Progyny Raises Full-Year Outlook After Record Selling Season

The Tip Desk · November 11, 2026 · 4 min read

Third-quarter revenue was $341.3 million, up 8.9%, and the company lifted the midpoint of its 2026 guidance ranges.

Progyny, Inc. (PGNY), a global leader in women's health and family building solutions, reported third-quarter revenue of $341.3 million, an 8.9% increase from $313.3 million a year earlier, and raised the midpoint of its full-year 2026 guidance ranges after a selling season that added a record 1.3 million new covered lives.

Chief Executive Officer Pete Anevski said the season’s momentum extended into its latest stages, producing the company’s most new covered lives in a single season and more than 85 new clients. The company also said it achieved near 100% retention for 2027 and saw demand from existing accounts for broader coverage and newer pregnancy, parenting and menopause services.

The company attributed the revenue increase to more clients and covered lives. Fertility benefit services revenue was $223.4 million, up 10.6% from $201.9 million. Pharmacy benefit services revenue was $117.9 million, up 5.8% from $111.4 million.

Gross profit was $83.7 million, up 15% from $72.8 million, and gross margin was 24.5%, compared with 23.2% a year earlier. The company said the increase reflected ongoing efficiencies in care-management delivery and a decrease in stock-based compensation expense.

Net income was $26.3 million, or $0.32 a share, compared with $13.9 million, or $0.15 a share, in the third quarter of 2025. The company said higher net income was due primarily to higher gross profit and lower stock-based compensation, partially offset by lower interest and other income, net. Adjusted earnings per diluted share were $0.52, compared with $0.45.

Adjusted EBITDA was $58.4 million, up 6.3% from $55.0 million. Adjusted EBITDA margin was 17.1%, compared with 17.5% a year earlier. The company said higher gross profit was partially offset by planned investments to expand platform features and functionality.

The client count stood at 607 fertility and family building clients as of September 30, 2026, compared with 553 a year earlier. Average members were 7.18 million. Assisted reproductive treatment cycles were 16,723. Utilization for all members was 0.56%.

Net cash provided by operating activities in the third quarter was $56.6 million, compared with $50.7 million a year earlier. As of September 30, the company had working capital of about $224.4 million and no debt, including cash, cash equivalents and marketable securities of $195.6 million, down $41.3 million from June 30 as operating cash flow was offset by share repurchases.

During the quarter the company repurchased nearly 3 million shares for $82.7 million under its May 2026 program, which authorized up to $200 million. Nearly 5.5 million shares have been bought under that program, with about $51 million remaining. Combined with a predecessor program that began in November 2025, the company has repurchased nearly 11 million shares in 2026.

Chief Financial Officer Mark Livingston said member engagement was consistent with expectations and that the company was in a position to raise the midpoint of full-year guidance. He also said the company continued to convert Adjusted EBITDA to operating cash flow at a high rate, supporting platform investment and the share buybacks.

For the full year 2026, the company now projects revenue of $1.365 billion to $1.385 billion, growth of 5.9% to 7.5%; excluding $48.5 million of 2025 revenue from a large client under a first-half transition agreement, revenue is expected to increase 10.1% to 11.7%. Net income is projected at $107.0 million to $110.6 million, or $1.30 to $1.35 a share, on about 82.0 million assumed weighted-average diluted shares. Adjusted EBITDA is projected at $235.0 million to $240.0 million, and adjusted earnings per diluted share at $2.09 to $2.13.

Fourth-quarter revenue is projected at $344.7 million to $364.7 million, growth of 8.3% to 14.6%. Net income is projected at $28.5 million to $32.1 million, or $0.36 to $0.41 a share, on about 79.0 million assumed diluted shares. Adjusted EBITDA is projected at $57.9 million to $62.9 million, and adjusted earnings per diluted share at $0.53 to $0.58.

The company said the majority of clients and lives added in the most recent selling season are expected to go live in the first quarter of 2027, with a meaningful number launching mid-year and some newest clients already live in 2026. Once all new clients are live in 2027, it anticipates having in excess of 660 clients and approximately 8.3 million covered lives. It plans to provide 2027 financial guidance when it reports year-end results in February.