10-Q · May 8, 2026
Progyny, Inc. reported Q1 2026 revenues of $328.5 million, marking a 1% increase year-over-year, and a diluted EPS of $0.50, which exceeded expectations. The company achieved improved gross margins of 25.3% versus 23.4%…
Earnings analysis · 10-Q
PGNY earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Progyny delivered Q3 revenue of $341.254 million, approximately 9.0% above Q3 2025, with gross margin improving to 24.5% and adjusted EBITDA rising 6.3% to $58.4 million. GAAP diluted EPS was $0.32, below the $0.46…
Read full summary
Progyny delivered Q3 revenue of $341.254 million, approximately 9.0% above Q3 2025, with gross margin improving to 24.5% and adjusted EBITDA rising 6.3% to $58.4 million. GAAP diluted EPS was $0.32, below the $0.46 consensus estimate and below the $0.34 reported in Q2 2026, creating a mixed earnings signal despite stronger operating cash flow of $56.6 million. Management raised full-year 2026 guidance to $1.365-$1.385 billion of revenue and $2.09-$2.13 of adjusted EPS, but expanded PBM regulation and substantial share repurchases remain notable risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.32
- Gross margin
- 24.5%
What stood out
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Revenue grew year over year
Q3 revenue was $341.254 million, up approximately 9.0% from $313 million in Q3 2025, although down approximately 2.8% from $351 million in Q2 2026.
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Year-over-year margin expansion
Gross margin expanded to 24.5% from 23.2% in Q3 2025, a 130-basis-point improvement, but declined from 25.5% in Q2 2026.
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Profitability improved year over year
GAAP diluted EPS was $0.32 versus $0.15 in Q3 2025, while adjusted EBITDA increased 6.3% to $58.4 million.
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Operating cash generation strengthened
Operating cash flow increased to $56.6 million in Q3 2026, compared with $46 million of free cash flow in Q3 2025; free cash flow for the current quarter was not disclosed in the provided filing text.
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High Progyny Rx adoption
Progyny Rx had launched with 94% of current clients, including approximately 97% of clients signed in 2025, supporting continued cross-sell potential.
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Broad client diversification
The company serves over 605 employers with at least 1,000 covered lives across more than 40 industries; no client represented more than 10% of total revenue for the nine months ended September 30, 2026.
What to watch
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Share repurchases reduce liquidity
The May 2026 repurchase program authorized up to $200 million, and the company repurchased 3,117,013 shares at an average price of $27.73 in Q3; only $85.784 million remained available at September 30, 2026, reducing liquidity flexibility.
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New PBM reform requirements
The Consolidated Appropriations Act of 2026, signed February 3, 2026, requires PBMs to disclose costs, fees and rebates and pass 100% of rebates to consumers, potentially pressuring Progyny Rx economics and increasing compliance costs.
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Expansion increases regulatory burden
Management expects to offer its fertility solution to large-group fully insured employers, which would subject the company to additional regulatory requirements and ongoing compliance costs; current Progyny Rx adoption is already 94% of clients.
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Investment and interest-rate exposure
The company reported cash and cash equivalents of $116.8 million and marketable securities of $78.8 million at September 30, 2026. A hypothetical 1% change in interest rates would not materially affect the consolidated financial statements, but interest-rate changes could affect interest income and investment values.
Management's outlook
Management raised full-year 2026 guidance. Adjusted EPS guidance is $2.09-$2.13 and revenue guidance is $1.365-$1.385 billion; no separate GAAP EPS guidance was provided.
Earlier filings 4
10-K · February 27, 2026
Progyny, Inc. reported a solid performance in 2025, achieving revenue of $1.29 billion, a 10% increase from the prior year, driven primarily by its fertility benefits solution. The company maintained a gross margin of…
10-Q · November 7, 2025
Progyny, Inc. reported strong financial performance for Q3 2025, with revenue reaching $313.3 million, a 9% increase from Q3 2024. Gross profit also improved significantly, up 23% year-over-year, indicating stronger…
10-Q · August 8, 2025
Progyny, Inc. reported a strong Q2 2025, with revenues reaching $332.9 million, reflecting a 9% increase year-over-year. The company also exceeded expectations with an EPS of $0.48, significantly higher than the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.