Progyny’s second quarter results were met with a negative market reaction, despite the company delivering revenue and non-GAAP profit above Wall Street expectations. CEO Peter Anevski attributed the quarter’s growth to continued demand from employers for family building and women’s health solutions, emphasizing strong retention and early client commitments. Management noted that higher engagement levels and operational efficiencies contributed to margin expansion, while a more pronounced summer seasonality affected sales volumes. CFO Mark S. Livingston acknowledged the importance of maintaining healthy margins and highlighted the company’s ability to invest in platform expansion while returning value to shareholders through share repurchases.
Is now the time to buy PGNY? Find out in our full research report (it’s free for active Edge members).
Progyny (PGNY) Q2 CY2026 Highlights:
- Revenue: $350.5 million vs analyst estimates of $348.5 million (5.3% year-on-year growth, 0.6% beat)
- Adjusted EPS: $0.55 vs analyst estimates of $0.52 (6.2% beat)
- Adjusted EBITDA: $62.1 million vs analyst estimates of $60.73 million (17.7% margin, 2.3% beat)
- The company dropped its revenue guidance for the full year to $1.37 billion at the midpoint from $1.39 billion, a 0.9% decrease
- EBITDA guidance for the full year is $236.5 million at the midpoint, below analyst estimates of $239.1 million
- Operating Margin: 11.4%, up from 7.3% in the same quarter last year
- Sales Volumes were flat year on year (8.8% in the same quarter last year)
- Market Capitalization: $1.95 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Progyny’s Q2 Earnings Call
-
Brian Tanquilut (Jefferies) asked about the reasons behind the summer seasonality and its impact on member engagement. CFO Mark S. Livingston reiterated this seasonality is typical and not indicative of a broader trend change.
-
Jailendra Singh (Truist Securities) questioned whether the flat sales volumes reflected softer demand or prudent guidance. CEO Peter Anevski said early client commitments are ahead of last year and are expected to contribute meaningfully.
-
Michael Cherny (Leerink Partners) inquired about how improved forecasting algorithms affect visibility into utilization. Anevski explained that algorithms offer better predictability, though seasonality can still drive short-term deviations.
-
Scott Schoenhaus (KeyBanc) asked if the pronounced seasonality was concentrated in certain client cohorts or regions. Livingston responded that the softness was broad-based and not attributable to any specific group.
-
David Larsen (BTIG) pressed for details on upsell opportunities and international expansion. Anevski clarified that while the company is seeing some product expansion, its primary growth remains in the U.S. and multinational clients with U.S. headquarters.
Catalysts in Upcoming Quarters
In the coming quarters, our team will be monitoring (1) whether engagement rebounds as seasonality wanes and member activity normalizes, (2) the pace of new client additions and retention, especially among large employers seeking cost control, and (3) the initial progress of new channel partnerships and Progyny Select. Demonstrated improvement in utilization and expanded platform adoption will serve as key indicators of execution.
Progyny currently trades at $25.46, down from $30.21 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free).
Our Favorite Stocks Right Now
ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively.
Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.
