Progyny revenue flat at $328M as client loss offset by 60 new wins; margin up 190bps to 25%

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

• high

  Revenue grew only 1% YoY to $328M (vs. 17% prior year), reflecting full-year impact of large client loss in 2025. Added 60 net new clients and 490K covered lives, but growth stalled as churn offset new business.

  MD&A: Revenue verify on EDGAR →
• high

  Gross margin expanded 190bps to 25.3% and net income jumped 61% to $24M despite flat revenue, driven by care management efficiencies and $13M reduction in stock-based comp as 2021 retention grants fully vested.

  MD&A: Profitability verify on EDGAR →
• high

  Completed $200M share repurchase program in Q1 2026, buying back 5.5M shares at $21.13 average price (~5% of shares outstanding). Program now exhausted; no new authorization disclosed.

  MD&A: Capital Allocation verify on EDGAR →