Progyny Shares Plunge 22% as 2026 Guidance Misses by 5.1%
Progyny’s shares dropped 22% after issuing first-quarter 2026 revenue guidance of $325.5 million, 5.1% below analyst expectations, and lowering full-year adjusted EPS and EBITDA targets. The setback overshadowed Q4 2025 results, which delivered $318.4 million in revenue (up 6.7% YoY) and $0.48 adjusted EPS, beating estimates by nearly 20%.
1. Weak 2026 Revenue and Profit Guidance
Progyny projected first-quarter 2026 revenue of $325.5 million, missing expectations by 5.1%, and issued full-year guidance for adjusted EPS and EBITDA below analyst forecasts. Management cited market headwinds and client contraction risks as reasons for dialing back its outlook on growth and profitability.
2. Strong Fourth-Quarter 2025 Results
In Q4 2025 Progyny generated $318.4 million in revenue, a 6.7% year-over-year increase, and achieved $0.48 in adjusted EPS, nearly 20% above consensus. The performance was driven by expanded client enrollments and higher utilization rates in its fertility benefits offerings.
3. Market Reaction and Stock Performance
Shares plunged 22% on the weak 2026 outlook, reversing gains from the strong fourth-quarter showing. Year-to-date the stock is down 32.1% and trades 38.5% below its 52-week high as investors reassess growth prospects.