Filing Flows › Progyny (PGNY) › Q1 2025
Progyny (PGNY) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Progyny (PGNY) reported revenue of $324M for the first quarter 2025 (Q1 2025), +17% from a year earlier and +9% from the quarter before. Operating margin was 7.5%, net earnings $15.1M (4.6% of revenue).
Progyny, Q1 2025: revenue $324M (+16% year over year), operating margin 7.5%, net earnings $15.1M, operating cash flow $49.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $324M | +9% | +17% |
| Gross profit | $75.8M | +19% | +21% |
| Operating profit | $24.2M | +53% | +30% |
| Net earnings | $15.1M | +43% | -11% |
| Operating cash flow | $49.8M | -5% | +94% |
| Free cash flow | $47.0M | -7% | +89% |
What changed
Revenue was $324.0M in Q1 2025, up 17% year over year and up 9% from the previous quarter. Fertility benefits services revenue was the largest line at 64% of revenue. Fertility benefits services revenue added $36.6M year over year (up 22%), 80% of the total change.
Gross margin was 23.4%, up 0.9 points from a year earlier. Operating profit was $24.2M, a 7.5% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, above the 7% margin then. Operating expenses grew 18% against revenue growth of 17%. Net earnings were $15.1M, down 11% year over year. The effective tax rate was 43.3%.
Operating cash flow was $49.8M (up 94% year over year), 331% of net earnings. Non-cash charges added back $1.1M of depreciation and amortization and $32.5M of share-based compensation. Capital expenditures of $2.8M left free cash flow of $47.0M.
Questions
What was Progyny's revenue in the first quarter 2025?
Progyny (PGNY) reported revenue of $324M for the first quarter 2025 (Q1 2025), +17% from a year earlier and +9% from the quarter before.
Was Progyny profitable in the first quarter 2025?
Operating profit was $24.2M (7.5% of revenue) and net earnings $15.1M.
Source: Progyny 10-Q on SEC EDGAR.