Q2 25 EPS
$0.48
BEAT +12.07%
Est. $0.43
Q2 25 Revenue
$332.9M
BEAT +3.99%
Est. $320.1M
vs S&P Since Q2 25
+4.1%
BEATING MARKET
PGNY +22.6% vs S&P +18.5%
Market Reaction
Did PGNY Beat Earnings? Q2 2025 Results
Progyny posted a strong second quarter, with adjusted EPS of $0.48 clearing the $0.43 consensus estimate by 12.07% and revenue of $332.87 million topping expectations by 3.99%, rising 9.5% year-over-year to mark a record Q2 result. The most material … Read more Progyny posted a strong second quarter, with adjusted EPS of $0.48 clearing the $0.43 consensus estimate by 12.07% and revenue of $332.87 million topping expectations by 3.99%, rising 9.5% year-over-year to mark a record Q2 result. The most material driver was continued client base expansion, as the fertility benefits specialist grew its roster to 542 clients from 463 a year ago while average members climbed to 6.74 million, with underlying revenue growth reaching 18% when excluding a large departed client whose transition agreement expired June 30. Gross margin widened 120 basis points to 23.7%, and operating cash flow of $55.50 million in the quarter helped push first-half cash generation to a record $105.30 million, underpinning a debt-free balance sheet. Management raised full-year 2025 guidance, now projecting revenue of $1.24 billion to $1.27 billion and adjusted EPS of $1.70 to $1.78, though the Q3 outlook of $290 million to $305 million reflects the absence of the departed client's contribution in the second half. Cantor Fitzgerald recently reiterated an Overweight rating on the stock following the results.
Key Takeaways
- • Increase in number of clients from 463 to 542 year-over-year
- • Growth in average covered members to 6,743,000 from 6,409,000
- • Continued increase in pacing of member engagement
- • Gross margin expansion to 23.7% from 22.5%
- • ART cycles grew to 16,938 from 15,562 in Q2 2024
- • Excluding departed large client, underlying revenue growth was 18%
PGNY YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
PGNY Revenue by Segment
With YoY comparisons, source: SEC Filings
“The strong second quarter results reflect the continued increase in the pacing of member engagement, as members pursued the care and services they need in order to best address their health and family building goals.”
— Pete Anevski, Q2 2025 Earnings Press Release
PGNY Earnings Trends
PGNY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PGNY EPS Trend
Earnings per share: estimate vs actual
PGNY Revenue Trend
Quarterly revenue: estimate vs actual
PGNY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.44 | $0.50 | +14.73% | $328.5M | +0.61% |
| Q4 25 MISS FY | $0.40 | $0.14 | -65.03% | $318.4M | +1.32% |
| FY Full Year | $1.82 | $0.65 | -64.21% | $1.29B | +0.85% |
| Q3 25 BEAT | $0.39 | $0.45 | +15.38% | $313.3M | +4.72% |
| Q2 25 BEAT | $0.43 | $0.48 | +12.07% | $332.9M | +3.99% |
| Q1 25 BEAT | $0.45 | $0.48 | +7.70% | $324.0M | +5.27% |