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Progyny

Progyny (PGNY) Q1 2026 Earnings

Reported May 7, 2026 at 4:03 PM ET · SEC Source

Q1 26 EPS

$0.50

BEAT +14.73%

Est. $0.44

Q1 26 Revenue

$328.5M

BEAT +0.61%

Est. $326.5M

vs S&P Since Q1 26

+58.4%

BEATING MARKET

PGNY +60.7% vs S&P +2.3%

Market Reaction

Did PGNY Beat Earnings? Q1 2026 Results

Progyny, Inc. Delivered a clean beat to open fiscal 2026, posting first-quarter adjusted earnings of $0.50 per diluted share against a Wall Street consensus of $0.44, a 14.73% positive surprise that extended the fertility benefits company's streak of… Read more Progyny, Inc. Delivered a clean beat to open fiscal 2026, posting first-quarter adjusted earnings of $0.50 per diluted share against a Wall Street consensus of $0.44, a 14.73% positive surprise that extended the fertility benefits company's streak of beating EPS estimates to four consecutive quarters. Revenue of $328.50 million edged past the $326.51 million consensus and rose 1.4% year over year, though the headline growth rate understates underlying momentum; stripped of $31.30 million in transition revenue from a large client that did not renew for 2025, organic revenue expanded 12.2%, supported by client count growing to 595 from 532 and covered lives reaching 7.19 million. Gross margin widened to 25.3% from 23.4%, helped in part by a sharp decline in stock-based compensation expense to $19.72 million from $32.51 million a year ago. The company also launched Progyny Select, a pooled-risk fertility plan targeting small employers for 2027, broadening its addressable market. For the full year, management guided revenue of $1.37 billion to $1.41 billion and adjusted EPS of $1.98 to $2.09.

Key Takeaways

  • • Growth in number of clients from 532 to 595 year-over-year
  • • Average eligible members increased 7% to 7.185 million
  • • Female utilization rate improved to 0.48% from 0.46%
  • • Ongoing efficiencies in care management services delivery
  • • Significant reduction in stock-based compensation expense from $32.5M to $19.7M
  • • Days sales outstanding improved by more than 11 days year-over-year to 72 days
  • • Revenue growth of 12.2% excluding the impact of the large former client

PGNY Forward Guidance & Outlook

For Q2 2026, Progyny projects revenue of $342M to $355M (2.7%–6.6% growth, or 8.3%–12.4% excluding the former large client), net income of $25.8M to $28.7M ($0.31–$0.35 EPS), and Adjusted EBITDA of $58M to $62M. For full year 2026, revenue is projected at $1.365B to $1.405B (5.9%–9.0% growth, or 10.1%–13.3% excluding the former large client), net income of $103.7M to $112.3M ($1.23–$1.34 EPS), Adjusted EBITDA of $232M to $244M, and adjusted EPS of $1.98 to $2.09. The company expects to have over 600 clients representing approximately 7.2 million covered lives once all 2026 launches are complete. Member engagement is pacing consistent with typical seasonal patterns, though management noted potential impacts from macroeconomic uncertainty. The early 2027 selling season shows pipeline activity substantially favorable versus a year ago.

24/7 Wall St

PGNY YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

PGNY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“We're pleased with the strong start to the year, as member engagement trended to the higher end of our expectations, reflecting that people are pursuing the services they need in order to address their family building and overall health and well-being goals.”

— Pete Anevski, Q1 2026 Earnings Press Release

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