Progyny, Inc.
progyny.comWhat Do They Do?
Provides fertility benefits and related pharmacy services, as well as broader women’s health and family-building programs, to employers and their employees and dependents.
10-K for FY2025, filed Feb 27, 2026We contract with employers to provide women's health and family building benefits to their employees and covered dependents. We believe our…View ↗
Fertility Benefits SolutionView ↗
Progyny Rx, an Integrated Pharmacy Benefits SolutionView ↗
We launched our fertility benefits solution in 2016 with five employer clients and have since expanded our platform to include solutions in…View ↗
How Do They Make Money?
Employers pay for fertility treatment bundles as members complete them and typically pay a monthly fee for member access. For pharmacy benefits, they pay when a prescription is filled and delivered; monthly administration fees may also apply.
10-K for FY2025, filed Feb 27, 2026Utilization Component. Clients pay us for the fertility benefits and Progyny Rx solutions utilized by their employees. With respect to the…View ↗
Clients are typically invoiced on a monthly basis for the PEPM administration fee. Progyny invoices its clients and members for their…View ↗
Progyny’s contracts include the following sources of consideration, all of which are variable: a PEPM administration fee (in most, but not…View ↗
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10-K for FY2025, filed Feb 27, 2026
FY2025 revenue by product or service ↗
$1.3B
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10-K for FY2025, filed Feb 27, 2026
$1.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Fertility benefit services revenue
Mix
10-K for FY2025, filed Feb 27, 2026 |
64%
FY2022: 65%
|
Fertility benefit services revenue, FY2025
$830.9M Sources
|
Mix |
|
Pharmacy benefit services revenue
Mix
10-K for FY2025, filed Feb 27, 2026 |
36%
FY2022: 35%
|
Pharmacy benefit services revenue, FY2025
$457.7M Sources
|
Mix |
Who Are Their Customers?
Employers contract with Progyny for benefits for their employees and other covered members; Progyny’s sales team reaches clients directly and often works with benefits consultants, channel partners and health plan partners.
10-K for FY2025, filed Feb 27, 2026
Do Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.
10-K for FY2025, filed Feb 27, 2026
$85.3MView ↗
10-K for FY2025, filed Feb 27, 2026
$58.5MView ↗
10-K for FY2025, filed Feb 27, 2026
$191.8MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
Growing. Revenue grew 2.6x in 4 years, from $500.6M in FY2021 to $1.3B in FY2025, about 27% a year.
Broader health programs
The business description has expanded from fertility and family-building benefits plus a pharmacy add-on to a broader set of women’s health programs, including pregnancy and postpartum, menopause and midlife, leave navigation, and parent and child support.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Feb 27, 2026
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