Progyny (PGNY) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly revenue, gross profit, and adjusted EBITDA in Q2 2026, driven by strong demand for women's health and family building solutions, with revenue growing 5.3% year-over-year (11% excluding a large former client).

• Gross profit increased 13% year-over-year, with gross margin expanding to 25.5% from 23.7%, and adjusted EBITDA rose 7.2% to $62.1 million, with margin improving to 17.7%.

• Net income for Q2 2026 was $28.1 million ($0.34 per diluted share), up 64% from $17.1 million ($0.19 per diluted share) in Q2 2025.

• Early sales commitments and high client retention, especially among large clients, have de-risked 2027 turnover and positioned the company for another year of strong retention.

• Returned value to shareholders through significant share repurchases, with over 2 million shares repurchased under the current authorization.

Financial highlights

• Q2 2026 revenue: $350.5 million (up 5.3% year-over-year; 11% excluding a large former client); gross profit: $89.3 million (25.5% margin); adjusted EBITDA: $62.1 million (17.7% margin); net income: $28.1 million.

• Trailing twelve-month revenue: $1.31 billion, up 5.5% year-over-year; trailing twelve-month adjusted EBITDA: $225 million, up 7.3%.

• Operating cash flow for Q2 2026 was $50.4 million; trailing twelve months totaled $201 million.

• Cash, cash equivalents, and marketable securities totaled $236.9 million as of June 30, 2026; no debt.

• Share repurchases reduced shares outstanding by 12.5% since November, with nearly 1.2 million shares repurchased in Q2 2026 for $31.5 million.

Outlook and guidance

• Full-year 2026 revenue projected at $1.36–$1.385 billion (5.5–7.5% growth; 9.7–11.7% excluding the former client); adjusted EBITDA expected between $233–$240 million; net income $104.8–$109.9 million; adjusted EPS $2.04–$2.10.

• Q3 2026 revenue guidance: $335–$345 million; adjusted EBITDA $56–$59 million; net income $24.5–$26.7 million; adjusted EPS $0.50–$0.52.

• Seasonal softness in Q3 is expected to normalize by September, with engagement metrics projected to remain within historical ranges.

• Management notes risks from macroeconomic conditions and utilization trends.