Progyny, Inc. Announces Fourth Quarter 2025 Results

Core Insights - Progyny, Inc. reported a record revenue of $318.4 million for Q4 2025, reflecting a 6.7% increase year-over-year, and a full-year revenue of $1.288 billion, a 10% increase compared to the previous year [1][3][9] - The company generated a record operating cash flow of $210.2 million for the full year and returned approximately $160 million to shareholders through share repurchases [1][2][13] - Progyny issued financial guidance for 2026, indicating expectations for continued revenue growth for the tenth consecutive year [1][24] Financial Performance - Fourth Quarter Highlights: - Revenue: $318.4 million, up 6.7% from $298.4 million in Q4 2024 [3][5] - Gross Profit: $76.9 million, a 21% increase from $63.4 million in Q4 2024 [3][6] - Net Income: $12.5 million, or $0.14 per diluted share, compared to $10.5 million, or $0.12 per diluted share in Q4 2024 [3][7] - Adjusted EBITDA: $51.4 million, an 8.2% increase from $47.5 million in Q4 2024 [3][8] - Full Year Highlights: - Revenue: $1.288 billion, a 10% increase from $1.167 billion in 2024 [3][9] - Gross Profit: $304.5 million, a 20% increase from $253.4 million in 2024 [3][10] - Net Income: $58.5 million, or $0.65 per diluted share, compared to $54.3 million, or $0.57 per diluted share in 2024 [3][11] - Adjusted EBITDA: $222.1 million, a 12% increase from $198.8 million in 2024 [3][12] Cash Flow and Shareholder Returns - The company reported net cash provided by operating activities of $210.2 million for 2025, compared to $179.1 million in 2024 [13] - Share repurchase activity included the purchase of approximately 6.5 million shares, returning about $160 million to shareholders [1][15] Client and Market Expansion - As of December 31, 2025, Progyny had 555 fertility and family building clients, up from 473 clients a year earlier [16] - The company anticipates having approximately 600 clients in 2026, representing an estimated 7.2 million covered lives [22] Financial Guidance - For 2026, revenue is projected to be between $1.355 billion and $1.405 billion, reflecting growth of 5.1% to 9.0% [24] - Net income is expected to be between $95.4 million and $106.1 million, or $1.10 to $1.22 per diluted share [24]