PGNY earnings analysis
What we found in PGNY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.5
- Gross margin
- 25.3%
- Operating margin
- 10.8%
What they said about what is next.
Management anticipates revenue growth of 5.9% to 9.0% for 2026, with adjusted EBITDA in the range of $240-260 million.
The filing reads better than the one before it.
What came before.
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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