PGNY · Progyny, Inc.
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Aug 6, 2026TL;DR. Progyny delivered record quarterly revenue, gross profit, and adjusted EBITDA with 180 bps of gross margin expansion while reiterating full-year 2026 revenue guidance of $1.36–$1.385 billion and Q3 guidance that reflects a slightly more pronounced summer seasonality. The company repurchased an additional 2 million shares under a new $200 million program and reported strong selling-season momentum with early commitments pacing meaningfully ahead of last year.
- + Reported record quarterly revenue of $350.5M with 5.3% reported growth (11% ex-large former client) and record adjusted EBITDA of $62.1M.
- + Gross margin expanded 180 basis points year-over-year to 25.5%, reflecting care-management efficiencies and lower stock-based compensation.
- + Selling-season momentum accelerated, with early commitments pacing meaningfully ahead of last year and retention risk largely removed earlier than usual.
- + Reiterated full-year 2026 revenue guidance of $1.360–$1.385B (9.7–11.7% ex-large former client) and adjusted EBITDA of $233–$240M.
- − Q3 guidance of $335–$345M revenue and $56–$59M adjusted EBITDA reflects slightly more pronounced summer seasonality than in prior years.
- − CapEx rose to $6.2M in Q2, a $1M increase year-over-year, as the company continues a multi-year platform investment cycle.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $62.1M | Three Months Ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Net income 28.05M
+1.62M Depreciation and amortization
+20.48M Stock-based compensation expense
-1.13M Interest and other income, net
+13.09M Provision for income taxes
= Adjusted EBITDA 62.1M
|
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| Assisted Reproductive Treatment (ART) Cycles | 16,998 | Three Months Ended June 30, 2026 filing | — |
| Average Members | 7,185,000 | Three Months Ended June 30, 2026 filing | — |
| Utilization - All Members | 0.56% | Three Months Ended June 30, 2026 filing | — |
| Utilization - Female Only | 0.49% | Three Months Ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Healthcare Plans — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
PGNY
this stock
Progyny, Inc.
|
$1.95B | -1.8% | +10.4% | 27.7 | 6.1% |
|
UNH
Unitedhealth Group Inc
|
$338.03B | +12.7% | +11.8% | — | 1.5% |
|
CVS
CVS HEALTH Corp
|
$110.82B | +8.9% | +7.8% | 22.9 | 1.3% |
|
ELV
Elevance Health, Inc.
|
$85.90B | +10.2% | +12.5% | 17.5 | 2.5% |
|
CI
Cigna Group
|
$71.06B | -1.7% | +11.2% | 11.1 | 2.5% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| PGNY | -0.8% | -5.2% | +48.6% | +0.2% | -1.8% |
| SPY | -0.2% | -0.5% | +12.2% | +0.9% | +12.9% |
| vs SPY | -0.6% | -4.7% | +36.4% | -0.8% | -14.6% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.