Filing Flows › Progyny (PGNY) › Q3 2026 › vs Q2 2026
Progyny (PGNY) Q3 2026 vs Q2 2026 (quarter over quarter)
Progyny's revenue fell $9.3M (-3%) from $351M in Q2 2026 to $341M in Q3 2026. The biggest changes: Fertility benefits services revenue −$6.8M (-3%); Pharmacy benefits services revenue −$2.4M (-2%). Gross margin 24.5% against 25.5% (-0.9 pts).
Progyny, Q3 2026: revenue $341M (+9% year over year), operating margin 10.3%, net earnings $26.3M, operating cash flow $56.6M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 24.5% | 25.5% | -0.9 pts |
| Operating margin | 10.3% | 11.4% | -1.1 pts |
| Net margin | 7.7% | 8.0% | -0.3 pts |
| Free cash flow margin | 13.8% | 12.6% | +1.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Fertility benefits services revenue | $223M | $230M | −$6.8M | -3% |
| Pharmacy benefits services revenue | $118M | $120M | −$2.4M | -2% |
| Revenue | $341M | $351M | −$9.3M | -3% |
| Gross profit | $83.7M | $89.3M | −$5.6M | -6% |
| Cost of revenue | $258M | $261M | −$3.7M | -1% |
| Other income, net | $1.2M | $1.1M | $100K | +9% |
| Operating profit | $35.2M | $40.0M | −$4.8M | -12% |
| Operating expenses | $48.6M | $49.3M | −$740K | -2% |
| Pre-tax earnings | $36.4M | $41.1M | −$4.7M | -11% |
| Net earnings | $26.3M | $28.1M | −$1.8M | -6% |
| Income tax | $10.2M | $13.1M | −$2.9M | -22% |
| Depreciation & amortization | $2.2M | $1.6M | $528K | +33% |
| Share-based compensation | $21.1M | $20.5M | $628K | +3% |
| Working capital & other | $7.1M | $272K | $6.8M | 26× |
| Operating cash flow | $56.6M | $50.4M | $6.2M | +12% |
| Free cash flow (OCF − capex) | $47.2M | $44.2M | $3.0M | +7% |
| Capital expenditures | $9.4M | $6.2M | $3.1M | +51% |
Questions
How much did Progyny's revenue grow quarter over quarter in Q3 2026?
Progyny's revenue fell $9.3M (-3%) from $351M in Q2 2026 to $341M in Q3 2026.
What drove Progyny's revenue change in Q3 2026?
Fertility benefits services revenue −$6.8M (-3%); Pharmacy benefits services revenue −$2.4M (-2%).