Progyny Posts Record $1.29B Revenue and Guides to $1.355B–$1.405B in 2026
Progyny delivered 2025 revenue of $1.29 billion and adjusted EBITDA of $222 million, surpassing guidance midpoints by $90 million and $28 million, operating cash flow rose 17% to $210 million. It repurchased 6.5 million shares for $124 million, grew gross margin 200 bps and guided 2026 revenue to $1.355–1.405 billion.
1. Record 2025 Financial Results
Progyny reported 2025 revenue of $1.29 billion, up 10% as reported and 20% excluding a large former client, while adjusted EBITDA reached $222 million, topping original guidance midpoints by $90 million on revenue and $28 million on EBITDA.
2. Margin and Cost Efficiency
Gross margin expanded by nearly 200 basis points year-over-year, driven by enhanced care management efficiencies and increased leverage with third-party partners, even as U.S. medical costs climbed 27% since 2022 versus Progyny rate increases.
3. Strong Cash Flow and Balance Sheet
The company generated record operating cash flow of $210 million, a 17% increase, held $310 million in cash with no debt, and repurchased 6.5 million shares for $124 million under its buyback program.
4. 2026 Outlook and Guidance
Progyny expects 7.2 million covered lives and 2026 revenue of $1.355–$1.405 billion (5.1%–9% growth reported; 9.3%–13.3% excluding the former client), adjusted EBITDA of $224–$239 million, and a 35% reduction in stock-based compensation.