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Dec 31, 2025
Progyny Q4 2025 Earnings Report
Progyny reported fourth quarter 2025 revenue growth with margin expansion and higher profitability year over year.
Key Takeaways
Progyny generated Q4 2025 revenue of 318403000, up 6.7% year over year, with gross margin expanding to 24.1% and net income increasing to 12485000, alongside adjusted EBITDA of 51388000.
Revenue increased 6.7% year over year to 318403000.
Gross margin expanded to 24.1% from 21.3%.
Net income rose to 12485000 from 10532000.
Adjusted EBITDA increased to 51388000 with 16.1% margin.
Revenue by Segment
Forward Guidance
For full year 2026, Progyny expects revenue between 1355000000 and 1405000000, net income between 95400000 and 106100000, and adjusted EBITDA between 224000000 and 239000000. For Q1 2026, revenue is projected between 319000000 and 332000000 with adjusted EBITDA between 51000000 and 55000000.
Positive Outlook
- Full year 2026 revenue guidance of 1355000000 to 1405000000.
- Full year 2026 net income guidance of 95400000 to 106100000.
- Full year 2026 adjusted EBITDA guidance of 224000000 to 239000000.
- Q1 2026 adjusted EBITDA guidance of 51000000 to 55000000.
- Anticipated client growth to approximately 600 clients in 2026.
Challenges Ahead
- Q1 2026 revenue growth projected between (1.6)% and 2.5% including transition impact.
- Loss of large client contribution in 2025 affects comparability.
- Potential variability in member engagement reflected in guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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