Q3 25 EPS
$0.45
BEAT +15.38%
Est. $0.39
Q3 25 Revenue
$313.3M
BEAT +4.72%
Est. $299.2M
vs S&P Since Q3 25
+48.7%
BEATING MARKET
PGNY +61.2% vs S&P +12.5%
Market Reaction
Did PGNY Beat Earnings? Q3 2025 Results
Progyny delivered a convincingly strong third quarter of 2025, with adjusted earnings per diluted share of $0.45 beating the $0.39 consensus estimate by 15.38% and revenue of $313.35 million topping expectations by 4.72% while rising 9.3% year-over-y… Read more Progyny delivered a convincingly strong third quarter of 2025, with adjusted earnings per diluted share of $0.45 beating the $0.39 consensus estimate by 15.38% and revenue of $313.35 million topping expectations by 4.72% while rising 9.3% year-over-year. The headline growth figure understates the underlying momentum; stripping out the $32.80 million contribution from a large former client that did not renew for 2025, organic revenue expanded approximately 23%, demonstrating that new client additions and deeper member engagement more than absorbed the known headwind. Fertility benefit services revenue climbed 13% to $201.90 million, gross margin expanded 250 basis points to 23.2%, and adjusted EBITDA grew 18% to $54.97 million. The company's 2025 selling season added over 80 new clients representing roughly 900,000 new covered lives, with near 100% client retention reinforcing the durability of the model. Encouraged by the momentum, Progyny raised its full-year 2025 revenue guidance to $1.26 billion to $1.28 billion and authorized a new $200 million share repurchase program, backed by $345.20 million in cash and no debt.
Key Takeaways
- • Growth in number of clients and covered lives driving revenue increase
- • Member engagement and utilization exceeded expectations
- • Ongoing efficiencies in care management services delivery expanding gross margins
- • 23% revenue growth when excluding impact of large former client non-renewal
- • 0.52 ART Cycles per Unique Female Utilizer in Q3, at high end of expected range
- • Ongoing focus on revenue cycle management improved DSO by more than 15 days year-over-year
PGNY YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
PGNY Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong results this quarter reflect that members have continued to pursue the care and services they need in order to best address both their family building goals and their overall health, and did so at levels that exceeded our expectations.”
— Pete Anevski, Q3 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% |