GoodRx (GDRX) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $203 million, up 3% year-over-year, with net income of $11.1 million, reversing a net loss in Q1 2024, and Adjusted EBITDA of $69.8 million at a 34.4% margin.

• New CEO completed first 100 days, strengthened leadership, and focused on high-impact initiatives, including new President of Rx Marketplace, Chief Pharmacy Officer, and SVP of Government Affairs.

• Over 12 million consumers and 750,000 HCPs engaged with the platform, with prescription-related offerings used by over 7 million consumers and Monthly Active Consumers averaging 6.4 million, down 4% year-over-year.

• Completed $30 million acquisition of VCRX, expanding prescription transactions, and recognized as one of Newsweek and USA Today's 2025 Most Trusted Brands.

• Ongoing changes in the retail pharmacy landscape, including store closures and a major partner bankruptcy, are expected to impact near-term revenue but are viewed as largely transient.

Financial highlights

• Q1 2025 revenue was $203 million, up 3% year-over-year, with net income of $11.1 million and Adjusted EBITDA of $69.8 million (34.4% margin).

• Prescription transactions revenue grew 2% to $148.9 million; pharma manufacturer solutions revenue rose 17% to $28.6 million; subscription revenue declined 7% to $21 million due to the sunset of Kroger Savings.

• Operating income was $23.4 million, up from $7.4 million year-over-year; net income margin improved to 5.4%.

• Ended Q1 with $301 million in cash and $91.7 million unused credit, totaling $392.7 million in liquidity; total debt was $498.8 million.

• Repurchased 23.3 million shares for ~$100 million at $4.32/share; $189.4 million capacity remains under $450 million buyback program.

Outlook and guidance

• FY2025 revenue guidance remains $810–$840 million (2–6% growth vs. 2024), with greater visibility to the lower half of the range.

• Adjusted EBITDA guidance raised to $273–$287 million (5–10% growth vs. 2024); Q2 revenue expected to increase sequentially, with EBITDA margin similar to Q1.

• Near-term decline in Monthly Active Consumers expected due to retail pharmacy reimbursement model changes.

• Pharma manufacturer solutions are expected to grow as a percentage of total revenue in the near to medium term.

• Rite Aid bankruptcy not yet factored into guidance; expected to be less than 5% of 2025 revenue.