GoodRx Holdings, Inc. (GDRX): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how GoodRx Holdings, Inc. makes its money, especially now with projections hitting up to $810 million and $840 million for 2025. Honestly, it's more than just pharmacy coupons; their model is a sophisticated play connecting over 12 million users to pharma manufacturers via their growing Pharma Manufacturer Solutions, which hit $43.4 million in Q3 2025. We've mapped out the nine essential building blocks, showing how they balance massive consumer savings-over $85 billion delivered since 2011-with high-margin subscription revenue streams like GoodRx Gold. This is the blueprint for their current valuation. See the full breakdown below.

GoodRx Holdings, Inc. (GDRX) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that make the GoodRx Holdings, Inc. (GDRX) platform work, which is essential for understanding their revenue engine as of late 2025. These partnerships are where the savings are sourced and delivered, bridging the gap between manufacturers, pharmacies, and you, the consumer.

The company's strategy heavily relies on deepening these channel relationships to fuel its 'savings flywheel.' This means that as more partners join, the value proposition strengthens for everyone else in the ecosystem.

Pharmacy Benefit Managers (PBMs) for Discount Rate Negotiation

GoodRx Holdings, Inc. continues to engage with Pharmacy Benefit Managers (PBMs) to secure favorable terms for its integrated savings programs. While the landscape is dynamic, with recent volume reductions noted in one specific PBM program due to broader retail pharmacy shifts, analysts see value in GoodRx's participation in evolving PBM frameworks for long-term stability. The core function here is negotiating the underlying discount rates that power some of the platform's transaction revenue.

70,000+ U.S. Retail Pharmacies for Prescription Fulfillment

The sheer scale of the fulfillment network is a critical resource. GoodRx Holdings, Inc. maintains deep channel relationships across the healthcare ecosystem, enabling price comparisons for a massive footprint of dispensing locations. This scale is what allows the platform to offer geographically relevant pricing.

Here's a look at the scale of the network access:

• Physicians using integrated tools have access to price information for nearly 70,000 pharmacies in real time.
• The company actively works with independent pharmacies through programs like GoodRx Community Link to drive profitability.
• The RxSmartSaver solution launched with Kroger is available across nearly 2,200 Kroger pharmacies.

Pharmaceutical Manufacturers (e.g., Novo Nordisk) for Pharma Manufacturer Solutions

This segment is a significant growth driver. GoodRx Holdings, Inc. partners with pharmaceutical companies to extend the reach of their affordability programs, often through Cash Point-of-Sale solutions that help improve gross-to-net (GTN) margins for the brand. This directly supports the consumer-facing cash prices you see on the platform.

The financial performance and partnership depth in this area are notable for the fiscal year 2025:

Specific examples of these manufacturer partnerships include:

• Collaboration with Novo Nordisk to offer Ozempic and Wegovy at $499 per month.
• A new partnership with Amgen to offer Repatha at nearly 60% off the retail price.
• A July 2024 collaboration with Boehringer Ingelheim for a low cash price on adalimumab-adbm.

Electronic Health Record (EHR) Systems for Integrated Solutions

Integrating directly into the point-of-care workflow helps ensure prescribers can factor in affordability when writing prescriptions, which is key to medication adherence. GoodRx Holdings, Inc. uses APIs and established integrations to push pricing data right where the decision is made.

Key integrations include:

• Partnership with Surescripts to enable a clinical decision support EHR integration, providing drug discount pricing from GoodRx Holdings, Inc. to prescribers.
• Integration with Modernizing Medicine's specialty-specific EHR, EMA, to provide real-time drug pricing information.
• Integration of prescription drug prices into the e-prescribing workflow for providers using software like Kareo.

Strategic Retail Partners like Kroger for Expanded E-commerce Solutions

Strategic retail alliances, particularly with major chains, are used to deploy new, counter-based savings solutions and expand e-commerce capabilities. The partnership with Kroger is a prime example of this late-2025 strategy in action. This is about making savings instant at the pharmacy counter, not just online.

The Kroger relationship has evolved significantly:

• The RxSmartSaver solution is now live at approximately 2,200 Kroger pharmacies across 35 states.
• This solution provides access to over 80 unique cash prices for brand medications.
• A prior direct contracting agreement, effective June 1, 2024, resulted in savings of almost 50% more on most generic prescriptions at Kroger family pharmacy locations.

If onboarding for these new counter solutions takes 14+ days, churn risk rises.

Key Activities

You're looking at the core engine of GoodRx Holdings, Inc. as of late 2025. The key activities revolve around data integrity, scaling high-margin services, driving user engagement, and optimizing commercial agreements. Here's the breakdown of the numbers supporting those efforts.

Maintaining and updating the comprehensive prescription drug price database

This activity is foundational; the platform's value proposition rests on the accuracy and breadth of its pricing data. The scale of the underlying data infrastructure is immense, as evidenced by historical operational metrics.

• Platform processes over 360 billion pricing data points every day (historical context).
• Total savings delivered to Americans since 2011: Over $85 billion.

Developing and scaling Pharma Manufacturer Solutions (PMS) offerings

This segment is clearly a major growth driver, showing significant year-over-year acceleration, which means more resources are being poured into developing and integrating these manufacturer-facing tools.

Technology platform development and security for 20 billion+ annual price checks

While the exact 2025 annual price check volume isn't explicitly stated in the latest reports, the platform's continuous development supports its core function, which is processing consumer queries against its massive database.

The platform's ability to handle high transaction volume directly impacts the Prescription Transactions revenue stream.

Marketing and consumer acquisition to drive platform usage

Acquisition and retention efforts are critical, especially as the core prescription transactions revenue faces headwinds from broader retail pharmacy shifts. The focus is on maintaining a large, engaged user base.

• Healthcare professionals using GoodRx (2024): Over one million.
• Prescription-related consumers exited Q3 2025 at 5.4 million.
• Prescription Transactions Revenue (Q3 2025): $127.3 million.
• Subscription Revenue (Q3 2025): $20.7 million.

Negotiating favorable pricing contracts with PBMs and pharmacies

The success of the core marketplace business hinges on favorable unit economics derived from these negotiations, which help offset volume declines. You see this reflected in the financial commentary.

Improved unit economics related to contracting partially offset a 9% decrease in prescription transactions revenue in Q3 2025.

GoodRx Holdings, Inc. (GDRX) - Canvas Business Model: Key Resources

You're looking at the core assets that GoodRx Holdings, Inc. relies on to run its business as of late 2025. These aren't just line items; they are the engines driving the platform's value proposition.

The foundation is the proprietary, cloud-native technology platform and mobile app. This infrastructure is what allows for the real-time comparison and delivery of savings. For instance, looking specifically at the mobile channel on the Android platform for Q3 2025, active users reached approximately 444K by the end of that quarter. This platform underpins all user interactions, from searching to coupon delivery.

Crucial to the platform's function is the extensive, real-time prescription drug price database. The scope of this resource is best reflected by the breadth of its reach across the U.S. healthcare system. GoodRx Holdings, Inc. provides access to savings at more than 70,000 U.S. pharmacies. This massive network coverage is what makes the price comparison feature reliable and actionable for consumers nationwide.

Brand equity is a significant, though less tangible, resource. GoodRx Holdings, Inc. benefits from strong brand recognition and consumer trust for savings, which is validated by professional recommendation rates. As a key indicator of trust among prescribers, 85% of Healthcare Professionals (HCPs) have recommended GoodRx to their patients. Furthermore, the platform's overall scale demonstrates this reach; as of the end of Q3 2025, GoodRx Holdings, Inc. exited the quarter with over 6 million prescription-related consumers across its transaction and subscription offerings. Since 2011, the cumulative savings facilitated by this brand trust are estimated to be nearly $75 billion.

The physical infrastructure of the network is another vital resource, specifically the network access to over 70,000 U.S. pharmacies. This scale is a barrier to entry for new competitors and ensures high geographic coverage for users seeking local savings.

Finally, the balance sheet provides the necessary liquidity to invest in and maintain these resources. As of September 30, 2025, GoodRx Holdings, Inc. reported cash and cash equivalents of $273.5 million. This financial cushion supports ongoing operations, capital allocation priorities like share repurchases, and investment in the technology platform.

Here's a quick look at some key metrics that tie these resources together:

The platform's ability to generate savings is a direct result of these assets working in concert. The tech platform processes the database information to serve the consumers via the mobile app or website, all while leveraging the trust built through the vast pharmacy network.

You can also see how the platform engages different stakeholders:

• Consumers: Over 6 million prescription-related consumers as of Q3 2025.
• Healthcare Professionals (HCPs): 85% recommendation rate from HCPs.
• Pharmacies: Network coverage exceeding 70,000 locations.
• Manufacturers: Revenue from Pharma Manufacturer Solutions grew 54% year-over-year in Q3 2025.

Finance: draft 13-week cash view by Friday.

GoodRx Holdings, Inc. (GDRX) - Canvas Business Model: Value Propositions

For you, the consumer, the core value proposition is immediate price transparency and savings on prescriptions. This isn't just a small discount; it's substantial relief. Since starting in 2011, GoodRx Holdings, Inc. has helped Americans save over $85 billion on the cost of their medications.

This platform acts as a necessary complement to insurance, especially as coverage gets tighter. For instance, in Q3 2025, the company reported total revenue of $196.0 million, showing its continued relevance in the system.

The value extends to the healthcare professionals you see. GoodRx Holdings, Inc. provides tools designed to help over 750,000 healthcare professionals annually ensure patient adherence to their prescribed regimens. This is critical because, in 2025, discount programs like theirs were used by 43% of respondents who were getting creative to afford medication.

Here's a look at the specific financial and statistical value propositions across the ecosystem as of late 2025:

For pharmacies, the value is in driving traffic and improving economics through direct contracts. The company finalized several new deals for pharmacy counter and e-commerce solutions in Q2 2025, aiming to streamline workflows and reduce costs for partners. The Prescription Transactions revenue for Q2 2025 was $143.1 million, showing the volume moving through these partnerships.

For pharmaceutical manufacturers, the value is direct access and affordability programs. The Pharma Manufacturer Solutions revenue segment showed significant growth, increasing 54% to $43.4 million in Q3 2025 compared to the prior year period. This growth reflects expanded market penetration with brands.

You also get access to specialized telehealth and condition-specific subscription services. The company announced the launch of a new condition subscription product for erectile dysfunction in Q2 2025. The subscription revenue stream was $20.7 million in Q3 2025. GoodRx Care, the telehealth offering, provides value through flat fees for common prescriptions and lab tests, often being cheaper than traditional office visits.

These subscription services contribute to the overall user base. GoodRx Holdings, Inc. exited Q2 2025 with over 6 million prescription-related consumers across its transactions and subscription offerings. For the GoodRx Gold membership specifically, you could see up to $2,862/yr in savings when filling two or more prescriptions monthly.

• GoodRx Care charges flat fees for services.
• GoodRx Gold potential annual savings: up to $2,862.
• Q3 2025 Adjusted EBITDA Margin: 33.8%.
• HCPs report that GoodRx improves patient access to medication (93% of surveyed providers).

If you're looking at the platform's utility for adherence, remember that in 2023, 41% of prescriptions filled using a GoodRx coupon were newly adherent, meaning they wouldn't have been filled otherwise.

Finance: draft the Q4 2025 revenue projection variance analysis by next Tuesday.

GoodRx Holdings, Inc. (GDRX) - Canvas Business Model: Customer Relationships

You're looking at the direct interactions GoodRx Holdings, Inc. maintains with its diverse user base, from individual consumers to large pharmaceutical partners. The relationship strategy is a blend of high-volume automation and high-touch enterprise service.

Automated, self-service price comparison via app and website

The core relationship is transactional and automated. GoodRx Holdings, Inc. serves a massive audience through its digital platform, which facilitates near real-time price comparisons across pharmacies.

• Exited the third quarter of 2025 with over 6 million prescription-related consumers using the platform.
• This consumer base represents the sum of Monthly Active Consumers and subscription plan holders as of September 30, 2025.
• In 2024, users saved 83% on retail prescription prices, totaling $17 billion in medication savings.
• Over 80% of patients coming to the platform already have a prescription in hand and are seeking affordability.

Dedicated account management for Pharma Manufacturer Solutions clients

This is the high-touch side of the relationship, focused on pharmaceutical manufacturers. The success here is reflected in significant revenue growth from these partnerships.

GoodRx Holdings, Inc. manages relationships with over 200 brand affordability programs on its platform, with nearly 80 of those being cash prices.

Condition-specific subscription models (e.g., weight loss, ED) for recurring revenue

The recurring revenue stream from subscriptions is managed through various plans, though the overall segment saw a slight contraction in Q3 2025.

The company announced the launch of a new condition subscription product for erectile dysfunction during the second quarter of 2025. Still, subscription revenue for Q3 2025 was $20.7 million, a 3% decrease year-over-year.

Here's a quick look at the subscription revenue trend:

Customer support for prescription transaction issues

While specific 2025 customer support volume or resolution metrics aren't explicitly detailed, the company emphasizes strong consumer support as part of its retention tools. The platform aims to reduce friction at the pharmacy counter, which inherently reduces the need for reactive support for transaction issues.

The relationship is also supported by high professional trust, as 85% of healthcare professionals have recommended GoodRx Holdings, Inc. to their patients.

Finance: draft 13-week cash view by Friday

GoodRx Holdings, Inc. (GDRX) - Canvas Business Model: Channels

Direct-to-Consumer (DTC) via GoodRx mobile app and website

• Prescription transactions revenue for the third quarter of 2025 was $127.3 million.
• Monthly Active Consumers (MACs) drove the prescription transactions revenue. MACs for the three months ended September 30, 2025, are a component of the total prescription-related consumers.
• Monthly Active Consumers (MACs) in the first quarter of 2025 were 6.4 million.
• The number of Monthly Active Consumers contributed to a 9% decrease in prescription transactions revenue year-over-year in Q3 2025.
• Total prescription-related consumers, which includes MACs and subscribers, stood at over 6 million as of September 30, 2025.

Pharmacy counter via GoodRx codes/cards for instant discounts

• This activity is primarily captured within the Prescription transactions revenue segment.
• The company launched 'innovative pharmacy counter solutions' during the third quarter of 2025.
• In 2025, 43% of respondents struggling to afford medication used discount programs like GoodRx.

Integrated e-commerce solutions with retail pharmacy partners

The Pharma manufacturer solutions revenue growth for the first nine months of 2025 compared to the first nine months of 2024 was 35%.

Subscription revenue in the first quarter of 2025 was $21.0 million.

Subscription plans as of September 30, 2025, are included in the over 6 million prescription-related consumers figure.

Telehealth platform for virtual care and prescription access

• Consumers using the telehealth offering are included in the total count of prescription-related consumers.
• The company is focused on expanding integrated access and affordability solutions, which includes connecting manufacturers with healthcare professionals.

GoodRx Holdings, Inc. reported total revenue of $196.0 million for the third quarter of 2025.

As of September 30, 2025, GoodRx Holdings, Inc. had cash and cash equivalents of $273.5 million and total outstanding debt of $496.3 million.

During the third quarter of 2025, the company repurchased 13.4 million shares of Class A common stock for an aggregate of $61.6 million.

GoodRx Holdings, Inc. (GDRX) - Canvas Business Model: Customer Segments

You're looking at the core groups GoodRx Holdings, Inc. serves to drive its platform value, and the numbers show a clear focus on the cash-pay patient base and the partners needed to support that access.

The primary customer segment is the cash-paying and underinsured consumer base actively seeking prescription savings. This group is the engine for the core prescription transactions business. As of the first quarter of 2025, GoodRx Holdings, Inc. reported that over 12 million consumers used the platform, though the specific metric for Monthly Active Consumers (MACs) was 6.4 million in Q1 2025, a decrease from 6.7 million in Q1 2024. The total number of prescription-related consumers, which includes MACs and subscribers, stood at over 7 million exiting Q1 2025. By the end of Q3 2025, this figure was over 6 million prescription-related consumers. The company is also used by nearly 30 million consumers annually.

The platform serves several critical partners who rely on GoodRx Holdings, Inc. for patient access, adherence, and revenue generation. These include pharmaceutical manufacturers, retail pharmacies, and healthcare professionals.

For pharmaceutical manufacturers, the value proposition centers on patient access and adherence solutions, often through point-of-sale discount programs. This segment is showing significant financial traction. Manufacturer solutions revenue grew 17% year-over-year in Q1 2025. This growth accelerated to 32% year-over-year in Q2 2025, reaching $35.0 million, and further to 54% year-over-year in Q3 2025, hitting $43.4 million. The full-year 2025 outlook for Pharma Manufacturer Solutions revenue growth was raised to approximately 35% Year-Over-Year.

Retail pharmacies, encompassing both national chains and independents, are essential for fulfillment. The company is focused on strengthening these relationships, including launching new integrated e-commerce solutions with partners. Management noted that the bankruptcy proceedings of Rite Aid, which accounts for less than 5% of projected 2025 revenue, was a key operational consideration, but the company was engaged with retail partners to manage any transition smoothly.

Healthcare professionals (HCPs) are a vital segment for driving platform adoption at the point of care. In Q1 2025, over 750,000 HCPs utilized the GoodRx Holdings, Inc. platform. Annually, the platform is used by over one million healthcare professionals.

Here's a quick look at the key segment metrics as of the first half of 2025:

The platform connects these groups across the ecosystem, including payers and pharmacy benefit managers, to make saving on medications easier. The focus on deepening pharma partnerships is definitely a strategic move to diversify revenue streams away from just transaction volume.

Finance: draft 13-week cash view by Friday.

GoodRx Holdings, Inc. (GDRX) - Canvas Business Model: Cost Structure

You're looking at the major outflows for GoodRx Holdings, Inc. as of late 2025. This is where the revenue generated by their platform is being spent to keep the lights on and drive growth.

The cost structure is heavily weighted toward consumer acquisition and platform maintenance. For the third quarter of 2025, total costs and operating expenses reached $181.408 million (in thousands) on $196.028 million in revenue.

Here is a breakdown of the most significant expense categories based on Q3 2025 reported figures (in thousands of USD):

Significant investment in technology and platform development

The commitment to the digital platform is clear in the spending figures. For the third quarter of 2025, Product development and technology expenses were $31.012 million. This spend supports the core price comparison engine and the development of new solutions like the RxSmartSaver counter program.

Sales and marketing expenses for consumer acquisition

Acquiring and retaining users remains a top cost driver. Sales and marketing expenses for the third quarter of 2025 totaled $83.532 million. This spend is essential for driving traffic to the platform, though the company noted a decrease in Monthly Active Consumers to 5.4 million in Q3 2025 from 5.7 million the prior quarter.

Personnel costs for engineering, sales, and corporate functions

Personnel costs are embedded across several operating expense lines. The specific line item for General and administrative expenses, which covers corporate functions, was $32.014 million in Q3 2025. Engineering costs are part of the Product development and technology spend of $31.012 million, and sales personnel are included in the $83.532 million Sales and marketing spend.

Transaction processing fees paid to PBMs and partners

While a specific GAAP expense line item for this was not isolated in the high-level summary, the cost structure involves fees related to the Integrated Savings Program (ISP). Lawsuits allege that for each prescription dispensed under the ISP, independent pharmacies are charged a fee that is then shared between GoodRx Holdings, Inc., the customer's Pharmacy Benefit Manager (PBM), and the PBM whose negotiated rate was applied. One allegation suggested this fee is usually between $5 and $10 per transaction for the split.

Debt servicing on total outstanding debt of $496.3 million (Q3 2025)

GoodRx Holdings, Inc. carried total outstanding debt of $496.3 million as of September 30, 2025. The associated cost for servicing this debt, reported as Interest expense for the third quarter of 2025, was $10.829 million (or $10,829 thousand).

The overall cost discipline is reflected in the GAAP Operating Margin, which was 7.5% in Q3 2025, a decrease from 10.5% in the same quarter last year. However, the Adjusted EBITDA Margin stood at a healthier 33.8% for the quarter.

• Total outstanding debt as of September 30, 2025: $496.3 million.
• Q3 2025 Interest Expense (Debt Servicing): $10.829 million.
• Q3 2025 Sales and Marketing as a percentage of Revenue: Approximately 42.6% (Calculated using $83,532k / $196,028k).

GoodRx Holdings, Inc. (GDRX) - Canvas Business Model: Revenue Streams

You're looking at how GoodRx Holdings, Inc. actually brings in the money as of late 2025. It's a mix, but the story is clearly shifting toward manufacturer partnerships, even as the core prescription code usage sees some pressure. Here's the quick math on the revenue streams that feed the business.

The overall expectation for the top line is solid, with GoodRx Holdings, Inc. projecting its full-year 2025 total revenue to fall between $810 million and $840 million, which represents growth compared to 2024 revenue of $792.32 million in the prior year. The Q3 2025 total revenue came in at $196.0 million. This revenue is defintely segmented across a few key areas.

• Prescription Transaction Revenue (fee from PBMs/partners for each use of a GoodRx code)
• Pharma Manufacturer Solutions (PMS) revenue
• Subscription revenue (e.g., GoodRx Gold, condition-specific plans)
• Telehealth and other health services revenue (part of the total)

Prescription Transaction Revenue, which is the fee GoodRx Holdings, Inc. gets from Pharmacy Benefit Managers (PBMs) or partners for every time a GoodRx code is used, saw a dip in the third quarter. For Q3 2025, this revenue stream was $127.3 million, marking a 9% decrease year-over-year. This was tied to a drop in Monthly Active Consumers (MACs), which fell to 5.4 million from 6.5 million in the prior year period.

The Pharma Manufacturer Solutions (PMS) segment is where the real growth is, showing strong momentum. In Q3 2025, PMS revenue hit $43.4 million, which is a massive 54% jump compared to the same quarter last year. Management raised the full-year 2025 outlook for this segment to approximately 35% year-over-year growth.

Subscription revenue, covering plans like GoodRx Gold and other condition-specific offerings, contributed $20.7 million in Q3 2025. Still, this stream saw a small contraction, decreasing by 3% year-over-year, largely due to factors like the Rite Aid store closures and lower volumes in one of the integrated savings programs.

When you look at the components of the Q3 2025 performance, you see the mix shift clearly. Telehealth and other health services revenue is bundled into the total, but the primary drivers are these three areas. Here is a snapshot of the Q3 2025 revenue breakdown and the full-year expectation you need to keep in mind:

The Q1 2025 results also showed some of these trends earlier in the year, with prescription transaction revenue up 2% and manufacturer solutions revenue up 17% year-over-year for that quarter. You should watch the unit economics in the core transaction business, as improved contracting partially offset the volume declines.