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 manufacturer-sponsored pricing and GLP-1 access.

• Subscription revenue grew 16% to $24.4 million, led by new condition-specific programs and GoodRx for Weight Loss.

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

• The business is positioned as a central access platform for medications, supporting manufacturers, employers, and pharmacies.

Financial highlights

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

• 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 the current authorization.

• Order volume and total claims in e-commerce more than doubled quarter-over-quarter.

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.

• Subscription revenue expected to build throughout the year as condition-specific programs scale.

• Continued pressure anticipated on prescription transactions revenue due to retail pharmacy changes.