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

Progyny (NASDAQ:PGNY) issued its quarterly earnings data on Thursday. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.10, Briefing.com reports. The firm had revenue of $318.40 million during the quarter, compared to the consensus estimate of $314.26 million. Progyny had a return on equity of 10.71% and a net margin of 4.46%.The company’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $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 Trading Down 20.5%

PGNY traded down $4.56 during midday trading on Friday, hitting $17.69. The company’s stock had a trading volume of 5,186,346 shares, compared to its average volume of 1,514,544. Progyny has a 52-week low of $16.75 and a 52-week high of $28.75. The firm has a 50-day moving average price of $24.08 and a two-hundred day moving average price of $23.13. The firm 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.

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.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Citigroup raised Progyny to an “outperform” rating in a report on Tuesday, January 20th. Canaccord Genuity Group upped their target price on shares of Progyny from $23.00 to $26.00 and gave the company a “hold” rating in a report on Monday, November 17th. KeyCorp raised their price target on shares of Progyny from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, January 8th. Citizens Jmp upgraded 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. Finally, Barclays began coverage on shares of Progyny in a research note on Monday, December 8th. They set an “overweight” rating and a $29.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.80.

Institutional Investors Weigh In On Progyny

A number of institutional investors have recently bought and sold shares of PGNY. Caitong International Asset Management Co. Ltd acquired a new position in Progyny during the fourth quarter worth approximately $25,000. Canada Pension Plan Investment Board acquired a new position in shares of Progyny in the 2nd quarter valued at $77,000. Quarry LP grew its stake in shares of Progyny by 2,004.1% during the 3rd quarter. Quarry LP now owns 3,598 shares of the company’s stock valued at $77,000 after buying an additional 3,427 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Progyny by 203.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,021 shares of the company’s stock worth $154,000 after buying an additional 4,708 shares during the last quarter. Finally, Entropy Technologies LP acquired a new stake in shares of Progyny during the 4th quarter worth $203,000. 94.93% of the stock is currently owned by hedge funds and other institutional investors.

Progyny Company Profile

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.