Progyny, Inc. (PGNY) Earnings
Progyny, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $0.50. PGNY has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +11.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.26 | $0.29 | +13.3% | $329M | +0.6% |
| Nov 6, 2025 | $0.39 | $0.45 | +15.4% | $313M | -0.3% |
| Aug 7, 2025 | $0.44 | $0.48 | +9.1% | $333M | +11.2% |
| May 8, 2025 | $0.45 | $0.48 | +6.7% | $324M | +5.3% |
| Feb 27, 2025 | $0.37 | $0.42 | +13.5% | $298M | +7.6% |
| May 9, 2024 | $0.14 | $0.39 | +178.6% | $278M | -3.9% |
| Feb 27, 2024 | $0.11 | $0.32 | +190.9% | $270M | -1.5% |
| Aug 3, 2023 | $0.10 | $0.15 | +50.0% | $279M | +6.7% |
| Feb 27, 2023 | $0.01 | $0.03 | +157.1% | $214M | +1.2% |
| Nov 3, 2022 | $0.05 | $0.13 | +160.0% | $205M | +5.6% |
| Aug 4, 2022 | $0.05 | $0.09 | +80.0% | $195M | +2.4% |
| May 5, 2022 | $0.01 | $0.05 | +525.0% | $172M | +3.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Peter noted good start to the year with record first-quarter revenue, net income, EPS, and adjusted EBITDA above guidance ranges. Highlighted healthy member engagement, utilization trending to high end of historical range, and progress in laying foundation for future growth. Shared results from a client study showing positive impact of Progyny's program. Mentioned strong pipeline and early commitments, de-risked renewal season, and good traction with health plan partners and demand generation activities. - Mark discussed that first-quarter results reflected healthy member engagement consistent with February guidance, gross margin expansion, healthy margin performance despite investments, flexibility to invest and return value to shareholders with strong operating cash flow and working capital, and completion of share repurchase program.
Guidance
- First-quarter revenue closer to high end of guidance range, with second quarter revenue projected between $342 million to $355 million, reflecting growth of 2.7% to 6.6%. Excluding transition client revenue, second-quarter growth 8.3% to 12.4%. - Full-year revenue projected between $1.365 billion to $1.405 billion, growth 5.9% to 9% excluding transition client, full-year revenue growth 10.1% to 13.3%. - Full-year adjusted EBITDA range $232 million to $244 million, net income $103.7 million to $112.3 million, EPS $1.23 to $1.34. Second-quarter adjusted EBITDA $58 million to $62 million, net income $25.8 million to $28.7 million.
Segment performance
First-quarter revenue came in at the higher end of expectations, with a 1.4% increase on a reported basis and over 12% excluding the contribution from a large former client under a transition-of-care agreement. Gross margin expanded due to efficiencies in care management and service delivery, and stock compensation expense reduction. Adjusted EBITDA reflects investments but remains healthy. First-quarter CapEx was $6.3 million, a $3.5 million increase over the prior-year period. Second-quarter revenue expected to be between $342 million to $355 million, with adjusted EBITDA between $58 million to $62 million. Full-year revenue projected to be between $1.365 billion to $1.405 billion, with adjusted EBITDA range $232 million to $244 million, net income $103.7 million to $112.3 million, and EPS $1.23 to $1.34.
Analyst Q&A
Q: How are early commitments split and what drives RFP activity from competitor clients?
A: Higher proportion of early commitments from not-nows, no constructive comments on RFP activity drivers. -
Q: Changes in process to avoid membership surprises?
A: Getting regular updates and increasing eligibility files from clients. -
Q: Color on revenue per ART cycle increase?
A: Higher initial consultation phase revenue from new clients affecting rate. -
Q: Pipeline and upsell timing?
A: Early to comment on upsells, investments in existing product capabilities. -
Q: Utilization drivers and future investments?
A: Sales weighted towards certain industries, investments already factored into guidance. -
Q: Early pipeline sales origin and market mix?
A: Higher proportion from not-nows, current model works well. -
Q: Revenue growth excluding transition client and market impact?
A: Over 12% growth excluding transition client, no impact from Iran war on engagement. -
Q: ART cycle market growth and true-ups?
A: No specific growth data, true-ups at typical levels with work on eligibility files. -
Q: Value proposition resonance and gross profit margin drivers?
A: No substantial difference in value proposition resonance, gross profit margin driven by stock compensation expense reduction and efficiency gains.