Filing Flows › Progyny (PGNY) › Q2 2025
Progyny (PGNY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Progyny (PGNY) reported revenue of $333M for the second quarter 2025 (Q2 2025), +9% from a year earlier and +3% from the quarter before. Operating margin was 7.3%, net earnings $17.1M (5.1% of revenue).
Progyny, Q2 2025: revenue $333M (+10% year over year), operating margin 7.3%, net earnings $17.1M, operating cash flow $55.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $333M | +3% | +9% |
| Gross profit | $79.0M | +4% | +16% |
| Operating profit | $24.4M | +0.8% | +18% |
| Net earnings | $17.1M | +14% | +4% |
| Operating cash flow | $55.5M | +11% | -2% |
| Free cash flow | $50.2M | +7% | -10% |
What changed
Revenue was $332.9M in Q2 2025, up 9% 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 $20.4M year over year (up 11%), 71% of the total change.
Gross margin was 23.7%, up 1.3 points from a year earlier. Operating profit was $24.4M, a 7.3% margin (up 0.5 points year over year). Of the extra revenue versus a year earlier, 13% reached operating profit, above the 7% margin then. Operating expenses grew 15% against revenue growth of 9%. Net earnings were $17.1M, up 4% year over year. The effective tax rate was 36.8%.
Operating cash flow was $55.5M (down 2% year over year), 324% of net earnings. Non-cash charges added back $1.2M of depreciation and amortization and $32.4M of share-based compensation. Working capital and other items added $4.8M. Capital expenditures of $5.3M left free cash flow of $50.2M.
Questions
What was Progyny's revenue in the second quarter 2025?
Progyny (PGNY) reported revenue of $333M for the second quarter 2025 (Q2 2025), +9% from a year earlier and +3% from the quarter before.
Was Progyny profitable in the second quarter 2025?
Operating profit was $24.4M (7.3% of revenue) and net earnings $17.1M.
Source: Progyny 10-Q on SEC EDGAR.