Progyny (PGNY) Q4 2025 Earnings Call Transcript

2026-02-26 18:25:34 ET

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Thursday, Feb. 26, 2026 at 4:45 p.m. ET

Progyny (NASDAQ:PGNY) ended fiscal 2025 with record revenue and adjusted EBITDA, with both measures surpassing guidance midpoints by meaningful margins. The company’s diversified client base and nearly complete client retention were highlighted as supporting operational stability, while platform investments and cost control drove improved gross margins. Management expects continued growth in fiscal 2026, supported by client expansion and service enhancements, yet has proactively acknowledged possible member activity variability and a smaller-than-expected covered lives count, attributed to administrative updates from clients, not workforce reductions. Guidance for fiscal 2026 also details a pronounced reduction in stock-based compensation, and new product launches, particularly Progyny Select, are structured to limit risk but are not expected to impact results until fiscal 2027.

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