Progyny (PGNY) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter revenue of $328.5 million, up 1.4% year-over-year (12.2% excluding a large former client), with robust demand for women's health and family building solutions.

• Net income rose 61% to $24.2 million, with EPS and adjusted EBITDA above guidance ranges.

• Member engagement and utilization trended at the high end of historical range, supporting strong margins and cash flow.

• Early sales commitments and pipeline activity are ahead of last year, with strong renewal notifications from major clients.

• Completed $200 million share repurchase program, buying back 8.8 million shares since November.

Financial highlights

• Revenue: $328.5 million, up 1.4% year-over-year; excluding a large former client, revenue grew 12.2%.

• Gross profit increased 10% to $83.1 million, with gross margin expanding to 25.3% from 23.4% year-over-year.

• Adjusted EBITDA was $56.6 million, down 2.1% year-over-year, with margin at 17.2%.

• Net income: $24.2 million ($0.29 per diluted share), up from $15.1 million ($0.17 per diluted share) in Q1 2025.

• Operating cash flow: $45.9 million for Q1 2026.

Outlook and guidance

• Full-year 2026 revenue guidance: $1.365 billion–$1.405 billion, up 5.9%–9%; excluding the former client, growth is 10.1%–13.3%.

• Adjusted EBITDA guidance for the year: $232 million–$244 million; net income: $103.7 million–$112.3 million.

• EPS guidance: $1.23–$1.34 per diluted share; adjusted EPS: $1.98–$2.09.

• Q2 2026 revenue guidance: $342 million–$355 million, with net income of $25.8–$28.7 million.

• Over 600 clients and approximately 7.2 million covered lives anticipated by end of 2026.