Progyny (PGNY) FY2024 results: revenue $1.2 billion, up 7.2% on the year

Progyny, Inc. (PGNY) reported revenue of $1.2 billion for fiscal 2024, the year ended 31 December 2024, up 7.2% on the year before. Net income was $54 million, down 12.4%, and diluted earnings per share $0.57. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2025.

Revenue

$1.2 billion

+7.2% on the year

FY2017FY2024

Operating margin

5.8%

5.7% a year earlier

FY2017FY2024

Net income

$54 million

-12.4% on the year

FY2017FY2024

Diluted EPS

$0.57

-8.1% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,167	1,089	787	+7.2%
Cost of revenue	914	850	620	+7.5%
Gross profit	253	239	167	+6.1%
Gross margin	21.7%	21.9%	21.3%
Operating income	67.5	62.2	23.3	+8.5%
Operating margin	5.8%	5.7%	3.0%
Pre-tax income	83.2	70.7	24.4	+17.7%
Income tax	28.9	8.7	-5.9	+233.6%
Effective tax rate	34.7%	12.2%	-24.2%
Net income	54.3	62.0	30.4	-12.4%
Net margin	4.7%	5.7%	3.9%
Diluted EPS	$0.57	$0.62	$0.30	-8.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	179	189	80.4	-5.1%
Capital expenditure	5.4	3.6	3.2	+48.3%
Free cash flow	174	185	77.2	-6.2%
Free cash flow margin	14.9%	17.0%	9.8%
Cash from investing	196	-201	-43.9
Cash from financing	-310	-11.1	-7.9
Depreciation and amortisation	3.2	2.3	1.6	+39.2%
Share-based compensation	128	123	101	+4.5%
Buybacks	300	0.0	0.0
Diluted shares, weighted	95m	101m	100m	-5.2%
Shares outstanding at period end	85m	96m	93m	-11.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	422	553	377	-23.7%
Debt	0.0	0.0	0.0
Operating lease liabilities	16.4	17.2	6.5	-4.8%
Other liabilities	169	186	160	-9.3%
Total liabilities and equity	607	757	543	-19.8%
Fixed assets	12.4	10.2	8.4	+21.2%
Goodwill	15.5	11.9	11.9	+30.8%
Intangible assets	1.3	0.0	0.1
Investments	65.6	274	69.2	-76.0%
Cash and equivalents	162	97.3	120	+66.8%
Receivables	235	242	240	-2.7%
Other assets	115	122	93.3	-5.7%
Total assets	607	757	543	-19.8%

10-K for the year ended 31 December 2024, filed 3 March 2025: the filing.