Progyny (NASDAQ:PGNY) Announces Quarterly Earnings Results

Progyny (NASDAQ:PGNY) issued its earnings results 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 for the quarter, compared to the consensus estimate of $314.26 million. Progyny had a net margin of 4.54% and a return on equity of 11.38%. The business’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 earnings per share. 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

Progyny stock traded down $4.56 during mid-day trading on Friday, reaching $17.69. 5,204,556 shares of the stock traded hands, compared to its average volume of 1,314,313. Progyny has a 12-month low of $16.75 and a 12-month high of $28.75. The business’s 50-day moving average is $23.90 and its 200-day moving average is $23.10. The stock has a market capitalization of $1.53 billion, a PE ratio of 27.22, a price-to-earnings-growth ratio of 1.41 and a beta of 0.96.

Wall Street Analyst Weigh In

Several brokerages have commented on PGNY. KeyCorp increased their target price on Progyny from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, January 8th. Canaccord Genuity Group increased their price objective on Progyny from $23.00 to $26.00 and gave the company a “hold” rating in a research report on Monday, November 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Progyny in a report on Monday, December 29th. Citizens Jmp raised Progyny from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Tuesday, January 20th. Finally, JPMorgan Chase & Co. set a $35.00 price target on shares of Progyny in a report on Wednesday, January 21st. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $29.80.

Key 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

A number of large investors have recently made changes to their positions in PGNY. California State Teachers Retirement System lifted its stake in shares of Progyny by 0.7% in 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 during the period. Teza Capital Management LLC increased its holdings in Progyny by 5.4% during the second quarter. Teza Capital Management LLC now owns 10,068 shares of the company’s stock valued at $221,000 after buying an additional 516 shares during the last quarter. Aristides Capital LLC raised its position in Progyny by 4.6% in the third 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 period. Oxford Asset Management LLP boosted its stake in shares of Progyny by 4.3% during the 2nd quarter. Oxford Asset Management LLP now owns 12,918 shares of the company’s stock worth $284,000 after acquiring an additional 531 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Progyny by 0.8% during the 3rd quarter. Alliancebernstein L.P. now owns 96,620 shares of the company’s stock valued at $2,079,000 after acquiring an additional 723 shares during the period. 94.93% of the stock is currently owned by institutional investors.

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.