Progyny (NASDAQ:PGNY) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Progyny (NASDAQ:PGNY) posted its quarterly earnings results on Thursday. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.10, Briefing.com reports. Progyny had a return on equity of 10.71% and a net margin of 4.46%.The firm had revenue of $318.40 million for the quarter, compared to analyst estimates of $314.26 million. During the same period in the previous year, the firm earned $0.42 earnings per share. Progyny’s quarterly revenue was up 6.7% on a year-over-year basis. Progyny updated its FY 2026 guidance to 1.830-1.950 EPS and its Q1 2026 guidance to 0.420-0.450 EPS.

Here are the key takeaways from Progyny’s conference call:

• Record 2025 results: Progyny reported $1.29B in revenue, $222M adjusted EBITDA and a record $210M in operating cash flow, each beating prior guidance and showing double-digit improvement vs. 2024.
• 2026 guidance calls for $1.355B–$1.405B in revenue and $224M–$239M in adjusted EBITDA, and management expects stock-based compensation to fall ~35% (to ~6% of revenue), supporting stronger earnings per share going forward.
• Covered lives were revised to ~7.2M after administrative updates (a ~400k net reduction from prior counts); the company says these were lower-utilization lives but the change introduces near-term uncertainty in reported population metrics.
• Progyny is launching Progyny Select to address fully insured/smaller employers (a ~50M-life opportunity) with PMPM pricing and built-in guardrails; management does not expect meaningful financial contribution until 2027.
• Balance-sheet actions and liquidity are strong: about $310M in cash and marketable securities, no debt, and ~6.5M shares repurchased to date with >$40M remaining under the authorization.

Progyny Price Performance

Shares of NASDAQ PGNY traded down $4.56 during mid-day trading on Friday, hitting $17.69. 5,201,405 shares of the company’s stock traded hands, compared to its average volume of 1,535,453. The company’s 50-day moving average is $24.08 and its two-hundred day moving average is $23.13. The company has a market capitalization of $1.53 billion, a P/E ratio of 28.08, a PEG ratio of 1.35 and a beta of 0.96. Progyny has a 1 year low of $16.75 and a 1 year high of $28.75.

Analyst Ratings Changes

A number of equities research analysts have commented on PGNY shares. Wall Street Zen raised shares of Progyny from a “hold” rating to a “buy” rating in a report on Saturday, January 3rd. Truist Financial upgraded shares of Progyny from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Thursday, January 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Progyny in a research report on Monday, December 29th. Canaccord Genuity Group boosted their price target on shares of Progyny from $23.00 to $26.00 and gave the company a “hold” rating in a research note on Monday, November 17th. Finally, BTIG Research reiterated a “buy” rating on shares of Progyny in a report on Wednesday, January 21st. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $29.80.

More Progyny News

Here are the key news stories impacting Progyny this week:

• Positive Sentiment: Q4 results beat consensus on both EPS and revenue (EPS $0.48 vs. $0.38 est.; revenue $318.4M vs. ~$314M est.), showing year-over-year revenue growth. Read More.
• Positive Sentiment: Strong cash generation and shareholder returns: Progyny reported record $210.2M operating cash flow for the year and has repurchased ~6.5M shares under its authorization to date. Read More.
• Positive Sentiment: FY 2026 EPS guidance was raised above consensus (1.83–1.95 vs. ~1.55Street est.), indicating management expects better full?year profitability despite near?term revenue headwinds. Read More.
• Neutral Sentiment: Transcripts and slide deck from the earnings call are available for investors who want management detail on drivers (retention, pricing, membership growth) and cadence of benefits. Read More.
• Negative Sentiment: Near?term revenue guidance disappointed: Q1 2026 revenue guidance ($319M–$332M) is below consensus (~$345M), which likely explains the sell?off despite the EPS beat and stronger FY EPS outlook. Read More.
• Negative Sentiment: Short interest has risen materially (reported ~41% increase in shares sold short in February to ~4.0M shares, ~5.1% of float), increasing downside pressure and volatility. Read More.

Institutional Investors Weigh In On Progyny

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. grew its holdings in Progyny by 17.2% during the fourth quarter. Invesco Ltd. now owns 466,769 shares of the company’s stock worth $11,987,000 after acquiring an additional 68,473 shares during the period. Caitlin John LLC grew its holdings in Progyny by 72.3% in the 4th quarter. Caitlin John LLC now owns 12,796 shares of the company’s stock valued at $329,000 after buying an additional 5,371 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of Progyny in the 4th quarter valued at approximately $275,000. XTX Topco Ltd acquired a new stake in Progyny during the fourth quarter worth $3,058,000. Finally, VARCOV Co. purchased a new position in shares of Progyny during the 4th quarter worth approximately $491,000. Institutional investors own 94.93% of the company’s stock.

About Progyny

Progyny, Inc is a New York-based fertility benefits management company that partners with employers and health plans to design and administer comprehensive family-building programs. The company’s digital health platform integrates clinical expertise, patient support tools and data analytics to help members navigate fertility treatments, from in vitro fertilization (IVF) and egg freezing to surrogacy and adoption. By focusing on outcomes-based care, Progyny aims to improve success rates while controlling costs for its clients.

The core of Progyny’s offering is its proprietary Smart Cycle® benefit, which bundles clinical, emotional and logistical support into a single package.