Executive Summary

Q2 2025 revenue was $203.1M, up 1% year over year but modestly below S&P Global consensus ($205.7M*), while GAAP diluted EPS was $0.04 and Adjusted diluted EPS was $0.09, above S&P EPS consensus ($0.041*) .
Adjusted EBITDA was $69.4M (34.2% margin), up from $65.4M a year ago and broadly consistent with Q1’s margin profile; mix shift to higher-margin activities and cost alignment supported margin resilience .
Management lowered 2025 revenue outlook from $810–$840M to “increase from 2024” and cut Adjusted EBITDA guidance to $265–$275M, citing ~$35–$40M 2025 revenue headwind from the Rite Aid bankruptcy and volume decline in one PBM ISP program; Q3 revenue expected to be lower than Q4 .
Pharma Manufacturer Solutions was the standout: +32% YoY to $35.0M in Q2, with management projecting 30%+ growth for 2025, positioning brand-direct and HCP initiatives as multi-quarter growth drivers .
Execution catalysts: continued H2 brand/marketing relaunch, pharmacy counter/e-commerce integrations, direct contracting with independents (Community Link), and newly launched condition subscriptions (ED), while headwinds center on retail disruption and ISP restructuring .

What Went Well and What Went Wrong

What Went Well

Strong non-retail growth engine: “Pharma manufacturer solutions delivered especially strong results, with 32% year-over-year revenue growth in the second quarter,” with management “projecting [it] will grow 30% or higher in 2025” .
Margin durability: Adjusted EBITDA of $69.4M and 34.2% margin (up 160 bps YoY) underscored cost realignment and mix benefits: “a solid financial quarter… adjusted EBITDA margin… improvement of 160 basis points” .
Strategic expansions: CEO highlighted deals for “pharmacy counter and e-commerce solutions” and a new condition subscription for erectile dysfunction; management emphasized expanding integrated access/affordability with pharma to drive long-term growth .

What Went Wrong

Retail disruption & ISP headwinds: A “material decline in volume at one of our PBM partners” and Rite Aid’s accelerated process led to lower MACs and prescription transactions revenue (-3% YoY) .
Monthly Active Consumers fell 14% YoY to 5.7M in Q2, weighed by store closures and ISP changes; subscription plans also declined to 668K .
Guidance cut: 2025 revenue view reduced (now only “increase vs 2024”), Adjusted EBITDA narrowed to $265–$275M, explicitly incorporating ~$35–$40M revenue loss from ISP/Rite Aid impacts; near-term revenue trajectory now “Q3 lower than Q4” .

Financial Results

Headline metrics vs prior periods and S&P Global consensus

Metric	Q2 2024	Q1 2025	Q2 2025	Consensus (Q2 2025)
Revenue ($M)	$200.6	$203.0	$203.1	$205.7*
GAAP Diluted EPS ($)	$0.02	$0.03	$0.04	$0.041* (Primary EPS)
Adjusted Diluted EPS ($)	$0.08	$0.09	$0.09	—
Net Income Margin (%)	3.3%	5.4%	6.3%	—
Adjusted EBITDA ($M)	$65.4	$69.8	$69.4	$70.6* (EBITDA)
Adjusted EBITDA Margin (%)	32.6%	34.4%	34.2%	—

Values marked with * are retrieved from S&P Global.

Notes:

Revenue was slightly below S&P consensus (~$2.6M miss; ~1.3% below), while S&P “Primary EPS” beat the $0.041 consensus. Adjusted EPS of $0.09 reflects company non-GAAP reporting .
S&P EBITDA definitions may differ from company-reported Adjusted EBITDA; company Adjusted EBITDA = $69.4M .

Segment revenue breakdown ($M)

Segment	Q2 2024	Q1 2025	Q2 2025
Prescription transactions	$146.7	$148.9	$143.1
Subscription	$22.0	$21.0	$20.5
Pharma manufacturer solutions	$26.5	$28.6	$35.0
Other	$5.4	$4.4	$4.6
Total	$200.6	$203.0	$203.1

KPIs

KPI	Q2 2024	Q1 2025	Q2 2025
Monthly Active Consumers (MM, quarterly average)	6.6	6.4	5.7
Subscription plans (000s, period-end)	696	680	668

Cash and Capital Allocation (select items)

Operating cash flow: $49.6M in Q2 2025 (vs $9.7M Q2 2024); cash & equivalents $281.3M; total outstanding debt $497.5M .
Repurchases: 10.2M shares for $46.4M in Q2; $143.0M remaining under $450M authorization at 6/30/25 .
Q1 2025 repurchases were $100.9M (23.3M shares) .

Guidance Changes

Metric	Period	Previous Guidance (May 7, 2025)	Current Guidance (Aug 6, 2025)	Change
Revenue	FY 2025	$810–$840M	“Increase from 2024” ($792.3M base)	Lowered, range removed
Adjusted EBITDA	FY 2025	$273–$287M	$265–$275M	Lowered
Quarterly cadence	H2 2025	—	Q3 revenue expected lower than Q4	New detail
Impacted items	FY 2025	Excluded Rite Aid in May	Now includes ~$35–$40M revenue loss from Rite Aid + ISP volume	Incorporated headwinds

Management reiterated margin focus and operating efficiencies despite lower revenue expectations .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 2024)	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Pharma Manufacturer Solutions growth	2024 PMS +26% YoY; momentum into 2025	PMS +17% YoY; 20%+ FY growth view with pipeline building	PMS +32% YoY in Q2; guiding 30%+ FY growth; higher monetization per brand	Accelerating
Integrated Savings Program (ISP)	Part of retail strategy; PBM dynamics noted	Evolving ISP; potential extension to non-covered brands; PBM wrap discussed	Material volume decline with one PBM; half of $35–$40M revenue headwind from ISP; brand “wrap” expansions in progress	Near-term pressure; repositioning
Retail pharmacy ecosystem & counter integrations	Macro retail uncertainties acknowledged	Emphasis on e-commerce integration; becoming “digital front door”	New counter partnerships signed; ecommerce launched with additional retailer; independent pharmacy program (Community Link)	Building
GLP‑1 / Brand-direct pricing	Not highlighted	Active dialog with Novo/Lilly; advocating for cash POS buy-down; traffic tailwind	Post-Q2, Novo collaboration announced for $499/month self-pay Ozempic/Wegovy via GoodRx	Positive structural tailwind
HCP strategy	Not highlighted	750K+ HCPs in Q1; plan to monetize HCP engagement with pharma	750K+ HCPs active in Q2; targeted pharma offers included in 2026 selling plan	Advancing
Capital allocation	Healthy cash; 2024 cash from ops $183.9M	Heavy buybacks; $189M capacity remaining	Continued buybacks ($46.4M in Q2); $143M capacity remaining	Continuing

Management Commentary

“Our business continues to deliver strong adjusted EBITDA margins… key initiatives designed to better position the company for sustainable long term growth.” – CEO Wendy Barnes, highlighting PMS strength and retailer integrations .
“We are now projecting our pharma manufacturing solutions offering will grow 30% or higher in 2025.” – CFO Chris McGinnis .
“Combined, [Rite Aid bankruptcy and ISP erosion] are expected to result in approximately $35 to $40 million of estimated revenue loss in 2025… Despite lowering revenue projections, we expect full year Adjusted EBITDA will be in the range of $265 and $275 million.” – CFO .
“We launched e‑commerce solutions with an additional retailer… in contract discussions for several more.” – CEO
“We are weeks out on the precipice of a brand relaunch and refresh… with additional marketing spend in the back half of the year.” – CEO/CFO during Q&A .
“Community Link… provides predictable pricing and favorable economics [to independents]” based on cost‑plus NADAC and opt‑in ISP .

Q&A Highlights

ISP trajectory: About half of the $35–$40M 2025 revenue headwind is ISP; recovery and new partner additions likely 2026 opportunity; expansion to brand “wrap” noted .
Rite Aid impact and recapture: Process unfolded rapidly; recapture expected over time via direct outreach and partnerships with acquiring retailers; headwind sized in guidance .
Marketing/brand: Elevated H2 marketing with a brand refresh; spend to support subscriptions (ED, weight-loss) and pharmacy-counter initiatives .
Capital deployment: Buybacks remain a priority given valuation; continue to invest in strategic initiatives; slight back-half marketing uptick contemplated .
KPI commentary: MACs pressured by retail closures and ISP changes, while revenue per script benefited from mix and unit economics; management reassessing MACs as a health metric as consumer-direct brand pricing shifts volume out of MAC count .

Estimates Context

Q2 2025 results vs S&P Global consensus: revenue $203.07M vs $205.71M* (miss ~1.3%); Primary EPS $0.09 vs $0.0406 (beat); EBITDA S&P consensus ~$70.6M* with S&P “actual” ~$46.5M*, which differs from company Adjusted EBITDA of $69.4M due to differing definitions .

Metric (S&P Global)	Q2 2024	Q1 2025	Q2 2025
Revenue Consensus Mean ($M)	200.43 vs Actual 200.61	202.20 vs Actual 202.97	205.71 vs Actual 203.07
Primary EPS Consensus Mean ($)	0.032 vs Actual 0.08	0.0378 vs Actual 0.09	0.0406 vs Actual 0.09
EBITDA Consensus Mean ($M)	62.7 vs Actual 36.8	67.3 vs Actual 48.7	70.6 vs Actual 46.5

Values retrieved from S&P Global.

Implications:

Modest top-line miss alongside an EPS beat should shift focus to mix and cost control. Street models will likely cut 2025 revenue (already guided down), while EBITDA forecasts may hold near the new $265–$275M range given management confidence .

Key Takeaways for Investors

Pharma Manufacturer Solutions is the structural growth driver (30%+ FY25 guide), supported by brand-direct pricing and HCP channel leverage; this mix shift helps protect margins even as retail faces turbulence .
The retail/ISP reset is a 2025 headwind (~$35–$40M revenue), with recapture and brand “wrap” expansions pointing to recovery skewed to 2026; monitor updates on PBM partner additions and implementation pace .
Margin resilience (Adj. EBITDA ~34%) reflects operating discipline and favorable mix; the new FY25 Adj. EBITDA range ($265–$275M) suggests durability despite top-line pressure .
Near‑term stock drivers: (1) progress on retailer integrations/e‑commerce and independent pharmacy direct contracting (Community Link), (2) evidence of subscriber traction in new condition subscriptions (ED now, weight loss/hair loss planned), (3) updates on brand-direct pricing and GLP‑1 access (Novo collaboration announced post‑quarter) .
Expect Q3 revenue to be lower than Q4; H2 brand relaunch and targeted marketing should support demand recapture; watch MAC trends but prioritize revenue per script and PMS growth metrics for health checks .
Buybacks remain a supportive capital allocation lever alongside selective investment; balance sheet liquidity remains solid to fund initiatives and opportunistic repurchases .

Appendix: Additional Context and Data

Operating detail from 8‑K/Press Release

Q2 2025 highlights: Revenue $203.1M; Net income $12.8M (6.3% margin); Adjusted Net Income $33.9M (16.7% margin); Adjusted EBITDA $69.4M (34.2% margin); Operating cash flow $49.6M .
Segment dynamics: Prescription transactions (-3% YoY) impacted by 14% MAC decline, retail closures, and ISP volume reduction; PMS +32% YoY driven by brand-direct pricing and higher monetization per brand .
Balance sheet: Cash & equivalents $281.3M; total outstanding debt $497.5M at 6/30/25 .

Selected strategic press releases (Q2 2025)

Community Link for independent pharmacies (cost‑plus NADAC, opt‑in ISP, brand deals access) .
Direct contracting announcement ahead of Community Link launch .
ED subscription service launch (bundled consult, Rx, delivery; starts at $18/month) .

Post‑quarter development (for context)

Novo Nordisk collaboration: Ozempic/Wegovy self-pay at $499/month via GoodRx for eligible patients, expanding access and supporting brand‑direct strategy; potential to enhance GLP‑1 funnel conversion .

Citations:

Q2 2025 8‑K and press release: .
Q2 2025 earnings call transcript: .
Q1 2025 8‑K and call: .
Q4 2024 8‑K: .
Community Link and ED subscription press releases: .
Novo Nordisk collaboration press release: .

S&P Global estimates: Values marked with * are retrieved from S&P Global.

GoodRx Holdings, Inc. (GDRX)·Q2 2025 Earnings Summary