Progyny 2025 Q3 Earnings Net Income Surges 33% as Revenue Grows 9.3%

Progyny (PGNY) reported its fiscal 2025 Q3 earnings on Nov 8, 2025, with total revenue rising 9.3% to $313.35 million and net income growing 33.0% to $13.86 million. The company raised full-year revenue guidance and announced a $200 million share repurchase program, signaling strong operational execution and confidence in its financial position.

Progyny’s Q3 2025 results exceeded expectations, with revenue and net income outperforming both prior-year figures and analyst forecasts. The company raised its full-year revenue guidance midpoint by over $70 million, reflecting robust client demand and strategic expansion.

Revenue

Progyny’s revenue growth was driven by expanded client coverage and higher utilization rates. Fertility Benefits Services revenue climbed to $201.9 million, reflecting a 13% year-over-year increase, while Pharmacy Benefits Services added $111.4 million, up 3% from the prior year. The company added 80 new clients and 900,000 covered lives in Q3, broadening its client base across industries and enhancing long-term revenue visibility.

Earnings/Net Income

Earnings per share (EPS) surged 33.3% to $0.16 in Q3 2025, compared to $0.12 in 2024. Net income reached $13.86 million, up from $10.42 million, driven by improved gross margin expansion to 23.2% and disciplined cost management. The EPS performance underscores Progyny’s ability to convert revenue growth into profitability.

Price Action

Progyny’s stock price surged 19.56% during the most recent trading week, with an 8.70% month-to-date gain. The stock’s strong post-earnings rally reflects investor confidence in the company’s strategic initiatives, including the launch of supplemental plans for small and mid-sized businesses and a $200 million share repurchase program.

Post-Earnings Price Action Review

The strategy of buying Progyny shares on the date of its revenue raise announcement and holding for 30 days delivered cumulative profits of $1.21 billion over three years, with an average annual return of 37%. This approach capitalized on immediate price appreciation tied to earnings momentum, though it emphasizes short-term tactics and may not align with all investor risk profiles.

CEO Commentary

CEO Peter Anevski highlighted Progyny’s “continued execution” despite macroeconomic challenges, noting a near 100% client renewal rate and strong member engagement. Strategic priorities include expanding product offerings in women’s health, enhancing international reach via the Progyny Global platform, and leveraging disciplined investment in technology and acquisitions. The leadership outlook remains cautiously optimistic, balancing growth opportunities with potential macroeconomic headwinds.

Guidance

Progyny raised full-year 2025 revenue guidance to $1.278 billion, reflecting the impact of new client acquisitions and expanded benefit offerings. Adjusted EPS guidance was increased to $1.81 at the midpoint, with Q4 2025 revenue projected at $300.2 million. The company expects ongoing demand for fertility and women’s health services, supported by its diversified client base and product innovation.

Additional News

1. Share Repurchase Program: Progyny announced a $200 million share repurchase initiative, signaling confidence in its financial strength and commitment to shareholder returns.

2. Client Expansion: The company added 80 new clients and 900,000 covered lives in Q3, with a focus on small and mid-sized employers through its supplemental plans.

3. Product Launches: Progyny expanded its offerings to include menopause and postpartum support, enhancing its value proposition for employers and employees.