Progyny Q3 revenue rises 8.9% to $341M; profit grows
The selling season produced 1.3 million new covered lives, while retention for 2027 was near 100%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Progyny, Inc. reported third-quarter 2026 revenue of $341.3 million, up 8.9% from a year earlier, and gross profit of $83.7 million, up 15%. Net income was $26.3 million, compared with $13.9 million, while Adjusted EBITDA was $58.4 million, up 6.3%; its margin was 17.1%, versus 17.5%. Quarterly operating cash flow was $56.6 million, compared with $50.7 million.
The company said its selling season produced 1.3 million new covered lives and more than 85 new clients, with near-100% retention for 2027. It raised the midpoint of 2026 guidance: revenue is projected at $1.365 billion to $1.385 billion and Adjusted EBITDA at $235.0 million to $240.0 million. Revenue guidance reflects 5.9% to 7.5% growth, or 10.1% to 11.7% excluding $48.5 million of revenue from a large client in 2025. As of September 30, 2026, Progyny had $195.6 million in cash, cash equivalents and marketable securities and no debt; it repurchased nearly 3 million shares for $82.7 million during the quarter.
5 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 revenue rose 8.9% to $341.3 million year over year.
- Moderate pointQ3 gross profit increased 15% to $83.7 million.
- Moderate pointQ3 net income was $26.3 million, compared with $13.9 million a year earlier.
- Moderate pointQ3 Adjusted EBITDA increased 6.3% to $58.4 million.
- Moderate pointQ3 operating cash flow was $56.6 million, compared with $50.7 million.
Negative
- None.
Filing Explained
At September 30, 2026, 74,723,072 shares were outstanding, versus 83,365,696 at December 31, 2025.
This Form 8-K furnishes Progyny’s third-quarter 2026 results and supplemental presentation; about
As of
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $341.3 million
Gross profit: $83.7 million
Net income: $26.3 million
+5 more
8 metrics
Revenue
$341.3 million
Third quarter 2026; up 8.9% from the third quarter of 2025
Gross profit
$83.7 million
Third quarter 2026; up 15% from the third quarter of 2025
Net income
$26.3 million
Third quarter 2026; compared with $13.9 million in the third quarter of 2025
Adjusted EBITDA
$58.4 million
Third quarter 2026; up 6.3% from the third quarter of 2025
Operating cash flow
$56.6 million
Third quarter 2026; compared with $50.7 million in the third quarter of 2025
Full-year revenue guidance
$1.365 billion to $1.385 billion
Projected for the year ending December 31, 2026
Q3 share repurchases
Nearly 3 million shares for $82.7 million
Third quarter 2026
Cash, cash equivalents and marketable securities
$195.6 million
As of September 30, 2026
Key Terms
Adjusted EBITDA, covered lives, member utilization rate, days sales outstanding (DSO)
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA was $58.4 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
covered lives medical
"1.3 million new covered lives"
Number of people who are enrolled in or eligible for health coverage under a particular insurance plan, managed-care contract, pharmacy benefit manager, or government program. Think of it as the size of the customer base on a company’s health-related contract: larger covered-lives counts mean more potential users for services, prescriptions or claims, and they help investors estimate revenue reach, pricing leverage and growth potential.
member utilization rate medical
"member utilization rate for all fertility and family building services"
days sales outstanding (DSO) financial
"days sales outstanding (DSO)"
Days sales outstanding (DSO) measures the average number of days a company takes to collect payment after making a sale. It matters to investors because it shows how quickly cash comes in: shorter DSO is like being paid promptly after delivering work, supporting smoother cash flow and lower credit risk, while longer DSO can signal slow collections, potential liquidity stress, or weaker payment terms compared with peers.
Earnings Snapshot
Revenue: $341.3 million · Guidance included
Third quarter of 2026
Revenue
$341.3 million
Up 8.9% from the third quarter of 2025
Gross profit
$83.7 million
Up 15% from the third quarter of 2025
Net income
$26.3 million
Compared with $13.9 million in the third quarter of 2025
Adjusted EBITDA
$58.4 million
Up 6.3% from the third quarter of 2025
Guidance
For full-year 2026, revenue is projected at $1.365 billion to $1.385 billion, net income at $107.0 million to $110.6 million, and Adjusted EBITDA at $235.0 million to $240.0 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is Progyny's 2026 revenue guidance?
Progyny projected 2026 revenue of $1.365 billion to $1.385 billion, reflecting growth of 5.9% to 7.5%. Excluding $48.5 million of 2025 revenue from the large client under a transition agreement in the first half of 2025, expected growth was 10.1% to 11.7%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2026
(Exact Name of Registrant as Specified in Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition and
Item 7.01 Regulation FD Disclosure.
On November 4, 2026, Progyny, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
In addition to the press release, a supplemental earnings presentation will be made available on the Company’s investor relations page at investors.progyny.com. A copy of this supplemental earnings presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.
The information furnished under Item 2.02 and Item 7.01, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |||||||
99.1 | Press Release of Progyny, Inc. dated September 30, 2026 | |||||||
| 99.2 | Third Quarter 2026 Earnings Supplemental Presentation | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Progyny, Inc. | ||||||||
| Date: November 4, 2026 | ||||||||
| By: | /s/ Peter Anevski | |||||||
| Peter Anevski | ||||||||
| Chief Executive Officer | ||||||||
Progyny, Inc. Announces Third Quarter 2026 Results
Reports Record Third Quarter Results for Revenue, Gross Profit, Adjusted EBITDA and Net Income
Selling Season Yields Record 1.3 Million New Covered Lives with Another Year of Near 100% Retention
Raises Midpoint of Full Year Guidance Ranges
NEW YORK, November 4, 2026 /GlobeNewswire/ - Progyny, Inc. (Nasdaq: PGNY) (“Progyny” or the “Company”), a global leader in women's health and family building solutions, today announced its financial results for the three-month period ended September 30, 2026 (“the third quarter of 2026”), as compared to the three-month period ended September 30, 2025 (“the third quarter of 2025” or “the prior year period”).
“We're exceptionally pleased with the results of our most recent selling season, where our momentum extended even into its latest stages, yielding 1.3 million new covered lives, our most ever in a single season, and over 85 new clients,” said Pete Anevski, Chief Executive Officer of Progyny. “Beyond new sales activity, our season also focuses on renewing the existing base, where we once again achieved a near 100% retention for 2027 as well as strong demand from those accounts to expand their relationships with us through more comprehensive coverage and the further adoption of our newest services in pregnancy, parenting and menopause support.
“More than ever, these results once again affirm the critical importance of these benefits to employers,” continued Anevski. “We believe the energy and success we're seeing reflect how Progyny remains uniquely positioned to consistently deliver meaningful value and cost trend control to employers, which is particularly impactful given the pressures employers are facing from broader medical cost inflation.
“As we look into next year, we believe we're well-positioned to extend this momentum into 2027, as we're exiting the year with our strongest ever set-up in terms of our number of opportunities and the overall size and quality of the pipeline, as our demonstrated ability to effectively bend the cost curve positions us well for continued success.”
“We achieved strong top- and bottom-line growth this quarter, reflecting that member engagement was consistent with our expectations, and we are pleased to be in a position to raise the midpoint of our full year guidance,” said Mark Livingston, Chief Financial Officer of Progyny. “In addition to the strong results this quarter, we continued to maintain a high conversion of Adjusted EBITDA to operating cash flow, which has provided us with the flexibility to continue investing in our platform while also returning value to shareholders through the repurchase of nearly 11 million shares this year.”
Third Quarter 2026 Highlights:
| (unaudited; in thousands, except per share amounts) | 3Q 2026 | 3Q 2025 | |||||||||
Revenue | $341,254 | $313,346 | |||||||||
Gross Profit | $83,740 | $72,835 | |||||||||
Gross Margin | 24.5% | 23.2% | |||||||||
Net Income | $26,252 | $13,864 | |||||||||
Net Income per Diluted Share1 | $0.32 | $0.15 | |||||||||
Adjusted Earnings per Diluted Share2 | $0.52 | $0.45 | |||||||||
Adjusted EBITDA2 | $58,439 | $54,968 | |||||||||
Adjusted EBITDA Margin2 | 17.1% | 17.5% | |||||||||
| Trailing Twelve-Month Operating Cash Flow | $207,182 | $208,153 | |||||||||
1.Net income per diluted share reflects weighted-average shares outstanding as adjusted for potential dilutive securities, including options, restricted stock units, and shares issuable under the employee stock purchase plan.
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2.Adjusted Earnings per Diluted Share, Adjusted EBITDA, and Adjusted EBITDA margin are financial measures that are not required by, or presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Please see Annex A of this press release for a reconciliation of Adjusted Earnings per Diluted Share to earnings per share, and Adjusted EBITDA to net income, the most directly comparable financial measures stated in accordance with GAAP for each of the periods presented. We calculate Adjusted Earnings per Diluted Share as net income per diluted share excluding the impact of stock-based compensation, adjusted for the impact of taxes. We calculate Adjusted EBITDA margin as Adjusted EBITDA divided by revenue.
Financial Highlights
Revenue was $341.3 million, an 8.9% increase as compared to the $313.3 million reported in the third quarter of 2025, due to an increase in the number of clients and covered lives.
•Fertility benefit services revenue was $223.4 million, a 10.6% increase from the $201.9 million reported in the third quarter of 2025.
•Pharmacy benefit services revenue was $117.9 million, a 5.8% increase as compared to the $111.4 million reported in the third quarter of 2025.
Gross profit was $83.7 million, an increase of 15% from the $72.8 million reported in the third quarter of 2025, reflecting ongoing efficiencies realized in the delivery of our care management services as well as a decrease in stock-based compensation expense. Gross margin was 24.5%, as compared to 23.2% reported in the prior year.
Net income was $26.3 million, or $0.32 income per diluted share, as compared to the $13.9 million, or $0.15 income per diluted share, reported in the third quarter of 2025. The higher net income was due primarily to the higher gross profit and lower stock-based compensation expense, which was partially offset by lower interest and other income, net.
Adjusted EBITDA was $58.4 million, an increase of 6.3% as compared to the $55.0 million reported in the third quarter of 2025, as the higher gross profit was partially offset by planned investments to expand the features and functionality of our platform. Adjusted EBITDA margin was 17.1% as compared to the 17.5% Adjusted EBITDA margin in the third quarter of 2025. Refer to Annex A for a reconciliation of Adjusted EBITDA to net income.
Cash Flow
Net cash provided by operating activities in the third quarter of 2026 was $56.6 million, as compared to $50.7 million in the prior year period. Cash flow reflects the timing impact of certain working capital items in both periods.
Balance Sheet and Financial Position
As of September 30, 2026, the Company had total working capital of approximately $224.4 million and no debt. This included cash and cash equivalents and marketable securities of $195.6 million, a decrease of $41.3 million from the balances as of June 30, 2026, as the operating cash flow generated was offset by share repurchase activity during the quarter. The Company's $200 million revolving credit facility remains undrawn, and the Company has no planned use for the facility at this time.
Share Repurchase Activity
During the third quarter of 2026, the Company repurchased nearly 3 million shares of its common stock for a total cost of $82.7 million through its May 2026 share repurchase program, which provided for a total authorization of up to $200 million. To date, the Company has repurchased nearly 5.5 million shares of its common stock under this most recent program, and approximately $51 million remains under the existing authorization. In combination with its predecessor program which began in November 2025 and concluded earlier this year, the Company has now repurchased nearly 11 million shares thus far in 2026, and approximately 14.3 million shares overall since November 2025.
Key Metrics
The Company had 607 fertility and family building clients as of September 30, 2026, as compared to 553 clients as of September 30, 2025.
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| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Assisted Reproductive Treatment (ART) Cycles(*) | 16,723 | 15,981 | 49,368 | 49,079 | |||||||||||||||||||
Utilization - All Members(**) | 0.56% | 0.54% | 1.10% | 1.06% | |||||||||||||||||||
Utilization - Female Only(**) | 0.49% | 0.47% | 0.91% | 0.88% | |||||||||||||||||||
Average Members(***) | 7,176,000 | 6,757,000 | 7,166,000 | 6,730,000 | |||||||||||||||||||
* Represents the number of ART cycles performed, including IVF with a fresh embryo transfer, IVF freeze all cycles/embryo banking, frozen embryo transfers, and egg freezing. Includes ART cycles performed in the first half of 2025 under the extended transition of care agreement with the large client who did not renew its service agreement.
** Represents the member utilization rate for all fertility and family building services, including, but not limited to, ART cycles, initial consultations, IUIs, and genetic testing. The utilization rate for all members includes all unique members (female and male) who utilize the benefit during that period, while the utilization rate for female only includes only unique females who utilize the benefit during that period. For purposes of calculating utilization rates in any given period, the results reflect the number of unique members utilizing the benefit for that period. Individual periods cannot be combined as member treatments may span multiple periods. Utilization for the nine month period in 2025 excludes activity under the extended transition of care agreement that ended June 30, 2025 with the large client who did not renew its service agreement, as only members meeting certain criteria were eligible to use the benefit.
***Includes approximately 300,000 members from a single client who are not reflected in utilization as a result of the client's chosen benefit design. 2025 excludes the limited number of members who were eligible to use the benefit under the extended transition of care agreement that ended June 30, 2025 with the large client who did not renew its service agreement.
Financial Outlook
As the fourth quarter begins, member activity continues to remain healthy. In light of the strong results over the first nine months of the year, as well as our expectations for member engagement over the remainder of the year, we're raising the midpoint of our full year guidance.
The majority of the clients and lives added in the most recent selling season are expected to go live in the first quarter of 2027, though a meaningful number of lives are expected to launch mid-year. In addition, a number of the newest clients have already launched their benefit in 2026. Once all new clients are live in 2027, the Company anticipates having in excess of 660 clients, representing approximately 8.3 million covered lives.
As it relates to 2027, consistent with past practice, the Company anticipates providing financial guidance when it reports its year-end results in February. The Company is providing the following financial guidance for both the three-month and full year periods ending December 31, 2026.
•Full Year 2026 Outlook:
oRevenue is projected to be $1.365 billion to $1.385 billion, reflecting growth of 5.9% to 7.5%; excluding the $48.5 million of revenue in 2025 from the large client who was under a transition agreement in the first half of 2025, revenue is expected to increase by 10.1% to 11.7%
oNet income is projected to be $107.0 million to $110.6 million, or $1.30 to $1.35 per diluted share, on the basis of approximately 82.0 million assumed weighted-average fully diluted-shares outstanding
oAdjusted EBITDA1 is projected to be $235.0 million to $240.0 million
oAdjusted earnings per diluted share1 is projected to be $2.09 to $2.13
•Fourth Quarter of 2026 Outlook:
oRevenue is projected to be $344.7 million to $364.7 million, reflecting growth of 8.3% to 14.6%
oNet income is projected to be $28.5 million to $32.1 million, or $0.36 to $0.41 per diluted share, on the basis of approximately 79.0 million assumed weighted-average fully diluted-shares outstanding
oAdjusted EBITDA1 is projected to be $57.9 million to $62.9 million
oAdjusted earnings per diluted share1 is projected to be $0.53 to $0.58
1.Adjusted EBITDA and Adjusted earnings per diluted share are financial measures that are not required by, or presented in accordance with, GAAP. Please see Annex A of this press release for a reconciliation of forward-looking Adjusted EBITDA to forward-looking net
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income and Adjusted net income to net income, the most directly comparable financial measures stated in accordance with GAAP, for the period presented.
Conference Call Information
Progyny will host a conference call at 4:45 P.M. Eastern Time (1:45 p.m. Pacific Time) today, November 4, 2026, to discuss its financial results. Interested participants from the United States may join by calling 1.866.825.7331 and using conference ID 265484. Participants from international locations may join by calling 1.973.413.6106 and using the same conference ID. A replay of the call will be available until November 11, 2026 at 5:00 p.m. Eastern Time by dialing 1.800.332.6854 (U.S. participants) or 1.973.528.0005 (international) and entering passcode 265484. A live audio webcast of the call and subsequent replay will also be available through the Events & Presentations section of the Company’s Investor Relations website at investors.progyny.com.
About Progyny
Progyny (Nasdaq: PGNY) is a global leader in women’s health and family building solutions, trusted by leading employers, health plans, and benefit purchasers worldwide. Through its comprehensive and personalized approach, Progyny supports members across fertility and family building, pregnancy and postpartum, menopause and midlife, and parent and child well-being journeys. Progyny combines differentiated clinical care, integrated pharmacy support through Progyny Rx®, and personalized guidance from Progyny Care Advocates® to deliver improved member experiences and better health outcomes. For more information, visit www.progyny.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, are forward-looking statements including, without limitation, statements regarding our financial outlook for the fourth quarter and full year 2026, including the impact of our sales season and client launches; our anticipated number of clients and covered lives for 2026; our expected utilization rates and mix; the demand for our solutions; our expectations for our selling season for 2027 launches; our positioning to successfully manage economic uncertainty on our business; the timing of client decisions; our ability to retain existing clients and acquire new clients; and our business strategy, plans, goals and expectations concerning our market position, future operations, and other financial and operating information. The words “anticipates,” “assumes,” “believe,” “contemplate,” “continues, ” “could,” “estimates,” “expects,” “future,” “intends,” “may,” “plans,” “predict,” “potential,” “project,” “seeks,” “should,” “target,” “will,” and the negative of these or similar expressions and phrases are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.
Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, without limitation, failure to meet our publicly announced guidance or other expectations about our business; competition in the market in which we operate; our history of operating losses and ability to sustain profitability; unfavorable conditions in our industry or the United States economy; our limited operating history and the difficulty in predicting our future results of operations; our ability to attract and retain clients and increase the adoption of services within our client base; the loss of any of our largest client accounts; changes in the technology industry; changes or developments in the health insurance market; negative publicity in the health benefits industry; lags, failures or security breaches in our computer systems or those of our vendors; a significant change in the utilization of our solutions; our ability to offer high-quality support; positive references from our existing clients; our ability to develop and expand our marketing and sales capabilities; the rate of growth of our future revenue; the accuracy of the estimates and assumptions we use to determine the size of target markets; our ability to successfully manage our growth; reductions in employee benefits spending; seasonal fluctuations in our sales; the adoption of new solutions and services by our clients or members; our ability to innovate and develop new offerings; our ability to adapt and respond to the changing medical landscape,
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regulations, and client needs, requirements or preferences; our ability to maintain and enhance our brand; our ability to attract and retain members of our management team, key employees, or other qualified personnel; risks related to any litigation against us; our ability to maintain our Center of Excellence network of healthcare providers; our strategic relationships with and monitoring of third parties; our ability to maintain our pharmacy distribution network if there is a disruption to our network or its associated supply chains; our relationship with key pharmacy program partners or any decline in rebates provided by them; our ability to maintain our relationships with benefits consultants; exposure to credit risk from our members; risks related to government regulation; risks related to our business with government entities; our ability to protect our intellectual property rights; risks related to acquisitions, strategic investments, or partnerships; federal tax reform and changes to our effective tax rate; the imposition of state and local state taxes; our ability to utilize a portion of our net operating loss or research tax credit carryforwards; our ability to develop or maintain effective internal control over financial reporting; and our ability to adapt and respond to the changing SEC or stakeholder expectations regarding environmental, social and governance practices. For a detailed discussion of these and other risk factors, please refer to our filings with the Securities and Exchange Commission (the “SEC”), including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent reports that we file with the SEC, which are available at http://investors.progyny.com and on the SEC’s website at https://www.sec.gov.
Forward-looking statements represent our management’s beliefs and assumptions only as of the date of this press release. Our actual future results could differ materially from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons.
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release and the accompanying tables include the non-GAAP financial measures Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share.
Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are supplemental financial measures that are not required by, or presented in accordance with, GAAP. We believe that these non-GAAP measures, when taken together with our GAAP financial results, provide meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation, evaluating our operating performance, and for internal planning and forecasting purposes.
Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of the limitations of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share include: (1) it does not properly reflect capital commitments to be paid in the future; (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures; (3) it does not consider the impact of stock-based compensation expense; (4) it does not reflect other non-operating income and expenses, including interest and other income, net; and (5) it does not reflect tax payments that may represent a reduction in cash available to us. In addition, our non-GAAP measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as we calculate these measures, limiting their usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share alongside other financial performance measures, including our net income, gross margin, and our other GAAP results.
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We calculate Adjusted EBITDA as net income, adjusted to exclude depreciation and amortization; stock-based compensation expense; interest and other income, net; and provision for income taxes. We calculate Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We calculate Adjusted earnings per diluted share as net income per diluted share excluding the impact of stock-based compensation, adjusted for the associated impact of taxes. Please see Annex A: “Reconciliation of GAAP to Non-GAAP Financial Measures” elsewhere in this press release.
For Further Information, Please Contact:
Investors:
James Hart
investors@progyny.com
Media:
Alexis Ford
media@progyny.com
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PROGYNY, INC.
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
| September 30, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 116,820 | $ | 112,238 | |||||||
| Marketable securities | 78,765 | 197,858 | |||||||||
Accounts receivable, net of $54,156 and $55,659 of allowances at September 30, 2026 and December 31, 2025, respectively | 249,182 | 220,287 | |||||||||
| Prepaid expenses and other current assets | 19,634 | 21,392 | |||||||||
| Total current assets | 464,401 | 551,775 | |||||||||
| Property and equipment, net | 50,252 | 29,927 | |||||||||
| Operating lease right-of-use assets | 22,872 | 24,990 | |||||||||
| Goodwill | 19,832 | 19,978 | |||||||||
| Intangible assets, net | 5,527 | 6,216 | |||||||||
Deferred tax assets, net | 93,083 | 93,013 | |||||||||
| Other noncurrent assets | 19,826 | 16,536 | |||||||||
| Total assets | $ | 675,793 | $ | 742,435 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 148,001 | $ | 124,071 | |||||||
| Accrued expenses and other current liabilities | 92,038 | 78,320 | |||||||||
| Total current liabilities | 240,039 | 202,391 | |||||||||
| Operating lease noncurrent liabilities | 21,726 | 24,000 | |||||||||
| Total liabilities | 261,765 | 226,391 | |||||||||
| Commitments and Contingencies | |||||||||||
| STOCKHOLDERS' EQUITY | |||||||||||
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; at September 30, 2026 and December 31, 2025, respectively; 100,087,996 and 99,049,485 shares issued; 74,723,072 and 83,365,696 outstanding at September 30, 2026 and December 31, 2025, respectively | 9 | 9 | |||||||||
| Additional paid-in capital | 753,524 | 700,785 | |||||||||
Treasury stock, at cost, $0.0001 par value; 25,980,904 and 16,299,769 shares at September 30, 2026 and December 31, 2025, respectively | (621,041) | (388,075) | |||||||||
| Accumulated earnings | 281,363 | 202,827 | |||||||||
| Accumulated other comprehensive income | 173 | 498 | |||||||||
| Total stockholders’ equity | 414,028 | 516,044 | |||||||||
| Total liabilities and stockholders’ equity | $ | 675,793 | $ | 742,435 | |||||||
7
PROGYNY, INC.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 341,254 | $ | 313,346 | $ | 1,020,269 | $ | 970,258 | |||||||||||||||
| Cost of services | 257,514 | 240,511 | 764,157 | 742,655 | |||||||||||||||||||
| Gross profit | 83,740 | 72,835 | 256,112 | 227,603 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Sales and marketing | 18,063 | 17,935 | 53,021 | 54,126 | |||||||||||||||||||
| General and administrative | 30,495 | 33,373 | 92,527 | 103,422 | |||||||||||||||||||
| Total operating expenses | 48,558 | 51,308 | 145,548 | 157,548 | |||||||||||||||||||
| Income from operations | 35,182 | 21,527 | 110,564 | 70,055 | |||||||||||||||||||
| Interest and other income, net | 1,234 | 2,437 | 3,872 | 7,523 | |||||||||||||||||||
| Income before income taxes | 36,416 | 23,964 | 114,436 | 77,578 | |||||||||||||||||||
| Provision for income taxes | 10,164 | 10,100 | 35,900 | 31,543 | |||||||||||||||||||
| Net income | $ | 26,252 | $ | 13,864 | $ | 78,536 | $ | 46,035 | |||||||||||||||
| Net income per share: | |||||||||||||||||||||||
| Basic | $ | 0.34 | $ | 0.16 | $ | 1.00 | $ | 0.54 | |||||||||||||||
| Diluted | $ | 0.32 | $ | 0.15 | $ | 0.95 | $ | 0.51 | |||||||||||||||
| Weighted-average shares used in computing net income per share: | |||||||||||||||||||||||
| Basic | 76,226,839 | 86,017,342 | 78,400,741 | 85,780,156 | |||||||||||||||||||
| Diluted | 81,172,296 | 90,226,278 | 82,726,064 | 89,884,421 | |||||||||||||||||||
8
PROGYNY, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
| Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| OPERATING ACTIVITIES | ||||||||||||||
| Net income | $ | 78,536 | $ | 46,035 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Deferred tax expense | 29 | 31 | ||||||||||||
| Non-cash interest expense | 591 | 279 | ||||||||||||
| Depreciation and amortization | 5,257 | 3,581 | ||||||||||||
| Loss on disposal of property and equipment | 711 | 79 | ||||||||||||
| Stock-based compensation expense | 61,305 | 97,068 | ||||||||||||
| Bad debt expense | 13,243 | 15,345 | ||||||||||||
| Net accretion of discounts on marketable securities | 1,345 | (432) | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| Accounts receivable, net | (42,161) | (32,155) | ||||||||||||
| Prepaid expenses and other current assets | 2,811 | (14,859) | ||||||||||||
| Accounts payable | 23,799 | 27,660 | ||||||||||||
| Accrued expenses and other current liabilities | 11,900 | 13,317 | ||||||||||||
| Other noncurrent assets and liabilities | (4,387) | 40 | ||||||||||||
| Net cash provided by operating activities | 152,979 | 155,989 | ||||||||||||
| INVESTING ACTIVITIES | ||||||||||||||
| Purchase of property and equipment, net | (21,931) | (12,796) | ||||||||||||
| Purchase of marketable securities | (34,162) | (311,513) | ||||||||||||
| Sale of marketable securities | 151,222 | 166,380 | ||||||||||||
| Acquisition of business, net of cash acquired | — | (9,340) | ||||||||||||
| Net cash provided by (used in) investing activities | 95,129 | (167,269) | ||||||||||||
| FINANCING ACTIVITIES | ||||||||||||||
| Repurchase of common stock | (231,406) | — | ||||||||||||
Payment of excise tax from repurchase of common stock | (528) | — | ||||||||||||
| Proceeds from exercise of stock options | 38 | 23 | ||||||||||||
| Issuance costs on credit facility | — | (3,087) | ||||||||||||
| Payment of employee taxes related to equity awards | (12,563) | (8,820) | ||||||||||||
| Proceeds from contributions to employee stock purchase plan | 1,051 | 781 | ||||||||||||
| Net cash used in financing activities | (243,408) | (11,103) | ||||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (93) | 49 | ||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 4,607 | (22,334) | ||||||||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 114,193 | 162,314 | ||||||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 118,800 | $ | 139,980 | ||||||||||
| Cash and cash equivalents | $ | 116,820 | $ | 133,982 | ||||||||||
Restricted cash included within prepaid expenses and other current assets | 1,054 | — | ||||||||||||
Restricted cash included within other noncurrent assets | 926 | 5,998 | ||||||||||||
| Total cash, cash equivalents, and restricted cash | $ | 118,800 | $ | 139,980 | ||||||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||||||||
| Cash paid for income taxes, net of refunds received | $ | 32,643 | $ | 39,898 | ||||||||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||||||||
| Additions of property and equipment, net included in accounts payable and accrued expenses | $ | 2,399 | $ | 781 | ||||||||||
| Repurchases of common stock recorded in accrued expenses and other current liabilities | $ | 1,501 | $ | — | ||||||||||
| Excise tax payable on common stock included in accrued expenses and other current liabilities | $ | 2,061 | $ | — | ||||||||||
| Payment of employee taxes related to equity awards included in accrued expenses and other current liabilities | $ | 291 | $ | 22 | ||||||||||
9
ANNEX A
PROGYNY, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(in thousands, except share and per share amounts)
Costs of Services, Gross Margin and Operating Expenses Excluding Stock-Based Compensation Calculation
The following table provides a reconciliation of cost of services, gross profit, sales and marketing and general and administrative expenses to each of these measures excluding the impact of stock-based compensation expense for each of the periods presented:
| Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||||||||||||||
| GAAP | Stock-Based Compensation Expense | Non-GAAP | GAAP | Stock-Based Compensation Expense | Non-GAAP | |||||||||||||||||||||||||||||||||
| Cost of services | $ | 257,514 | $ | (6,532) | $ | 250,982 | $ | 240,511 | $ | (9,201) | $ | 231,310 | ||||||||||||||||||||||||||
| Gross profit | $ | 83,740 | $ | 6,532 | $ | 90,272 | $ | 72,835 | $ | 9,201 | $ | 82,036 | ||||||||||||||||||||||||||
| Sales and marketing | $ | 18,063 | $ | (5,572) | $ | 12,491 | $ | 17,935 | $ | (7,956) | $ | 9,979 | ||||||||||||||||||||||||||
| General and administrative | $ | 30,495 | $ | (9,002) | $ | 21,493 | $ | 33,373 | $ | (15,016) | $ | 18,357 | ||||||||||||||||||||||||||
| Expressed as a Percentage of Revenue | ||||||||||||||||||||||||||||||||||||||
| Gross margin | 24.5 | % | 1.9 | % | 26.5 | % | 23.2 | % | 2.9 | % | 26.2 | % | ||||||||||||||||||||||||||
| Sales and marketing | 5.3 | % | (1.6) | % | 3.7 | % | 5.7 | % | (2.5) | % | 3.2 | % | ||||||||||||||||||||||||||
| General and administrative | 8.9 | % | (2.6) | % | 6.3 | % | 10.7 | % | (4.8) | % | 5.9 | % | ||||||||||||||||||||||||||
| Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||||||||||||||
| GAAP | Stock-Based Compensation Expense | Non-GAAP | GAAP | Stock-Based Compensation Expense | Non-GAAP | |||||||||||||||||||||||||||||||||
| Cost of services | $ | 764,157 | $ | (18,935) | $ | 745,222 | $ | 742,655 | $ | (28,141) | $ | 714,514 | ||||||||||||||||||||||||||
| Gross profit | $ | 256,112 | $ | 18,935 | $ | 275,047 | $ | 227,603 | $ | 28,141 | $ | 255,744 | ||||||||||||||||||||||||||
| Sales and marketing | $ | 53,021 | $ | (16,697) | $ | 36,324 | $ | 54,126 | $ | (24,015) | $ | 30,111 | ||||||||||||||||||||||||||
| General and administrative | $ | 92,527 | $ | (25,673) | $ | 66,854 | $ | 103,422 | $ | (44,912) | $ | 58,510 | ||||||||||||||||||||||||||
| Expressed as a Percentage of Revenue | ||||||||||||||||||||||||||||||||||||||
| Gross margin | 25.1 | % | 1.9 | % | 27.0 | % | 23.5 | % | 2.9 | % | 26.4 | % | ||||||||||||||||||||||||||
| Sales and marketing | 5.2 | % | (1.6) | % | 3.6 | % | 5.6 | % | (2.5) | % | 3.1 | % | ||||||||||||||||||||||||||
| General and administrative | 9.1 | % | (2.5) | % | 6.6 | % | 10.7 | % | (4.6) | % | 6.0 | % | ||||||||||||||||||||||||||
Note: percentages shown in the table may not cross foot due to rounding.
10
Adjusted Earnings Per Diluted Share Calculation
The following table provides a reconciliation of net income to Adjusted Earnings Per Diluted Share for each of the periods presented:
| Three months ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net Income | $ | 26,252 | $ | 13,864 | $ | 78,536 | $ | 46,035 | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Stock-based compensation expense | 21,106 | 32,173 | 61,305 | 97,068 | ||||||||||||||||||||||
| Income tax effect of non-GAAP adjustment | (5,155) | (5,250) | (10,411) | (15,863) | ||||||||||||||||||||||
| Adjusted Net income | $ | 42,203 | $ | 40,787 | $ | 129,430 | $ | 127,240 | ||||||||||||||||||
| Diluted Shares | 81,172,296 | 90,226,278 | 82,726,064 | 89,884,421 | ||||||||||||||||||||||
| Adjusted Earnings Per Diluted Share | $ | 0.52 | $ | 0.45 | $ | 1.56 | $ | 1.42 | ||||||||||||||||||
Adjusted EBITDA Calculation
The following table provides a reconciliation of net income to Adjusted EBITDA for each of the periods presented:
| Three months ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net income | $ | 26,252 | $ | 13,864 | $ | 78,536 | $ | 46,035 | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Depreciation and amortization | 2,151 | 1,268 | 5,257 | 3,581 | ||||||||||||||||||||||
| Stock‑based compensation expense | 21,106 | 32,173 | 61,305 | 97,068 | ||||||||||||||||||||||
| Interest and other income, net | (1,234) | (2,437) | (3,872) | (7,523) | ||||||||||||||||||||||
| Provision for income taxes | 10,164 | 10,100 | 35,900 | 31,543 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 58,439 | $ | 54,968 | $ | 177,126 | $ | 170,704 | ||||||||||||||||||
11
Reconciliation of Non-GAAP Financial Guidance for the Three Months Ending December 31, 2026 and Year Ending December 31, 2026
| Three Months Ending December 31, 2026 | Year Ending December 31, 2026 | |||||||||||||||||||||||||
| Low | High | Low | High | |||||||||||||||||||||||
| Revenue | $ | 344,731 | $ | 364,731 | $ | 1,365,000 | $ | 1,385,000 | ||||||||||||||||||
| Net Income* | $ | 28,464 | $ | 32,064 | $ | 107,000 | $ | 110,600 | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Depreciation and amortization | 2,743 | 2,743 | 8,000 | 8,000 | ||||||||||||||||||||||
| Stock-based compensation expense | 18,195 | 18,195 | 79,500 | 79,500 | ||||||||||||||||||||||
| Interest and other income, net | (2,428) | (2,428) | (6,300) | (6,300) | ||||||||||||||||||||||
| Provision for income taxes | 10,900 | 12,300 | 46,800 | 48,200 | ||||||||||||||||||||||
| Adjusted EBITDA* | $ | 57,874 | $ | 62,874 | $ | 235,000 | $ | 240,000 | ||||||||||||||||||
| Three Months Ending December 31, 2026 | Year Ending December 31, 2026 | |||||||||||||||||||||||||
| Low | High | Low | High | |||||||||||||||||||||||
| Net Income* | $ | 28,464 | $ | 32,064 | $ | 107,000 | $ | 110,600 | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Stock-based compensation | 18,195 | 18,195 | 79,500 | 79,500 | ||||||||||||||||||||||
| Income tax effect of non-GAAP adjustment | (4,500) | (4,500) | (15,100) | (15,100) | ||||||||||||||||||||||
| Adjusted Net income* | $ | 42,159 | $ | 45,759 | $ | 171,400 | $ | 175,000 | ||||||||||||||||||
| Diluted Shares | 79,000,000 | 79,000,000 | 82,000,000 | 82,000,000 | ||||||||||||||||||||||
| Adjusted Earnings Per Diluted Share | $ | 0.53 | $ | 0.58 | $ | 2.09 | $ | 2.13 | ||||||||||||||||||
* All of the numbers in the tables above reflect our future outlook as of the date hereof. Net income, Adjusted Net Income and Adjusted EBITDA ranges do not reflect any estimate for other potential activities and transactions, nor do they contemplate any discrete income tax items, including the income tax impact related to equity compensation activity.
12
Assisted Reproductive Technology (ART) Cycles per Unique Female Utilizer
The following tables provide historical trend and guidance assumptions for average members, female utilization rate, and ART Cycles per Unique Female Utilizer for the full year and quarterly periods presented:
| Guidance Assumptions For: | ||||||||||||||||||||||||||||||||||||||||||||
| Year Ending December 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||
| Year Ending December 31, | Low End as of | High End as of | ||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2022 | 2023 | 2024 1 | 2025 1 | November 4, 20261 | November 4, 20261 | ||||||||||||||||||||||||||||||||||||||
| Average Members | 2,812,000 | 4,349,000 | 5,383,000 | 6,104,0001 | 6,419,0001 | 6,900,000 | 6,900,000 | |||||||||||||||||||||||||||||||||||||
| Female Utilization Rate | 1.07 | % | 1.03 | % | 1.09 | % | 1.07 | % | 1.04%2 | 1.04% | 1.05% | |||||||||||||||||||||||||||||||||
| Female Unique Utilizers | 30,053 | 44,600 | 58,596 | 65,077 | 66,7732 | 72,000 | 72,500 | |||||||||||||||||||||||||||||||||||||
| ART Cycles | 28,413 | 42,598 | 58,013 | 61,114 | 65,006 | 67,000 | 68,000 | |||||||||||||||||||||||||||||||||||||
| ART Cycles per Unique Female Utilizer | 0.95 | 0.96 | 0.99 | 0.94 | 0.93 | 0.93 | 0.94 | |||||||||||||||||||||||||||||||||||||
| Revenue ($ in millions) | $500.6 | $786.9 | $1,088.6 | $1,167.2 | $1,288.7 | $1,365.0 | $1,385.0 | |||||||||||||||||||||||||||||||||||||
1 Calculations for 2024, 2025, and 2026 exclude approximately 300,000 members from a single client not reflected in female utilizers as a result of the client's chosen benefit design.
2 Calculations exclude activity from a large client whose program discontinued for 2025, but who allowed for an extended period of transition of care for certain members during the first half of 2025.
Quarterly ART Cycles per Unique Female Utilizer
| Three Months Ending | Year Ending | |||||||||||||||||||||||||||||||
| March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||||||||||||||
| 2022 | 0.50 | 0.55 | 0.56 | 0.58 | 0.96 | |||||||||||||||||||||||||||
| 2023 | 0.51 | 0.55 | 0.56 | 0.58 | 0.99 | |||||||||||||||||||||||||||
| 2024* | 0.53 | 0.54 | 0.52 | 0.54 | 0.94 | |||||||||||||||||||||||||||
| 2025* | 0.51 | 0.52 | 0.52 | 0.52 | 0.93 | |||||||||||||||||||||||||||
| 2026: Low End of Guidance Range* | 0.48 | 0.51 | 0.50 | 0.52E | 0.93E | |||||||||||||||||||||||||||
| 2026: High End of Guidance Range* | 0.48 | 0.51 | 0.50 | 0.53E | 0.94E | |||||||||||||||||||||||||||
*Calculations for 2024, 2025, and 2026 exclude approximately 300,000 members from a single client not reflected in female utilizers as a result of the client's chosen benefit design.
E indicates the estimated value assumed.
13
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N1 3rd Quarter 2026 Earnings Supplement November 2026
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N2 Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this presentation other than statements of historical fact, are forward-looking statements including, without limitation, statements regarding our financial outlook for the fourth quarter and full year 2026, including the impact of our sales season and client launches; our anticipated number of clients and covered lives for 2026; our expected utilization rates and mix; the demand for our solutions; our expectations for our selling season for 2027 launches; our positioning to successfully manage economic uncertainty on our business; the timing of client decisions; our ability to retain existing clients and acquire new clients; and our business strategy, plans, goals and expectations concerning our market position, future operations, and other financial and operating information. The words “anticipates,” “assumes,” “believe,” “contemplate,” “continues, ” “could,” “estimates,” “expects,” “future,” “intends,” “may,” “plans,” “predict,” “potential,” “project,” “seeks,” “should,” “target,” “will,” and the negative of these or similar expressions and phrases are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, without limitation, failure to meet our publicly announced guidance or other expectations about our business; competition in the market in which we operate; our history of operating losses and ability to sustain profitability; unfavorable conditions in our industry or the United States economy; our limited operating history and the difficulty in predicting our future results of operations; our ability to attract and retain clients and increase the adoption of services within our client base; the loss of any of our largest client accounts; changes in the technology industry; changes or developments in the health insurance market; negative publicity in the health benefits industry; lags, failures or security breaches in our computer systems or those of our vendors; a significant change in the utilization of our solutions; our ability to offer high-quality support; positive references from our existing clients; our ability to develop and expand our marketing and sales capabilities; the rate of growth of our future revenue; the accuracy of the estimates and assumptions we use to determine the size of target markets; our ability to successfully manage our growth; reductions in employee benefits spending; seasonal fluctuations in our sales; the adoption of new solutions and services by our clients or members; our ability to innovate and develop new offerings; our ability to adapt and respond to the changing medical landscape, regulations, and client needs, requirements or preferences; our ability to maintain and enhance our brand; our ability to attract and retain members of our management team, key employees, or other qualified personnel; risks related to any litigation against us; our ability to maintain our Center of Excellence network of healthcare providers; our strategic relationships with and monitoring of third parties; our ability to maintain our pharmacy distribution network if there is a disruption to our network or its associated supply chains; our relationship with key pharmacy program partners or any decline in rebates provided by them; our ability to maintain our relationships with benefits consultants; exposure to credit risk from our members; risks related to government regulation; risks related to our business with government entities; our ability to protect our intellectual property rights; risks related to acquisitions, strategic investments, or partnerships; federal tax reform and changes to our effective tax rate; the imposition of state and local state taxes; our ability to utilize a portion of our net operating loss or research tax credit carryforwards; our ability to develop or maintain effective internal control over financial reporting; and our ability to adapt and respond to the changing SEC or stakeholder expectations regarding environmental, social and governance practices. For a detailed discussion of these and other risk factors, please refer to our filings with the Securities and Exchange Commission (the “SEC”), including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent reports that we file with the SEC, which are available at http://investors.progyny.com and on the SEC’s website at https://www.sec.gov. Forward-looking statements represent our management’s beliefs and assumptions only as of the date of this presentation. Our actual future results could differ materially from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons. Non-GAAP Financial Measures: In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation and the accompanying tables include the non-GAAP financial measures Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are supplemental financial measures that are not required by, or presented in accordance with, GAAP. We believe that these non-GAAP measures, when taken together with our GAAP financial results, provide meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation, evaluating our operating performance, and for internal planning and forecasting purposes. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of the limitations of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share include: (1) it does not properly reflect capital commitments to be paid in the future; (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures; (3) it does not consider the impact of stock-based compensation expense; (4) it does not reflect other non-operating income and expenses, including interest and other income, net; and (5) it does not reflect tax payments that may represent a reduction in cash available to us. In addition, our non-GAAP measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as we calculate these measures, limiting their usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share alongside other financial performance measures, including our net income, gross margin, and our other GAAP results. We calculate Adjusted EBITDA as net income, adjusted to exclude depreciation and amortization; stock-based compensation expense; interest and other income, net; and provision for income taxes. We calculate Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We calculate Adjusted earnings per diluted share as net income per diluted share excluding the impact of stock-based compensation, adjusted for the associated impact of taxes. Please see the Appendix “Reconciliation of GAAP to Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Guidance” in this presentation.
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N3 3rd Quarter 2026 Results: Key Highlights 3Q Financial Highlights • Revenue: • 8.9% growth vs. 3Q 2025 (“the prior year period”) • 10.7% growth year-to-date when excluding the impact of a large, former client in prior year • Profitability: • 15% increase in gross profit vs. 3Q 2025, yielding a 24.5% gross margin (a 130 basis point increase vs. prior year period) • 6.3% increase in Adj. EBITDA vs. 3Q 2025, yielding a 17.1% Adj. EBITDA margin (a 40 basis point decrease vs. prior year) • Member engagement: • 0.49% female utilization in 3Q 2026 as compared to 0.47% in the prior year period • 0.50 ART Cycles per Unique Female Utilizer in 3Q 2026 • Operating Cash Flow: • $56.6 million of operating cash flow generated in 3Q 2026 Other Highlights • Share repurchase program: • During 3Q, nearly 3 million shares were repurchased for ~$82.7 million through the May 2026 share repurchase program • Approximately 5.5 million shares have been repurchased cumulatively to date through this most recent program and approximately $51 million remains under the existing authorization • In combination with the predecessor program which began in November 2025 (and concluded earlier this year), an aggregate 14.3 million shares have been repurchased under both the May 2026 and November 2025 share repurchase programs Note: 3Q reflects the results for the three-month period ending September 30, 2026
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N4 3rd Quarter 2026 Results Highlights for 3-Month Period Ending September 30, 2026 Revenue Op. Cash Flow $341.3 3Q 2025 3Q 2026 • 8.9% growth vs. 3Q25 • Increase driven by growth in clients and covered lives $M Adj. EBITDA • 6.3% increase in Adj. EBITDA vs. 3Q25, as the higher gross profit was partially offset by planned investments to expand the features and functionality of our platform $55.0 $58.4 3Q 2025 3Q 2026 $M 17.5% margin 17.1% margin $313.3 $50.7 $56.6 3Q 2025 3Q 2026 $M • Successfully maintaining targeted 75+% conversion of Adj. EBITDA to OCF • Increase reflects timing of working capital items in both periods Gross Profit • 15% increase in gross profit vs. 3Q25 • Gross margin expanded by 130 basis points • Reflects ongoing efficiencies realized in the delivery of our care management services and a decrease in stock- based compensation $72.8 $83.7 3Q 2025 3Q 2026 $M 23.2% gross margin 24.5% gross margin +6.3% +8.9% +15% +12%
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N5 3rd Quarter 2026 Results Highlights for 9-Month Period Ending September 30, 2026 Revenue Op. Cash Flow $1,020.3 YTD 2025 YTD 2026 • 5.2% growth vs. YTD 2025; 11% when excluding the impact of large, former client in the first half of 2025 • Increase driven by growth in clients and covered lives Contribution from Large, Former Client* $M Adj. EBITDA • 3.8% increase in Adj. EBITDA vs. YTD 2025, as the higher gross profit was partially offset by planned investments to expand the features and functionality of our platform $170.7 $177.1 YTD 2025 YTD 2026 $M 17.6% margin 17.4% margin $921.8 $156.0 $153.0 YTD 2025 YTD 2026 $M • Successfully maintaining targeted 75+% conversion of Adj. EBITDA to OCF • Decrease reflects timing of working capital items in both periods Gross Profit • 13% increase in gross profit vs. YTD 2025 • Gross margin expanded by 160 basis points • Reflects ongoing efficiencies realized in the delivery of our care management services and a decrease in stock- based compensation $227.6 $256.1 YTD 2025 YTD 2026 $M 23.5% gross margin 25.1% gross margin $970.3 as reported +11% *Reflects contribution of $48.5 and $0 in YTD 2025 and YTD 2026, respectively +3.8% +5.2% +13% -1.9%
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N6 3rd Quarter 2026 Results Business Metrics ART Cycles Consumed Clients 3Q 25 3Q 26 3Q 25 3Q 26 Utilization1 • 3Q26 utilization of 0.49% • Longer-term utilization continues to be within the customary narrow range0.25% 0.35% 0.45% 0.55% 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 Female Utilization 16,723607 553 15,981 • 4.6% increase in ART Cycles consistent vs. prior year period In 000s 3Q 25 3Q 26 7,176 6,757 • 6.2% increase in average members vs. prior year period 1. Represents the member utilization rate for all fertility and family building services, including, but not limited to, ART cycles, initial consultations, IUIs, and genetic testing. For purposes of calculating utilization rates in any given period, the results reflect the number of unique members utilizing the benefit for that period. Individual periods cannot be combined as member treatments may span multiple periods. Avg. Eligible Members
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N7 3rd Quarter 2026 Results Last Twelve Months Trends LTM Gross Profit LTM Adj. EBITDA LTM OCF • $1.34B in trailing twelve-month revenue, an increase of 5.5% relative to the year ago period LTM Revenue 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 $B 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 • $207M in trailing twelve-month operating cash flow, level with the year ago period $M • $333M in trailing twelve-month gross profit, an increase of 14% relative to the year ago period 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 $M • $229M in trailing twelve-month Adj. EBITDA, an increase of 4.7% relative to the year ago period 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 $M $1.34B $229M $333M $207M $1.27B $218M $291M $208M Note: all numbers presented ion this slide include the contribution of the large client who was under a transition of care agreement until June 30, 2025
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N8 Balance Sheet and Cash Position • Maintaining balance sheet strength and operational flexibility: • $196 million in cash, cash equivalents and marketable securities as of September 30, 2026 • No debt, and the $200 million revolving credit facility remains undrawn • Nearly 3 million shares repurchased during the 3rd quarter for $82.7 million • Approximately 5.5 million shares repurchased to date under the May 2026 program • Aggregate 14.3 million shares repurchased to date under the May 2026 program and its November 2025 predecessor program • Ongoing focus on revenue cycle management driving continued improvement in days sales outstanding (DSO) • 66 days outstanding as of September 2026, an improvement of nearly 7 days from the year ago period • $224 million in net working capital
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N9 3rd Quarter 2026 Results Guidance Recap Three Month Period Ending December 31, 2026 Twelve Month Period Ending December 31, 2026 Revenue Net Income Adj. EBITDA $344.7 - $364.7 million $28.5 - $32.1 million $57.9 - $62.9 million $1.365 - $1.385 billion $107.0 - $110.6 million $235.0 - $240.0 million Revenue growth 8.3% – 14.6% 5.9% - 7.5%, or 10.1% - 11.7% excluding the $48.5M of revenue in 2025 from the large client under a transition agreement through the first half of 2025 Earnings Per Diluted Share $0.36 - $0.41 $1.30 - $1.35 Adj. Earnings Per Diluted Share $0.53 - $0.58 $2.09 - $2.13
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N10 Appendix
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N11 Reconciliations of Non-GAAP Financial Guidance (in thousands) Three Months Ending December 31, 2026 Year Ending December 31, 2026 Low High Low High Revenue $344,731 $364,731 $1,365,000 $1,385,000 Net Income* $28,464 $32,064 $107,000 $110,600 Add: Depreciation and Amortization 2,743 2,743 8,000 8,000 Stock-based Compensation Expense 18,195 18,195 79,500 79,500 Interest and other income, net (2,428) (2,428) (6,300) (6,300) Provision for income taxes 10,900 12,300 46,800 48,200 Adjusted EBITDA* $57,874 $62,874 $235,000 $240,000 * All of the numbers in the tables above reflect our future outlook as of the date hereof. Net income, Adjusted Net Income and Adjusted EBITDA ranges do not reflect any estimate for other potential activities and transactions, nor do they contemplate any discrete income tax items, including the income tax impact related to equity compensation activity.
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N12 Reconciliations of Non-GAAP Financial Guidance (in thousands) Three Months Ending December 31, 2026 Year Ending December 31, 2026 Low High Low High Net Income* $28,464 $32,064 $107,000 $110,600 Add: Stock-based Compensation Expense 18,195 18,195 79,500 79,500 Income tax effect of non-GAAP adjustment (4,500) (4,500) (15,100) (15,100) Adjusted Net income* $42,159 $45,759 $171,400 $175,000 Diluted Shares 79,000,000 79,000,000 82,000,000 82,000,000 Adjusted Earnings per Diluted Share $0.53 $0.58 $2.09 $2.13 * All of the numbers in the tables above reflect our future outlook as of the date hereof. Net income, Adjusted Net Income and Adjusted EBITDA ranges do not reflect any estimate for other potential activities and transactions, nor do they contemplate any discrete income tax items, including the income tax impact related to equity compensation activity.
P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N13 Reconciliations of GAAP to Non-GAAP Financial Measures (in thousands) 1Q 25 2Q 25 3Q 25 4Q 25 1Q26 2Q26 3Q26 Net income $15,059 $17,112 $13,864 $12,485 $24,232 $28,052 $26,252 Add: Depreciation and amortization 1,108 1,205 1,268 1,367 1,483 1,623 2,151 Stock-based compensation expense 32,512 32,383 32,173 34,799 19,721 20,478 21,106 Interest and other income, net (2,367) (2,719) (2,437) (2,632) (1,504) (1,134) (1,234) Provision for income taxes 11,478 9,965 10,100 5,369 12,651 13,085 10,164 Adjusted EBITDA $57,790 $57,946 $54,968 $51,388 $56,583 $62,104 $58,439