Guardian Pharmacy Services (GRDN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 2.2% year-over-year to $351.8 million, driven by acquisitions despite IRA-related pricing reductions, with resident count up 8% to 210,000.

• Net income for Q2 2026 rose to $22.1 million from $8.8 million a year ago, reflecting improved profitability and an $8.5 million legal settlement.

• Adjusted EBITDA increased to $29.7 million (8.4% margin), up from $25.0 million year-over-year.

• Leadership changes included new COO and CFO appointments, a co-founder retirement, and a new regional leadership structure.

• Continued geographic expansion through the acquisition of Wellness Concepts and a new greenfield pharmacy in Lexington, Kentucky.

Financial highlights

• Q2 2026 revenue: $351.8 million (+2.2% YoY); gross profit: $80 million (22.8% margin); net income: $22.1 million (6.3% margin).

• Adjusted EBITDA: $29.7 million (8.4% margin); diluted EPS: $0.34; adjusted EPS: $0.29.

• Cash and cash equivalents at quarter end: $89.8 million, up from $65.6 million at year-end 2025.

• Operating cash flow for the first half of 2026: $36.1 million.

• No long-term debt outstanding under the credit facility at quarter-end.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $1.43–$1.45 billion; adjusted EBITDA guidance raised to $129–$131 million.

• Guidance excludes future acquisitions; second half revenue growth expected mainly from organic performance.

• IRA-related drug price reductions expected to continue impacting reported revenue for the remainder of 2026.

• Adjusted EBITDA margin expected to remain stable in Q3, with a seasonal increase in Q4.