Progyny, Inc. (PGNY) FY2025 10-K Annual Report
Progyny, Inc. (PGNY) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Progyny, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Fertility benefits solution providing proprietary Smart Cycle treatment bundles with care management and pharmacy benefits add-on
- • New emphasis on expanded women's health and family building services including pregnancy/postpartum and menopause, strategic investments but not material revenue yet
- • Strategic client diversification: expanded to 555 clients across 40+ industries from only 2 at launch, focusing on larger clients with >2,500 covered lives
- • Membership grew to 6.7 million covered lives (3.3% increase YoY), revenue increased 10% to $1.29B with fertility benefits up 14% and pharmacy up 5%
- • Noteworthy cost structure improvement: gross margin expanded 190 basis points to 23.6%, driven by efficiencies in care management services delivery
Management Discussion & Analysis
- • No revenue or profitability data disclosed in this section, focus on risks to network and operations
- • Key segment: Center of Excellence fertility network, risk of losing providers or higher costs impacting margins
- • Specialty pharmacy segment risk: supply disruptions or pricing changes could increase costs and reduce profitability
- • No cash flow, buybacks, dividends, or capex information provided in this text
- • Forward risks: regulatory changes, contract termination threats, competitive pressures, and provider consolidation potentially harming growth and margins
Risk Factors
- • No specific, timely regulatory or legal risk identified
- • Economic impacts from potential changes in healthcare funding affect Progyny's fertility benefits offerings, no quantification provided
- • Operational risk from maintaining employee engagement during fast growth with 856 employees, critical to execution and retention
- • Market disruption risk from competitors advancing fertility and family-building technologies impacting demand for Progyny services
- • No financial or structural risk detail (e.g., leverage or key person) disclosed in this section
Progyny, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1.3B
▲ +10.4% YoY
Net Income
$59M
▲ +7.7% YoY
Gross Margin
23.6%
▲ +192bp YoY
Operating Margin
6.6%
▲ +84bp YoY
Net Margin
4.5%
▼ -11bp YoY
ROE
11.3%
▼ -153bp YoY
Total Assets
$742M
▲ +22.3% YoY
EPS (Diluted)
$0.65
▲ +14.0% YoY
Operating Cash Flow
$210M
▲ +17.4% YoY
Source: XBRL data from Progyny, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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