Revenue growth has shifted into negative territory with a 4.4% year-over-year decline in 2026Q1, while SG&A expenses continue to consume a substantial portion of the company's 89.6% gross margin.
| Sales/Revenue | 787.89M | 796.85M | 792.32M | 750.26M | 766.55M | 745.42M | 550.7M | 388.22M | 249.52M |
| Revenue Growth % | -1.19% | 0.57% | 5.61% | -2.13% | 2.83% | 35.36% | 41.85% | 55.59% | - |
| Cost of Goods Sold | 84.12M | 57.6M | 48.22M | 66.92M | 65.08M | 46.72M | 29.59M | 14.02M | 6.04M |
| COGS % of Revenue | - | 7.23% | 6.09% | 8.92% | 8.49% | 6.27% | 5.37% | 3.61% | 2.42% |
| Gross Profit | 703.77M | 739.26M | 744.11M | 683.34M | 701.48M | 698.71M | 521.11M | 374.21M | 243.49M |
| Gross Margin % | 89.32% | 92.77% | 93.91% | 91.08% | 91.51% | 93.73% | 94.63% | 96.39% | 97.58% |
| Gross Profit Growth % | - | -0.65% | 8.89% | -2.59% | 0.4% | 34.08% | 39.26% | 53.69% | - |
| Operating Expenses | 624.75M | 651.76M | 678.26M | 710.35M | 699.74M | 685.3M | 796.83M | 234.53M | 166.24M |
| OpEx % of Revenue | - | 81.79% | 85.6% | 94.68% | 91.28% | 91.93% | 144.69% | 60.41% | 66.62% |
| Selling, General & Admin | 439.22M | 445.52M | 484.98M | 466.84M | 502.42M | 524.9M | 716.59M | 191.66M | 112.54M |
| SG&A % of Revenue | - | 55.91% | 61.21% | 62.22% | 65.54% | 70.42% | 130.12% | 49.37% | 45.1% |
| Research & Development | 120.06M | 121.03M | 123.75M | 135.84M | 143.14M | 125.86M | 61.82M | 29.3M | 43.89M |
| R&D % of Revenue | - | 15.19% | 15.62% | 18.11% | 18.67% | 16.88% | 11.22% | 7.55% | 17.59% |
| Other Operating Expenses | 2.1M | 85.22M | 69.54M | 107.67M | 54.18M | 34.54M | 18.43M | 13.57M | -7K |
| Operating Income | 79.02M | 87.49M | 65.85M | -27.01M | 1.74M | 13.41M | -275.72M | 139.68M | 77.25M |
| Operating Margin % | 10.03% | 10.98% | 8.31% | -3.6% | 0.23% | 1.8% | -50.07% | 35.98% | 30.96% |
| Operating Income Growth % | - | 32.87% | 343.81% | -1653.91% | -87.04% | 104.86% | -297.4% | 80.81% | - |
| EBITDA | 165.12M | 172.71M | 135.38M | 80.66M | 55.91M | 47.95M | -257.29M | 153.25M | 87.06M |
| EBITDA Margin % | 20.96% | 21.67% | 17.09% | 10.75% | 7.29% | 6.43% | -46.72% | 39.47% | 34.89% |
| EBITDA Growth % | 5.61% | 27.57% | 67.84% | 44.26% | 16.62% | 118.63% | -267.89% | 76.03% | - |
| D&A (Non-Cash Add-back) | 86.1M | 85.22M | 69.54M | 107.67M | 54.18M | 34.54M | 18.43M | 13.57M | 9.81M |
| EBIT | 69.52M | 99.14M | 84.38M | 1.16M | 11.01M | 13.46M | -275.54M | 132.55M | 74.54M |
| Net Interest Income | -24.96M | -31.67M | -29.65M | -24.56M | -24.97M | -23.58M | -27.75M | -48.85M | -22.04M |
| Interest Income | 6.09M | 10.93M | 23.27M | 32.17M | 9.27M | 59K | 160K | 715K | 154K |
| Interest Expense | 19.89M | 42.6M | 52.92M | 56.73M | 34.24M | 23.64M | 27.91M | 49.57M | 22.19M |
| Other Income/Expense | -33.51M | -30.95M | -34.39M | -28.57M | -24.97M | -23.58M | -27.73M | -56.7M | -24.9M |
| Pretax Income | 45.51M | 56.54M | 31.46M | -55.57M | -23.23M | -10.18M | -303.45M | 82.98M | 52.35M |
| Pretax Margin % | 5.78% | 7.1% | 3.97% | -7.41% | -3.03% | -1.37% | -55.1% | 21.37% | 20.98% |
| Income Tax | 16.01M | 26.1M | 15.07M | -46.7M | 9.6M | 15.08M | -9.83M | 16.93M | 8.55M |
| Effective Tax Rate % | 35.19% | 46.16% | 47.9% | 84.04% | -41.31% | -148.15% | 3.24% | 20.4% | 16.34% |
| Net Income | 29.5M | 30.44M | 16.39M | -8.87M | -32.83M | -25.25M | -293.62M | 66.05M | 43.79M |
| Net Margin % | 3.74% | 3.82% | 2.07% | -1.18% | -4.28% | -3.39% | -53.32% | 17.01% | 17.55% |
| Net Income Growth % | -19.73% | 85.72% | 284.82% | 72.99% | -29.99% | 91.4% | -544.56% | 50.82% | - |
| Net Income (Continuing) | 29.5M | 30.44M | 16.39M | -8.87M | -32.83M | -25.25M | -293.62M | 66.05M | 43.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.09 | 0.09 | 0.04 | -0.02 | -0.08 | -0.06 | -1.07 | 0.12 | 0.12 |
| EPS Growth % | -16.63% | 104.07% | 293.52% | 73% | -33.33% | 94.39% | -991.67% | 0% | - |
| EPS (Basic) | - | 0.09 | 0.04 | -0.02 | -0.08 | -0.06 | -1.07 | 0.12 | 0.12 |
| Diluted Shares Outstanding | 341.42M | 356.97M | 392.17M | 410.31M | 412.86M | 409.98M | 274.7M | 362.6M | 362.6M |
| Basic Shares Outstanding | 340.53M | 356.33M | 385.74M | 410.31M | 412.86M | 409.98M | 274.7M | 356.07M | 356.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 3074.36% |
PBM Disintermediation and Regulatory Exposure
According to recent financial disclosures, GoodRx's revenue growth has shifted into negative territory, with the company reporting a 4.4% year-over-year decline in 2026Q1, signaling that the core transaction-based model is struggling to maintain momentum in an increasingly competitive and saturated US healthcare information services market.
The transition from positive growth in 2024 to contraction in early 2026 suggests that the company's primary revenue drivers are failing to offset churn or pricing pressure. Investors should monitor whether this deceleration reflects a permanent loss of market share to alternative pharmacy models or merely a temporary lull in consumer engagement.
As reported in quarterly filings, GoodRx maintains a high gross margin profile typically exceeding 90%, though 2025Q2 saw a temporary dip to 83.7%, indicating that while the platform's core data-delivery model remains efficient, unexpected cost fluctuations can periodically compress the company's primary profitability engine.
The consistent ability to maintain gross margins near 90% underscores the company's asset-light nature as a digital intermediary. However, the volatility observed in mid-2025 warrants further investigation into whether these fluctuations are driven by PBM contract renegotiations or shifts in the mix of lower-margin service offerings.
Based on reported figures, GoodRx's operating income remains highly sensitive to SG&A expenses, which frequently consume over 50% of revenue, suggesting that the company lacks the operating leverage necessary to scale profitability without aggressive, ongoing investment in customer acquisition and brand maintenance within the US market.
The narrow operating margins, which have struggled to consistently exceed 10%, imply that the company is trapped in a cycle of high variable spending to defend its market position. This reliance on heavy marketing spend suggests that the platform has not yet achieved the self-sustaining network effects required to decouple revenue growth from customer acquisition costs.
Analysis of income statement data reveals that GoodRx's net income is significantly impacted by non-cash items, with stock-based compensation reaching as high as $26.6 million in a single quarter, which complicates the assessment of the company's underlying cash-generative capacity and true economic earnings for shareholders.
The wide variance between GAAP net income and operational performance suggests that investors should focus on adjusted metrics to gauge the company's health. The inconsistent profitability, punctuated by periods of net losses, indicates that the business model remains in a state of transition rather than established maturity.
As indicated by the emergence of alternative pharmacy models and potential PBM disintermediation, GoodRx faces a credible threat to its long-term relevance, as the company's reliance on the traditional PBM-pharmacy rebate ecosystem may be increasingly vulnerable to disruptive, transparent pricing models entering the healthcare space.
Short-sellers would likely focus on the company's inability to return to double-digit growth despite significant marketing outlays. The risk that PBMs may eventually internalize the price-comparison function currently provided by GoodRx remains a critical, albeit unquantifiable, threat to the company's long-term value proposition.
Quick answers to the most common questions about buying GDRX stock.
For fiscal year 2025, GoodRx Holdings, Inc. (GDRX) reported total revenue of $796.9M. This represents a 219.4% increase compared to $249.5M in 2018.
GoodRx Holdings, Inc. (GDRX) is profitable, generating $30.4M in net income for the fiscal year ending 2025 with a net profit margin of 3.8%.
GoodRx Holdings, Inc. (GDRX) reported an operating income of $87.5M, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
GoodRx Holdings, Inc. (GDRX) generated $739.3M in gross profit for the year, representing a gross profit margin of 92.8%. This demonstrates the company's core pricing power and production efficiency.