Q4 25 EPS
$0.14
MISS 65.03%
Est. $0.40
Q4 25 Revenue
$318.4M
BEAT +1.32%
Est. $314.3M
vs S&P Since Q4 25
+36.3%
BEATING MARKET
PGNY +46.4% vs S&P +10.1%
Full Year 2025 Results
FY 25 EPS
$0.65
MISS 64.21%
Est. $1.82
FY 25 Revenue
$1.29B
BEAT +0.85%
Est. $1.28B
Market Reaction
Did PGNY Beat Earnings? Q4 2025 Results
Progyny closed out fiscal 2025 on solid footing, posting Q4 revenue of $318.40 million, a 3.55% beat against the $307.49 million consensus and a 6.7% increase year-over-year, while earnings per share of $0.14 matched analyst expectations precisely. T… Read more Progyny closed out fiscal 2025 on solid footing, posting Q4 revenue of $318.40 million, a 3.55% beat against the $307.49 million consensus and a 6.7% increase year-over-year, while earnings per share of $0.14 matched analyst expectations precisely. The most material driver behind the quarter's strength was a 280-basis-point improvement in gross margin to 24.1%, reflecting ongoing efficiencies in care management service delivery, which helped the company achieve record full-year Adjusted EBITDA of $222.09 million and record operating cash flow of $210.19 million. Progyny also expanded its client base to 555 from 473 a year earlier, with average eligible members rising 4% to 6.71 million. The company's aggressive capital return program drew investor attention, with roughly $160.00 million in shares repurchased under a $200.00 million authorization initiated in November 2025, while the balance sheet remained debt-free with $310.10 million in cash and equivalents. Looking ahead, Progyny guided full-year 2026 revenue to $1.35 billion to $1.41 billion, representing 5.1% to 9.0% reported growth, with Adjusted EBITDA projected at $224.00 million to $239.00 million.
Key Takeaways
- • Growth in number of clients from 473 to 555 year-over-year
- • 4% increase in average eligible members to 6.707 million
- • Ongoing efficiencies in care management services delivery driving 280 basis point gross margin expansion in Q4
- • 21% revenue growth excluding large former client impact
- • Improved days sales outstanding by more than 8 days to 62.3 days
PGNY YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
PGNY Revenue by Segment
With YoY comparisons, source: SEC Filings
“We're pleased to report that 2025 ended strongly, concluding a record year for Progyny, one in which we achieved our highest ever levels of full year revenue, Adjusted EBITDA, and operating cash flow. These results reflect how our model provides us with the ability to both expand the business while simultaneously investing for future growth. As 2026 begins, we're excited for the significant opportunities ahead as we continue to expand our presence with large self-insured employers, both in the US and globally, while also launching our newest program for the fully insured market.”
— Pete Anevski, Q4 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% |