Company Maintains Full Year 2025 Revenue and Adjusted EBITDA Expectations; Raises Pharma Manufacturer Solutions Revenue Outlook to Approximately 35% Year-Over-Year Growth for 2025

GoodRx Holdings, Inc. (NASDAQ:GDRX) ("we," "us," "our," "GoodRx," or the "Company"), the leading platform for medication savings in the U.S., has released its financial results for the third quarter of 2025.

Third Quarter 2025 Highlights

Revenue of $196.0 million
Net income of $1.1 million; Net income margin of 0.6%
Adjusted Net Income¹ of $28.8 million; Adjusted Net Income Margin¹ of 14.7%
Adjusted EBITDA¹ of $66.3 million; Adjusted EBITDA Margin¹ of 33.8%
Net cash provided by operating activities of $76.0 million

"GoodRx delivered another quarter of strong execution and meaningful progress across our strategic priorities," said Wendy Barnes, Chief Executive Officer and President of GoodRx. "We expanded our manufacturer partnerships, launched innovative pharmacy counter solutions, and strengthened our brand as the most trusted name in prescription access and affordability. We also engaged meaningfully with the Presidential administration, helping to inform policy efforts that expand access and affordability for all Americans. Even amid a dynamic healthcare environment, our platform continues to demonstrate its power and relevance, delivering real value to consumers, pharmacies, and manufacturers, and positioning GoodRx for sustainable, long-term growth."

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Net Income Margin are non-GAAP financial measures and are presented for supplemental informational purposes only. Adjusted EBITDA Margin and Adjusted Net Income Margin are defined as Adjusted EBITDA and Adjusted Net Income, respectively, divided by Adjusted Revenue. Refer to the Non-GAAP Financial Measures section below for definitions, additional information, and reconciliations to the most directly comparable GAAP measures.

Third Quarter 2025 Financial Overview (all comparisons are made to the same period of the prior year unless otherwise noted):

Revenue increased to $196.0 million compared to $195.3 million.

Prescription transactions revenue decreased 9% to $127.3 million compared to $140.4 million, primarily driven by a decrease in the number of our Monthly Active Consumers, due to the broader changes in the retail pharmacy landscape, including store closures, and volume reduction in one of our integrated savings programs, partially offset by improved unit economics related to contracting with certain of our customers and partners and favorable changes in sales mix.

Subscription revenue decreased 3% to $20.7 million compared to $21.3 million, primarily driven by a decrease in the number of our subscription plans.

Pharma manufacturer solutions revenue increased 54% to $43.4 million compared to $28.1 million, driven by organic growth as we continued to expand our market penetration with pharma manufacturers and other customers, including ongoing growth in our consumer direct pricing (previously described as point of sale discount programs).

Net income was $1.1 million compared to $4.0 million. Net income margin was 0.6% compared to 2.0%. Adjusted Net Income¹ was $28.8 million compared to $31.9 million.

Adjusted EBITDA¹ was $66.3 million compared to $65.0 million. Adjusted EBITDA Margin¹ was 33.8% compared to 33.3%.

Cash Flow and Capital Allocation

Net cash provided by operating activities in the third quarter was $76.0 million compared to $86.9 million in the comparable period last year. As of September 30, 2025, we had cash and cash equivalents of $273.5 million and total outstanding debt of $496.3 million.

We are focused on a disciplined approach to capital allocation, centered on furthering our mission and creating shareholder value. Our capital allocation priorities are investing for profitable growth, paying down debt, buying back shares, and M&A that aligns with our strategic priorities. These capital allocation priorities support our long-term growth strategy while also providing flexibility to navigate near-term challenges.

Share Repurchases

During the third quarter of 2025, we repurchased 13.4 million shares of Class A common stock for an aggregate of $61.6 million. As of September 30, 2025, we had $81.4 million of unused authorized share repurchase capacity under our $450.0 million share repurchase program, which does not have an expiration date.

Guidance

For the full year 2025, management is anticipating the following:

$ in millions	FY 2025	FY 2024	YoY Change
Revenue	Increase from 2024	$792.3	-
Adjusted EBITDA²	$265 - $275	$260.2	2% - 6%

"GoodRx delivered a solid financial quarter and strong execution across our key initiatives," said Chris McGinnis, Chief Financial Officer and Treasurer of GoodRx. "Total revenue of $196 million increased slightly versus the prior year, with pharma manufacturer solutions seeing 35% growth year-to-date when compared to the first nine months of 2024."

"Looking ahead, we are reaffirming our full-year 2025 revenue and Adjusted EBITDA² guidance," continued McGinnis. "While we expect fourth quarter revenue to decline sequentially due to the timing of certain manufacturer deals that closed earlier than anticipated, we believe our fundamentals remain strong. We are executing with discipline, maintaining a healthy balance sheet, and continuing to focus on driving profitable growth and long-term value creation."

Adjusted EBITDA Margin is Adjusted EBITDA divided by Adjusted Revenue. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures and are presented for supplemental informational purposes only. We have not reconciled our Adjusted EBITDA and Adjusted EBITDA Margin guidance to GAAP net income or loss and GAAP net income or loss margin, respectively, because we do not provide guidance for such GAAP measures due to the uncertainty and potential variability of stock-based compensation expense, acquired intangible assets and related amortization and income taxes, which are reconciling items between Adjusted EBITDA and Adjusted EBITDA Margin and their respective most directly comparable GAAP measures. Because such items cannot be provided without unreasonable efforts, we are unable to provide a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure. However, such items could have a significant impact on our future GAAP net income or loss and GAAP net income or loss margin.

Investor Conference Call and Webcast

GoodRx management will host a conference call and webcast tomorrow, November 5, 2025, at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time) to discuss the results and the Company's business outlook.

To participate via telephone, please call (800) 715-9871 at least 10 minutes before the conference call is scheduled to begin. The conference ID is 9085550.

The call will also be webcast live on the Company's investor relations website at https://investors.goodrx.com, where accompanying materials will be posted prior to the conference call.

Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company's investor relations website at https://investors.goodrx.com for at least 30 days.

About GoodRx

GoodRx is the leading platform for medication savings in the U.S., used by nearly 30 million consumers and over one million healthcare professionals annually. Uniquely situated at the center of the healthcare ecosystem, GoodRx connects consumers, healthcare professionals, payers, pharmacy benefit managers, pharmaceutical manufacturers, and retail pharmacies to make saving on medications easier. By reducing friction and inefficiencies, GoodRx helps consumers save time and money when filling prescriptions so they can get the care they deserve. Since 2011, GoodRx has helped Americans save over $85 billion on the cost of their medications.

GoodRx periodically posts information that may be important to investors on its investor relations website at https://investors.goodrx.com. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors and potential investors are encouraged to consult GoodRx's website regularly for important information, in addition to following GoodRx's press releases, filings with the Securities and Exchange Commission and public conference calls and webcasts. The information contained on, or that may be accessed through, GoodRx's website is not incorporated by reference into, and is not a part of, this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release 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, including uncertainty in the macro environment, the impact of retail store closures and bankruptcies on our future financial results, the potential impact of the new government sponsored direct-to-consumer platform called "TrumpRx.gov" and other evolving federal initiatives, our value proposition, consumer and partner perception and our position in the healthcare ecosystem/industry, our integrated savings programs, the impact of recent volume reduction in the program with a certain PBM partner, our business strategy and our ability to execute on our strategic priorities and value creation, our plans, market opportunity, strategic initiatives and long-term growth prospects, our capital allocation priorities, the anticipated expansion of our condition-specific subscription program and our ability to expand our offerings through partnerships with pharmaceutical companies. 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, but not limited to, risks related to our limited operating history and early stage of growth; our recent growth rates may not be sustainable or indicative of future growth; our ability to achieve broad market education and change consumer purchasing habits; our general ability to continue to attract, acquire and retain consumers in a cost-effective manner; our significant reliance on our prescription transactions offering and ability to expand our offerings; changes in medication pricing and the significant impact of pricing structures negotiated by industry participants; our general inability to control the categories and types of prescriptions for which we can offer savings or discounted prices; our reliance on a limited number of industry participants, including pharmacy benefit managers, pharmacies, and pharma manufacturers; the competitive nature of our industry; risks related to pandemics, epidemics or outbreak of infectious disease; the accuracy of our estimate of our addressable market and other operational metrics; our ability to respond to changes in the market for prescription pricing and to maintain and expand the use of GoodRx codes; our ability to maintain positive perception of our platform or maintain and enhance our brand; risks related to any failure to maintain effective internal control over financial reporting; risks related to use of social media, emails, text messages and other messaging channels as part of our marketing strategy; our dependence on our information technology systems and those of our third-party vendors, and risks related to any failure or significant disruptions thereof; risks related to government regulation of the internet, e-commerce, consumer data and privacy, information technology and cybersecurity; risks related to the use of AI and machine learning in our business; risks related to a decrease in consumer willingness to receive correspondence or any technical, legal or any other restrictions to send such correspondence; risks related to any failure to comply with applicable data protection, privacy and security, advertising and consumer protection laws, regulations, standards, and other requirements; our ability to utilize our net operating loss carryforwards and certain other tax attributes; the risk that we may be unable to realize expected benefits from our restructuring and cost reduction efforts; our ability to attract, develop, motivate and retain well-qualified employees; risks related to our acquisition strategy; risks related to our debt arrangements; interruptions or delays in service on our apps or websites or any undetected errors or design faults; our reliance on third-party platforms to distribute our platform and offerings, including software as-a-service technologies; systems failures or other disruptions in the operations of these parties on which we depend; risks related to climate change; the increasing focus on environmental sustainability and social initiatives; risks related to our intellectual property; risks related to operating in the healthcare industry; risks related to our organizational structure; litigation related risks; our ability to accurately forecast revenue and appropriately plan our expenses in the future; risks related to general economic factors, natural disasters or other unexpected events; risks related to fluctuations in our tax obligations and effective income tax rate which could materially and adversely affect our results of operations; risks related to the healthcare reform legislation and other proposed or future changes impacting the healthcare industry and healthcare spending which may adversely affect our business, financial condition and results of operations; as well as the other important factors discussed in the section entitled "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our Quarterly Report on Form 10-Q for the three months ended September 30, 2025, and in our other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. 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.

Key Operating Metrics

Monthly Active Consumers (MACs) refers to the number of unique consumers who have used a GoodRx code to purchase a prescription medication in a given calendar month and have saved money compared to the list price of the medication. A unique consumer who uses a GoodRx code more than once in a calendar month to purchase prescription medications is only counted as one Monthly Active Consumer in that month. A unique consumer who uses a GoodRx code in two or three calendar months within a quarter will be counted as a Monthly Active Consumer in each such month. Monthly Active Consumers do not include subscribers to our subscription offerings, consumers of our pharma manufacturer solutions offering, or consumers who use our telehealth offering. When presented for a period longer than a month, Monthly Active Consumers are averaged over the number of calendar months in such period. Monthly Active Consumers from acquired companies are only included beginning in the first full quarter following the acquisition. Effective January 1, 2025, Monthly Active Consumers from acquired companies are included beginning from the acquisition date. Prior to January 1, 2025, Monthly Active Consumers from acquired companies were only included beginning in the first full quarter following the acquisition. As our business continues to evolve, we are reassessing the Monthly Active Consumers metric as a primary indicator of performance to ensure it aligns with how we measure growth and profitability.

Subscription plans represent the ending subscription plan balance across our subscription offerings, GoodRx Gold, Kroger Savings Club (sunset in July 2024), condition-specific related subscription programs (first launched in June 2025), and RxSmartSaver+ powered by GoodRx (launched in July 2025). For GoodRx Gold, Kroger Savings Club, and RxSmartSaver+, each subscription plan may represent more than one subscriber since family subscription plans may include multiple members.

We exited the third quarter of 2025 with over 6 million prescription-related consumers that used GoodRx across our prescription transactions and subscription offerings. Our prescription-related consumers represent the sum of Monthly Active Consumers for the three months ended September 30, 2025 and subscribers to our subscription plans as of September 30, 2025.

	Three Months Ended
(in millions)	September 30, 2025	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
Monthly Active Consumers	5.4	5.7	6.4	6.6	6.5	6.6	6.7

	As of
(in thousands)	September 30, 2025	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
Subscription plans	671	668	680	684	701	696	778

GoodRx Holdings, Inc. Condensed Consolidated Balance Sheets (Unaudited)

	(in thousands, except par values)
	September 30, 2025			December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	273,529		$	448,346
Accounts receivable, net		203,738			145,934
Prepaid expenses and other current assets		88,248			64,975
Total current assets		565,515			659,255
Property and equipment, net		11,276			12,664
Goodwill		421,719			410,769
Intangible assets, net		62,773			52,102
Capitalized software, net		142,118			124,781
Operating lease right-of-use assets, net		29,694			27,794
Deferred tax assets, net		69,093			77,182
Other assets		23,319			23,520
Total assets	$	1,325,507		$	1,388,067
Liabilities and stockholders' equity
Current liabilities
Accounts payable	$	28,725		$	14,137
Accrued expenses and other current liabilities		143,372			99,130
Current portion of debt		5,000			5,000
Operating lease liabilities, current		4,761			5,636
Total current liabilities		181,858			123,903
Debt, net		484,114			486,711
Operating lease liabilities, net of current portion		51,260			46,040
Other liabilities		7,563			6,755
Total liabilities		724,795			663,409
Stockholders' equity
Preferred stock, $0.0001 par value		—			—
Common stock, $0.0001 par value		34			38
Additional paid-in capital		2,016,677			2,165,633
Accumulated deficit		(1,415,999	)		(1,441,013	)
Total stockholders' equity		600,712			724,658
Total liabilities and stockholders' equity	$	1,325,507		$	1,388,067

GoodRx Holdings, Inc. Condensed Consolidated Statements of Operations (Unaudited)

	(in thousands, except per share amounts)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Revenue	$	196,028		$	195,251		$	602,068		$	593,741
Costs and operating expenses:
Cost of revenue, exclusive of depreciation and amortization presented separately below		13,419			11,684			40,133			36,022
Product development and technology		31,012			30,139			92,087			92,010
Sales and marketing		83,532			89,867			252,944			273,285
General and administrative		32,014			25,619			90,023			94,316
Depreciation and amortization		21,431			17,535			62,072			50,442
Total costs and operating expenses		181,408			174,844			537,259			546,075
Operating income		14,620			20,407			64,809			47,666
Other expense, net:
Other (expense) income		—			(2,660	)		694			(2,660	)
Loss on extinguishment of debt		—			(2,077	)		—			(2,077	)
Interest income		2,309			4,797			9,044			18,686
Interest expense		(10,829	)		(12,355	)		(32,202	)		(41,564	)
Total other expense, net		(8,520	)		(12,295	)		(22,464	)		(27,615	)
Income before income taxes		6,100			8,112			42,345			20,051
Income tax expense		(4,981	)		(4,147	)		(17,331	)		(10,401	)
Net income	$	1,119		$	3,965		$	25,014		$	9,650
Earnings per share:
Basic	$	0.00		$	0.01		$	0.07		$	0.03
Diluted	$	0.00		$	0.01		$	0.07		$	0.02
Weighted average shares used in computing earnings per share:
Basic		346,776			379,667			360,746			385,553
Diluted		347,810			388,504			361,423			393,477

Stock-based compensation included in costs and operating expenses:
Cost of revenue	$	86		$	86		$	308		$	226
Product development and technology		5,050			6,384			17,043			18,491
Sales and marketing		4,456			9,725			16,267			27,248
General and administrative		8,526			10,186			25,089			32,102

GoodRx Holdings, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)

	(in thousands)
	Nine Months Ended September 30,
		2025			2024
Cash flows from operating activities
Net income	$	25,014		$	9,650
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		62,072			50,442
Loss on extinguishment of debt		—			2,077
Amortization of debt issuance costs and discounts		1,314			2,076
Non-cash operating lease expense		3,063			2,981
Stock-based compensation expense		58,707			78,067
Deferred income taxes		8,089			(642	)
Loss on operating lease asset		4,409			—
Other		476			—
Changes in operating assets and liabilities:
Accounts receivable		(57,804	)		12,805
Prepaid expenses and other assets		(23,233	)		(12,268	)
Accounts payable		14,625			(23,167	)
Accrued expenses and other current liabilities		42,208			19,778
Operating lease liabilities		(4,732	)		(3,250	)
Other liabilities		808			600
Net cash provided by operating activities		135,016			139,149
Cash flows from investing activities
Purchase of property and equipment		(2,280	)		(1,078	)
Acquisition		(30,000	)		—
Capitalized software		(55,910	)		(52,625	)
Net cash used in investing activities		(88,190	)		(53,703	)
Cash flows from financing activities
Proceeds from long-term debt		—			472,033
Payments on long-term debt		(3,750	)		(639,038	)
Payments of debt issuance costs		—			(2,673	)
Repurchases of Class A common stock		(206,942	)		(158,657	)
Proceeds from exercise of stock options		61			18,435
Employee taxes paid related to net share settlement of equity awards		(11,872	)		(24,922	)
Proceeds from employee stock purchase plan		860			857
Net cash used in financing activities		(221,643	)		(333,965	)
Net change in cash and cash equivalents		(174,817	)		(248,519	)
Cash and cash equivalents
Beginning of period		448,346			672,296
End of period	$	273,529		$	423,777

For the three and nine months ended September 30, 2025 and 2024, revenue comprised of the following:

(in thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Prescription transactions revenue	$	127,294	$	140,419	$	419,281	$	432,562
Subscription revenue		20,724		21,306		62,264		65,860
Pharma manufacturer solutions revenue		43,372		28,136		107,001		79,149
Other revenue		4,638		5,390		13,522		16,170
Total revenue	$	196,028	$	195,251	$	602,068	$	593,741

Non-GAAP Financial Measures

Adjusted Revenue and metrics presented as a percentage of Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin and Adjusted Earnings Per Share are supplemental measures of our performance that are not required by, or presented in accordance with, U.S. GAAP. We also present each cost and operating expense on our condensed consolidated statements of operations on an adjusted basis to arrive at adjusted operating income. Collectively, we refer to these non-GAAP financial measures as our "Non-GAAP Measures."

We define Adjusted Revenue for a particular period as revenue excluding client contract termination costs associated with restructuring related activities. We exclude these costs from revenue because we believe they are not indicative of past or future underlying performance of the business. For the three and nine months ended September 30, 2025 and full year 2024, revenue was equal to Adjusted Revenue. In addition, we expect revenue for the full year of 2025 to equal Adjusted Revenue.

We define Adjusted EBITDA for a particular period as net income or loss before interest, taxes, depreciation and amortization, and as further adjusted for, as applicable for the periods presented, acquisition related expenses, stock-based compensation expense, payroll tax expense related to stock-based compensation, loss on extinguishment of debt, financing related expenses, loss on operating lease assets, restructuring related expenses, legal settlement expenses, gain on sale of business, and other income or expense, net. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Adjusted Revenue.

We define Adjusted Net Income for a particular period as net income or loss adjusted for, as applicable for the periods presented, amortization of intangibles related to acquisitions and restructuring activities, acquisition related expenses, stock-based compensation expense, payroll tax expense related to stock-based compensation, loss on extinguishment of debt, financing related expenses, loss on operating lease assets, restructuring related expenses, legal settlement expenses, gain on sale of business, other income or expense, net, and as further adjusted for estimated income tax on such adjusted items. Our adjusted taxes also excludes (i) the valuation allowance recorded against certain of our net deferred tax assets that was recognized in accordance with GAAP and any subsequent releases of the valuation allowance, and (ii) all tax benefits/expenses resulting from excess tax benefits/deficiencies in connection with stock-based compensation. Adjusted Net Income Margin represents Adjusted Net Income as a percentage of Adjusted Revenue.

Adjusted Earnings Per Share is Adjusted Net Income attributable to common stockholders divided by weighted average number of shares. The weighted average shares we use in computing Adjusted Earnings Per Share – basic is equal to our GAAP weighted average shares – basic and the weighted average shares we use in computing Adjusted Earnings Per Share – diluted is equal to either GAAP weighted average shares – basic or GAAP weighted average shares – diluted, depending on whether we have adjusted net loss or adjusted net income, respectively.

We also assess our performance by evaluating each cost and operating expense on our condensed consolidated statements of operations on a non-GAAP, or adjusted, basis to arrive at adjusted operating income. The adjustments to these cost and operating expense items include, as applicable for the periods presented, acquisition related expenses, amortization of intangibles related to acquisitions and restructuring activities, stock-based compensation expense, payroll tax expense related to stock-based compensation, financing related expenses, restructuring related expenses, legal settlement expenses, loss on operating lease assets, and gain on sale of business. Adjusted operating income is Adjusted Revenue less non-GAAP costs and operating expenses.

We believe our Non-GAAP Measures are helpful to investors, analysts and other interested parties because they assist in providing a more consistent and comparable overview of our operations across our historical financial periods. Adjusted Revenue, Adjusted EBITDA and Adjusted EBITDA Margin are also key measures we use to assess our financial performance and are also used for internal planning and forecasting purposes. In addition, Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share are frequently used by analysts, investors and other interested parties to evaluate and assess performance.

The Non-GAAP Measures are presented for supplemental informational purposes only and should not be considered as alternatives or substitutes to financial information presented in accordance with GAAP. These measures have certain limitations in that they do not include the impact of certain costs that are reflected in our condensed consolidated statements of operations that are necessary to run our business. Other companies, including other companies in our industry, may not use these measures or may calculate these measures differently than as presented herein, limiting their usefulness as comparative measures.

The following table presents a reconciliation of net income, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted EBITDA, and presents net income margin, the most directly comparable financial measure calculated in accordance with GAAP, with Adjusted EBITDA Margin:

(dollars in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,						Year Ended December 31,
		2025			2024			2025			2024			2024
Net income	$	1,119		$	3,965		$	25,014		$	9,650		$	16,390
Adjusted to exclude the following:
Interest income		(2,309	)		(4,797	)		(9,044	)		(18,686	)		(23,273	)
Interest expense		10,829			12,355			32,202			41,564			52,922
Income tax expense		4,981			4,147			17,331			10,401			15,070
Depreciation and amortization		21,431			17,535			62,072			50,442			69,538
Other expense (income)		—			2,660			(694	)		2,660			2,660
Loss on extinguishment of debt		—			2,077			—			2,077			2,077
Financing related expenses		—			66			—			898			898
Acquisition related expenses		776			65			802			413			557
Restructuring related expenses		5,526			—			7,291			441			8,902
Legal settlement expenses		5,500			—			5,855			13,000			13,000
Stock-based compensation expense		18,118			26,381			58,707			78,067			99,026
Payroll tax expense related to stock-based compensation		313			510			1,547			2,236			2,471
Loss on operating lease asset		—			—			4,409			—			—
Adjusted EBITDA	$	66,284		$	64,964		$	205,492		$	193,163		$	260,238

Revenue	$	196,028		$	195,251		$	602,068		$	593,741		$	792,324
Net income margin		0.6	%		2.0	%		4.2	%		1.6	%		2.1	%
Adjusted EBITDA Margin		33.8	%		33.3	%		34.1	%		32.5	%		32.8	%

The following tables present a reconciliation of net income and calculations of net income margin and earnings per share, the most directly comparable financial measures calculated in accordance with GAAP, to Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings Per Share, respectively:

(dollars in thousands, except per share amounts)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Net income	$	1,119		$	3,965		$	25,014		$	9,650
Adjusted to exclude the following:
Amortization of intangibles related to acquisitions		2,793			1,961			8,379			6,837
Other expense (income)		—			2,660			(694	)		2,660
Loss on extinguishment of debt		—			2,077			—			2,077
Financing related expenses		—			66			—			898
Acquisition related expenses		776			65			802			413
Restructuring related expenses		5,526			—			7,291			441
Legal settlement expenses		5,500			—			5,855			13,000
Stock-based compensation expense		18,118			26,381			58,707			78,067
Payroll tax expense related to stock-based compensation		313			510			1,547			2,236
Loss on operating lease asset		—			—			4,409			—
Income tax effects of excluded items and adjustments for valuation allowance and excess tax benefits/deficiencies from equity awards		(5,324	)		(5,749	)		(14,223	)		(19,385	)
Adjusted Net Income	$	28,821		$	31,936		$	97,087		$	96,894

Revenue	$	196,028		$	195,251		$	602,068		$	593,741
Net income margin		0.6	%		2.0	%		4.2	%		1.6	%
Adjusted Net Income Margin		14.7	%		16.4	%		16.1	%		16.3	%
Weighted average shares used in computing earnings per share:
Basic		346,776			379,667			360,746			385,553
Diluted		347,810			388,504			361,423			393,477
Earnings per share:
Basic	$	0.00		$	0.01		$	0.07		$	0.03
Diluted	$	0.00		$	0.01		$	0.07		$	0.02
Weighted average shares used in computing Adjusted Earnings Per Share:
Basic		346,776			379,667			360,746			385,553
Diluted		347,810			388,504			361,423			393,477
Adjusted Earnings Per Share:
Basic	$	0.08		$	0.08		$	0.27		$	0.25
Diluted	$	0.08		$	0.08		$	0.27		$	0.25

The following table presents (i) each non-GAAP, or adjusted, cost and expense and operating income measure together with its most directly comparable financial measure calculated in accordance with GAAP; and (ii) each adjusted cost and expense and adjusted operating income as a percentage of Adjusted Revenue together with each GAAP cost and expense and operating income as a percentage of revenue, the most directly comparable financial measure calculated in accordance with GAAP:

(dollars in thousands)
	GAAP		Adjusted		GAAP		Adjusted
	Three Months Ended September 30,		Three Months Ended September 30,		Nine Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024	2025	2024	2025	2024
Cost of revenue	$13,419	$11,684	$13,240	$11,596	$40,133	$36,022	$39,732	$36,093
% of Revenue	7%	6%	7%	6%	7%	6%	7%	6%
Product development and technology	$31,012	$30,139	$23,017	$23,545	$92,087	$92,010	$70,507	$72,210
% of Revenue	16%	15%	12%	12%	15%	15%	12%	12%
Sales and marketing	$83,532	$89,867	$77,060	$79,961	$252,944	$273,285	$233,430	$245,109
% of Revenue	43%	46%	39%	41%	42%	46%	39%	41%
General and administrative	$32,014	$25,619	$16,427	$15,185	$90,023	$94,316	$52,907	$47,166
% of Revenue	16%	13%	8%	8%	15%	16%	9%	8%
Depreciation and amortization	$21,431	$17,535	$18,638	$15,574	$62,072	$50,442	$53,693	$43,605
% of Revenue	11%	9%	10%	8%	10%	8%	9%	7%
Operating income	$14,620	$20,407	$47,646	$49,390	$64,809	$47,666	$151,799	$149,558
% of Revenue	7%	10%	24%	25%	11%	8%	25%	25%

The following table presents a reconciliation of each non-GAAP, or adjusted, cost and expense and operating income measure to its most directly comparable financial measure calculated in accordance with GAAP:

	(dollars in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Cost of revenue	$	13,419		$	11,684		$	40,133		$	36,022
Restructuring related expenses		(90	)		—			(80	)		311
Stock-based compensation expense		(86	)		(86	)		(308	)		(226	)
Payroll tax expense related to stock-based compensation		(3	)		(2	)		(13	)		(14	)
Adjusted cost of revenue	$	13,240		$	11,596		$	39,732		$	36,093

Product development and technology	$	31,012		$	30,139		$	92,087		$	92,010
Acquisition related expenses		—			(10	)		—			(62	)
Restructuring related expenses		(2,782	)		—			(3,689	)		(112	)
Stock-based compensation expense		(5,050	)		(6,384	)		(17,043	)		(18,491	)
Payroll tax expense related to stock-based compensation		(163	)		(200	)		(848	)		(1,135	)
Adjusted product development and technology	$	23,017		$	23,545		$	70,507		$	72,210

Sales and marketing	$	83,532		$	89,867		$	252,944		$	273,285
Acquisition related expenses		—			(55	)		—			(351	)
Restructuring related expenses		(1,935	)		—			(2,870	)		(114	)
Stock-based compensation expense		(4,456	)		(9,725	)		(16,267	)		(27,248	)
Payroll tax expense related to stock-based compensation		(81	)		(126	)		(377	)		(463	)
Adjusted sales and marketing	$	77,060		$	79,961		$	233,430		$	245,109

General and administrative	$	32,014		$	25,619		$	90,023		$	94,316
Financing related expenses		—			(66	)		—			(898	)
Acquisition related expenses		(776	)		—			(802	)		—
Restructuring related expenses		(719	)		—			(652	)		(526	)
Legal settlement expenses		(5,500	)		—			(5,855	)		(13,000	)
Stock-based compensation expense		(8,526	)		(10,186	)		(25,089	)		(32,102	)
Payroll tax expense related to stock-based compensation		(66	)		(182	)		(309	)		(624	)
Loss on operating lease asset		—			—			(4,409	)		—
Adjusted general and administrative	$	16,427		$	15,185		$	52,907		$	47,166

Depreciation and amortization	$	21,431		$	17,535		$	62,072		$	50,442
Amortization of intangibles related to acquisitions		(2,793	)		(1,961	)		(8,379	)		(6,837	)
Adjusted depreciation and amortization	$	18,638		$	15,574		$	53,693		$	43,605

Operating income	$	14,620		$	20,407		$	64,809		$	47,666
Amortization of intangibles related to acquisitions		2,793			1,961			8,379			6,837
Financing related expenses		—			66			—			898
Acquisition related expenses		776			65			802			413
Restructuring related expenses		5,526			—			7,291			441
Legal settlement expenses		5,500			—			5,855			13,000
Stock-based compensation expense		18,118			26,381			58,707			78,067
Payroll tax expense related to stock-based compensation		313			510			1,547			2,236
Loss on operating lease asset		—			—			4,409			—
Adjusted operating income	$	47,646		$	49,390		$	151,799		$	149,558

View source version on businesswire.com: https://www.businesswire.com/news/home/20251104513637/en/

Investor Contact

GoodRx

Aubrey Reynolds

ir@goodrx.com

Press Contact

GoodRx

Lauren Casparis

lcasparis@goodrx.com

GoodRx Reports Third Quarter 2025 Results