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Progyny

Progyny (PGNY) Q2 2026 Earnings

Reported Aug 6, 2026 at 4:10 PM ET · SEC Source

Q2 26 EPS Adjusted

$0.55

BEAT +6.16%

Est. $0.52

Q2 26 Revenue

$350.5M

BEAT +0.53%

Est. $348.6M

vs S&P Since Q2 26

-16.3%

TRAILING MARKET

PGNY -17.3% vs S&P -1.0%

Market Reaction

Did PGNY Beat Earnings? Q2 2026 Results

Progyny posted a clean beat on both top and bottom lines in Q2 2026, with adjusted EPS of $0.55 clearing the $0.52 consensus by 6.16% and revenue of $350.51 million edging ahead of the $348.65 million estimate, up 5.3% year-over-year. The headline gr… Read more Progyny posted a clean beat on both top and bottom lines in Q2 2026, with adjusted EPS of $0.55 clearing the $0.52 consensus by 6.16% and revenue of $350.51 million edging ahead of the $348.65 million estimate, up 5.3% year-over-year. The headline growth figure, however, understates the underlying momentum; excluding $17.20 million contributed by a large former client in the year-ago period, organic revenue grew 11.0%, reflecting client base expansion to 604 from 542 and a 6.6% rise in average eligible members to 7,185,000. Gross margin widened 180 basis points to 25.5%, aided by care management efficiencies and a sharp pullback in stock-based compensation expense, which dropped 37% to $20.48 million. Analysts had been watching for signs of durable top-line traction, and management reinforced confidence by affirming full-year 2026 revenue guidance of $1.36 billion to $1.39 billion, with adjusted EPS of $2.04 to $2.10, while noting that the upcoming selling season is pacing meaningfully ahead of the prior year.

Key Takeaways

  • • Growth in clients (604 vs. 542 YoY) and covered lives (7.185M vs. 6.743M average members)
  • • Member engagement trending to the higher end of expectations with 0.49% female utilization
  • • Gross margin expansion of 180 basis points driven by care management efficiencies and lower stock-based compensation
  • • Organic revenue growth of 11.0% excluding the impact of the large former client

PGNY Forward Guidance & Outlook

For Q3 2026, Progyny guides revenue of $335M–$345M (6.9%–10.1% growth), net income of $24.5M–$26.7M ($0.30–$0.33 EPS), Adjusted EBITDA of $56M–$59M, and adjusted EPS of $0.50–$0.52. Management notes a slightly more pronounced seasonal dip during peak summer, with September activity consistent with first-half engagement levels. Full-year 2026 guidance calls for revenue of $1.360B–$1.385B (5.5%–7.5% growth, or 9.7%–11.7% excluding the former large client), net income of $104.8M–$109.9M ($1.26–$1.32 EPS), Adjusted EBITDA of $233M–$240M, and adjusted EPS of $2.04–$2.10. Full-year guidance assumes approximately 6,900,000 average members with female utilization of 1.04%–1.05%.

24/7 Wall St

PGNY YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

PGNY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“The strong second quarter results reflect that member engagement trended to the higher end of our expectations, as members continued to pursue the services they need in order to address their family building and overall health and well-being goals.”

— Pete Anevski, Q2 2026 Earnings Press Release

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