Progyny (PGNY) Q3 2026 earnings summary

Executive summary

• Q3 revenue, gross profit, net income and Adjusted EBITDA reached records; the FY26 guidance midpoint was raised after strong first-nine-month performance.

• The 2027 selling season added a record 1.3M covered lives and more than 85 clients, with near-100% retention and strong pipeline momentum.

Financial highlights

• Q3 revenue was $341.3M, up 8.9% YoY; gross profit was $83.7M, up 15%, and gross margin expanded 130 bps to 24.5%.

• Q3 net income was $26.3M versus $13.9M; diluted EPS was $0.32 versus $0.15. Adjusted EBITDA rose 6.3% to $58.4M.

• 9M revenue was $1,020.3M versus $970.3M; growth was 11% excluding $48.5M of former-client transition revenue in 2025. 9M Adjusted EBITDA was $177.1M versus $170.7M.

• 9M gross profit rose 13% to $256.1M and gross margin expanded 160 bps to 25.1%; operating cash flow was $153.0M versus $156.0M.

Outlook and guidance

• FY26 revenue guidance is $1.365B–$1.385B, or 5.9%–7.5% growth; excluding $48.5M of 2025 transition-agreement revenue, growth is 10.1%–11.7%.

• FY26 net income guidance is $107.0M–$110.6M, diluted EPS $1.30–$1.35, Adjusted EBITDA $235M–$240M and Adjusted diluted EPS $2.09–$2.13.

• Q4 guidance: revenue $344.7M–$364.7M; net income $28.5M–$32.1M; diluted EPS $0.36–$0.41; Adjusted EBITDA $57.9M–$62.9M; Adjusted diluted EPS $0.53–$0.58.

• Most new clients and lives are expected to launch in Q1 2027, with further launches mid-year; once live, the base is expected to exceed 660 clients and cover ~8.3M lives.