Progyny, Inc. (PGNY) SEC Filings & Earnings Calls
EquiReason read 13 Progyny, Inc. SEC filings in the last 12 months. Latest: 10-Q on 2026-08-07 — Q2 2026 revenue +5% YoY, gross margin +180bps, net income +64% YoY, driven by client growth and operating efficiencies..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 2.2B
- P/E TTM
- 31.5
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 4 Nov, in 11 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
7 Aug 202610-QQ2 2026 revenue +5% YoY, gross margin +180bps, net income +64% YoY, driven by client growth and operating efficiencies.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $351M | +5% y/y |
| Net income · Q2-2026 | $28M | +64% y/y |
| Adjusted EBITDA · Q2-2026 | $62M | +7% y/y |
| Client count · 2026-06-30 | 604 | |
| Member count · 2026-06-30 | 7,190,000 | |
| ART cycles · Q2-2026 | 16,998 | +0% y/y |
| Utilization - All Members · Q2-2026 | 0.6% | |
| Gross margin · Q2-2026 | 25.5% |
Risks flagged
Client concentration
“Our largest clients account for a significant portion of our revenue.” · word for word
Technology industry exposure
“A significant number of our clients are in the technology industry, and we generate a significant portion of our revenue from these clients.” · word for word
Utilization variability
“A significant change in the utilization of our solutions, including the consumption rate or the mix of utilization, could have an adverse effect on our business.” · word for word
6 Aug 20268-K · 2.02, 7.01Progyny reported Q2 2026 revenue growth of 5.3% (11% ex-large client), gross margin up 180bps to 25.5%, and Adj. EBITDA up 7.2%.earningsopen
Figures in the filing · each found in the filing text
| Gross margin · Q2-2026 | 25.5% |
Risks flagged
Dependence on large clients and potential loss of key accounts
“Loss of any of our largest client accounts” · word for word
8 May 202610-QRevenue $329M (+1% y/y); Net Income $24M (+61% y/y); Gross Margin 25.3open
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $329M | +1% y/y |
| Net Income · Q1-2026 | $24M | +61% y/y |
| Gross Margin · Q1-2026 | 25.3% | |
| Adjusted EBITDA · Q1-2026 | $57M | -2% y/y |
| Client Count · 2026-03-31 | 595 | |
| Member Count · 2026-03-31 | 7,179,000 | |
| ART Cycles · Q1-2026 | 15,647 | -3% y/y |
| Utilization Rate - All Members · Q1-2026 | 0.6% | |
| Operating Cash Flow · Q1-2026 | $46M | -8% y/y |
Risks flagged
Client Concentration in Technology Sector
“A significant number of our clients are in the technology industry, and we generate a significant portion of our revenue from these clients.” · word for word
Utilization Variability
“A significant change in the utilization of our solutions, including the consumption rate or the mix of utilization, could have an adverse effect on our business.” · word for word
Competitive Pressure
“The market in which we operate is highly competitive, and, if we do not continue to compete effectively, our business, financial condition and results of operations could be harmed.” · word for word
10 Apr 2026DEF 14AProxy statement for 2026 annual meeting, disclosing executive compensation, governance proposals, and 2025 financial performance.open
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $1.29B | |
| Adjusted EBITDA · FY2025 | $222M | |
| Net Income · FY2025 | $59M | |
| Client Retention Rate · FY2025 | 100.0% | |
| Covered Lives (New Programs) · FY2025 | 1,500,000 | |
| Covered Lives (New Programs) - 2026 · FY2026 | 2,700,000 | |
| CEO Total Compensation · FY2025 | $7M | |
| Compensation Actually Paid to CEO · FY2025 | $10M | |
| CEO Pay Ratio · FY2025 | $46.00 | |
| 2025 PSU Achievement · FY2025 | 100.0% |
Risks flagged
Low say-on-pay support
“only 35.7% of our stockholders voted in favor of the proposal, which was significantly below the 97.6% level of support we received at our 2024 annual meeting of stockholders.” · word for word
CEO equity overhang
“Mr. Anevski holds 3,551,673 shares (4.5%) including exercisable options, with significant unexercised options at various strike prices.”
12 Jan 20268-K · 2.02Guidance: Q4 and FY2025 results slightly above prior guidanceearningsopen
Guidance
Q4 and FY2025 results slightly above prior guidance
Q4 and FY2025 expected slightly above prior guidance due to favorable member engagement.
Risks flagged
Non-cash impact from executive departure
“excluding any non-cash impacts to net income associated with the previously announced departure of Michael Sturmer as Progyny’s president.” · word for word
17 Dec 20258-K · 5.02Annual advisory fee $250,000.00open
Figures in the filing · each found in the filing text
| annual advisory fee · FY2026 | $250000.00 |
Risks flagged
Key executive departure without named successor may indicate leadership gap or strategic shift.
“Company is not naming a successor to the role of President” · word for word
7 Nov 202510-QPGNY reported Q3 2025 revenue of $313.3M (+9% YoY), net income $13.9M (+33% YoY), gross margin +250bps, driven by client growth and operational efficiencies.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $313M | +9% y/y |
| Net Income · Q3-2025 | $14M | +33% y/y |
| Adjusted EBITDA · Q3-2025 | $55M | +18% y/y |
| Gross Margin · Q3-2025 | 23.2% | |
| Client Count · 2025-09-30 | 553 | |
| Covered Lives (Members) · 2025-09-30 | 6,724,000 | |
| ART Cycles · Q3-2025 | 15,981 | +7% y/y |
| Operating Cash Flow · 9M-2025 | $156M | +23% y/y |
Risks flagged
Client concentration in technology industry
“In addition, we generate a significant portion of our revenue from clients in the technology industry.” · word for word
Dependence on large client renewals
“For the nine months ended September 30, 2024, one of our clients accounted for 12% of our total revenue (the 'Client'). In the third quarter of 2024, we were notified that the Client elected to exercise a 90-day option to terminate its services agreement, effective as of January 1, 2025.” · word for word
6 Nov 20258-K · 2.02, 7.01Revenue $313M (+9% y/y); Gross Profit $73M (+23% y/y); Gross Margin 23.2; Guidance: Full year guidance raisedearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $313M | +9% y/y |
| Gross Profit · Q3-2025 | $73M | +23% y/y |
| Gross Margin · Q3-2025 | 23.2% | |
| Net Income · Q3-2025 | $14M | +33% y/y |
| Adjusted EBITDA · Q3-2025 | $55M | +18% y/y |
| Adjusted EBITDA Margin · Q3-2025 | 17.5% | |
| Operating Cash Flow · 9M-2025 | $156M | |
| Client Count · Q3-2025 | 553 | +18% y/y |
| Fertility Benefit Services Revenue · Fertility Benefit Services · Q3-2025 | $202M | +13% y/y |
| Pharmacy Benefit Services Revenue · Pharmacy Benefit Services · Q3-2025 | $111M | +3% y/y |
Guidance
Full year guidance raised
Progyny raised full-year guidance due to strong member engagement and selling season results.
Risks flagged
Client concentration risk from large client non-renewal.
“A large client did not renew its services agreement for 2025, though it provided for an extended transition period over the first half of 2025 for members meeting certain criteria. There was no contribution from this client in the third quarter of 2025.” · word for word
Progyny, Inc. — questions
- What did Progyny, Inc. file recently?
- 13 SEC filings in the last 12 months. Latest: 10-Q on 2026-08-07 — Q2 2026 revenue +5% YoY, gross margin +180bps, net income +64% YoY, driven by client growth and operating efficiencies.
Every figure on this page comes from Progyny, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.