Filing Flows › Progyny (PGNY) › Q4 2025
Progyny (PGNY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Progyny (PGNY) reported revenue of $318M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +2% from the quarter before. Operating margin was 4.8%, net earnings $12.5M (3.9% of revenue).
Progyny, Q4 2025: revenue $318M (+7% year over year), operating margin 4.8%, net earnings $12.5M, operating cash flow $54.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $318M | +2% | +7% |
| Gross profit | $76.9M | +6% | +21% |
| Operating profit | $15.2M | -29% | -4% |
| Net earnings | $12.5M | -10% | +19% |
| Operating cash flow | $54.2M | +7% | +4% |
| Free cash flow | $48.6M | +6% | -3% |
What changed
Revenue was $318.4M in Q4 2025, up 7% year over year and up 2% from the previous quarter. Fertility benefit services revenue was the largest line at 66% of revenue.
Gross margin was 24.1%, up 2.9 points from a year earlier. Operating profit was $15.2M, a 4.8% margin (down 0.5 points year over year). Operating profit fell $565K even though revenue rose $20.0M versus a year earlier, so costs grew faster than sales. Operating expenses grew 29% against revenue growth of 7%. Net earnings were $12.5M, up 19% year over year. The effective tax rate was 30.1%.
Operating cash flow was $54.2M (up 4% year over year), 434% of net earnings. Non-cash charges added back $1.4M of depreciation and amortization and $34.8M of share-based compensation. Working capital and other items added $5.6M. Capital expenditures of $5.6M left free cash flow of $48.6M.
Questions
What was Progyny's revenue in the fourth quarter 2025?
Progyny (PGNY) reported revenue of $318M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +2% from the quarter before.
Was Progyny profitable in the fourth quarter 2025?
Operating profit was $15.2M (4.8% of revenue) and net earnings $12.5M.
Source: Progyny 10-K on SEC EDGAR.