GoodRx (GDRX) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $194.0 million, down 4% year-over-year, with net income of $1.2 million and adjusted EBITDA of $58.3 million (30% margin).

• Pharma Direct revenue surged 82% year-over-year to $52.2 million, driven by demand for manufacturer-sponsored pricing and GLP-1 access.

• Subscription revenue grew 16% year-over-year to $24.4 million, led by weight loss and condition-specific programs.

• Prescription transactions revenue declined 24% year-over-year to $113.7 million, attributed to lower Monthly Active Consumers and retail pharmacy disruptions.

• Launched Employer Direct platform and expanded collaborations with pharma manufacturers and TrumpRx.gov.

Financial highlights

• Adjusted EBITDA margin was 30% for Q1 2026, down from 34.4% year-over-year.

• Net income margin was 0.6%, down from 5.4% in Q1 2025; adjusted net income margin was 11.9%.

• Cash and cash equivalents stood at $235.7 million as of March 31, 2026, with total outstanding debt of $493.8 million.

• Share repurchases totaled 5.5 million shares for $12.6 million in Q1 2026, with $60.2 million remaining under authorization.

• Cost of revenue increased 51% year-over-year, mainly from acquired business delivery costs and Pharma Direct fulfillment.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $765–$785 million, representing a 1%–4% year-over-year decline from $796.9 million in 2025.

• Adjusted EBITDA for 2026 expected to exceed $235 million.

• Pharma Direct revenue projected to grow over 50% year-over-year in 2026; subscriptions expected to scale with new programs.

• Near-term performance remains pressured by retail pharmacy changes and integrated savings program volume reductions.

• Uncertainty remains regarding the impact of TrumpRx.gov and evolving federal initiatives.