Progyny, Inc. reported a revenue of $1.29 billion for the fiscal year ending December 31, 2025, marking a 10% increase from $1.17 billion in 2024. The growth was primarily driven by a 14% rise in revenue from its fertility benefits solution, which accounted for $830.9 million, and a 5% increase in revenue from its pharmacy benefits solution, totaling $457.7 million. The company achieved a net income of $58.5 million, up from $54.3 million in the previous year, reflecting a net income margin of 4.5%. The gross profit also saw a significant increase of 20%, reaching $304.5 million, with a gross margin of 23.6%, up from 21.7% in 2024.
In terms of operational metrics, Progyny expanded its client base to 555 employers, covering approximately 6.69 million members as of December 31, 2025, compared to 473 employers and 6.47 million members in 2024. The company has retained nearly all of its clients since launching its fertility benefits solution in 2016, demonstrating strong client satisfaction, evidenced by a Net Promoter Score of +81 for its fertility benefits and +79 for its pharmacy benefits. The company also reported a total of 3.6 million assisted reproductive treatment (ART) cycles performed for its members, indicating a robust utilization of its services.
Strategically, Progyny has made significant investments in expanding its offerings beyond fertility benefits to include pregnancy and postpartum care, menopause and midlife solutions, and parent and child wellbeing services. The company completed the acquisition of Benefit Bump LLC, a parental leave benefits navigation program, for $10.5 million in January 2025, further enhancing its service portfolio. Additionally, Progyny has initiated a $200 million share repurchase program, reflecting its commitment to returning value to shareholders.
Looking ahead, Progyny anticipates continued growth driven by the rising demand for comprehensive women's health and family building benefits. The company aims to expand its addressable market by targeting large group fully insured employers and enhancing its existing client relationships. However, it acknowledges potential risks, including economic fluctuations, competitive pressures, and regulatory changes that could impact its growth trajectory. The company remains focused on leveraging its data-driven platform and strong client relationships to sustain its market leadership in the fertility benefits sector.
About Progyny, Inc.
Progyny, Inc. is a benefits management company specializing in fertility, family building, and women’s health solutions in the U.S. It offers comprehensive, data-driven programs including treatment bundles, high-quality specialist networks, personalized support, and integrated pharmacy services. Its services target large employers, aiming to improve clinical outcomes, reduce costs, and attract talent through innovative, accessible fertility benefits.
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