Filing Flows › Progyny (PGNY) › Q2 2026 › vs Q2 2025
Progyny (PGNY) Q2 2026 vs Q2 2025 (year over year)
Progyny's revenue rose $17.6M (+5%) from $333M in Q2 2025 to $351M in Q2 2026. The biggest changes: Fertility benefits services revenue +$16.3M (+8%); Pharmacy benefits services revenue +$1.4M (+1%). Gross margin 25.5% against 23.7% (+1.8 pts).
Progyny, Q2 2026: revenue $351M (+5% year over year), operating margin 11.4%, net earnings $28.1M, operating cash flow $50.4M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 25.5% | 23.7% | +1.8 pts |
| Operating margin | 11.4% | 7.3% | +4.1 pts |
| Net margin | 8.0% | 5.1% | +2.9 pts |
| Free cash flow margin | 12.6% | 15.1% | -2.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Fertility benefits services revenue | $230M | $214M | $16.3M | +8% |
| Pharmacy benefits services revenue | $120M | $119M | $1.4M | +1% |
| Revenue | $351M | $333M | $17.6M | +5% |
| Gross profit | $89.3M | $79.0M | $10.3M | +13% |
| Cost of revenue | $261M | $254M | $7.3M | +3% |
| Other income, net | $1.1M | $2.7M | −$1.6M | -58% |
| Operating profit | $40.0M | $24.4M | $15.6M | +64% |
| Operating expenses | $49.3M | $54.6M | −$5.3M | -10% |
| Pre-tax earnings | $41.1M | $27.1M | $14.1M | +52% |
| Net earnings | $28.1M | $17.1M | $10.9M | +64% |
| Income tax | $13.1M | $10.0M | $3.1M | +31% |
| Depreciation & amortization | $1.6M | $1.2M | $418K | +35% |
| Share-based compensation | $20.5M | $32.4M | −$11.9M | -37% |
| Working capital & other | $272K | $4.8M | −$4.5M | -94% |
| Operating cash flow | $50.4M | $55.5M | −$5.1M | -9% |
| Free cash flow (OCF − capex) | $44.2M | $50.2M | −$6.0M | -12% |
| Capital expenditures | $6.2M | $5.3M | $950K | +18% |
Questions
How much did Progyny's revenue grow year over year in Q2 2026?
Progyny's revenue rose $17.6M (+5%) from $333M in Q2 2025 to $351M in Q2 2026.
What drove Progyny's revenue change in Q2 2026?
Fertility benefits services revenue +$16.3M (+8%); Pharmacy benefits services revenue +$1.4M (+1%).