Progyny Delivers Record Q1 Revenue of $328.5M, Gross Margin Hits 25.3%
PGNY•Progyny reported record first-quarter 2026 revenue of $328.5 million, up 1.4% year-over-year and 12.2% excluding a non-renewed large client, with gross profit climbing 10% to $83.1 million and gross margin widening to 25.3%. The company generated $56.6 million in Adjusted EBITDA and repurchased 8.8 million shares since November.
1. Record first-quarter revenue and profit
Progyny posted record revenue of $328.5 million for Q1 2026, up 1.4% from $324.0 million a year earlier. Gross profit rose 10% to $83.1 million, lifting gross margin to 25.3% from 23.4% in Q1 2025.
2. Net income and adjusted metrics
Net income reached $24.2 million, or $0.29 per diluted share, versus $15.1 million ($0.17 per share) in the prior year. Adjusted earnings per diluted share grew to $0.50 and Adjusted EBITDA totaled $56.6 million, with a margin of 17.2%.
3. Segment performance
Fertility benefit services revenue climbed 1.5% to $209.4 million, while pharmacy benefit services rose 1.3% to $119.1 million. Excluding $31.3 million from a large client that did not renew in 2026, total revenue grew 12.2%.
4. Share repurchase and pipeline
Since November, Progyny has repurchased 8.8 million shares to return capital to investors. Early selling season activity shows a stronger pipeline and higher early commitment pacing versus this time last year.
