Progyny Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −5.20%.
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. 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 6.707 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.
- 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
“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.”
Progyny CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Progyny projects revenue of $1.355 billion to $1.405 billion (5.1%-9.0% growth, or 9.3%-13.3% excluding the former client's transitional revenue), net income of $95.4 million to $106.1 million ($1.10-$1.22 per diluted share), Adjusted EBITDA of $224.0 million to $239.0 million, and adjusted EPS of $1.83-$1.95. For Q1 2026, revenue is projected at $319.0 million to $332.0 million, net income of $20.8 million to $23.7 million ($0.24-$0.27 per diluted share), Adjusted EBITDA of $51.0 million to $55.0 million, and adjusted EPS of $0.42-$0.45. The company anticipates approximately 600 clients and 7.2 million covered lives once 2026 selling season launches are complete, with estimated 6.9 million average members for the year.
PGNY YoY Financials
PGNY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.