Progyny (PGNY) Q3 2026 Earnings
Adjusted EPS excludes stock-based compensation expense of $21,106 thousand, net of an income tax effect of $(5,155) thousand; GAAP diluted EPS was $0.32.
How Did PGNY Stock React to Q3 2026 Earnings?
Did PGNY Beat Earnings? Q3 2026 Results
Yes. Progyny reported Q3 2026 earnings of $0.52 a share on Nov 4, 2026, beating the $0.51 consensus estimate by 2.2%. Revenue was $341.3M against a $340.8M estimate.
Progyny delivered a solid third-quarter 2026 beat on both headline metrics, with adjusted EPS of $0.52 edging past the $0.51 consensus by 2.18% and revenue of $341.25 million coming in just ahead of estimates while growing 8.9% year over year. The core driver behind the quarter was client expansion, as Progyny ended the period with 607 fertility and family-building clients, up from 553 a year earlier, with average members rising 6.2% to 7.18 million. Gross margin widened 130 basis points to 24.5%, aided by lower stock-based compensation, which fell to $21.11 million from $32.17 million, helping lift GAAP net income to $26.25 million from $13.86 million. Fertility benefit services revenue climbed 10.6% to $223.40 million, while pharmacy services added 5.8% to $117.90 million. Management raised its full-year guidance midpoint, now targeting $1.36 to $1.39 billion in revenue and adjusted EPS of $2.09 to $2.13, and cited a record 2027 selling season, with more than 85 new clients secured and near-100% retention for the coming year.
- Increase in the number of clients and covered lives drove 8.9% revenue growth
- Gross margin expanded 130 basis points to 24.5% on care management efficiencies and lower stock-based compensation
- Stock-based compensation fell to $21.1 million from $32.2 million a year earlier
- Female utilization of 0.49% vs 0.47% in the prior-year period
- ART cycles up 4.6% to 16,723; average members up 6.2% to 7,176,000
- Days sales outstanding improved by nearly 7 days to 66
- Adjusted EBITDA-to-operating-cash-flow conversion maintained above the 75% target
“We're exceptionally pleased with the results of our most recent selling season, where our momentum extended even into its latest stages, yielding 1.3 million new covered lives, our most ever in a single season, and over 85 new clients.”
Progyny CEO, on the earnings call
What Is Progyny's Outlook?
Progyny raised the midpoint of its full-year 2026 guidance, citing healthy member activity entering the fourth quarter. **Full-year 2026:** - Revenue of $1.365–$1.385 billion, or 5.9%–7.5% growth (10.1%–11.7% excluding $48.5 million of 2025 revenue from a former large client). - Net income of $107.0–$110.6 million, or $1.30–$1.35 per diluted share. - Adjusted EBITDA of $235.0–$240.0 million. - Adjusted EPS of $2.09–$2.13. **Fourth quarter 2026:** - Revenue of $344.7–$364.7 million, or 8.3%–14.6% growth. - Net income of $28.5–$32.1 million, or $0.36–$0.41 per diluted share. - Adjusted EBITDA of $57.9–$62.9 million. - Adjusted EPS of $0.53–$0.58. Most new clients and lives from the selling season go live in the first quarter of 2027, with a meaningful number launching mid-year. The company expects more than 660 clients and about 8.3 million covered lives in 2027. It plans to issue 2027 guidance in February.
PGNY YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $341.3M | $313.3M | +8.9% |
| Gross Profit | $83.7M | $72.8M | +15.0% |
| Operating Income | $35.2M | $21.5M | +63.4% |
| Net Income | $26.3M | $13.9M | +89.4% |
PGNY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.