy network, supporting consumer choice and access. As we increase investment in
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our Pharma Direct as well as subscription offerings, we expect near-term impact on our prescription transactions unit
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economics and revenue in 2026. Accordingly, while this transition may impact near-term financial performance, we believe it
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enhances our long-term growth prospectsand ability to create sustainable value.
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•Revenue decreased to$194.0 million from$203.0 million;
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5.4%, respectively; and
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•Adjusted EBITDA and Adjusted EBITDA Margin were$58.3 million and 30.0%, respectively, compared to$69.8
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million and 34.4%, respectively.
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the second quarter of 2025.
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Adjusted Revenue. Adjusted Revenue is a non-GAAP financial measure defined as revenue excluding client contract
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and 2025, revenue equaled Adjusted Revenue.
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bonuses to employees related to acquisitions. From time to time, acquisition related expenses may also include
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capitalized software.
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was also due to lower unit economics which we expect to continue in the near-term as we made deliberate decisions to
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favor long-term durability and certainty. The impact from these factors was partially offset by revenue contribution from our
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2025 acquisitions which provided a 3% year-on-year increase in prescription transactions revenue.
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Subscription revenue increased $3.4 million, or 16%, year-over-year, primarily driven by the introduction of our
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consolidated subsidiaries.
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•“Co-Founders” refers to Trevor Bezdek, our Co-Chairman and a director of the Company, and Douglas Hirsch,
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a director of the Company.
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beginning from the acquisition date. Prior to January 1, 2025, Monthly Active Consumers from acquired
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companies were only included beginning in the first full quarter following the acquisition.
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GoodRx Gold (“Gold”), Kroger Rx Savings Club powered by GoodRx (“Kroger Savings”) which sunset in July
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we announced the launch of our first condition-specific subscription program for erectile dysfunction, and in October 2025
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expanded into hair loss. These condition-specific subscription programs offer consumers a single solution for comprehensive
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care by bundling the clinician visit, prescription (if deemed medically appropriate by the treating healthcare provider), and
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related delivery for a single total subscription price. We plan to continue to expand into additional conditions before the end
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with a pharmaceutical manufacturer to offer eligible patients nationwide two of the most in-demand GLP-1 medications at a
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business. For example, in July 2025, Congress passed a budget bill that cuts federal funding for Medicaid among other
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health insurance programs, as well as tightens eligibility requirements and increases the frequency of Medicaid coverage
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determinations. Further, copays on prescription medication have continued to trend upward in recent years and we believe
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as insurance providers and government programs continue to shift the cost burden more to consumers, including through
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changes to Affordable Care Act marketplace subsidies, consumers are now more than ever searching for sustainable and
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affordable healthcare solutions which we believe strengthens our value proposition. Separately, certain major drug
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some specialty brands. Details regarding this government sponsored platform, as well as any potential impact on our
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business, offerings or results of operations, are unclear at this time but may be significant. We are actively engaged with the
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administration, helping to inform policy efforts that expand access and affordability for all Americans. With the introduction of
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our mission.
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will continue in the near term with the expected impact to prescription transactions revenue estimated at$35.0 to $40.0
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million in 2025.
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Despite these near term challenges, we continue to believe that we are well positioned to grow our business over the
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long term.
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•Revenue increased to$196.0 million from$195.3 million;
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2.0%, respectively; and
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•Adjusted EBITDA and Adjusted EBITDA Margin were$66.3 million and 33.8%, respectively, compared to$65.0
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million and 33.3%, respectively.
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•Revenue increased to$602.1 million from$593.7 million;
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•Net income andnet income margin were$25.0 million and 4.2%, respectively, compared to$9.7 million and
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1.6%, respectively; and
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•Adjusted EBITDA and Adjusted EBITDA Margin were$205.5 million and 34.1%, respectively, compared to
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$193.2 million and 32.5%, respectively.
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Recent Development
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On October 16, 2025, we acquired substantially all of the assets and assumed certain liabilities of ScriptDrop, Inc., a
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prescription delivery technology platform for$13.5 million in cash. See Note 12 to our condensed consolidated financial
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statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.
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We exited thethird quarter of 2025 with over 6 million prescription-related consumers that used GoodRx across our
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prescription transactions and subscription offerings. Our prescription-related consumers represent the sum of Monthly Active
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•“we,” “us,” “our,” the “Company,” “GoodRx,” and similar references refer to GoodRx Holdings, Inc. and its
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•“we,” “us,” “our,” “GoodRx,” and similar references refer to GoodRx Holdings, Inc. and its consolidated
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subscription offerings, consumers of our pharma manufacturer solutions offering, or consumers who used our
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subscription offerings, consumers of our GoodRx Pharma Direct ("Pharma Direct") offering, or consumers who
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telehealth offering. When presented for a period longer than a month, Monthly Active Consumers is averaged
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used our telehealth offering. When presented for a period longer than a month, Monthly Active Consumers is
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over the number of calendar months in such period. For example, a unique consumer who uses a GoodRx
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averaged over the number of calendar months in such period. For example, a unique consumer who uses a
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code twice in January, but who did not use our prescription transactions offering again in February or March, is
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GoodRx code twice in January, but who did not use our prescription transactions offering again in February or
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counted as 1 in January and as 0 in both February and March, thus contributing 0.33 to our Monthly Active
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March, is counted as 1 in January and as 0 in both February and March, thus contributing 0.33 to our Monthly
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Consumers for such quarter (average of 1, 0 and 0). A unique consumer who uses a GoodRx code in January
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Active Consumers for such quarter (average of 1, 0 and 0). A unique consumer who uses a GoodRx code in
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and in March, but did not use our prescription transactions offering in February, would be counted as 1 in
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January and in March, but did not use our prescription transactions offering in February, would be counted as 1
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January, 0 in February and 1 in March, thus contributing 0.66 to our Monthly Active Consumers for such
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in January, 0 in February and 1 in March, thus contributing 0.66 to our Monthly Active Consumers for such
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•“subscribers” and similar references refers to our consumers that are subscribed to our subscription offerings,
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•“subscribers” and similar references refer to our consumers that are subscribed to our subscription offerings,
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2024, condition-specific related subscription programs which first launched in June 2025, and RxSmartSaver+
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GoodRx Gold (“Gold”), condition-specific subscription programs which first launched in June 2025, and
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powered by GoodRx ("RxSmartSaver+")which launched in July 2025. References to subscription plans as of
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RxSmartSaver+ powered by GoodRx ("RxSmartSaver+") which launched in July 2025. References to
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a particular date represents an active subscription to any one of our aforementioned subscription offerings as
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subscription plans as of a particular date represent an active subscription to any one of our aforementioned
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of the specified date. For Gold, Kroger Savings, and RxSmartSaver+, each subscription plan may represent
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subscription offerings as of the specified date. For Gold and RxSmartSaver+, each subscription plan may
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more than one subscriber since family subscription plans may include multiple members.
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represent more than one subscriber since family subscription plans may include multiple members.
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the leading consumer-focused digital healthcare platform in the United States. For example, in the second quarter of 2025,
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the leading consumer-focused digital healthcare platform in the United States. For example, in the first quarter of 2026, we
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of 2025. In the third quarter of 2025, we also continued to grow our consumer direct pricing and announced a collaboration
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employees. We also continued to grow our consumer direct pricing and announced a collaboration witha pharmaceutical
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significantly lower cash price through our platform.
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Norvasc®, at a significantly lower cash price through our platform.
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producers and manufacturers are in negotiations with the current Presidential administration to receive relief from the
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producers and manufacturers have negotiated or are in negotiations with the current Presidential administration to receive
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potential imposition of a 100% tariff on any branded or patented pharmaceutical product produced outside of the United
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relief from the potential imposition of a 100% tariff on any branded or patented pharmaceutical product produced outside of
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States. As a result of these negotiations, certain manufacturers have announced their participation in a new government
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the United States. As a result of these negotiations, certain manufacturers have announced their participation in a new
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sponsored direct-to-consumer platform called “TrumpRx.gov,” designed to offer consumers discounts on their products and
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government sponsored direct-to-consumer platform called “TrumpRx.gov” ("TrumpRx"), which was launched in February
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these federal initiatives, including the renewed focus on Most-Favored-Nation pricing, the market is shifting decisively toward
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introduction of these federal initiatives, including the renewed focus on Most-Favored-Nation pricing, the market is shifting
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greater transparency and direct-to-consumer access. For us, this evolution is both an opportunity and a clear validation of
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decisively toward greater transparency and direct-to-consumer access. For us, this evolution is both an opportunity and a
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Conversely, we have seen rapid changes in the U.S. retail pharmacy landscape recently with announcements of store
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Conversely, we have seen rapid changes in the U.S. retail pharmacy landscape with announcements of store closures
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closures and reduction of footprint from various retail pharmacies, including Rite Aid and Walgreens. In early May 2025, Rite
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and reduction of footprint from various retail pharmacies, including Rite Aid and Walgreens. In early May 2025, Rite Aid
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Aid announced its plan to pursue a sale of substantially all of its assets through a voluntary bankruptcy process.
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announced its plan to pursue a sale of substantially all of its assets through a voluntary bankruptcy process. Consequently,
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Consequently, we saw several PBMs remove Rite Aid from their networks, causing immediate cessation in the associated
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we saw several PBMs remove Rite Aid from their networks, causing immediate cessation in the associated claims volume,
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claims volume, as well as rapid store closures, which altogether adversely impacted our ability to recapture these claims in
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as well as rapid store closures, which altogether adversely impacted our ability to recapture these claims in the near term.
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the near term. As an extension of the changing retail pharmacy landscape, we have seen and continue to expect heightened
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As an extension of the changing retail pharmacy landscape, we have seen and continue to expect heightened renegotiations
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renegotiations between pharmacies and PBMs, including changes in retailer reimbursement models, as a result of the
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between pharmacies and PBMs, including changes in retailer reimbursement models, as a result of the pharmacies'
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pharmacies' increased focus on rationalizing their spending. Furthermore, we saw a material volume reduction in one of our
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increased focus on rationalizing their spending. Furthermore, in the second quarter of 2025, we saw a material volume
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integrated savings programs, which integrate our competitive discounts and pricing in a seamless experience at the
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reduction in one of our integrated savings programs, which integrate our competitive discounts and pricing in a seamless
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pharmacy counter for eligible plan members served by certain PBM partners. Integrated savings programs are operated
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experience at the pharmacy counter for eligible plan members served by certain PBM partners. Integrated savings programs
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through PBMs who decide how to implement and manage these programs. Combined, these external factors have
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are operated through PBMs who decide how to implement and manage these programs. These external factors have
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•Net income andnet income margin were$1.1 million and 0.6%, respectively, compared to$4.0 million and
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•Net income andnet income margin were$1.2 million and 0.6%, respectively, compared to$11.1 million and
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We use Monthly Active Consumers, subscription plans, Adjusted Revenue, Adjusted EBITDA and Adjusted EBITDA
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We use Monthly Active Consumers, subscription plans, Adjusted EBITDA and Adjusted EBITDA Margin to assess our
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Margin to assess our performance, make strategic and offering decisions and build our financial projections. The number of
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performance, make strategic and offering decisions and build our financial projections. The number of Monthly Active
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Monthly Active Consumers and subscription plans are key indicators of the scale of our consumer base and a gauge for our
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Consumers and subscription plans are key indicators of the scale of our consumer base and a gauge for our marketing and
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marketing and engagement efforts. We believe these operating metrics reflect our scale, growth and engagement with
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engagement efforts. We believe these operating metrics reflect our scale, growth and engagement with consumers. As our
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Discussion and Analysis of Financial Condition and Results of Operations” included in our 2025 10-K, certain major drug
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2026 and is designed to offer consumers discounts on their products and some specialty brands. GoodRx is a key
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closures and volume reduction in one of our integrated savings programs as discussed above. The year-over-year decrease
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annual effective income tax rate and tax effects from our equity awards.
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For thenine months ended September 30, 2025 as compared to the same period of 2024:
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decrease in income before income taxes.
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The following table sets forth our results of operations for thenine months ended September 30, 2025 and 2024:
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compared to the same period of 2024.
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compared to the same period of 2024.
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Cost of revenue, exclusive of depreciation and amortization
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Product development and technology expenses remained relatively flat year-over-year.
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For thenine months ended September 30, 2025 and 2024, we had income tax expense of$17.3 million and$10.4
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million, respectively, and an effective income tax rate of 40.9% and 51.9%, respectively. The year-over-year increase in
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Other than as disclosed in Note 8 to our condensed consolidated financial statements appearing elsewhere in this