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

Progyny (NASDAQ:PGNY) released its earnings results on Thursday. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.10, Briefing.com reports. The firm had revenue of $318.40 million during the quarter, compared to analyst estimates of $314.26 million. Progyny had a net margin of 4.46% and a return on equity of 10.71%. The business’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 EPS. 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 Stock Performance

Shares of PGNY stock traded down $4.56 during mid-day trading on Friday, reaching $17.69. The company’s stock had a trading volume of 5,201,379 shares, compared to its average volume of 1,535,453. The firm’s 50-day moving average is $24.08 and its two-hundred day moving average is $23.13. The company has a market cap 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.

Trending Headlines about Progyny

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

Several institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System increased its position in shares of Progyny by 0.7% during the 2nd quarter. California State Teachers Retirement System now owns 70,421 shares of the company’s stock worth $1,549,000 after purchasing an additional 457 shares in the last quarter. Teza Capital Management LLC boosted its holdings in shares of Progyny by 5.4% in the 2nd quarter. Teza Capital Management LLC now owns 10,068 shares of the company’s stock worth $221,000 after acquiring an additional 516 shares in the last quarter. Aristides Capital LLC grew its position in Progyny by 4.6% during the 3rd quarter. Aristides Capital LLC now owns 11,938 shares of the company’s stock worth $257,000 after acquiring an additional 528 shares during the last quarter. Oxford Asset Management LLP increased its holdings in Progyny by 4.3% during the 2nd quarter. Oxford Asset Management LLP now owns 12,918 shares of the company’s stock valued at $284,000 after purchasing an additional 531 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Progyny by 0.8% in the third quarter. Alliancebernstein L.P. now owns 96,620 shares of the company’s stock worth $2,079,000 after purchasing an additional 723 shares in the last quarter. Institutional investors and hedge funds own 94.93% of the company’s stock.

Wall Street Analysts Forecast Growth

PGNY has been the subject of several recent analyst reports. Wall Street Zen upgraded Progyny from a “hold” rating to a “buy” rating in a research note on Saturday, January 3rd. Zacks Research cut Progyny from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 30th. Canaccord Genuity Group raised their price objective on shares of Progyny from $23.00 to $26.00 and gave the stock a “hold” rating in a research note on Monday, November 17th. BTIG Research reiterated a “buy” rating on shares of Progyny in a research note on Wednesday, January 21st. Finally, Citizens Jmp raised shares of Progyny from a “market perform” rating to an “outperform” rating and set a $30.00 price target for the company in a report on Tuesday, January 20th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $29.80.

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.