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Progyny (PGNY) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Progyny (PGNY) Q3 2026 earnings results →
Q3 2026 Revenue up 9% year over year to $341M · 8¢ of every $1 of revenue kept as net profit · operating margin 10.3%
Progyny made $341M in Q3 2026 (+9% Y/Y): Fertility benefits services revenue $223M, Pharmacy benefits services revenue $118M. Operating margin 10.3%, net earnings $26.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $341.3M in Q3 2026, up 9% year over year and down 3% from the previous quarter. Fertility benefits services revenue was the largest line at 65% of revenue. Fertility benefits services revenue added $21.4M year over year (up 11%), 77% of the total change.
Gross margin was 24.5%, up 1.3 points from Q3 2025. Operating profit was $35.2M, a 10.3% margin (up 3.4 points year over year). Of the extra revenue versus Q3 2025, 49% reached operating profit, above the 7% margin then. Operating expenses fell 5% while revenue rose 9%. Net earnings were $26.3M, up 89% year over year. The effective tax rate was 27.9%.
Operating cash flow was $56.6M (up 12% year over year), 216% of net earnings. Non-cash charges added back $2.2M of depreciation and amortization and $21.1M of share-based compensation. Working capital and other items added $7.1M. Capital expenditures of $9.4M left free cash flow of $47.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $341M | +9% | 10.3% | $26.3M | $56.6M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $351M | +5% | 11.4% | $28.1M | $50.4M |
| Q1 2026 | 10-Q | May 8, 2026 | $329M | +1% | 10.8% | $24.2M | $45.9M |
| Q4 2025 | 10-K | Feb 27, 2026 | $318M | +7% | 4.8% | $12.5M | $54.2M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $313M | +9% | 6.9% | $13.9M | $50.7M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $333M | +10% | 7.3% | $17.1M | $55.5M |
| Q1 2025 | 10-Q | May 9, 2025 | $324M | +16% | 7.5% | $15.1M | $49.8M |
Charts
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About Progyny
Progyny is a global leader in women’s health and family building solutions. We envision a world where everyone can realize their dreams of family and ideal health. Our mission is to empower healthier, supported journeys through transformative fertility, family building and women’s health benefits. Through our differentiated approach to benefits plan design, member education and support and active network management, our clients’ employees are able to pursue the most effective treatment across life’s milestones from the best providers and specialists and achieve optimal outcomes.
In its own words, from its 10-K, filed Feb 27, 2026.
Progyny against its Services-Misc Health & Allied Services, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +5%. Operating margin: 10.3% against the peers' median 8.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PGNY Progyny | Q3 2026 | $341M | +9% | 10.3% |
| DVA Davita | Q3 2026 | $3.6B | +5% | 14.0% |
| AGL agilon health | Q3 2026 | $1.5B | +6% | 1.6% |
| SHC Sotera Health | Q3 2026 | $325M | +4% | 25.8% |
| VMD Viemed Healthcare | Q3 2026 | $80.7M | +12% | 8.6% |
| PARK Park Dental Partners | Q2 2026 | $66.2M | +5% | 1.9% |
| CCEL Cryo Cell International | Q3 FY26 | $7.8M | 0% | 28.0% |
| MRAI Marpai | Q2 2026 | $4.2M | -10% | -82.4% |
| PFHO Pacific Health Care Organization | Q3 2026 | $1.5M | -5% | 8.9% |
Source: Progyny 10-Q on SEC EDGAR · CIK 1551306 · Services-Misc Health & Allied Services, NEC
Guidance and outlook
13F: who owns PGNY and who is buying
More on PGNY
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Progyny guidance history: guided vs reported
- Progyny gross margin by quarter
- Progyny operating margin by quarter
- Progyny net income by quarter
- Progyny free cash flow by quarter
- Progyny capital expenditures by quarter
- Progyny Fertility benefits services revenue revenue by quarter
- Progyny Pharmacy benefits services revenue revenue by quarter