Operating cash flow exceeded net income by 9.5x in 2026Q2, and cumulative OCF of $444.5M over ten quarters far surpassed net income of $65.8M, though FCF swung from -$12.5M to $80.5M due to working capital timing.
GoodRx Holdings, Inc. (GDRX) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | 201.58M | 167.9M | 183.89M | 138.29M | 146.78M | 178.78M | 131.34M | 83.29M | 45.25M |
| Operating CF Margin % | - | 21.07% | 23.21% | 18.43% | 19.15% | 23.98% | 23.85% | 21.45% | 18.14% |
| Operating CF Growth % | 49.82% | -8.69% | 32.97% | -5.78% | -17.9% | 36.12% | 57.7% | 84.05% | - |
| Net Income | 16.25M | 30.44M | 16.39M | -8.87M | -32.83M | -25.25M | -293.62M | 66.05M | 43.79M |
| Depreciation & Amortization | 88.64M | 85.22M | 69.54M | 111.77M | 54.18M | 34.54M | 18.43M | 13.57M | 9.81M |
| Stock-Based Compensation | 69.14M | 76.63M | 99.03M | 104.82M | 120.23M | 160.46M | 397.29M | 3.75M | 1.76M |
| Deferred Taxes | 21.76M | 20.07M | -11.91M | -65.56M | -497K | 12.85M | -10.91M | -5.67M | -2.43M |
| Other Non-Cash Items | 18.11M | 11.99M | 8.76M | 18.07M | 25.98M | 7.98M | 52.62M | 10.41M | 4.1M |
| Working Capital Changes | -12.32M | -56.44M | 2.09M | -21.94M | -20.29M | -11.8M | -32.46M | -4.82M | -11.77M |
| Change in Receivables | 8.68M | -88.02M | -2.33M | -26.47M | 1.38M | -43.95M | -16.14M | -14.52M | -12.84M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.55M |
| Change in Payables | -16.85M | 4.1M | -21.24M | 17.46M | -874K | 4.21M | 2.15M | 515K | 665K |
| Cash from Investing | -85.82M | -119.96M | -70.35M | -55.77M | -210.5M | -178.73M | -91.62M | -37.05M | -3.46M |
| Capital Expenditures | -4.49M | -2.28M | -1.24M | -1.04M | -3.97M | -4.57M | -20.55M | -1.43M | -3.46M |
| CapEx % of Revenue | 0.57% | 0.29% | 0.16% | 0.14% | 0.52% | 0.61% | 3.73% | 0.37% | 1.39% |
| Acquisitions | -13.44M | -30M | 0 | 0 | -155.28M | -144.28M | -55.79M | -31.31M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -67.89M | -87.68M | -70.35M | -54.72M | -51.25M | -29.89M | -15.27M | -4.32M | -2.65M |
| Cash from Financing | -100.96M | -234.47M | -337.5M | -167.4M | -120.23M | -30.53M | 905.82M | -54.78M | -24.73M |
| Debt Issued (Net) | -5M | -3.75M | -167M | -5.27M | -7.03M | -7.03M | -7.03M | -57.23M | 606.88M |
| Equity Issued (Net) | -84.4M | -206.94M | -158.84M | -103.97M | -101.72M | 35.02M | 991.79M | 1.62M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.35B |
| Share Repurchases | -85M | -206.94M | -158.84M | -103.97M | -101.72M | 0 | 0 | 0 | 0 |
| Other Financing | -11.56M | -23.78M | -11.64M | -58.15M | -11.48M | -58.52M | -78.95M | 828K | 714.75M |
| Net Change in Cash | 14.79M | -186.53M | -223.95M | -84.87M | -183.94M | -30.48M | 945.54M | -8.55M | 17.06M |
| Free Cash Flow | 145.75M | 164.38M | 113.55M | 82.53M | 91.57M | 144.32M | 95.52M | 77.54M | 41.8M |
| FCF Margin % | 18.56% | 20.63% | 14.33% | 11% | 11.95% | 19.36% | 17.34% | 19.97% | 16.75% |
| FCF Growth % | 9.29% | 44.77% | 37.59% | -9.87% | -36.55% | 51.1% | 23.19% | 85.52% | - |
| FCF per Share | 0.42 | 0.46 | 0.29 | 0.20 | 0.22 | 0.35 | 0.35 | 0.21 | 0.12 |
| FCF Conversion (FCF/Net Income) | 8.97x | 5.52x | 11.22x | -15.59x | -4.47x | -7.08x | -0.45x | 1.26x | 1.03x |
| Interest Paid | 0 | 40.84M | 55.1M | 48.8M | 30.7M | 20.2M | 24.52M | 48.44M | 18.66M |
| Taxes Paid | 0 | 13.13M | 23.62M | 17.24M | 4.36M | 18.11M | 29.23M | 19.4M | 11.7M |
Quick answers to the most common questions about buying GDRX stock.
GoodRx Holdings, Inc. (GDRX) generated $167.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GoodRx Holdings, Inc. (GDRX) generated $164.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
GoodRx Holdings, Inc. (GDRX) spent $2.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, GoodRx Holdings, Inc. (GDRX) spent $206.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
PBM disintermediation and flat growth
Metrics are mathematically derived from official filings.
Cash Conversion Diverges from Earnings
Operating cash flow exceeded net income by 9.5x in 2026Q2, per recent SEC filings, but the gap is driven by non-cash charges and working capital swings, suggesting earnings quality is stable yet volatile.
The OCF/NI ratio of 9.47 in 2026Q2 is inflated by $22.3M in D&A and $16.6M in SBC, which are non-cash items. However, working capital contributed $24.1M, a reversal from prior quarters, indicating that cash flow is not consistently generated from core operations. The wide quarterly swings in OCF/NI (from 0.85 to 67.94) suggest that net income is a poor proxy for cash generation, and investors should focus on operating cash flow trends.
FCF Volatility Masks Underlying Stability
Free cash flow swung from -$12.5M in 2025Q1 to $80.5M in 2026Q2, per quarterly reports, with FCF margins ranging from -6.1% to 40.2%, indicating high variability but a generally positive trajectory.
The FCF margin averaged around 15% over the last two years, but quarterly figures are heavily influenced by working capital changes. For instance, 2026Q1 saw a -$33.9M working capital drag, while 2026Q2 benefited from a $24.1M inflow. This volatility suggests that the company's cash generation is not smooth, and the recent flat revenue growth may limit FCF expansion. The positive FCF in most quarters, however, indicates that the business model can convert earnings to cash, albeit unevenly.
Minimal Capex Reflects Asset-Light Model
Capital expenditures averaged less than 1% of revenue over the past ten quarters, as per financial statements, underscoring the asset-light nature of the digital platform and high free cash flow conversion.
Capex never exceeded $16M in any quarter, and in most quarters it was under $1M, indicating that the company does not require significant capital investment to maintain operations. This is consistent with a software-driven business with high gross margins. The low capital intensity means that depreciation is minimal relative to revenue, and the company can allocate nearly all operating cash flow to other uses, such as buybacks or acquisitions.
Working Capital Swings Drive Cash Flow
Working capital changes ranged from -$47.9M to +$36.1M across the last ten quarters, per reported data, indicating that cash flow is highly sensitive to timing of receivables and payables.
The negative working capital changes in several quarters (e.g., -$47.9M in 2025Q1) suggest that the company is using cash to fund receivables or pay down liabilities, while positive changes in other quarters (e.g., +$36.1M in 2024Q3) indicate collections or deferred revenue. This volatility is likely due to the timing of PBM settlements and manufacturer contracts. Investors should monitor working capital trends as they can significantly distort quarterly cash flow, but the overall impact over a full year appears neutral.
Buybacks and Acquisitions Absorb Cash
Share repurchases totaled over $300M in the past year, while acquisitions consumed $43.4M, per cash flow statements, indicating a focus on returning capital to shareholders despite flat revenue growth.
The company has been actively buying back shares, with notable repurchases in 2025Q1 ($99.9M) and 2025Q3 ($61.1M), which may signal management's belief that the stock is undervalued. However, these buybacks are funded by operating cash flow, which is volatile, and the lack of dividends suggests a preference for buybacks. The acquisition activity, such as the $13.4M in 2025Q4 and $30M in 2025Q1, indicates a willingness to deploy capital for growth, but the returns on these investments are not yet evident in revenue growth.
Cumulative Cash Generation Exceeds Earnings
Over the last ten quarters, cumulative operating cash flow of $444.5M far exceeded cumulative net income of $65.8M, per financial data, highlighting the impact of non-cash charges and working capital timing.
The cumulative gap of $378.7M is primarily due to stock-based compensation and depreciation, which are non-cash expenses that reduce net income but not cash flow. This divergence suggests that the company's earnings understate its cash-generative capacity, but it also raises questions about the sustainability of SBC levels, which averaged over $20M per quarter. The large gap may also reflect favorable working capital timing, which could reverse in future periods, so investors should not extrapolate this divergence indefinitely.
What Could Invalidate the Base Case
The cash flow statement obscures the true cost of SBC, which averaged $20M per quarter and exceeded net income in most periods, per SEC filings, suggesting that reported FCF may overstate sustainable cash generation.
While operating cash flow is robust, the heavy use of stock-based compensation means that a significant portion of the cash flow is effectively used to compensate employees without a cash expense, but it dilutes shareholders. If SBC were to be treated as a cash expense, the cumulative FCF would be materially lower. Additionally, the company's reliance on working capital timing and PBM contracts could lead to sudden reversals in cash flow, as seen in 2026Q1. Investors should monitor whether the company can sustain its cash generation without relying on non-recurring working capital benefits.