Revenue has been flat near $200M per quarter with growth decelerating to -1.3% YoY in 2026Q2, while gross margin swung from 93.4% in 2025Q1 to 78.4% in 2026Q1 before recovering to 89.5%, indicating instability in cost of revenue.
GoodRx Holdings, Inc. (GDRX) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 785.23M | 796.85M | 792.32M | 750.26M | 766.55M | 745.42M | 550.7M | 388.22M | 249.52M |
| Revenue Growth % | -1.83% | 0.57% | 5.61% | -2.13% | 2.83% | 35.36% | 41.85% | 55.59% | - |
| Cost of Goods Sold | 93.83M | 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 | 691.4M | 739.26M | 744.11M | 683.34M | 701.48M | 698.71M | 521.11M | 374.21M | 243.49M |
| Gross Margin % | 88.05% | 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 | 610.92M | 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 | 432.77M | 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 | 116.84M | 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 | 2M | 85.22M | 69.54M | 107.67M | 54.18M | 34.54M | 18.43M | 13.57M | -7K |
| Operating Income | 80.48M | 87.49M | 65.85M | -27.01M | 1.74M | 13.41M | -275.72M | 139.68M | 77.25M |
| Operating Margin % | 10.25% | 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 | 148.5M | 172.71M | 135.38M | 80.66M | 55.91M | 47.95M | -257.29M | 153.25M | 87.06M |
| EBITDA Margin % | 18.91% | 21.67% | 17.09% | 10.75% | 7.29% | 6.43% | -46.72% | 39.47% | 34.89% |
| EBITDA Growth % | -11.05% | 27.57% | 67.84% | 44.26% | 16.62% | 118.63% | -267.89% | 76.03% | - |
| D&A (Non-Cash Add-back) | 66.37M | 85.22M | 69.54M | 107.67M | 54.18M | 34.54M | 18.43M | 13.57M | 9.81M |
| EBIT | 82.21M | 99.14M | 84.38M | 1.16M | 11.01M | 13.46M | -275.54M | 132.55M | 74.54M |
| Net Interest Income | -34.2M | -31.67M | -29.65M | -24.56M | -24.97M | -23.58M | -27.75M | -48.85M | -22.04M |
| Interest Income | 6.61M | 10.93M | 23.27M | 32.17M | 9.27M | 59K | 160K | 715K | 154K |
| Interest Expense | 40.81M | 42.6M | 52.92M | 56.73M | 34.24M | 23.64M | 27.91M | 49.57M | 22.19M |
| Other Income/Expense | -39.08M | -30.95M | -34.39M | -28.57M | -24.97M | -23.58M | -27.73M | -56.7M | -24.9M |
| Pretax Income | 41.4M | 56.54M | 31.46M | -55.57M | -23.23M | -10.18M | -303.45M | 82.98M | 52.35M |
| Pretax Margin % | 5.27% | 7.1% | 3.97% | -7.41% | -3.03% | -1.37% | -55.1% | 21.37% | 20.98% |
| Income Tax | 25.15M | 26.1M | 15.07M | -46.7M | 9.6M | 15.08M | -9.83M | 16.93M | 8.55M |
| Effective Tax Rate % | 60.75% | 46.16% | 47.9% | 84.04% | -41.31% | -148.15% | 3.24% | 20.4% | 16.34% |
| Net Income | 16.25M | 30.44M | 16.39M | -8.87M | -32.83M | -25.25M | -293.62M | 66.05M | 43.79M |
| Net Margin % | 2.07% | 3.82% | 2.07% | -1.18% | -4.28% | -3.39% | -53.32% | 17.01% | 17.55% |
| Net Income Growth % | -62.12% | 85.72% | 284.82% | 72.99% | -29.99% | 91.4% | -544.56% | 50.82% | - |
| Net Income (Continuing) | 16.25M | 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) | 0.05 | 0.09 | 0.04 | -0.02 | -0.08 | -0.06 | -1.07 | 0.12 | 0.12 |
| EPS Growth % | -63.86% | 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 | 348.06M | 356.97M | 392.17M | 410.31M | 412.86M | 409.98M | 274.7M | 362.6M | 362.6M |
| Basic Shares Outstanding | 339.28M | 356.33M | 385.74M | 410.31M | 412.86M | 409.98M | 274.7M | 356.07M | 356.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 3074.36% |
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.
Key Metrics
Top Statement Risk
PBM disintermediation and flat growth
Metrics are mathematically derived from official filings.
Flat Revenue Amid Structural Shifts
Revenue growth has decelerated to -1.3% YoY in 2026Q2, with quarterly revenue hovering near $200M, indicating a mature market and limited pricing power, as per recent financial statements.
The company's revenue has been essentially flat over the past ten quarters, with the latest quarter showing a slight decline. This suggests that the core prescription transaction business has reached saturation, and the anticipated benefits from Integrated Savings programs have not yet materialized. The lack of growth, despite a stable consumer base, points to potential take-rate compression or increased competition, which investors should monitor closely.
Gross Margin Volatility Signals Pressure
Gross margin swung from 93.4% in 2025Q1 to 78.4% in 2026Q1, a 15-point drop, before recovering to 89.5% in 2026Q2, indicating instability in cost of revenue, as reported in quarterly filings.
The gross margin volatility is unusual for a digital platform and suggests that COGS is not purely fixed. The spike in COGS in 2026Q1 and 2025Q2 may reflect one-time adjustments or changes in revenue mix, possibly related to manufacturer solutions or PBM clawbacks. This variability could indicate that the company's high-margin model is not as stable as previously thought, and investors should assess the sustainability of the 89.5% margin.
Operating Leverage Stalled by SG&A
Operating income has not scaled with revenue, as SG&A remains elevated at ~$107M in 2026Q2, representing 53% of revenue, limiting operating leverage, according to the latest income statement.
Despite gross profit of $179.4M in 2026Q2, operating income was only $23.6M, implying that SG&A and R&D consume the majority of gross profit. The SG&A line has remained stubbornly high even as revenue has flattened, suggesting that the company is spending heavily on marketing to maintain its user base. This lack of operating leverage indicates that any future revenue growth may not translate into proportional profit growth unless cost discipline improves.
SBC Masks True Earnings Power
Stock-based compensation averaged $20M per quarter, exceeding net income in most periods, as seen in 2026Q2 where SBC of $16.6M dwarfed net income of $8.5M, per SEC filings.
The gap between GAAP net income and cash earnings is significant, as SBC is a non-cash expense that reduces reported profitability. In 2026Q2, SBC was nearly double net income, implying that the company's cash-generative capacity is stronger than GAAP suggests. However, the persistent dilution from SBC may pressure EPS growth, and investors should adjust for this to assess the true earnings quality.
Marketing Spend Outpaces Growth
SG&A expenses have remained above $100M quarterly, while revenue growth is flat, indicating that customer acquisition costs are not yielding returns, as per the latest financial data.
The company's cost structure is dominated by SG&A, which includes significant sales and marketing expenses. Despite a 0.6% revenue growth in 2026Q2, SG&A was $106.8M, roughly flat year-over-year, suggesting that the company is spending to defend its market share rather than to grow. This inefficiency in cost allocation may be a red flag, as it implies diminishing returns on marketing investments.
Growth Stagnation and Margin Risk
The bear case centers on revenue stagnation, with 2026Q2 revenue down 1.3% YoY, and gross margin volatility, which could signal structural erosion of the core business, as reported in quarterly results.
Short-sellers would highlight that the company's revenue has been flat for over two years, and the recent gross margin dip in 2026Q1 suggests that the company may be losing pricing power. Additionally, the high SBC and lack of operating leverage indicate that the business model may not be scalable. The threat of PBM disintermediation and the rise of cost-plus pharmacies could further erode the company's relevance, making the current valuation difficult to justify.