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Earnings analysis · 10-Q

PGNY earnings analysis

Filed May 8, 2026 · Our reading of the company's report

The latest report

Progyny, Inc. reported Q1 2026 revenues of $328.5 million, marking a 1% increase year-over-year, and a diluted EPS of $0.50, which exceeded expectations. The company achieved improved gross margins of 25.3% versus 23.4%…

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Progyny, Inc. reported Q1 2026 revenues of $328.5 million, marking a 1% increase year-over-year, and a diluted EPS of $0.50, which exceeded expectations. The company achieved improved gross margins of 25.3% versus 23.4% a year ago, indicating enhanced operational efficiency despite a challenging market environment.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

25% Gross margin Operating margin May 2025 May 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $74 Operating expenses $15 Left as operating profit $11

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish May 2025 May 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$0.5

What stood out

  • Strong EPS Performance

    Reported EPS of $0.50 surpassed the estimated EPS of $0.39 by 28%.

  • Revenue Growth

    Revenue increased by 1% or $4.5 million compared to Q1 2025.

  • Improved Gross Margin

    Gross margin improved to 25.3%, up from 23.4% in the prior year.

  • Operational Efficiency

    Operating expenses decreased by 8% to $47.7 million, reflecting cost management.

  • Increased Cash Position

    Cash and cash equivalents rose to $131.6 million from $118.5 million at year-end.

  • Successful Share Repurchase Program

    Completed $200 million share repurchase program, enhancing shareholder value.

What to watch

  • Dependence on Key Clients

    Loss of major clients could significantly impact revenue; top clients represent a substantial portion of earnings.

  • Increased Competitive Pressure

    Emerging competitors in the fertility solutions space could threaten customer retention and growth.

  • Regulatory Changes

    Potential legal and regulatory changes may impose compliance costs and operational limitations.

Management's outlook

Management anticipates revenue growth of 5.9% to 9.0% for 2026, with adjusted EBITDA in the range of $240-260 million.

Earlier filings 4

10-K · February 27, 2026

Progyny, Inc. reported a solid performance in 2025, achieving revenue of $1.29 billion, a 10% increase from the prior year, driven primarily by its fertility benefits solution. The company maintained a gross margin of…

10-Q · November 7, 2025

Progyny, Inc. reported strong financial performance for Q3 2025, with revenue reaching $313.3 million, a 9% increase from Q3 2024. Gross profit also improved significantly, up 23% year-over-year, indicating stronger…

10-Q · August 8, 2025

Progyny, Inc. reported a strong Q2 2025, with revenues reaching $332.9 million, reflecting a 9% increase year-over-year. The company also exceeded expectations with an EPS of $0.48, significantly higher than the…

10-Q · May 9, 2025

Progyny Inc. reported strong financial results for Q1 2025, with revenue increasing by 17% year-over-year to $324 million, driven by growth in both fertility benefits and pharmacy benefits solutions. The gross margin…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.