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.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
210
179
189
+17.4%
Capital expenditure
18.4
5.4
3.6
+240.6%
Free cash flow
192
174
185
+10.4%
Free cash flow margin
14.9%
14.9%
17.0%
Cash from investing
-159
196
-201
Cash from financing
-99.4
-310
-11.1
Depreciation and amortisation
4.9
3.2
2.3
+55.8%
Share-based compensation
132
128
123
+2.9%
Buybacks
81.7
300
0.0
-72.8%
Diluted shares, weighted
90m
95m
101m
-5.9%
Shares outstanding at period end
83m
85m
96m
-2.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
516
422
553
+22.3%
Debt
0.0
0.0
0.0
Operating lease liabilities
24.0
16.4
17.2
+46.2%
Other liabilities
202
169
186
+20.0%
Total liabilities and equity
742
607
757
+22.3%
Fixed assets
29.9
12.4
10.2
+141.7%
Goodwill
20.0
15.5
11.9
+28.6%
Intangible assets
6.2
1.3
0.0
+377.1%
Investments
198
65.6
274
+201.4%
Cash and equivalents
112
162
97.3
-30.9%
Receivables
220
235
242
-6.4%
Other assets
156
115
122
+36.1%
Total assets
742
607
757
+22.3%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.