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

Progyny (NASDAQ:PGNY) announced its quarterly earnings results on Thursday. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.38 by $0.10, Briefing.com reports. Progyny had a net margin of 4.46% and a return on equity of 10.71%. The firm had revenue of $318.40 million for the quarter, compared to analyst estimates of $314.26 million. During the same period last year, the business earned $0.42 EPS. Progyny’s revenue for the quarter was up 6.7% compared to the same quarter last year. 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%

Shares of PGNY traded down $4.56 during trading hours on Friday, reaching $17.69. The company had a trading volume of 5,186,346 shares, compared to its average volume of 1,514,544. Progyny has a 12-month low of $16.75 and a 12-month high of $28.75. The firm has a 50 day simple moving average of $24.08 and a 200-day simple moving average of $23.13. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 28.08, a PEG ratio of 1.35 and a beta of 0.96.

Progyny News Roundup

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 recently issued reports on PGNY shares. Zacks Research lowered Progyny from a “strong-buy” rating to a “hold” rating in a report on Friday, January 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Progyny in a research report on Monday, December 29th. Citigroup raised Progyny to an “outperform” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. set a $35.00 price target on Progyny in a research note on Wednesday, January 21st. Finally, KeyCorp increased their price target on Progyny from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, January 8th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $29.80.

Institutional Trading of Progyny

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