Filing Flows › Progyny (PGNY) › How it makes money
How Progyny (PGNY) makes money
Progyny (PGNY) made $341M of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. Fertility benefits services revenue brought in $223M (65%); Pharmacy benefits services revenue brought in $118M (35%). Of every dollar of revenue, 25¢ was left as gross profit, 10¢ was left as operating profit, 8¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Fertility benefits services revenue | $223M | 65.5% | -3% | +11% |
| Pharmacy benefits services revenue | $118M | 34.5% | -2% | +6% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $341M | 100.0% |
| Cost of revenue | $258M | 75.5% |
| Gross profit | $83.7M | 24.5% |
| Operating expenses | $48.6M | 14.2% |
| Operating profit | $35.2M | 10.3% |
| Income tax | $10.2M | 3.0% |
| Net earnings | $26.3M | 7.7% |
| Operating cash flow | $56.6M | 16.6% |
| Free cash flow | $47.2M | 13.8% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $341M | +9% |
| Q2 2026 | $351M | +5% |
| Q1 2026 | $329M | +1% |
| Q4 2025 | $318M | +7% |
| Q3 2025 | $313M | +9% |
| Q2 2025 | $333M | +10% |
| Q1 2025 | $324M | +16% |
From Progyny's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Progyny make money?
Progyny (PGNY) made $341M of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. Fertility benefits services revenue brought in $223M (65%); Pharmacy benefits services revenue brought in $118M (35%). Of every dollar of revenue, 25¢ was left as gross profit, 10¢ was left as operating profit, 8¢ was left as net earnings.
What is Progyny's biggest business?
Fertility benefits services revenue: $223M in the third quarter 2026, 65% of revenue, +11% from a year earlier.
What is Progyny's profit margin?
Net earnings were $26.3M, 7.7% of revenue, in the third quarter 2026; the operating margin was 10.3%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.