Fertility benefits company Progyny (NASDAQ: PGNY) reported Q2 CY2026 results topping the market’s revenue expectations, with sales up 5.3% year on year to $350.5 million. On the other hand, next quarter’s revenue guidance of $340 million was less impressive, coming in 3% below analysts’ estimates. Its non-GAAP profit of $0.55 per share was 6.2% above analysts’ consensus estimates.
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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
- Free Cash Flow Margin: 12.6%, down from 15.1% in the same quarter last year
- Sales Volumes were flat year on year (8.8% in the same quarter last year)
- Market Capitalization: $2.46 billion
“The strong second quarter results reflect that member engagement trended to the higher end of our expectations, as members continued to pursue the services they need in order to address their family building and overall health and well-being goals,” said Pete Anevski, Chief Executive Officer of Progyny.
Company Overview
Pioneering a data-driven approach to family building that has achieved an industry-leading patient satisfaction score of +80, Progyny (NASDAQ: PGNY) provides comprehensive fertility and family building benefits solutions to employers, helping employees access quality fertility treatments and support services.
Revenue Growth
A company’s long-term performance is an indicator of its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Luckily, Progyny’s sales grew at an excellent 23.8% compounded annual growth rate over the last five years. Its growth beat the average healthcare company and shows its offerings resonate with customers.
Long-term growth is the most important, but within healthcare, a half-decade historical view may miss new innovations or demand cycles. Progyny’s annualized revenue growth of 7.6% over the last two years is below its five-year trend, but we still think the results were respectable. 
Progyny also reports its number of units sold, which reached 16,998 in the latest quarter. Over the last two years, Progyny’s units sold averaged 3.8% year-on-year growth. Because this number is lower than its revenue growth, we can see the company benefited from price increases. 
This quarter, Progyny reported year-on-year revenue growth of 5.3%, and its $350.5 million of revenue exceeded Wall Street’s estimates by 0.6%. Company management is currently guiding for a 8.5% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 10.2% over the next 12 months, an improvement versus the last two years. This projection is commendable and suggests its newer products and services will fuel better top-line performance.
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Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
Progyny’s EPS grew at 32.7% compounded annual growth rate over the last five years, higher than its 23.8% annualized revenue growth. However, this alone doesn’t tell us much about its business quality because its adjusted operating margin didn’t improve.
Diving into Progyny’s quality of earnings can give us a better understanding of its performance. A five-year view shows that Progyny has repurchased its stock, shrinking its share count by 17.7%. This tells us its EPS outperformed its revenue not because of increased operational efficiency but financial engineering, as buybacks boost per share earnings. 
In Q2, Progyny reported adjusted EPS of $0.55, up from $0.48 in the same quarter last year. This print beat analysts’ estimates by 6.2%. Over the next 12 months, Wall Street expects Progyny’s full-year EPS to grow 8% from $1.98 to $2.14.
Key Takeaways from Progyny’s Q2 Results
It was good to see Progyny beat analysts’ EPS expectations this quarter. We were also happy its revenue narrowly outperformed Wall Street’s estimates. On the other hand, its revenue guidance for next quarter missed and its EBITDA guidance for next quarter fell short of Wall Street’s estimates. Overall, this was a weaker quarter. The stock traded down 10.2% to $27.08 immediately after reporting.
Progyny may have had a tough quarter, but does that actually create an opportunity to invest right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
