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2025 Annual Report GoodRx Holdings, Inc.
With GoodRx, I can focus on managing my health versus worrying about how to pay for it. Helayne GoodRx consumer
Forward-Looking Statement: This Annual Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Annual Report that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our future results of operations and financial position, industry and business trends, our value proposition, our collaborations and partnerships with third parties, our direct contracting approach with select pharmacies, our business strategy and priorities, our plans, market opportunity and growth, and our objectives for future operations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including the important factors discussed in Part I, Item 1A, Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025, included herewith, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this Annual Report. Any such forward-looking statements represent management s estimates as of the date of this Annual Report. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
To our valued stockholders: In 2025, we refined our focus in response to evolving market dynamics and external factors, using the opportunity to strengthen our approach to making prescription medication accessible and more affordable for Americans. Healthcare costs are rising and insurance coverage is becoming more restrictive, driven by higher premiums, tighter formularies, and growing gaps in coverage, leaving more Americans facing difficult decisions about whether and how to fill a prescription. At the same time, consumers increasingly expect the prescription experience to offer the transparency and simplicity they find everywhere else in their lives. The system is under pressure on both sides, and that shapes how we think about the role GoodRx can play. I spent a lot of time this year with our retail and pharmaceutical manufacturer partners and what I heard consistently is that the current model is getting harder to sustain for everyone. Pharmacies are navigating lower reimbursements and rising costs, manufacturers need more direct and reliable ways to reach patients, and consumers and providers find the system too fragmented to navigate with confidence. In response, we deliberately shifted how we are orienting the business. We are prioritizing GoodRx Pharma Direct (formerly pharma manufacturer solutions and referred to hereafter as pharma direct ), and our subscription offerings. This is where we see the strongest alignment with how the market is evolving and where we believe we can drive durable long-term growth. At the same time, our prescription transactions offering remains foundational to everything we do, and we are continuing to invest in it accordingly. Pharma direct revenue grew 41% in 2025 versus the previous year, demonstrating that our strategy is working. Pharmaceutical manufacturers are increasingly building patient-facing strategies into their commercial models, launching therapies with clear, consistent self-pay pricing where insurance coverage is limited or inconsistent. This requires infrastructure to bring those programs to patients at scale, and with nearly 25 million consumers and more than one million healthcare professionals using our platform each year, GoodRx is uniquely positioned to help connect that pricing directly to patients. This is reflected in our support of recent drug launches, including for Foundayo , Wegovy pill, and Zepbound KwikPen . Fiscal Year 2025 Highlights >$100B Saved by consumers cumulatively1 ~$17B Saved by consumers in 20252 ~25M Consumers saved on their prescriptions using GoodRx in 20253 1M+ Unique healthcare professionals (HCPs) visited GoodRx in 20254 Pharma direct is also the foundation from which we are extending into new channels. Employer Direct, launched earlier this year, gives employers a targeted way to contribute directly toward the cost of high-value medications their health plans do not consistently cover, starting with GLP-1s, where the gap between employee demand and employer coverage is largest. We are also integrating manufacturer self-pay pricing into programs like TrumpRx, connecting those prices to our nationwide pharmacy network and home delivery capabilities so they are accessible wherever patients fill their prescriptions. 1 As of 12/31/25. Savings are measured as the difference between the pharmacy list price and the price the consumer pays utilizing a GoodRx code at the same pharmacy. Because consumers of our website and mobile application may switch pharmacies if they find a better discount, our consumer savings calculation includes an estimate of savings achieved based on switching pharmacies. 2 Based on 2025 consumer savings. Savings are measured as the difference between the pharmacy list price and the price the consumer pays utilizing a GoodRx code at the same pharmacy. Because consumers of our website and mobile application may switch pharmacies if they find a better discount, our consumer savings calculation includes an estimate of savings achieved based on switching pharmacies. 3 LTM data as of 12/31/25. 4 Based on internal data on unique healthcare professional ( HCP ) visits to GoodRx for the year ended December 31, 2025. A unique HCP who visits GoodRx more than once during a given year is only counted as one unique HCP in that year.
Building on that foundation, we are creating more direct consumer experiences through condition-specific subscriptions that bring together care, pricing, and fulfillment into a more seamless experience. In 2025, we launched offerings for weight loss, erectile dysfunction, and hair loss. GoodRx for Weight Loss is a clear example, helping patients access GLP-1 treatments with transparent pricing and a simpler path to care in a category where insurance coverage remains limited. While still early, we believe this model can become an important part of how patients access high-cost therapies over time. While we are driving growth around pharma direct and subscriptions, our prescription transactions offering remains foundational. The trust consumers place in GoodRx, and the relationships we have built with pharmacies and healthcare professionals are what make the rest of the platform possible. In 2025, we focused on strengthening that foundation by deepening direct relationships with retail pharmacies, improving the economics of the marketplace, and expanding more integrated experiences at the pharmacy counter. Initiatives like RxSmartSaver and Community Link reflect this approach, helping align incentives across pharmacies, manufacturers, and consumers, while making the experience simpler and more sustainable over time. At the same time, we were not immune to external disruptions that created near-term pressure on the marketplace. The Rite Aid bankruptcy and changes within one of our Integrated Savings Program partnerships reduced prescription volume and impacted our results. We are focused on stabilizing performance and reinforcing the marketplace so it can support more consistent, long-term growth. Fiscal Year 2025 Highlights $796.9M Revenue $270.5M Adjusted EBITDA5 33.9% Adjusted EBITDA Margin5 $167.9M Net Cash Provided By Operating Activities Separate from these external factors, some of the decisions we made this year came with deliberate trade-offs. As we invested more heavily in pharma direct and newer offerings, we made intentional choices to favor long-term durability and certainty that negatively impacted our near-term unit economics. Our results reflect both that pressure and the progress we are making. For the full year, we delivered $797 million in revenue, up 1% year-over-year. Adjusted EBITDA grew 4% year-over-year to $271 million, and our Adjusted EBITDA Margin was 33.9% . While these results reflect a year of disruption, they also demonstrate a business that maintained financial discipline and continued to invest for the long term. Demand for transparency, simplicity, and direct access to prescription savings will only accelerate as healthcare costs continue to rise. This is not a short-term shift, but a structural change in how consumers engage with the healthcare system. GoodRx is built for that future. We are focused on making prescription access more affordable and easier to navigate today, while continuing to invest in the capabilities that will define the next generation of consumer healthcare. I am grateful to our team, our partners, and our stockholders for their continued support. Wendy Barnes Chief Executive Officer and President, GoodRx 5 Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures and presented for supplemental informational purposes only. Please see Key Financial and Operating Metrics Non-GAAP Financial Measures included in Part II, Item 7 of our Annual Report on Form 10-K included herewith for definitions, additional information, and reconcilitions to the most directly comparable GAAP measures.
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 • Benford's Law Stocks icon GDRX Benford's Law Stock Score = 81


GDRX Shareholder/Stockholder Letter Transcript:

2025
Annual Report
GoodRx Holdings, Inc.

   With GoodRx, I can focus
on managing my health
versus worrying about
how to pay for it.   
Helayne
GoodRx consumer

Forward-Looking Statement:
This Annual Report contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements contained in this
Annual Report that do not relate to matters of historical fact should be considered
forward-looking statements, including, without limitation, statements regarding our
future results of operations and financial position, industry and business trends, our
value proposition, our collaborations and partnerships with third parties, our direct
contracting approach with select pharmacies, our business strategy and priorities,
our plans, market opportunity and growth, and our objectives for future operations.
These statements are neither promises nor guarantees, but involve known and
unknown risks, uncertainties, and other important factors that may cause our actual
results, performance, or achievements to be materially different from any future
results, performance, or achievements expressed or implied by the forward-looking
statements, including the important factors discussed in Part I, Item 1A,    Risk Factors   
of our Annual Report on Form 10-K for the year ended December 31, 2025, included
herewith, and our other filings with the SEC. These factors could cause actual results
to differ materially from those indicated by the forward-looking statements made in
this Annual Report. Any such forward-looking statements represent management   s
estimates as of the date of this Annual Report. While we may elect to update such
forward-looking statements at some point in the future, we disclaim any obligation to
do so, even if subsequent events cause our views to change.

To our valued stockholders:
In 2025, we refined our focus in response to evolving market dynamics and
external factors, using the opportunity to strengthen our approach to making
prescription medication accessible and more affordable for Americans.
Healthcare costs are rising and insurance coverage is becoming more restrictive,
driven by higher premiums, tighter formularies, and growing gaps in coverage,
leaving more Americans facing difficult decisions about whether and how to fill
a prescription. At the same time, consumers increasingly expect the prescription
experience to offer the transparency and simplicity they find everywhere else in
their lives. The system is under pressure on both sides, and that shapes how we
think about the role GoodRx can play.
I spent a lot of time this year with our retail and pharmaceutical manufacturer
partners and what I heard consistently is that the current model is getting
harder to sustain for everyone. Pharmacies are navigating lower reimbursements
and rising costs, manufacturers need more direct and reliable ways to reach
patients, and consumers and providers find the system too fragmented to
navigate with confidence.
In response, we deliberately shifted how we are orienting the business. We are
prioritizing GoodRx Pharma Direct (formerly pharma manufacturer solutions and
referred to hereafter as    pharma direct   ), and our subscription offerings. This
is where we see the strongest alignment with how the market is evolving and
where we believe we can drive durable long-term growth. At the same time, our
prescription transactions offering remains foundational to everything we do, and
we are continuing to invest in it accordingly.
Pharma direct revenue grew 41% in 2025 versus the previous year, demonstrating
that our strategy is working. Pharmaceutical manufacturers are increasingly
building patient-facing strategies into their commercial models, launching
therapies with clear, consistent self-pay pricing where insurance coverage is
limited or inconsistent. This requires infrastructure to bring those programs
to patients at scale, and with nearly 25 million consumers and more than one
million healthcare professionals using our platform each year, GoodRx is uniquely
positioned to help connect that pricing directly to patients. This is reflected in
our support of recent drug launches, including for Foundayo  , Wegovy   pill, and
Zepbound   KwikPen  .
Fiscal Year 2025
Highlights
>$100B
Saved by consumers
cumulatively1
~$17B
Saved by consumers
in 20252
~25M
Consumers saved on
their prescriptions using
GoodRx in 20253
1M+
Unique healthcare
professionals (HCPs)
visited GoodRx in 20254
Pharma direct is also the foundation from which we are extending into new
channels. Employer Direct, launched earlier this year, gives employers a targeted
way to contribute directly toward the cost of high-value medications their health
plans do not consistently cover, starting with GLP-1s, where the gap between
employee demand and employer coverage is largest. We are also integrating
manufacturer self-pay pricing into programs like TrumpRx, connecting those
prices to our nationwide pharmacy network and home delivery capabilities so they
are accessible wherever patients fill their prescriptions.
1
As of 12/31/25. Savings are measured as the difference between the pharmacy list price and the price the consumer pays utilizing a GoodRx code at the same pharmacy. Because consumers of our website and mobile
application may switch pharmacies if they find a better discount, our consumer savings calculation includes an estimate of savings achieved based on switching pharmacies.
2
Based on 2025 consumer savings. Savings are measured as the difference between the pharmacy list price and the price the consumer pays utilizing a GoodRx code at the same pharmacy. Because consumers of our website
and mobile application may switch pharmacies if they find a better discount, our consumer savings calculation includes an estimate of savings achieved based on switching pharmacies.
3
LTM data as of 12/31/25.
4
Based on internal data on unique healthcare professional (   HCP   ) visits to GoodRx for the year ended December 31, 2025. A unique HCP who visits GoodRx more than once during a given year is only counted as one unique
HCP in that year.

Building on that foundation, we are creating more direct consumer experiences
through condition-specific subscriptions that bring together care, pricing, and
fulfillment into a more seamless experience. In 2025, we launched offerings for
weight loss, erectile dysfunction, and hair loss. GoodRx for Weight Loss is a clear
example, helping patients access GLP-1 treatments with transparent pricing and a
simpler path to care in a category where insurance coverage remains limited. While
still early, we believe this model can become an important part of how patients
access high-cost therapies over time.
While we are driving growth around pharma direct and subscriptions, our
prescription transactions offering remains foundational. The trust consumers place
in GoodRx, and the relationships we have built with pharmacies and healthcare
professionals are what make the rest of the platform possible. In 2025, we focused
on strengthening that foundation by deepening direct relationships with retail
pharmacies, improving the economics of the marketplace, and expanding more
integrated experiences at the pharmacy counter. Initiatives like RxSmartSaver
and Community Link reflect this approach, helping align incentives across
pharmacies, manufacturers, and consumers, while making the experience
simpler and more sustainable over time. At the same time, we were not immune
to external disruptions that created near-term pressure on the marketplace. The
Rite Aid bankruptcy and changes within one of our Integrated Savings Program
partnerships reduced prescription volume and impacted our results. We are
focused on stabilizing performance and reinforcing the marketplace so it can
support more consistent, long-term growth.
Fiscal Year 2025
Highlights
$796.9M
Revenue
$270.5M
Adjusted EBITDA5
33.9%
Adjusted EBITDA Margin5
$167.9M
Net Cash Provided By
Operating Activities
Separate from these external factors, some of the decisions we made this year
came with deliberate trade-offs. As we invested more heavily in pharma direct
and newer offerings, we made intentional choices to favor long-term durability
and certainty that negatively impacted our near-term unit economics. Our results
reflect both that pressure and the progress we are making. For the full year, we
delivered $797 million in revenue, up 1% year-over-year. Adjusted EBITDA grew 4%
year-over-year to $271 million, and our Adjusted EBITDA Margin was 33.9%   . While
these results reflect a year of disruption, they also demonstrate a business that
maintained financial discipline and continued to invest for the long term.
Demand for transparency, simplicity, and direct access to prescription savings
will only accelerate as healthcare costs continue to rise. This is not a short-term
shift, but a structural change in how consumers engage with the healthcare
system. GoodRx is built for that future. We are focused on making prescription
access more affordable and easier to navigate today, while continuing to invest in
the capabilities that will define the next generation of consumer healthcare.
I am grateful to our team, our partners, and our stockholders for their
continued support.
Wendy Barnes
Chief Executive Officer and President, GoodRx
5
Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures and presented for supplemental informational purposes only. Please see    Key Financial and Operating Metrics     Non-GAAP Financial
Measures    included in Part II, Item 7 of our Annual Report on Form 10-K included herewith for definitions, additional information, and reconcilitions to the most directly comparable GAAP measures.


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