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Progyny cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$47.2M in Q3 2026 · $180M over twelve months

Operating cash flow$56.6M
Capital spending−$9.4M
Free cash flow+$47.2M
Cash / net income2.2×
Cash conversion cycle15 days

Analysis

In Q3 2026, Progyny generated $56.6M of operating cash flow and spent $9.4M on capital projects, leaving free cash flow of $47.2M. That is $1.3M more than in Q3 2025 ($46.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $207M; the largest uses were buybacks ($313M), capital spending ($27.5M), taxes on employees’ shares ($19.6M); besides operations, cash came from other investing ($131M), other financing ($886K); the cash balance fell by $21.2M.

Operating cash flow was $56.6M against net income of $26.3M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$21.1M, receivables +$5.2M, payables −$4.0M.

Its cash conversion cycle was 15 days (receivables 68 + inventory 0 − payables 54).

Free cash flow

Progyny: free cash flow by quarterProgyny: free cash flow by quarter$50.3MQ4 2024$47.0MQ1 2025$50.2MQ2 2025$46.0MQ3 2025$48.6MQ4 2025$39.6MQ1 2026$44.2MQ2 2026$47.2MQ3 2026
Operating cash flow less capital spending.
Progyny: operating cash flow against capital spendingProgyny: operating cash flow against capital spendingOperating cash flowCapital spending$52.2M$1.9MQ4 2024$49.8M$2.8MQ1 2025$55.5M$5.3MQ2 2025$50.7M$4.7MQ3 2025$54.2M$5.6MQ4 2025$45.9M$6.3MQ1 2026$50.4M$6.2MQ2 2026$56.6M$9.4MQ3 2026
Latest (Q3 2026): Operating cash flow $56.6M, Capital spending $9.4M.

Capital allocation, year by year

Progyny: where the cash came from (up) and went (down), by fiscal yearProgyny: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $26.0MFY2021: Shares issued $2.9MFY2021: Capital spending −$2.1M$29.0MFY2021FY2022: Operating cash flow $80.4MFY2022: Shares issued $3.1MFY2022: Capital spending −$3.2M$83.5MFY2022FY2023: Operating cash flow $189MFY2023: Shares issued $4.8MFY2023: Capital spending −$3.6M$194MFY2023FY2024: Operating cash flow $179MFY2024: Shares issued $1.1MFY2024: Capital spending −$5.4MFY2024: Acquisitions −$5.3MFY2024: Buybacks −$300M$180MFY2024FY2025: Operating cash flow $210MFY2025: Shares issued $86KFY2025: Capital spending −$18.4MFY2025: Acquisitions −$9.3MFY2025: Buybacks −$81.7M$210MFY2025
Over these 5 years operating cash flow totalled $685M; the largest uses were buybacks ($382M) and capital spending ($32.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$196M
Debtnone
Net cash$196M

Progyny funds itself: free cash flow was $180M over the last twelve months, with $196M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Progyny: sources (+) and uses (−) of cash, Q3 2026Progyny: sources (+) and uses (−) of cash, Q3 2026Buybacks−$82.8MOperating cash flow$56.6MCash drawn (+) / kept (−)$35.8MCapital spending−$9.4MTaxes on employees’ shares−$5.0MOther investing$4.3MOther financing$385KExchange rates$9KShares issued$7K
Progyny: sources (+) and uses (−) of cash, TTM to Q3 2026Progyny: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$313MOperating cash flow$207MOther investing$131MCapital spending−$27.5MCash drawn (+) / kept (−)$21.2MTaxes on employees’ shares−$19.6MOther financing$886KShares issued$101KExchange rates−$80K

From profit to cash

Progyny: net income to operating cash flow, Q3 2026Progyny: net income to operating cash flow, Q3 2026Net income$26.3MDepreciation & amortization$2.2MStock-based pay$21.1MDeferred taxes$9KGains on disposals$131KReceivables$5.2MPayables−$4.0MAccrued liabilities$3.9MPrepaid and other assets−$997KOperating cash flow$56.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202668—5415
Q2 202668—5414
Q1 202666—5215
Q4 202568—4721
Q3 202577—5027
Q2 202578—5127
Q1 202574—4431
Q4 202480—4435

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$56.6M−$9.4M—−$82.8M$7K$35.8M$47.2M
Q2 2026$50.4M−$6.2M—−$30.0M$1K−$21.0M$44.2M
Q1 2026$45.9M−$6.3M—−$119M$30K−$19.4M$39.6M
Q4 2025$54.2M−$5.6M—−$81.7M$63K$25.8M$48.6M
Q3 2025$50.7M−$4.7M——$5K−$2.4M$46.0M
Q2 2025$55.5M−$5.3M——−$21K−$23.3M$50.2M
Q1 2025$49.8M−$2.8M−$9.3M—$39K$48.1M$47.0M
Q4 2024$52.2M−$1.9M—−$55.1M$2K−$70.8M$50.3M

Progyny: income statement and cash flow

Progyny, Q3 2026: revenue $341M (+9% year over year), operating margin 10.3%. The chart follows the revenue to costs, profit and cash.

Progyny: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.