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Progyny (PGNY) FY2025 results: revenue $1.3 billion, up 10.4% on the year

Progyny, Inc. (PGNY) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 December 2025, up 10.4% on the year before. Net income was $59 million, up 7.7%, and diluted earnings per share $0.65. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue
$1.3 billion
+10.4% on the year
FY2018FY2025
Operating margin
6.6%
5.8% a year earlier
FY2018FY2025
Net income
$59 million
+7.7% on the year
FY2018FY2025
Diluted EPS
$0.65
+14.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 17 new.

  • Fourth quarter revenue grew on clients and lives: Fourth quarter revenue rose 6.7% to $318.4 million from $298.4 million a year earlier.
  • Excluding one client, quarterly revenue grew 21%: Excluding $35.9 million of fourth quarter 2024 revenue from a large client that did not renew, revenue rose 21%.
  • Full year Adjusted EBITDA rose 12%: Adjusted EBITDA was $222.1 million, a 17.2% margin, compared with a 17.0% margin in the prior year.
  • Fertility revenue rose 11% in the quarter: Fertility benefit revenue was $208.6 million in the quarter, up from $187.5 million a year earlier.
  • Quarterly gross margin rose on care efficiencies: Gross margin was 24.1% in the quarter, up from 21.3%, which the company attributed to efficiencies in care management delivery.
Read the Q4 FY2025 earnings call summary

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,2891,1671,089+10.4%
Cost of revenue984914850+7.7%
Gross profit304253239+20.2%
Gross margin23.6%21.7%21.9%
Research and development9.5n/an/a
Operating income85.367.562.2+26.4%
Operating margin6.6%5.8%5.7%
Pre-tax income95.483.270.7+14.7%
Income tax36.928.98.7+27.9%
Effective tax rate38.7%34.7%12.2%
Net income58.554.362.0+7.7%
Net margin4.5%4.7%5.7%
Diluted EPS$0.65$0.57$0.62+14.0%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow210179189+17.4%
Capital expenditure18.45.43.6+240.6%
Free cash flow192174185+10.4%
Free cash flow margin14.9%14.9%17.0%
Cash from investing-159196-201
Cash from financing-99.4-310-11.1
Depreciation and amortisation4.93.22.3+55.8%
Share-based compensation132128123+2.9%
Buybacks81.73000.0-72.8%
Diluted shares, weighted90m95m101m-5.9%
Shares outstanding at period end83m85m96m-2.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity516422553+22.3%
Debt0.00.00.0
Operating lease liabilities24.016.417.2+46.2%
Other liabilities202169186+20.0%
Total liabilities and equity742607757+22.3%
Fixed assets29.912.410.2+141.7%
Goodwill20.015.511.9+28.6%
Intangible assets6.21.30.0+377.1%
Investments19865.6274+201.4%
Cash and equivalents11216297.3-30.9%
Receivables220235242-6.4%
Other assets156115122+36.1%
Total assets742607757+22.3%

10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.