Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39100 Progyny, Inc. (Exact name of registrant as specified in its charter) ...

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Financial Performance - Progyny reported revenue of $318.4 million for the quarter ended December 2025, reflecting a 6.7% increase year-over-year [1] - Earnings per share (EPS) for the quarter was $0.48, up from $0.42 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $303.93 million by 4.76% [1] - The company delivered an EPS surprise of 25.49%, with the consensus EPS estimate being $0.38 [1] Key Metrics - Utilization for female-only services was 0.5%, matching the two-analyst average estimate [4] - Average members reached 6,707, surpassing the two-analyst average estimate of 6,586 [4] - Revenue from pharmacy benefit services was $109.8 million, slightly below the estimated $110.78 million, representing a year-over-year decrease of 1.1% [4] - Revenue from fertility benefit services was $208.6 million, exceeding the three-analyst average estimate of $192.06 million, with a year-over-year increase of 11.3% [4] Stock Performance - Progyny's shares have returned -13.1% over the past month, while the Zacks S&P 500 composite has increased by 0.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Progyny (NasdaqGS:PGNY) Q4 2025 Earnings call February 26, 2026 04:45 PM ET Company ParticipantsJames Hart - VP of Investor RelationsMark Livingston - CFOPete Anevski - CEOSarah James - Managing DirectorConference Call ParticipantsBrian Tanquilut - Equity Research AnalystConstantine Davides - Healthcare Services AnalystJailendra Singh - Managing Director and Equity Research AnalystMichael Cherny - Senior Managing Director and Senior Research AnalystPeter Warendorf - Equity Research AnalystScott Schoenhaus - ...

Progyny (NasdaqGS:PGNY) Q4 2025 Earnings call February 26, 2026 04:45 PM ET Company ParticipantsJames Hart - VP of Investor RelationsMark Livingston - CFOPete Anevski - CEOSarah James - Managing DirectorConference Call ParticipantsBrian Tanquilut - Equity Research AnalystConstantine Davides - Healthcare Services AnalystJailendra Singh - Managing Director and Equity Research AnalystMichael Cherny - Senior Managing Director and Senior Research AnalystPeter Warendorf - Equity Research AnalystScott Schoenhaus - ...

Financial Data and Key Metrics Changes - Progyny reported record highs in revenue and adjusted EBITDA for 2025, with revenue reaching $1.29 billion and adjusted EBITDA at $222 million, representing increases of nearly $90 million and $28 million respectively over the midpoint of original guidance [6][19] - Operating cash flow for 2025 was a record $210 million, an increase of 17% compared to 2024 [6][21] - The company achieved a nearly 200 basis point expansion in full-year gross margin versus 2024, reflecting efficiencies in care management and service delivery [19] Business Line Data and Key Metrics Changes - Member engagement remained healthy, with utilization and consumption of ART cycles per unique utilizer pacing favorably against guidance [18] - 30% of the client base expanded their benefits with Progyny for 2026 through upsells and service enhancements, providing access to new services for over 2.7 million members [10] Market Data and Key Metrics Changes - The self-insured market is expected to continue comprising the majority of new lives added, with opportunities to broaden the target market to smaller employers [12] - The healthcare industry, as the largest sector for Progyny, has shown resilience against macro uncertainties over the past five years [11] Company Strategy and Development Direction - Progyny is focusing on member and client satisfaction, which has led to nearly 100% client retention, including all largest employers [7] - The company is launching Progyny Select to address the needs of smaller employers, providing a fixed premium product that minimizes financial risk [13][14] - Investments in technology, including AI, are aimed at enhancing member experience and driving efficiencies [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with considerable momentum, driven by strong demand for family building and women's health services [11] - The guidance for 2026 anticipates 7.2 million covered lives, reflecting a net reduction due to administrative updates rather than workforce reductions [23] - The company expects revenue growth of 5.1% to 9% for 2026, with adjusted EBITDA projected between $224 million and $239 million [29][30] Other Important Information - The departure of the President at the end of 2025 resulted in an incremental $7.7 million in stock-based compensation expense [25] - The company repurchased over 3.3 million shares for nearly $84 million under its share repurchase program [22] Q&A Session Summary Question: Clarification on membership outlook for 2026 - Management clarified that the changes in membership figures relate to existing clients and are due to administrative updates rather than new client issues [33][34] Question: Discussion on Progyny Rx model and economics - Management noted no pushback from employers regarding the Progyny Rx model and emphasized the value delivered through integrated programs [36][37] Question: Strategy and pricing for Progyny Select - Management explained that pricing for Progyny Select is based on experience data from smaller clients, with guardrails in place to manage risk [41][44] Question: Contribution from maternal health services - Management indicated that while maternal health services are growing, they are not yet material but serve as a value add [55] Question: Expectations for CapEx and cash flow conversion - Management anticipates a step-up in CapEx for 2026 but not a doubling, with a cash flow conversion rate of approximately 75% from adjusted EBITDA [82][84]

1 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 A G 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 N 4th Quarter 2025 Earnings Supplement February 2026 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 ...

Reports Revenue of $318.4 Million, Reflecting Fourth Quarter Growth of 6.7% and 10% for the Full YearGenerated Record $210.2 Million in Full Year Operating Cash FlowReturned Value to Shareholders Through Repurchase of Approximately 6.5 Million Shares To Date Under Recent AuthorizationIssues Financial Guidance for 2026, Reflecting Tenth Consecutive Year of Revenue Growth NEW YORK, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY) (“Progyny” or the “Company”), a global leader in women's health an ...

Wall Street analysts expect Progyny (PGNY) to post quarterly earnings of $0.38 per share in its upcoming report, which indicates a year-over-year decline of 9.5%. Revenues are expected to be $303.93 million, up 1.8% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company announces its earnings, it is essentia ...

Core Insights - Progyny, Inc. will report its financial results for the fourth quarter and full year ended December 31, 2025, on February 26, 2026, after market close [1] - A conference call will be held at 4:45 p.m. Eastern Time to discuss the results, with a press release issued prior to the call [1] - The company is recognized as a leader in women's health and family building solutions, serving major employers and health plans [4] Financial Reporting - The financial results will cover the quarterly period and full year ending December 31, 2025 [1] - Participants can access the conference call via specific dial-in numbers for U.S. and international callers [2] - An audio replay of the call will be available until March 5, 2026 [2] Company Overview - Progyny is headquartered in New York City and has received multiple accolades for its growth and influence in the healthcare sector [6] - The company offers a benefits solution that includes concierge support, coaching, education, and access to a network of fertility and women's health specialists [5] - Progyny aims to provide comprehensive and inclusive solutions that benefit employers, patients, and physicians [4]