Short answer
Progyny, Inc. (PGNY) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $1.3B (+10.4% year over year) and net income of $59M.
- Top risk flagged: No specific, timely regulatory or legal risk identified
FY2025 key financial metrics · XBRL
- Revenue
- $1.3B
- +10.4% YoY
- Net income
- $59M
- +7.7% YoY
- Operating margin
- 6.6%
- +0.8 pp YoY
- Gross margin
- 23.6%
- +1.9 pp YoY
- EPS (diluted)
- $0.65
- +14.0% YoY
- ROE
- 11.3%
- −1.5 pp YoY
- Operating cash flow
- $210M
- +17.4% YoY
Source: XBRL data from the Progyny, Inc. (PGNY) FY2025 10-K on SEC EDGAR. USD.
Progyny, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- 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
- 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
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.