Progyny第二季收入3.505億美元增5.3% 純利大升64%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________________________
FORM 10-Q
____________________________________________
(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
or

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________
Commission File Number: 001-39100
____________________________________________
Progyny, Inc.
(Exact name of registrant as specified in its charter)
____________________________________________

Delaware27-2220139
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

1359 Broadway
New York, New York
10018
(Address of principal executive offices)(Zip Code)

(212) 888-3124
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
____________________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock,
$0.0001 par value per share
PGNYThe Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerx
Accelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of July 31, 2026, the registrant had 76,726,798 shares of common stock, $0.0001 par value per share, outstanding.

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Table of Contents

Page
PART I.
FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)

Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
6

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025
7

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025
8

Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025
9

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025
10

Notes to Consolidated Financial Statements
11

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
25

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
41

Item 4.
Controls and Procedures
42

PART II.
OTHER INFORMATION

Item 1.
Legal Proceedings
43

Item 1A.
Risk Factors
43

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
68

Item 3.
Defaults Upon Senior Securities
69

Item 4.
Mine Safety Disclosures
69

Item 5.
Other Information
70

Item 6.
Exhibits
71

Signatures
72

2

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q are forward-looking statements, including, without limitation, statements regarding our future results of operations and financial position; our ability to acquire or invest in complementary businesses, products, and technologies; our ability to achieve profitability on an annual basis and sustain such profitability; the sufficiency of our cash and cash equivalents and anticipated sources and uses of cash; our business strategies, plans, objectives and goals; our ability to acquire new clients and successfully engage new and existing clients; our ability to effectively manage our growth; our ability to compete effectively with existing competitors and new market entrants; the impact of recently adopted accounting pronouncements; our ability to attract and retain qualified employees and key personnel; the plans and objectives of management for future operations and capital expenditures; general economic and market trends; the impact of public health emergencies on our business, operations, and the markets and communities in which we and our clients, members and providers operate; and the potential impact of evolving laws and regulations, including any laws and regulations restricting reproductive rights. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek,” “assume,” “future,” “continue” or “aim” or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including the factors described under Part II, Item 1A. “Risk Factors” and Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q.
In addition, statements such as “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the filing date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
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SUMMARY OF RISKS AFFECTING OUR BUSINESS
Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks and uncertainties that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks and uncertainties that we face, can be found under the heading “Risk Factors” in Part II, Item 1A. of this Quarterly Report on Form 10-Q and should be carefully considered, together with other information in this Quarterly Report on Form 10-Q and our other filings with the U.S. Securities and Exchange Commission, or the SEC, before making an investment decision regarding our common stock.
•We may fail to meet our publicly announced guidance or other expectations about our business and future results of operations, which would cause our stock price to decline.
•The market in which we operate is highly competitive, and, if we do not continue to compete effectively, our business, financial condition and results of operations could be harmed. 
•Unfavorable conditions in the global economy or our industry could limit our ability to grow our business and negatively affect our results of operations.
•Our business depends on our ability to retain our existing clients and increase the adoption of our services within our client base. Any failure to do so would harm our business, financial condition and results of operations.
•Our largest clients account for a significant portion of our revenue. In addition, a significant number of our clients are in the technology industry, and we generate a significant portion of our revenue from these clients. The loss of one or more of these clients, changes to pricing terms with these clients or changes within the technology industry could negatively impact our business, financial condition and results of operations. 
•If we are unable to attract new clients, our business, financial condition and results of operations would be adversely affected.
•A significant change in the utilization of our solutions, including the consumption rate or the mix of utilization, could have an adverse effect on our business, financial condition and results of operations.
•We operate in a highly regulated industry and must comply with a significant number of new and evolving legal and regulatory requirements, as well as complex judicial mandates, which could have an adverse impact on our business. 
•Acquisitions, strategic investments, or partnerships could be difficult to identify, pose integration challenges, divert the attention of management, disrupt our business, dilute stockholder value, and adversely affect our business, financial condition and results of operations. 
•We have a limited operating history with our current platform of solutions, which makes it difficult to predict our future results of operations. 
•The health benefits industry may be subject to negative publicity, which could adversely affect our business, financial condition and results of operations.
•If our information technology systems, or those of the third parties with whom we do business, including our provider clinics, specialty pharmacies or other vendors, lag, fail or suffer cybersecurity breaches, we may experience a material disruption of our services or suffer a loss or inappropriate disclosure of confidential information, which could materially impact our business and results of operations.
•Our use of artificial intelligence may subject us to new or heightened legal, regulatory, ethical, operational or other challenges. 
•Our business depends on our ability to maintain our Center of Excellence network of high-quality fertility specialists and other healthcare providers. If we are unable to do so, our future growth would be limited and our business, financial condition and results of operations would be harmed.
•Our growth depends in part on the success of our strategic relationships with, and monitoring of, third parties, including channel partners and vendors as well as insurance carriers.
4

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•If we fail to maintain an efficient pharmacy distribution network or if there is a disruption to our network of specialty pharmacies or their supply chains or business economics, our business, financial condition and results of operations could suffer. 
•We are part of the broader healthcare industry and subject to increasing scrutiny, business requirements and regulation within our business, including with respect to Progyny Rx’s PBM operations, which may adversely affect our business, financial condition and results of operations.
GENERAL
Unless the context otherwise indicates, references in this Quarterly Report on Form 10-Q to the terms “Progyny,” “the Company,” “we,” “our” and “us” refer to Progyny, Inc. and its wholly owned subsidiaries.
“Progyny®” and our other registered and common law trade names, trademarks and service marks are the property of Progyny, Inc. Other trade names, trademarks and service marks used in this Quarterly Report on Form 10-Q are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Quarterly Report on Form 10-Q may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.
We announce material information to the public through filings with the SEC, our investor relations website at investors.progyny.com, press releases, public conference calls, and webcasts to achieve broad, non-exclusionary distribution of information. We therefore encourage investors and others interested in Progyny to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.
5

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PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PROGYNY, INC.
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)

June 30,
2026December 31,
2025

ASSETS
Current assets:
Cash and cash equivalents$152,632 $112,238 
Marketable securities84,293 197,858 
Accounts receivable, net of $54,735 and $55,659 of allowances at June 30, 2026 and December 31, 2025, respectively
257,476 220,287 
Prepaid expenses and other current assets18,617 21,392 
Total current assets513,018 551,775 
Property and equipment, net41,992 29,927 
Operating lease right-of-use assets23,577 24,990 
Goodwill19,853 19,978 
Intangible assets, net5,748 6,216 
Deferred tax assets, net
93,077 93,013 
Other noncurrent assets18,571 16,536 
Total assets$715,836 $742,435 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Current liabilities:
Accounts payable$152,050 $124,071 
Accrued expenses and other current liabilities88,034 78,320 
Total current liabilities 240,084 202,391 
Operating lease noncurrent liabilities22,495 24,000 
Total liabilities262,579 226,391 
Commitments and Contingencies (Note 7)

STOCKHOLDERS' EQUITY
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; at June 30, 2026 and December 31, 2025, respectively; 99,774,414 and 99,049,485 shares issued; 77,390,288 and 83,365,696 outstanding at June 30, 2026 and December 31, 2025, respectively
9 9 
Additional paid-in capital735,417 700,785 
Treasury stock, at cost, $0.0001 par value; 23,000,106 and 16,299,769 shares at June 30, 2026 and December 31, 2025, respectively
(537,525)(388,075)
Accumulated earnings255,111 202,827 
Accumulated other comprehensive income245 498 
Total stockholders’ equity 453,257 516,044 
Total liabilities and stockholders’ equity $715,836 $742,435 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
6

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PROGYNY, INC.
Consolidated Statements of Operations 
(Unaudited) 
(in thousands, except share and per share amounts)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenue$350,511 $332,874 $679,015 $656,912 
Cost of services261,210 253,901 506,643 502,144 
Gross profit89,301 78,973 172,372 154,768 
Operating expenses:
Sales and marketing18,074 18,405 34,958 36,191 
General and administrative31,224 36,210 62,032 70,049 
Total operating expenses49,298 54,615 96,990 106,240 
Income from operations40,003 24,358 75,382 48,528 
Interest and other income, net1,134 2,719 2,638 5,086 
Income before income taxes41,137 27,077 78,020 53,614 
Provision for income taxes13,085 9,965 25,736 21,443 
Net income$28,052 $17,112 $52,284 $32,171 
Net income per share:
Basic$0.36 $0.20 $0.66 $0.38 
Diluted$0.34 $0.19 $0.63 $0.36 
Weighted-average shares used in computing net income per share:
Basic78,165,235 85,766,254 79,528,569 85,644,091 
Diluted82,141,428 89,638,677 83,476,446 89,507,906 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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PROGYNY, INC.
Consolidated Statement of Comprehensive Income
(Unaudited)
(in thousands)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Net income$28,052$17,112$52,284$32,171
Other comprehensive (loss) income, net of tax

Unrealized loss on marketable securities before reclassifications
(17)(17)(126)(67)
Reclassification of gains on the sale of marketable securities into net income—— (39)— 
Net change on unrealized loss on marketable securities
(17)(17)(165)(67)
Foreign currency translation (loss) gain
(15)125 (88)246 
Total other comprehensive (loss) income, net of tax
(32)108 (253)179 
Total comprehensive income$28,020$17,220$52,031$32,350

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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PROGYNY, INC.
Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited)
(in thousands, except share amounts)

Common StockTreasury StockAdditional Paid in CapitalAccumulated EarningsAccumulated Other Comprehensive IncomeTotal
SharesAmount

For the three months ended June 30, 2026:
Balance at March 31, 202678,270,386 $9 $(505,760)$717,759 $227,059 $277 $439,344 
Issuance of employee equity awards, net of shares withheld308,415 0 — (3,517)— — (3,517)
Stock-based compensation— — — 21,175 — — 21,175 
Repurchase of common stock
(1,188,513)— (31,765)— — — (31,765)
Other comprehensive loss, net of tax
— — — — — (32)(32)
Net income— — — — 28,052 — 28,052 
Balance at June 30, 202677,390,288 $9 $(537,525)$735,417 $255,111 $245 $453,257 

For the three months ended June 30, 2025:
Balance at March 31, 202585,669,824 $9 $(303,889)$611,563 $159,366 $110 $467,159 
Issuance of employee equity awards, net of shares withheld257,687 0 — (2,430)— — (2,430)
Stock-based compensation— — — 33,073 — — 33,073 
Other comprehensive income, net of tax
— — — — — 108 108 
Net income— — — — 17,112 — 17,112 
Balance at June 30, 202585,927,511 $9 $(303,889)$642,206 $176,478 $218 $515,022 

For the six months ended June 30, 2026:
Balance at December 31, 2025
83,365,696 $9 $(388,075)$700,785 $202,827 $498 $516,044 
Issuance of employee equity awards, net of shares withheld724,929 0 — (6,899)— — (6,899)
Stock-based compensation— — — 41,531 — — 41,531 
Repurchase of common stock
(6,700,337)— (149,450)— — — (149,450)
Other comprehensive loss, net of tax
— — — — — (253)(253)
Net income— — — — 52,284 — 52,284 
Balance at June 30, 202677,390,288 $9 $(537,525)$735,417 $255,111 $245 $453,257 

For the six months ended June 30, 2025:
Balance at December 31, 2024
85,310,698 $9 $(303,889)$581,596 $144,307 $39 $422,062 
Issuance of employee equity awards, net of shares withheld616,813 0 — (5,475)— — (5,475)
Stock-based compensation— — — 66,085 — — 66,085 
Other comprehensive income, net of tax— — — — — 179 179 
Net income— — — — 32,171 — 32,171 
Balance at June 30, 202585,927,511 $9 $(303,889)$642,206 $176,478 $218 $515,022 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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PROGYNY, INC.
Consolidated Statements of Cash Flows
(Unaudited) 
(in thousands)
Six Months Ended
June 30,
20262025
OPERATING ACTIVITIES
Net income$52,284 $32,171 
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred tax expense20 23 
Non-cash interest expense437 — 
Depreciation and amortization3,106 2,313 
Loss on disposal of property and equipment580 79 
Stock-based compensation expense40,199 64,895 
Bad debt expense10,176 11,017 
Net accretion of discounts on marketable securities566 27 
Changes in operating assets and liabilities:
Accounts receivable, net(47,388)(47,166)
Prepaid expenses and other current assets3,808 (7,946)
Accounts payable27,843 45,207 
Accrued expenses and other current liabilities7,979 5,852 
Other noncurrent assets and liabilities(3,236)(1,154)
Net cash provided by operating activities96,374 105,318 

INVESTING ACTIVITIES
Purchase of property and equipment, net(12,566)(8,112)
Purchase of marketable securities— (200,088)
Sale of marketable securities112,712 93,015 
Acquisition of business, net of cash acquired— (9,340)
Net cash provided by (used in) investing activities100,146 (124,525)

FINANCING ACTIVITIES
Repurchase of common stock(148,630)— 
Payment of excise tax from repurchase of common stock
(528)— 
Proceeds from exercise of stock options31 18 
Payment of employee taxes related to equity awards(7,547)(6,195)
Proceeds from contributions to employee stock purchase plan666 560 
Net cash used in financing activities(156,008)(5,617)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(102)52 
Net increase (decrease) in cash, cash equivalents, and restricted cash40,410 (24,772)
Cash, cash equivalents, and restricted cash, beginning of period114,193 162,314 
Cash, cash equivalents, and restricted cash, end of period$154,603 $137,542 

Cash and cash equivalents$152,632 $132,506 
Restricted cash included within prepaid expenses and other current assets
1,046 — 
Restricted cash included within other noncurrent assets
925 5,036 
Total cash, cash equivalents, and restricted cash$154,603 $137,542 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes, net of refunds received$18,981 $24,342 
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Additions of property and equipment, net included in accounts payable and accrued expenses$2,116 $468 
Repurchases of common stock recorded in accrued expenses and other current liabilities$1,501 $— 
Excise tax payable on common stock included in accrued expenses and other current liabilities$1,321 $— 
Payment of employee taxes related to equity awards included in accrued expenses and other current liabilities$971 $22 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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PROGYNY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.Business and Basis of Presentation
Description of Business
Progyny, Inc. (together with its subsidiaries referred to as “Progyny” or the “Company”) was incorporated in the state of Delaware on April 3, 2008, and maintains its corporate headquarters in New York, NY. 
Progyny is a benefits management company specializing in fertility, family building and women's health benefits solutions and operates and manages in one operating segment. The fertility benefits solution consists of a significant service that integrates: (1) the treatment services (“Smart Cycles”) that the Company has designed, (2) access to the Progyny network of high-quality fertility specialists that perform the Smart Cycle treatments and (3) active management of the selective network of high-quality provider clinics, real-time member eligibility and treatment authorization, member-facing digital tools and detailed quarterly reporting supported by the Company’s dedicated client success teams, and end-to-end comprehensive concierge member support provided by Progyny’s in-house staff of Progyny Care Advocates (“PCAs”) (collectively, the “care management services”).
Progyny Rx is the integrated pharmacy benefits solution that is available as an add-on service by the Company's members to the fertility benefits solution. As part of this solution, the Company provides care management services, which include formulary plan design, simplified authorization, assistance with prescription fulfillment, and timely delivery of the medications by the Company’s network of specialty pharmacies, as well as medication administration training, pharmacy support services, and continuing PCA support. As a pharmacy benefits solution provider, Progyny manages the dispensing of pharmaceuticals through the Company’s specialty pharmacy contracts. 
The Company has recently expanded its offerings to include pregnancy and postpartum, menopause and midlife, benefit and leave navigation, and parent and child wellbeing solutions (collectively referred to as the "Other solutions"). The Other solutions are not material to the consolidated financial statements.
Basis of Presentation 
The accompanying interim unaudited consolidated financial statements include the accounts of Progyny, Inc. and its wholly owned subsidiaries. The interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial reporting, under which certain footnote disclosures included within the annual financial statements are condensed or omitted. These interim consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all adjustments necessary to fairly state the Company's financial position as of June 30, 2026, the results of the Company's operations for the three and six months ended June 30, 2026 and 2025 and the results of the Company's cash flows for the six months ended June 30, 2026 and 2025. Therefore, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026 (the “Annual Report on Form 10-K”).

The results for the three and six months ended June 30, 2026 are not necessarily indicative of the operating results expected for the year ending December 31, 2026 or any other future period. The Company will continue to assess these potential impacts to its business and will make adjustments to its operations as necessary.
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Use of Estimates 
The preparation of consolidated financial statements in conformity with U.S. GAAP generally requires management to make estimates and assumptions that affect the reported amount of certain assets, liabilities, revenue, and expenses, and the related disclosure of contingent assets and liabilities. Such estimates include, but are not limited to, the determination of accrued receivables related to revenue recognition, accrued claims payable, allowance for doubtful accounts, stock-based compensation expense, lease liabilities, and accounting for income taxes. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

2.Significant Accounting Policies
There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in Note 2 of the Company’s Annual Report on Form 10-K.
Revenue Recognition 
Revenue is recognized when control of the promised goods or services is transferred to clients in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. 
The Company applies the following five-step model to recognize revenue from contracts with clients: 
•Identification of the contract, or contracts, with a client; 
•Identification of the performance obligations in the contract; 
•Determination of the transaction price; 
•Allocation of the transaction price to the performance obligations in the contract; and 
•Recognition of revenue when, or as, a performance obligation is satisfied. 
Progyny’s contracts typically have a stated term of three years and include contractual termination options after the first year, allowing the client to terminate the contract with 30 to 90 days’ notice.
Fertility Benefits Solution Revenue 
Progyny primarily generates revenue through its fertility benefits solution, in which Progyny provides self-insured enterprise entities (“clients”) and their employees and partners (together, “members”) with fertility benefits. As part of the fertility benefits solution, Progyny provides access to effective and cost-efficient fertility treatments, referred to as Smart Cycles, as well as other related services. Smart Cycles are proprietary treatment bundles that include certain medical services available to members through Progyny’s proprietary, credentialed network of provider clinics. In addition to access to Progyny’s Smart Cycle treatment bundles and access to Progyny’s network of provider clinics, the fertility benefits solution includes other comprehensive services, which Progyny refers to as care management services, such as active management of the provider clinic network, real-time member eligibility and treatment authorization, member-facing digital tools throughout the Smart Cycle and detailed quarterly reporting, all supported by client facing account management and end-to-end comprehensive member support provided by Progyny’s in house staff of PCAs. 
The promises within Progyny’s fertility benefits contract with a client represent a single performance obligation because Progyny provides a significant service of integrating the Progyny designed Smart Cycles and access to the fertility treatment services provided by provider clinics with the other comprehensive services into the combined fertility benefits solution that the client contracted to receive. Progyny’s fertility benefits solution is a stand-ready obligation that is satisfied over the contract term. 
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Progyny’s contracts include the following sources of consideration, which are all variable: a per employee per month (“PEPM”) administration fee (in most, but not all contracts) and a fixed rate per Smart Cycle. The PEPM administration fee is estimated using the expected value method and is allocated between the fertility benefits solution and the pharmacy benefits solution based on standalone selling price, estimated using an expected cost-plus margin method. The fixed rate per Smart Cycle meets the variable consideration allocation exception as the usage-based fees relate specifically to the Company’s efforts to satisfy the performance obligation to provide services and is allocated to the distinct period during which the related services were performed and represents the consideration the Company is entitled to for the fertility benefits services provided. As a result, the fixed rate per Smart Cycle is included in the transaction price for the fertility benefits solution. 
Progyny’s contracts also include potential service level agreement refunds related to outcome-based service metrics. These service level refunds, which are determined based on results of a full plan year, if met, are based on a percentage of the PEPM fee paid by clients. In addition, certain client contracts include service level agreement refunds related to financial metrics for a full plan year. The Company estimates the variable consideration for service level agreement refunds using the expected value method and recognizes the amounts allocated to the fertility benefits solution ratably over the contract term. Progyny’s estimates of service level agreement refunds have not historically resulted in significant adjustments to the transaction price. There is no constraint on variable consideration within Progyny’s fertility benefits contracts.
The Company recognizes revenue for its fertility benefit solution in the period in which the Smart Cycle services are provided to the member. The services provided in a reporting period are based on actual claims received from the provider clinic and an estimate of services provided but for which a claim has not been received at the end of the reporting period, which we refer to as accrued receivables, and is discussed in further detail below.
Clients are typically invoiced on a monthly basis for the PEPM administration fee. Progyny invoices its clients and members for their respective portions of the fixed rate per Smart Cycle bundle when all treatment services within a Smart Cycle are completed by the provider clinic. Once an invoice is issued, payment terms are typically between 30 to 60 days. 
The Company assesses whether it is the principal or the agent for each arrangement with a client, since fertility treatment services are provided by a third party—the provider clinics. The Company is the principal in its arrangements with clients and therefore presents revenue gross of the amounts paid to the provider clinics because Progyny controls the specified service (the fertility benefits solution) before it is transferred to the client. Progyny integrates the fertility treatment services provided by the provider clinics into the overall fertility benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the provider clinics and monitors the performance of the provider clinics. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with the provider clinics, which establish pricing for each treatment service. Pricing of services from provider clinics is independent from the fees charged to clients.
Pharmacy Benefits Solution Revenue
For clients that have the fertility benefits solution, Progyny offers, as an add-on, its pharmacy benefits solution, which is a separate, fully integrated pharmacy benefit. As part of the pharmacy benefits solution, Progyny provides care management services, which include Progyny’s formulary plan design, prescription fulfillment, simplified authorization and timely delivery of the medications used during treatment through Progyny’s network of specialty pharmacies, and clinical services consisting of member assessments, UnPack It calls, telephone support, online education, medication administration training, pharmacy support services and continuing PCA support.
The pharmacy-related promises represent a single performance obligation because Progyny provides a significant service of integrating the formulary plan design, prescription fulfillment, clinical services and PCA support into the combined pharmacy benefits solution that the client contracted to receive. The pharmacy benefits solution is a stand-ready obligation that is satisfied over the contract term.
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Progyny’s contracts include the following sources of consideration, all of which are variable: a PEPM administration fee (in most, but not all contracts) and a fixed fee per fertility drug. As described above, the PEPM administration fee and estimated refunds related to service level agreements are allocated to the pharmacy benefits solution and recognized ratably over the contract term. The fixed fee per fertility drug meets the variable consideration allocation exception as the usage-based fees relate specifically to the Company’s efforts to satisfy the performance obligation to provide services and is allocated to the distinct period during which the related services were performed and represents the consideration the Company is entitled to for the pharmacy benefits services provided. As a result, the fixed fee per fertility drug is included in the transaction price and recognized in the period in which the Company is entitled to consideration from a client, which is when a prescription is filled and delivered to the members. There is no constraint on variable consideration within Progyny’s pharmacy benefits contracts.
As stated above, clients are invoiced on a monthly basis for the PEPM administration fee. Progyny invoices the client and the member for their respective portions of the fixed fee per fertility drug, when the prescription services are completed by the specialty pharmacies. Once an invoice is issued, payment terms are typically between 30 to 60 days.
The Company assesses whether it is the principal or the agent for each arrangement with a client, as prescription fulfillment and clinical services are provided by a third party—the specialty pharmacies. The Company is the principal in its arrangements with clients, and therefore presents revenue gross of the amounts paid to the specialty pharmacies. Progyny controls the specified service (the pharmacy benefits solution) before it is transferred to the client. Progyny integrates the prescription fulfillment and clinical services provided by the pharmacies and PCAs into the overall pharmacy benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the specialty pharmacies and monitors the performance of the specialty pharmacies. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with pharmacies, which establish pricing for each drug. Pricing of fertility drugs is independent from the fees charged to clients.
The Company does not disclose the transaction price allocated to remaining performance obligations because all of the transaction price is variable and is allocated to the distinct periods to which the services relate, as discussed above. The remaining contract term is typically less than one year, due to the client’s contractual termination options. There were no material contract asset or contract liability balances as of June 30, 2026 and December 31, 2025.
Accrued Receivables and Accrued Claims Payable
Accrued receivables are estimated based on historical experience for those fertility benefits services provided but for which a claim has not been received from the provider clinic at the end of the reporting period, which includes assumptions regarding