Progyny (PGNY) financial statements
Progyny reported revenue of $1.3B in fiscal 2025, up 50.6% a year over 8 years.
Net income was $59M and the operating margin 6.6%, against -22.7% in 2017.
Free cash flow was $192M, and the company returned $82M in net buybacks.
The diluted share count rose 1483% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Progyny's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49M | $105M | $230M | $345M | $501M | $787M | $1.1B | $1.2B | $1.3B |
| Cost of revenue | $41M | $86M | $184M | $275M | $388M | $620M | $850M | $914M | $984M |
| Gross profit | $7M | $19M | $46M | $70M | $112M | $167M | $239M | $253M | $304M |
| Research and development | — | — | — | — | — | — | — | — | $10M |
| Selling, general and admin | $18M | $23M | $36M | $62M | $80M | $144M | $177M | $186M | $219M |
| Operating income | -$11M | -$3M | $10M | $8M | $32M | $23M | $62M | $67M | $85M |
| Pre-tax income | -$12M | -$7M | -$9M | $9M | $32M | $24M | $71M | $83M | $95M |
| Income tax | -$3,000 | -$2M | $12,000 | -$38M | -$33M | -$6M | $9M | $29M | $37M |
| Net income | -$12M | $661,000 | -$9M | $46M | $66M | $30M | $62M | $54M | $59M |
| EPS (diluted) | -$2.37 | $0.04 | -$0.41 | $0.47 | $0.66 | $0.30 | $0.62 | $0.57 | $0.65 |
| Diluted shares | 6M | 6M | 21M | 99M | 100M | 100M | 101M | 95M | 90M |
| Gross margin | 15.2% | 18.4% | 19.8% | 20.3% | 22.4% | 21.3% | 21.9% | 21.7% | 23.6% |
| Operating margin | -22.7% | -3.3% | 4.2% | 2.4% | 6.5% | 3.0% | 5.7% | 5.8% | 6.6% |
| Net margin | -25.6% | 0.6% | -3.7% | 13.5% | 13.1% | 3.9% | 5.7% | 4.7% | 4.5% |
Balance sheet
Fiscal years, from Progyny's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | — | $127,000 | $80M | $109M | $119M | $189M | $371M | $228M | $310M |
| Receivables | — | $23M | $47M | $76M | $135M | $240M | $242M | $235M | $220M |
| Total current assets | — | $25M | $132M | $190M | $259M | $434M | $640M | $473M | $552M |
| Property, plant and equipment | — | $776,000 | $3M | $3M | $5M | $8M | $10M | $12M | $30M |
| Goodwill | — | $12M | $12M | $12M | $12M | $12M | $12M | $16M | $20M |
| Total assets | — | $41M | $150M | $254M | $358M | $543M | $757M | $607M | $742M |
| Total current liabilities | — | $30M | $36M | $78M | $99M | $160M | $186M | $169M | $202M |
| Total liabilities | — | $30M | $36M | $87M | $106M | $166M | $203M | $185M | $226M |
| Shareholders' equity | -$98M | -$95M | $114M | $167M | $252M | $377M | $553M | $422M | $516M |
| Net debt | — | -$127,000 | -$80M | -$70M | -$91M | -$120M | -$97M | -$162M | -$112M |
Cash flow
Fiscal years, from Progyny's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9M | $2M | -$2M | $36M | $26M | $80M | $189M | $179M | $210M |
| Capital spending | $612,000 | $579,000 | $3M | $1M | $2M | $3M | $4M | $5M | $18M |
| Free cash flow | -$10M | $2M | -$4M | $35M | $24M | $77M | $185M | $174M | $192M |
| Stock-based compensation | $2M | $3M | $5M | $13M | $34M | $101M | $123M | $128M | $132M |
| Share buybacks (net) | — | -$1M | -$185,000 | — | — | $0 | $0 | -$300M | -$82M |
| Free cash flow margin | -20.8% | 1.6% | -2.0% | 10.2% | 4.8% | 9.8% | 17.0% | 14.9% | 14.9% |
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Open PGNY in InvestinglyQuestions
What was Progyny's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Progyny generate?
$192M in fiscal 2025 (operating cash flow minus capital spending).
From Progyny's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.