Progyny (PGNY) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Progyny published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Progyny reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Earnings per Diluted Share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Progyny's 2025 revenue includes $48.5 million from a large client that did not renew and was served under a transition agreement in the first half of 2025, which lowers the full-year 2026 growth rate.

Source: Progyny Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Progyny splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Progyny's Fertility benefits services revenue was $223 million in Q3 2026, up 11% from $202 million in Q3 2025, 65% of total revenue.
• Progyny's Pharmacy benefits services revenue was $118 million in Q3 2026, up 6% from $111 million in Q3 2025, 35% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first two quotes are Progyny's full-year 2026 outlook; the last two are its Q4 2026 outlook.

In its Q3 2026 release, Progyny said:

“Revenue is projected to be $1.365 billion to $1.385 billion, reflecting growth of 5.9% to 7.5%”

“Net 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”

“Revenue is projected to be $344.7 million to $364.7 million, reflecting growth of 8.3% to 14.6%”

“Net 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”

Source: Progyny Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PGNY forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Progyny's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Progyny sells fertility and family building benefits to employers, and reports revenue from two services. In Q3 2026 fertility benefits services brought in $223.4 million of the $341.3 million total, up 10.6%, and pharmacy benefits services, run through its Progyny Rx pharmacy solution, $117.9 million, up 5.8%. Progyny attributed the 8.9% revenue increase to more clients and covered lives. (Progyny Q3 2026 release, Nov 4, 2026; Progyny Form 10-Q, Q3 2026, Nov 5, 2026; Progyny Form 10-K, 2025, Feb 27, 2026)

Progyny had 607 fertility and family building clients at September 30, 2026, against 553 a year earlier, and average members of 7,176,000, against 6,757,000. Members completed 16,723 assisted reproductive treatment (ART) cycles in the quarter, against 15,981, and utilization across all members was 0.56%, against 0.54%. (Progyny Q3 2026 release, Nov 4, 2026)

Its client base leans on one industry. Progyny says a significant number of its clients are in the technology industry and that its largest clients account for a significant portion of revenue, though no single client was more than 10% of total revenue in the first nine months of 2026 or 2025. (Progyny Form 10-Q, Q3 2026, Nov 5, 2026)

The 2026 selling season produced 1.3 million new covered lives, Progyny's most in a single season, and over 85 new clients, with near 100% retention for 2027. Most of those clients go live in the first quarter of 2027, and once all are live Progyny expects more than 660 clients and about 8.3 million covered lives. (Progyny Q3 2026 release, Nov 4, 2026)

Progyny's GAAP diluted EPS was $0.32 in Q3 2026, up from $0.15, on net income of $26.3 million. Adjusted Earnings per Diluted Share was $0.52, up from $0.45. The only adjustment is stock-based compensation, $21.1 million in the quarter against $32.2 million a year earlier, net of its tax effect, so the falling stock-based compensation expense narrowed the GAAP-to-adjusted gap. (Progyny Q3 2026 release, Nov 4, 2026)

Gross margin rose to 24.5% from 23.2%, which Progyny put down to efficiencies in delivering its care management services and lower stock-based compensation. Adjusted EBITDA was $58.4 million, a 17.1% margin against 17.5%, as planned platform investments offset part of the higher gross profit. (Progyny Q3 2026 release, Nov 4, 2026)

Buybacks cut the share count. Diluted weighted average shares were 81,172,296, against 90,226,278 a year earlier. Progyny repurchased nearly 3 million shares for $82.7 million in Q3 2026 and nearly 11 million so far in 2026, and ended the quarter with $195.6 million of cash and marketable securities and no debt. (Progyny Q3 2026 release, Nov 4, 2026; Progyny Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Progyny publishes quarterly and full-year guidance in its release. For full year 2026 it projects revenue of $1.365 billion to $1.385 billion, growth of 5.9% to 7.5%, or 10.1% to 11.7% excluding the $48.5 million from the departed large client in 2025. It projects net income of $1.30 to $1.35 per diluted share and Adjusted earnings per diluted share of $2.09 to $2.13. (Progyny Q3 2026 release, Nov 4, 2026)

For Q4 2026 Progyny projects revenue of $344.7 million to $364.7 million, growth of 8.3% to 14.6%, net income of $0.36 to $0.41 per diluted share and Adjusted EBITDA of $57.9 million to $62.9 million. It plans to give 2027 guidance with its year-end results in February. (Progyny Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Progyny, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Progyny's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PGNY is on is PGNY a buy or a sell?, what analysts expect next is on the PGNY forecast, and what the company does is on the Progyny (PGNY) stock page.

Every number on this page can be traced to a document Progyny published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.