Filing Flows › Progyny (PGNY) › Q1 2026
Progyny (PGNY) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Progyny (PGNY) reported revenue of $329M for the first quarter 2026 (Q1 2026), +1% from a year earlier and +3% from the quarter before. Operating margin was 10.8%, net earnings $24.2M (7.4% of revenue).
Progyny, Q1 2026: revenue $329M (+1% year over year), operating margin 10.8%, net earnings $24.2M, operating cash flow $45.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $329M | +3% | +1% |
| Gross profit | $83.1M | +8% | +10% |
| Operating profit | $35.4M | +132% | +46% |
| Net earnings | $24.2M | +94% | +61% |
| Operating cash flow | $45.9M | -15% | -8% |
| Free cash flow | $39.6M | -18% | -16% |
What changed
Revenue was $328.5M in Q1 2026, up 1% year over year and up 3% from the previous quarter. Fertility benefits services revenue was the largest line at 64% of revenue. Fertility benefits services revenue added $3.0M year over year (up 1%), 68% of the total change.
Gross margin was 25.3%, up 1.9 points from Q1 2025. Operating profit was $35.4M, a 10.8% margin (up 3.3 points year over year). Of the extra revenue versus Q1 2025, 251% reached operating profit, above the 7% margin then. Operating expenses fell 8% while revenue rose 1%. Net earnings were $24.2M, up 61% year over year. The effective tax rate was 34.3%.
Operating cash flow was $45.9M (down 8% year over year), 190% of net earnings. Non-cash charges added back $1.5M of depreciation and amortization and $19.7M of share-based compensation. Capital expenditures of $6.3M left free cash flow of $39.6M.
Questions
What was Progyny's revenue in the first quarter 2026?
Progyny (PGNY) reported revenue of $329M for the first quarter 2026 (Q1 2026), +1% from a year earlier and +3% from the quarter before.
Was Progyny profitable in the first quarter 2026?
Operating profit was $35.4M (10.8% of revenue) and net earnings $24.2M.
Source: Progyny 10-Q on SEC EDGAR.