Filing Flows › Progyny (PGNY) › Q3 2025
Progyny (PGNY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Progyny (PGNY) reported revenue of $313M for the third quarter 2025 (Q3 2025), +9% from a year earlier and -6% from the quarter before. Operating margin was 6.9%, net earnings $13.9M (4.4% of revenue).
Progyny, Q3 2025: revenue $313M (+9% year over year), operating margin 6.9%, net earnings $13.9M, operating cash flow $50.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $313M | -6% | +9% |
| Gross profit | $72.8M | -8% | +23% |
| Operating profit | $21.5M | -12% | +73% |
| Net earnings | $13.9M | -19% | +33% |
| Operating cash flow | $50.7M | -9% | +14% |
| Free cash flow | $46.0M | -8% | +8% |
What changed
Revenue was $313.3M in Q3 2025, up 9% year over year and down 6% from the previous quarter. Fertility benefits services revenue was the largest line at 64% of revenue. Fertility benefits services revenue added $23.2M year over year (up 13%), 87% of the total change.
Gross margin was 23.2%, up 2.6 points from a year earlier. Operating profit was $21.5M, a 6.9% margin (up 2.5 points year over year). Of the extra revenue versus a year earlier, 34% reached operating profit, above the 4% margin then. Operating expenses grew 10% against revenue growth of 9%. Net earnings were $13.9M, up 33% year over year. The effective tax rate was 42.1%.
Operating cash flow was $50.7M (up 14% year over year), 365% of net earnings. Non-cash charges added back $1.3M of depreciation and amortization and $32.2M of share-based compensation. Working capital and other items added $3.4M. Capital expenditures of $4.7M left free cash flow of $46.0M.
Questions
What was Progyny's revenue in the third quarter 2025?
Progyny (PGNY) reported revenue of $313M for the third quarter 2025 (Q3 2025), +9% from a year earlier and -6% from the quarter before.
Was Progyny profitable in the third quarter 2025?
Operating profit was $21.5M (6.9% of revenue) and net earnings $13.9M.
Source: Progyny 10-Q on SEC EDGAR.