second quarter of 2026
Filed Aug 5, 2026GoodRx Reports Second Quarter 2026 Results; Pharma Direct and Subscription Revenue Increased 76% and 39%, Respectively, Year-Over-Year; Company Raises Full-Year 2026 Revenue and Adjusted EBITDA Expectations
Revenue decreased 1% and profitability declined year-over-year, while Pharma Direct and subscription revenue grew 76% and 39%, operating cash flow increased, and management raised full-year revenue and Adjusted EBITDA guidance.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $200.4 million | – | decreased 1% |
| Net incomeGAAP | $8.5 million | – | – |
| Net income marginGAAP | 4.3% | – | – |
| Adjusted Net Incomenon-GAAP | $26.8 million | – | – |
| Adjusted Net Income Marginnon-GAAP | 13.4% | – | – |
| Adjusted EBITDAnon-GAAP | $63.7 million | – | – |
| Adjusted EBITDA Marginnon-GAAP | 31.8% | – | – |
| Net cash provided by operating activitiesGAAP | $80.8 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Prescription transactions revenuePrimarily driven by a decrease in the number of Monthly Active Consumers due to broader changes in the retail pharmacy landscape including store closures and volume reduction in one integrated savings program, as well as the deliberate shift of product and marketing investment toward new subscription offerings. The year-over-year decrease was also due to lower unit economics. | $106.4 million | – | decreased 26% |
| Subscription revenuePrimarily driven by the expansion and growth of condition-specific subscription programs, in particular weight loss, and a resulting increase in the number of subscription plans. | $28.5 million | – | increased 39% |
| Pharma Direct revenueDriven by organic growth as GoodRx continued to expand market penetration with pharma manufacturers and other customers, in particular GLP-1 access programs that are part of consumer direct pricing. | $61.6 million | – | increased 76% |
FY 2026 outlook
- Revenue$790 - $805
- NoteAdjusted EBITDA: $240 - $250
- NoteRevenue YoY Change: (1%) - 1%
What drove it
- Pharma Direct revenue increased 76%, led by organic growth, expanded manufacturer and customer penetration, and GLP-1 access programs.
- Subscription revenue increased 39%, driven by condition-specific subscription programs, particularly weight loss, and more subscription plans.
- Prescription transactions revenue decreased 26% amid retail pharmacy store closures, volume reduction in an integrated savings program, lower Monthly Active Consumers, lower unit economics, and a deliberate investment shift toward subscriptions.
Concerns
- Prescription transactions revenue decreased 26% to $106.4 million.
- Revenue decreased 1% to $200.4 million.
- Net income declined to $8.5 million from $12.8 million.
- Adjusted Net Income declined to $26.8 million from $33.9 million.
- Adjusted EBITDA declined to $63.7 million from $69.4 million, and Adjusted EBITDA Margin declined to 31.8% from 34.2%.
- The company expects lower unit economics to continue in the near-term.
- The forward-looking statements identify uncertainty related to retail pharmacy trends, TrumpRx, other evolving federal initiatives, manufacturer partnerships, subscription offerings, and retail relationships.
What to watch
- Execution in Pharma Direct, including GLP-1 access programs and expansion of market penetration with pharma manufacturers and other customers.
- Growth in condition-specific subscriptions, particularly weight loss, and the number of subscription plans.
- Prescription-transactions trends, including Monthly Active Consumers, retail pharmacy closures, integrated-savings-program volume, and unit economics.
- Delivery against FY 2026 revenue guidance of $790 - $805 and Adjusted EBITDA guidance of $240 - $250.
- Capital allocation priorities of investing for profitable growth, paying down debt, buying back shares, and strategically aligned M&A.
Balance sheet and cash flow
- Net cash provided by operating activities in the second quarter: $80.8 million compared to $49.6 million in the comparable period last year.
- Cash and cash equivalents as of June 30, 2026: $296.1 million.
- Total outstanding debt as of June 30, 2026: $492.5 million.
Analysis
GoodRx reported second-quarter revenue of $200.4 million, down 1% from $203.1 million. The aggregate decline reflected a 26% reduction in prescription transactions revenue to $106.4 million, which the company attributed to lower Monthly Active Consumers, retail pharmacy store closures, volume reduction in one integrated savings program, lower unit economics, and a deliberate product and marketing investment shift toward subscriptions.
The revenue mix continued to shift toward the company’s growth offerings. Subscription revenue increased 39% to $28.5 million, supported by condition-specific programs, particularly weight loss, and more subscription plans. Pharma Direct revenue increased 76% to $61.6 million through organic growth, expanded penetration with pharma manufacturers and other customers, and GLP-1 access programs. These gains did not fully offset the prescription-transactions decline in the reported quarter.
Profitability was lower year-over-year. Net income was $8.5 million versus $12.8 million, and net income margin was 4.3% versus 6.3%. Adjusted Net Income was $26.8 million versus $33.9 million. Adjusted EBITDA was $63.7 million versus $69.4 million, while Adjusted EBITDA Margin was 31.8% versus 34.2%. Management stated that lower unit economics are expected to continue in the near-term.
Cash generation increased despite the lower earnings measures, with net cash provided by operating activities of $80.8 million compared to $49.6 million in the comparable prior-year period. GoodRx reported $296.1 million of cash and cash equivalents and $492.5 million of total outstanding debt as of June 30, 2026. Its stated capital allocation priorities are profitable-growth investment, debt repayment, share repurchases, and strategically aligned M&A.
Management raised full-year 2026 guidance to revenue of $790 - $805 and Adjusted EBITDA of $240 - $250. The release does not provide the prior numerical guidance ranges, so the magnitude of the increase cannot be quantified from the document. The central issues for the outlook are whether rapid Pharma Direct and subscription growth can continue to offset prescription-transactions pressure and whether the company can preserve margin strength while lower unit economics persist.
Management, verbatim
We entered 2026 focused on scaling Pharma Direct and subscriptions, and the second quarter provided clear evidence that those investments are translating into stronger performance. We believe this progress is accelerating our return to growth and strengthening the long-term durability of GoodRx.
Wendy Barnes, President and Chief Executive Officer of GoodRx
We exceeded our expectations in the second quarter, with Pharma Direct revenue increasing 76% year-over-year and subscription revenue increasing 39% year-over-year. Based on our strong first-half performance, we are raising our full-year revenue and Adjusted EBITDA guidance.
Justin Fengler, incoming Chief Financial Officer and current Chief Strategy & Operations Officer of GoodRx
Not in the filing
stated, not guessed- GAAP gross profit and gross margin were not reported.
- GAAP operating income or loss and operating margin were not reported.
- GAAP diluted EPS and non-GAAP diluted EPS were not reported.
- Free cash flow was not reported.
- Capital-return amounts for share repurchases and dividends were not reported.
- Prior-quarter figures and quarter-over-quarter changes for reported metrics were not reported.
- Year-over-year percentage changes were not reported for net income, net income margin, Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, and net cash provided by operating activities.
- Prior-year figure for Adjusted Net Income Margin was not reported.
- Prior-year FY 2026 Adjusted EBITDA guidance was not provided.
- Prior numerical FY 2026 guidance ranges were not provided.
- FY 2026 guidance for gross margin, operating expenses, and tax rate was not provided.
- Adjusted Revenue, used in the definitions of Adjusted EBITDA Margin and Adjusted Net Income Margin, was not reported as a value.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.