0001551306-26-000020 | 10-K | XBRL Viewer

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Debt (Details) - USD ($) $ in Thousands	12 Months Ended
Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 01, 2025
Short-term Debt [Line Items]
Issuance costs on credit facility	$ (3,087)	$ 0	$ 0
Non-cash interest expense (income)	$ 400
Revolving Credit Facility \| Credit Agreement \| Line of credit
Short-term Debt [Line Items]
Maximum borrowing capacity				$ 200,000

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	At Progyny, cybersecurity risk management is an integral part of our broader risk management system and processes. Our cybersecurity risk management program incorporates industry-standard frameworks, policies and practices designed to protect the security of our technology infrastructure and sensitive information. Our cybersecurity risk management program provides a framework for handling cybersecurity threats and incidents, including receiving notification of threats and incidents associated with the use of services provided by business associates. This framework includes steps for assessing the severity of a cybersecurity threat, identifying the source of a cybersecurity threat, including whether the cybersecurity threat is associated with a third-party service provider, and implementing cybersecurity countermeasures and mitigation strategies. In addition, it provides steps for our cybersecurity team to report to management and our Board of Directors on information security and cybersecurity matters, including material cybersecurity threats and incidents. We have established and test our disaster recovery plan, and we protect against business interruption by backing up our major systems. Our cybersecurity team engages third-party security experts for risk assessments and system enhancements, including a third-party security consultant that conducts regular network security reviews, scans and audits. In addition, we have implemented various preventive measures, such as protections designed to safeguard against cyberattacks, including employee training, multifactor authentication, firewalls and virus detection software, periodic scans of our environment for any vulnerabilities and penetration testing. Our Board of Directors has overall oversight responsibility for our risk management and has delegated cybersecurity risk management oversight to the Audit Committee. The Audit Committee is responsible for ensuring that management has processes in place that are designed to identify and evaluate cybersecurity risks to which we are exposed and has implemented processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. The Audit Committee reports material cybersecurity risks to our full Board of Directors. Management is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, implementing appropriate mitigation measures and maintaining our cybersecurity program. Our cybersecurity program is overseen by our Chief Information Security Officer, who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our Chief Information Security Officer has over 15 years of technology leadership experience and is supported by a cybersecurity team comprised of experienced cybersecurity professionals with many years of experience and who maintain relevant industry certifications, such as the Certified Information Systems Security Professional, and participate in the Health Information Sharing and Analysis Center to stay apprised of healthcare-specific threats. Management, including our Chief Information Security Officer and cybersecurity team, regularly update the Audit Committee on our cybersecurity program, material cybersecurity risks and mitigation strategies and provide cybersecurity reports at least annually that cover, among other topics, third-party assessments of our cybersecurity program, developments in the cybersecurity landscape and updates to our cybersecurity program and mitigation strategies. In 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats or provide assurances that we have not experienced an undetected cybersecurity incident. For more information about these risks, please see “Risk Factors—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” in this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	At Progyny, cybersecurity risk management is an integral part of our broader risk management system and processes. Our cybersecurity risk management program incorporates industry-standard frameworks, policies and practices designed to protect the security of our technology infrastructure and sensitive information.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors has overall oversight responsibility for our risk management and has delegated cybersecurity risk management oversight to the Audit Committee. The Audit Committee is responsible for ensuring that management has processes in place that are designed to identify and evaluate cybersecurity risks to which we are exposed and has implemented processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. The Audit Committee reports material cybersecurity risks to our full Board of Directors. Management is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, implementing appropriate mitigation measures and maintaining our cybersecurity program. Our cybersecurity program is overseen by our Chief Information Security Officer, who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our Chief Information Security Officer has over 15 years of technology leadership experience and is supported by a cybersecurity team comprised of experienced cybersecurity professionals with many years of experience and who maintain relevant industry certifications, such as the Certified Information Systems Security Professional, and participate in the Health Information Sharing and Analysis Center to stay apprised of healthcare-specific threats. Management, including our Chief Information Security Officer and cybersecurity team, regularly update the Audit Committee on our cybersecurity program, material cybersecurity risks and mitigation strategies and provide cybersecurity reports at least annually that cover, among other topics, third-party assessments of our cybersecurity program, developments in the cybersecurity landscape and updates to our cybersecurity program and mitigation strategies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	. Our cybersecurity program is overseen by our Chief Information Security Officer, who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reports material cybersecurity risks to our full Board of Directors. Management is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, implementing appropriate mitigation measures and maintaining our cybersecurity program.
Cybersecurity Risk Role of Management [Text Block]	Management is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, implementing appropriate mitigation measures and maintaining our cybersecurity program.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	he Audit Committee is responsible for ensuring that management has processes in place that are designed to identify and evaluate cybersecurity risks to which we are exposed and has implemented processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Security Officer has over 15 years of technology leadership experience and is supported by a cybersecurity team comprised of experienced cybersecurity professionals with many years of experience and who maintain relevant industry certifications, such as the Certified Information Systems Security Professional, and participate in the Health Information Sharing and Analysis Center to stay apprised of healthcare-specific threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Chief Information Security Officer has over 15 years of technology leadership experience and is supported by a cybersecurity team comprised of experienced cybersecurity professionals with many years of experience and who maintain relevant industry certifications, such as the Certified Information Systems Security Professional, and participate in the Health Information Sharing and Analysis Center to stay apprised of healthcare-specific threats. Management, including our Chief Information Security Officer and cybersecurity team, regularly update the Audit Committee on our cybersecurity program, material cybersecurity risks and mitigation strategies and provide cybersecurity reports at least annually that cover, among other topics, third-party assessments of our cybersecurity program, developments in the cybersecurity landscape and updates to our cybersecurity program and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregated revenue

The following table disaggregates revenue by service (in thousands):


	Year Ended December 31,
	2025		2024		2023
Revenue
Fertility benefit services revenue (1)	$	830,929	$	729,551	$	676,295
Pharmacy benefit services revenue	457,732		437,670		412,303
Total revenue	$	1,288,661	$	1,167,221	$	1,088,598

(1) Includes revenue from the Other solutions, which is not significant in any of the periods presented.

Concentration of Major Clients

For the year ended December 31, 2025, no client accounted for more than 10% of total revenue. For the year ended December 31, 2024 and December 31, 2023, one client represented 12% and 13% of total revenue, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Leases - Narrative (Details) $ in Thousands	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2029 USD ($)	Mar. 31, 2025 USD ($) ft²	Feb. 28, 2023 USD ($) ft²	Sep. 30, 2019 USD ($) ft²
Lessee, Operating Lease, Description [Abstract]
Operating lease right-of-use assets	$ 24,990	$ 17,251
Present value of lease liabilities	27,726
Lease expense	3,900	2,700	$ 2,400
Cash outflows from operating activities attributable to operating leases	$ 3,100	$ 2,300	$ 1,300
Forecast
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum				$ 1,600
September 2019 Sublease Agreement
Lessee, Operating Lease, Description [Abstract]
Leased area (in square feet) \| ft²							25,212
Februray 2023 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Leased area (in square feet) \| ft²						24,099
Marchh 2025 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Leased area (in square feet) \| ft²					21,262
Operating lease right-of-use assets					$ 10,100
Present value of lease liabilities					10,000
Through fifth lease year \| September 2019 Sublease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum							$ 1,300
Through fifth lease year \| Februray 2023 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum						$ 1,400
Through fifth lease year \| Marchh 2025 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum					1,300
After fifth lease year \| September 2019 Sublease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum							$ 1,400
After fifth lease year \| Februray 2023 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum						$ 1,500
After fifth lease year \| Marchh 2025 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum					$ 1,400

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Jan. 31, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-39100
Entity Registrant Name	Progyny, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2220139
Entity Address, Address Line One	1359 Broadway
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	212
Local Phone Number	888-3124
Title of 12(b) Security	Common Stock,$0.0001 par value per share
Trading Symbol	PGNY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.9
Entity Common Stock, Shares Outstanding		81,902,232
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to its 2026 Annual Meeting of Stockholders to be filed within 120 days after the end of the fiscal year ended December 31, 2025 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001551306
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Amendment Flag	false

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue from contract with customer, term (in years)	3 years
Remaining contract term related to remaining performance obligations (in years)	1 year
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue contract termination, notice period (in days)	30 days
Customer payment terms (in days)	30 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue contract termination, notice period (in days)	90 days
Customer payment terms (in days)	60 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Intangible Assets, Net - Schedule of Future Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 866
2027	866
2028	866
2029	866
2030	821
Thereafter	1,931
Total intangible assets, net	$ 6,216	$ 1,303

Unaudited Quarterly Results of Operations Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 318,403	$ 313,346	$ 332,874	$ 324,038	$ 298,431	$ 286,625	$ 304,087	$ 278,078	$ 1,288,661	$ 1,167,221	$ 1,088,598
Cost of services	241,522	240,511	253,901	248,243	234,999	227,381	235,806	215,672	984,177	913,858	849,799
Gross profit	76,881	72,835	78,973	75,795	63,432	59,244	68,281	62,406	304,484	253,363	238,799
Operating expenses:
Sales and marketing	17,987	17,935	18,405	17,786	15,616	16,457	16,421	15,454	72,113	63,948	59,488
General and administrative	43,672	33,373	36,210	33,839	32,029	30,329	31,173	28,429	147,094	121,960	117,127
Total operating expenses	61,659	51,308	54,615	51,625	47,645	46,786	47,594	43,883	219,207	185,908	176,615
Income from operations	15,222	21,527	24,358	24,170	15,787	12,458	20,687	18,523	85,277	67,455	62,184
Interest and other income, net	2,632	2,437	2,719	2,367	1,871	5,504	4,380	3,992	10,155	15,747	8,507
Income before income taxes	17,854	23,964	27,077	26,537	17,658	17,962	25,067	22,515	95,432	83,202	70,691
Provision for income taxes	5,369	10,100	9,965	11,478	7,126	7,541	8,582	5,617	36,912	28,866	8,654
Net income	$ 12,485	$ 13,864	$ 17,112	$ 15,059	$ 10,532	$ 10,421	$ 16,485	$ 16,898	$ 58,520	$ 54,336	$ 62,037
Net income per share:
Basic (in dollars per share)	$ 0.15	$ 0.16	$ 0.20	$ 0.18	$ 0.12	$ 0.12	$ 0.18	$ 0.18	$ 0.68	$ 0.59	$ 0.65
Diluted (in dollars per share)	$ 0.14	$ 0.15	$ 0.19	$ 0.17	$ 0.12	$ 0.11	$ 0.17	$ 0.17	$ 0.65	$ 0.57	$ 0.62
Weighted-average shares used in computing net income per share:
Basic (in shares)	85,232,403	86,017,342	85,766,254	85,499,153	85,809,325	90,067,675	93,868,409	96,484,657	85,651,721	91,481,995	95,021,175
Diluted (in shares)	89,464,571	90,226,278	89,638,677	89,307,934	88,914,595	93,821,812	97,839,576	101,052,933	89,861,843	95,448,357	100,672,399

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 31, 2019 shares	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Nov. 30, 2025 USD ($)	Aug. 31, 2024 USD ($)	May 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock voting rights per share (in votes) \| vote		1
Treasury stock (in shares) \| shares		16,299,769	12,998,173	615,980
Stock repurchased		$ 84,186	$ 302,880
Excise taxes		500	2,600
Shares repurchased		$ 388,075	$ 303,889
Incentive stock options and non-statutory stock options, exercise price to fair value of common stock, maximum	100.00%
Stockholders ownership percentage, threshold	10.00%
Shareholder stock options, exercise price to fair value of common stock, maximum	110.00%
Unvested shares subject to repurchase (in shares) \| shares		0	0
Annual increase period (in years)	10 years
Annual increase percentage	4.00%
Total intrinsic value of options exercised		$ 4,300	$ 13,700	$ 79,700
Weighted-average grant date fair value (in dollars per share) \| $ / shares		$ 11.72	$ 16.60	$ 19.10
Fair value of options to purchase common stock vested		$ 335,200	$ 202,400	$ 134,100
Compensation cost not yet recognized, options		$ 52,300
Common stock shares reserved for issuance (in shares) \| shares		5,902,603	5,111,514
Percentage of capital shares outstanding added to reserve for future issuance	1.00%
Number of shares added to reserve for future issuance \| shares	2,500,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years
Weighted-average remaining recognition period (in years)		2 years 6 months
Intrinsic value of restricted stock units vested		$ 42,500	$ 27,600	$ 33,000
Granted (in dollars per share) \| $ / shares		$ 21.83	$ 25.05	$ 35.02
Fair value of restricted stock units vested		$ 65,600	$ 43,400	$ 45,500
Compensation cost not yet recognized, other than options		$ 77,800
Options to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years	4 years
Term of award (in years)	10 years	10 years
Weighted-average remaining recognition period (in years)		1 year 10 months 24 days
Shares issuable under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for issuance (in shares) \| shares	1,700,000
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares \| shares	19,198,875
Maximum number of shares, new shares \| shares	2,640,031
Maximum number of shares, additional shares \| shares	16,558,844
Available for future grants (in shares) \| shares		5,217,804	3,602,455
Warrants to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding (in shares) \| shares		0	0
Warrants exercised (in shares) \| shares			305,595
Warrants exercised, shares issued (in shares) \| shares			279,867
Warrants to purchase common stock \| Weighted average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share) \| $ / shares			$ 1.73
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased		$ 100	$ 400
February 2024 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized amount							$ 100,000
Repurchase of common stock (in shares) \| shares			12,382,193
February 2024 Share Repurchase Program \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares			$ 24.22
Stock repurchased			$ 300,300
May 2024 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized amount							$ 100,000
Repurchase of common stock (in shares) \| shares			12,382,193
May 2024 Share Repurchase Program \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares			$ 24.22
Stock repurchased			$ 300,300
August 2024 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized amount						$ 100,000
November 2025 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock (in shares) \| shares		3,301,596
Share repurchase program, authorized amount					$ 200,000
Share repurchase remaining authorized, amount		$ 116,400
Shares repurchased (in shares) \| shares		6,530,363
Shares repurchased		$ 159,400
November 2025 Share Repurchase Program \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price (in dollars per share) \| $ / shares		$ 25.31
Shares repurchased		$ 83,600

Business and Basis of Presentation (Details)	12 Months Ended
Business and Basis of Presentation (Details)	Dec. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Stockholders' Equity - Schedule of Assumptions Used in the Option-Pricing Model for Options Granted (Details) - Option	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate, minimum	3.60%	3.50%	3.50%
Risk-free interest rate, maximum	4.50%	4.60%	4.80%
Expected volatility, minimum	53.70%	53.00%	52.00%
Expected volatility, maximum	54.70%	55.00%	54.00%
Expected dividend rate	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	5 years 6 months	5 years 3 months	5 years 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	6 years 3 months	6 years 1 month 9 days	6 years 1 month 9 days

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment consist of the following (in thousands):


	Estimated Useful Life (in years)	December 31,
		2025		2024
Machinery and equipment	3-5	$	449	$	323
Computers and hardware	3	3,238		2,362
Leasehold improvements	lease term	4,850		4,397
Furniture and fixtures	7	2,948		2,227
Capitalized software	3-5	30,786		11,442
Property and equipment, gross		$	42,271	$	20,751
Less: accumulated depreciation		(12,344)		(8,368)
Total property and equipment, net		$	29,927	$	12,383

Depreciation expense was approximately $4.1 million, $3.1 million and $2.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

During the years ended December 31, 2025, 2024, and 2023, the Company capitalized $2.8 million, $1.4 million, and $0.6 million, respectively, in stock-based compensation related to the development of internal-use software.

Net Income Per Share - Schedule of Potentially Dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive shares (in shares)	16,068,254	15,990,759	13,014,326
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive shares (in shares)	14,928,938	13,868,635	11,901,773
Shares issuable under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive shares (in shares)	2,513	4,022	919
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive shares (in shares)	1,136,803	2,118,102	1,111,634

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2025		2024
Accrued claims payable	$	29,954	$	32,121
Accrued compensation	21,565		14,572
Accrued commission	2,016		2,207
Operating lease current liabilities	3,726		2,859
Professional fees	2,665		1,838
Other accrued expenses	16,480		14,634
Other current liabilities	1,914		5,299
Total accrued expenses and other current liabilities	$	78,320	$	73,530

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Cash and Cash Equivalents and Marketable Securities

Cash and cash equivalents are stated at fair value. The Company considers all highly liquid investments purchased with original maturities of three months or less at the time of purchase to be cash equivalents. Marketable securities, primarily consisting of U.S. Government and agency securities with original maturities greater than three months but less than one year when purchased, are classified as available-for-sale, and are stated at fair value. Unrealized gains and losses on marketable securities are excluded from earnings and reported as a component of other comprehensive income (loss).

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.

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.

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 December 31, 2025 and 2024.

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 the lag between authorization date and service date as well as estimates for changes and cancellations of services. At the same time, cost of services and accrued claims payables are estimated based on the amount to be paid to the provider clinic and expected gross margin on fertility benefits services. Estimates are adjusted to actual at the time of billing. Adjustments to original estimates have not been material.

As of December 31, 2025 and 2024, accrued receivables were $54.9 million and $45.6 million, respectively. Accrued receivables are included within accounts receivable in the consolidated balance sheet.

Accrued claims payable of $30.0 million and $32.1 million as of December 31, 2025 and 2024, respectively, are included within accrued expenses and other current liabilities in the consolidated balance sheet. Claims payable are generally paid within 30 days based on contractual terms.

As of December 31, 2025 and December 31, 2024, unbilled receivables, which represent claims received and approved but unbilled at the end of the reporting period, were $33.9 million and $47.0 million, respectively. Unbilled receivables are typically billed to clients within 30 days of the approved claim based on the contractual billing schedule agreed upon with the client. Unbilled receivables are included in accounts receivable in the consolidated balance sheet.

Accounts Receivable and Allowance for Doubtful Accounts

The accounts receivable balance primarily includes amounts due from clients and members. The Company estimates the allowance for doubtful accounts based on the lifetime expected credit losses for the client and member receivable pools, respectively. Under this current expected credit losses model, the Company determines the allowance for doubtful accounts based on factors such as the age of the receivable balance, historical experience of losses, current economic conditions, and reasonable and supportable forecasts of future economic conditions in order to develop loss rates for each of its receivable pools. An allowance for credit losses is applied at the time the asset is recognized, including to current or not yet due amounts, based on the Company’s estimated loss rates which consider the migration of receivables from current to aged and collection rates associated with receivables that are delinquent. Expected credit losses are recorded as general and administrative expenses in the consolidated statements of operations. The Company records write-offs, as a deduction from the allowance for doubtful accounts, in the period in which its receivables are deemed uncollectible, which is when all efforts of collection have been exhausted or it is no longer pursuing collection of the receivable, and can take up to several years from the initial billing based on the nature of the Company’s receivables, which consist of a high volume of low dollar balances, particularly on the member receivable pool. The following table provides a summary of the activity in this allowance (in thousands):


	Years Ended December 31, 2025, 2024 and 2023
December 31, 2025	Balance at Beginning of Period		Charged to Costs and Expenses		Write-offs		Balance at End of Period
Allowance for doubtful accounts	$	56,355	$	20,526	$	(21,222)	$	55,659

December 31, 2024
Allowance for doubtful accounts	$	46,636	$	16,396	$	(6,677)	$	56,355

December 31, 2023
Allowance for doubtful accounts	$	28,328	$	19,934	$	(1,626)	$	46,636

Cost of Services

Fertility Benefits Services

Fertility benefits services costs include: (1) fees paid to provider clinics within the Company’s network, labs and anesthesiologists; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: Provider Account Management, PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with provider clinics are typically for a term of one to two years.

Pharmacy Benefits Services

Pharmacy benefits services costs include: (1) the fees for prescription drugs dispensed and clinical services provided during the reporting period by specialty pharmacy partners; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with the specialty pharmacies are typically for a term of one year.

In the specialty pharmacy contracts, the contractual fees of prescription drugs sold includes the cost of the prescription drugs purchased and shipped to members by the Company’s specialty mail service dispensing pharmacies, net of any volume-related or other discounts.

Vendor Rebates

The Company receives a rebate on formulations purchased and dispensed by the Company’s specialty pharmacies. The Company’s contractual arrangements with pharmacy program partners provide for the Company to receive a discount (or rebate) from established list prices paid subsequent to dispensing when products are purchased indirectly from a pharmacy program partner (such as through a specialty pharmacy). These rebates are recognized as a reduction of cost of services when prescriptions are dispensed and are generally estimated and billed to manufacturers within 20 days after the end of each month. Vendor rebates are included within accounts receivable in the consolidated balance sheet. The effect of adjustments resulting from the reconciliation of rebates recognized to the amounts billed and collected has not been material to the Company’s results of operations.

Research and Development Costs

Research and development costs consist primarily of personnel and related expenses, including salaries, bonuses, benefits, and stock-based compensation expense for employees engaged in research and development activities as well as third-party vendor costs. All such costs are expensed as incurred and are included within general and administrative expense in the consolidated statement of operations. The Company focuses its research and development efforts on activities related to the design, development, testing and enhancement of its product offerings and technology platforms. For the year ended December 31, 2025, research and development expense was $9.5 million.

Concentration of Credit Risk and Off-Balance-Sheet Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consists primarily of cash and cash equivalents, marketable securities, and accounts receivable.

The Company invests its cash and cash equivalents and marketable securities with highly rated financial institutions and management believes that the financial risks associated with its cash equivalents are minimal.

Substantially all of the Company’s cash is maintained with two financial institutions with high credit standings. Such deposits may exceed federally insured limits.

The Company regularly reviews the outstanding accounts receivable balances and makes estimates of the lifetime expected credit losses based upon consideration of factors such as the age of the receivable balance, historical experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions. In addition, the Company periodically evaluates the financial condition of its clients and other parties to manage credit risk related to accounts receivable. As of December 31, 2025 and 2024, one vendor accounted for 27% and 24%, respectively, of total receivables.

Property and Equipment

Property and equipment consists of computer equipment, machinery and equipment, furniture and fixtures, leasehold improvements, and capitalized software development costs. The assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method based on estimated useful lives and in the case of leasehold improvements, the shorter of the useful life or the remaining term of the lease (see Note 5) is used.

Goodwill and Intangible Assets

Goodwill represents the excess of the consideration transferred over the fair value of the assets acquired and liabilities assumed in a business combination. Other intangible assets consist of trademarks, physician network, and the websites acquired in the Fertility Authority acquisition. Goodwill is carried at the initial acquisition date fair value less any impairment. Other intangible assets are recorded at fair value at the date of acquisition, less accumulated amortization. Amortization is calculated using the straight-line method based on estimated useful lives.

Goodwill is reviewed for impairment annually as of October 1st of each year or when an interim triggering event has occurred indicating potential impairment. Events or changes in circumstances which could trigger an impairment review, which are assessed at the reporting unit level, include significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends, significant underperformance relative to historical or projected future results of operations, a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition or a loss of key personnel. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if an entity concludes otherwise, then it is required to perform the first of a two-step impairment test.

The first step involves comparing the estimated fair value of the reporting unit with its respective book value, including goodwill. If the estimated fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary. If the carrying amount of goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the excess.

The Company tests for goodwill impairment for each reporting unit, which is at the operating segment or one level below the operating segment. This analysis requires us to make a series of assumptions to (1) evaluate whether any impairment exists and (2) measure the amount of impairment. There was no impairment of goodwill or intangible assets for the years ended December 31, 2025, 2024, and 2023.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. In such instances, the recoverability of assets to be held and used is measured first by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, an impairment loss would be recognized if the carrying amount of the asset exceeds the fair value of the asset or asset group. The fair value is determined based on valuation techniques such as a comparison to fair values of similar assets or using a discounted cash flow analysis. The Company recorded a $0.1 million and $1.4 million loss on disposal of property and equipment for the years ended December 31, 2025 and 2024, respectively. There were no other significant impairments recorded for the years ended December 31, 2025, 2024 and 2023.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, accrued expenses and other current liabilities, and operating lease noncurrent liabilities on the consolidated balance sheets. The Company elects to account for each separate lease and non-lease component as a single lease component. As of December 31, 2025 and 2024, the Company has no financing lease arrangements.

In accordance with ASC 842, the Company records a right-of-use asset (“ROU”) and lease liability in connection with its operating leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. To determine the present value of lease payments, the Company utilizes the rate implicit in the lease, if available. If the rate implicit in the lease is not readily determinable, the Company uses its secured incremental borrowing rate to determine the present value of the lease payments. The determination of the Company’s incremental borrowing rate requires judgment and is primarily based on publicly available information for companies within the same industry and with similar credit profiles. The rate is then adjusted for the lease term and other specific terms included in the Company’s lease arrangements. The incremental borrowing rate is subsequently reassessed upon a modification to the lease arrangement. The operating lease ROU asset also includes any lease payments made prior to the commencement date and excludes lease incentives and initial direct costs incurred. ROU assets are subsequently assessed for impairment in accordance with the Company’s accounting policy for long-lived assets.

Stock-Based Compensation

The Company accounts for stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation (ASC 718). ASC 718 requires all stock-based payments, including restricted stock units and grants of stock options, to be recognized in the consolidated statements of operations based on their respective fair values. The fair value of the Company’s restricted stock units has been determined utilizing the closing market price of the Company’s common stock on the date of the grant, including those with performance-based vesting conditions.

The fair value of the Company’s stock options and stock purchased under the employee stock purchase plan has been determined using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of historical and implied volatility data of the Company’s common stock, the expected stock price volatility has been estimated based on the historical volatilities of the daily closing prices of a specified group of companies in Progyny’s industry for a period equal to the expected term of the option. Progyny selected companies with comparable characteristics to the Company, including enterprise value, risk profiles and position within the industry, that have historical stock price information sufficient to meet the expected term of the stock options. The expected term of the options granted represents the period of time that options granted are expected to be outstanding and is calculated using the simplified method, which is the mid-point between the vesting date and the end of the contractual term for each option. For non-employee service-based awards, the expected term is estimated based on the remaining contractual term of such awards. The risk-free interest rate is based on the yield of zero-coupon, U.S. Treasury securities for the period that is consistent with the expected term of the stock option. The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock; therefore, the expected dividend yield is zero.

The Company’s stock-based awards are subject to service-based or performance-based vesting conditions. The Company recognizes compensation expense for service-based awards over the vesting period of the award on a straight-line basis. Compensation expense related to awards with performance-based vesting conditions is recognized over the requisite service period when achievement of the performance condition is considered probable.

Income Taxes

The Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”). Deferred income taxes are recorded for the expected tax consequences of temporary differences between the tax basis of assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. The Company periodically reviews the recoverability of deferred tax assets recorded in the consolidated balance sheets and provides valuation allowances as deemed necessary to reduce such deferred tax assets to the amount that will, more likely than not, be realized. Income tax expense consists of taxes currently payable and changes in deferred tax assets and liabilities calculated according to local tax rules.

Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence for each jurisdiction including past operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. In the event the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to income tax expense in the period in which such determination is made.

The amount of deferred tax provided is calculated using tax rates enacted at the balance sheet date. The impact of tax law changes is recognized in periods when the change is enacted.

A two-step approach is applied pursuant to ASC 740 in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement.

The Company’s policy is to recognize interest and penalty expenses associated with uncertain tax positions, if any, as a component of income tax expense in the consolidated statements of operations and comprehensive income.

Global Intangible Low-Taxed Income (“GILTI”) is described as the excess of a U.S. Shareholder's total net foreign income over a deemed return on tangible assets. The Company's policy is to recognize GILTI, if any, as a component of income tax expense in the consolidated statements of operations and comprehensive income during the period the tax arises.

Fair Value of Financial Instruments and Fair Value Measurements

The Company determines the fair value of financial assets and liabilities using the fair value hierarchy established in the accounting standards. The hierarchy describes three levels of inputs that may be used to measure fair value, as follows:

Level 1 — Quoted prices in active markets for identical assets and liabilities.

Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The carrying amounts of certain of the Company's financial instruments, including cash equivalents, marketable securities, accounts receivable and accounts payable approximate fair value due to their short maturities.

Net Income per Share

Basic net income per share is calculated by dividing the net income by the weighted-average number of shares of common stock outstanding for the period.

Diluted net income per share is computed by dividing the diluted net income by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares assuming dilutive effect of outstanding common stock options, restricted stock units, shares issuable under the employee stock purchase program and common stock warrants using the treasury stock method. In periods when the Company has incurred a net loss, diluted net loss per share is the same as basic net loss per share because dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. The Company adopted this standard prospectively in the annual period beginning January 1, 2025. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. Refer to Note 14 – Income Taxes for the inclusion of the new disclosures required.

Accounting Pronouncements Issued but Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard is intended to provide enhanced transparency into the nature of expenses and requires more detailed information on specific expense categories (purchases of inventory, employee compensation, depreciation, and intangible asset amortization) included in certain expense captions presented on the face of the income statement. The new standard will be effective for the Company for the fiscal year beginning January 1, 2027, and for interim periods within the fiscal year beginning January 1, 2028. Early adoption is permitted. The amendments may be applied either 1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or 2) retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of the new standard including the impact on its disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendment in ASU 2025-05 provides entities with a practical expedient to simplify the estimation of expected credit losses by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. The new standard will be effective for the Company for the fiscal year, including interim periods, beginning January 1, 2026. Early adoption is permitted and this amendment is applied prospectively. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update are intended to improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods, including methods that entities may use to develop software in the future. The amendments in this update will be effective for the Company for the fiscal year, including interim periods, beginning January 1, 2028. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which provides clarity on the current interim reporting requirements by improving the navigability of the required interim disclosures, clarifying when that guidance is applicable, and applying Topic 270 to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendment will be effective for the Company for the fiscal year, including interim periods, beginning January 1, 2028. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Arbitration/Litigation The Company records accruals for loss contingencies when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. If the Company determines that a loss is reasonably possible, the Company discloses the matter, and the amount or range of the possible loss, if estimable, in the notes to the consolidated financial statements. From time to time, the Company is involved in certain claims and litigation arising in the normal course of business. The Company is not aware of any legal proceedings or claims, that the Company believes will have, individually or in the aggregate, a material adverse effect on the Company’s financial position or results of operations. Indemnifications The Company indemnifies each of its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws. The term of the indemnification period lasts as long as an officer or a director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director and officer liability insurance. This insurance allows the transfer of risk associated with the Company’s exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, it has not recognized any liabilities relating to these obligations for any period presented.

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 42,271	$ 20,751
Less: accumulated depreciation	(12,344)	(8,368)
Total property and equipment, net	29,927	12,383
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 449	323
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Computers and hardware
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Property and equipment, gross	$ 3,238	2,362
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,850	4,397
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years
Property and equipment, gross	$ 2,948	2,227
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 30,786	$ 11,442
Capitalized software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Capitalized software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The CODM uses net income to allocate resources (including personnel, technology, and capital resources) for the single segment to make decisions regarding the annual budget, ongoing operations, and strategic investments to drive the Company's strategy and mission.


	Year Ended December 31,
	2025		2024		2023
Revenue(1)	$	1,288,661	$	1,167,221	$	1,088,598
Less:
Cost of services	984,177		913,858		849,799
Sales and marketing	72,113		63,948		59,488
General and administrative	147,094		121,960		117,127
Interest and other income, net	(10,155)		(15,747)		(8,507)
Provision for income taxes	36,912		28,866		8,654
Net income	$	58,520	$	54,336	$	62,037

(1) Refer to footnote 3, for disaggregated revenue by service.


	As of December 31,
	2025		2024
Total Assets	$	742,435	$	607,102

Acquisitions (Details) € in Millions, $ in Millions	Jan. 08, 2025 USD ($)	Jun. 17, 2024 USD ($)	Jun. 17, 2024 EUR (€)
Benefit Bump LLC
Business Combination, Contingent Consideration [Line Items]
Consideration transferred	$ 10.5
Escrow deposit	$ 2.5
Apryl GmbH
Business Combination, Contingent Consideration [Line Items]
Consideration transferred		$ 5.5	€ 5.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statements of Operations
Revenue	$ 318,403	$ 313,346	$ 332,874	$ 324,038	$ 298,431	$ 286,625	$ 304,087	$ 278,078	$ 1,288,661	$ 1,167,221	$ 1,088,598
Cost of services	241,522	240,511	253,901	248,243	234,999	227,381	235,806	215,672	984,177	913,858	849,799
Gross profit	76,881	72,835	78,973	75,795	63,432	59,244	68,281	62,406	304,484	253,363	238,799
Operating expenses:
Sales and marketing	17,987	17,935	18,405	17,786	15,616	16,457	16,421	15,454	72,113	63,948	59,488
General and administrative	43,672	33,373	36,210	33,839	32,029	30,329	31,173	28,429	147,094	121,960	117,127
Total operating expenses	61,659	51,308	54,615	51,625	47,645	46,786	47,594	43,883	219,207	185,908	176,615
Income from operations	15,222	21,527	24,358	24,170	15,787	12,458	20,687	18,523	85,277	67,455	62,184
Interest and other income, net	2,632	2,437	2,719	2,367	1,871	5,504	4,380	3,992	10,155	15,747	8,507
Income before income taxes	17,854	23,964	27,077	26,537	17,658	17,962	25,067	22,515	95,432	83,202	70,691
Provision for income taxes	5,369	10,100	9,965	11,478	7,126	7,541	8,582	5,617	36,912	28,866	8,654
Net income	$ 12,485	$ 13,864	$ 17,112	$ 15,059	$ 10,532	$ 10,421	$ 16,485	$ 16,898	$ 58,520	$ 54,336	$ 62,037
Net income per share:
Basic (in dollars per share)	$ 0.15	$ 0.16	$ 0.20	$ 0.18	$ 0.12	$ 0.12	$ 0.18	$ 0.18	$ 0.68	$ 0.59	$ 0.65
Diluted (in dollars per share)	$ 0.14	$ 0.15	$ 0.19	$ 0.17	$ 0.12	$ 0.11	$ 0.17	$ 0.17	$ 0.65	$ 0.57	$ 0.62
Weighted-average shares used in computing net income per share:
Basic (in shares)	85,232,403	86,017,342	85,766,254	85,499,153	85,809,325	90,067,675	93,868,409	96,484,657	85,651,721	91,481,995	95,021,175
Diluted (in shares)	89,464,571	90,226,278	89,638,677	89,307,934	88,914,595	93,821,812	97,839,576	101,052,933	89,861,843	95,448,357	100,672,399

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following (in thousands):


	Estimated Useful Life (in years)	December 31,
		2025		2024
Machinery and equipment	3-5	$	449	$	323
Computers and hardware	3	3,238		2,362
Leasehold improvements	lease term	4,850		4,397
Furniture and fixtures	7	2,948		2,227
Capitalized software	3-5	30,786		11,442
Property and equipment, gross		$	42,271	$	20,751
Less: accumulated depreciation		(12,344)		(8,368)
Total property and equipment, net		$	29,927	$	12,383

Unaudited Quarterly Results of Operations Data (Tables)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Consolidated Results of Operations


	Three Months Ended
	Mar. 31, 2024		Jun. 30, 2024		Sep. 30, 2024		Dec. 31, 2024		Mar. 31, 2025		Jun. 30, 2025		Sep. 30, 2025		Dec. 31, 2025
	(in thousands)
Revenue	$	278,078	$	304,087	$	286,625	$	298,431	$	324,038	$	332,874	$	313,346	$	318,403
Cost of services	215,672		235,806		227,381		234,999		248,243		253,901		240,511		241,522
Gross profit	62,406		68,281		59,244		63,432		75,795		78,973		72,835		76,881
Operating expenses:
Sales and marketing	15,454		16,421		16,457		15,616		17,786		18,405		17,935		17,987
General and administrative	28,429		31,173		30,329		32,029		33,839		36,210		33,373		43,672
Total operating expenses	43,883		47,594		46,786		47,645		51,625		54,615		51,308		61,659
Income from operations	18,523		20,687		12,458		15,787		24,170		24,358		21,527		15,222
Interest and other income, net	3,992		4,380		5,504		1,871		2,367		2,719		2,437		2,632
Income before income taxes	22,515		25,067		17,962		17,658		26,537		27,077		23,964		17,854
Provision for income taxes	5,617		8,582		7,541		7,126		11,478		9,965		10,100		5,369
Net income	$	16,898	$	16,485	$	10,421	$	10,532	$	15,059	$	17,112	$	13,864	$	12,485
Net income per share:
Basic	$	0.18	$	0.18	$	0.12	$	0.12	$	0.18	$	0.20	$	0.16	$	0.15
Diluted	$	0.17	$	0.17	$	0.11	$	0.12	$	0.17	$	0.19	$	0.15	$	0.14
Weighted-average shares used in computing net income per share:
Basic	96,484,657		93,868,409		90,067,675		85,809,325		85,499,153		85,766,254		86,017,342		85,232,403
Diluted	101,052,933		97,839,576		93,821,812		88,914,595		89,307,934		89,638,677		90,226,278		89,464,571

Income Taxes - Schedule of Reconciliation of Statutory Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory income tax rate									$ 20,041
State and local income tax, net of federal income tax effect									8,565
Other									(620)
Research and development tax credits									(2,057)
Share-based payment awards									$ 5,774
Executive compensation									4.20%
Changes in unrecognized tax benefits									$ 267
Section 162(m) compensation limitation									4,022
Total provision for income taxes	$ 5,369	$ 10,100	$ 9,965	$ 11,478	$ 7,126	$ 7,541	$ 8,582	$ 5,617	$ 36,912	$ 28,866	$ 8,654
Percent
U.S. federal statutory income tax rate									21.00%	21.00%	21.00%
State and local income tax, net of federal income tax effect									9.00%	7.00%	2.00%
Other									(0.60%)	1.00%	1.00%
Research and development tax credits									(2.20%)
Share-based payment awards									6.10%	2.00%	(18.00%)
Executive compensation										4.00%	6.00%
Changes in unrecognized tax benefits									0.30%
Effective tax rate									38.70%	35.00%	12.00%
Germany
Amount
Change in valuation allowance									$ 1,522
Other									$ (457)
Percent
Change in valuation allowance									1.60%
Other									(0.50%)
Other foreign jurisdictions
Amount
Other foreign jurisdictions									$ (145)
Percent
Other foreign jurisdictions									(0.20%)

Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Goodwill and intangible asset impairment	$ 0	$ 0	$ 0

Net Income Per Share - Schedule of Reconciliation of Net Income and Number of Shares in the Calculation of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income									$ 58,520	$ 54,336	$ 62,037
Denominator:
Weighted-average shares used in computing basic net income per share (in shares)	85,232,403	86,017,342	85,766,254	85,499,153	85,809,325	90,067,675	93,868,409	96,484,657	85,651,721	91,481,995	95,021,175
Basic (in dollars per share)	$ 0.15	$ 0.16	$ 0.20	$ 0.18	$ 0.12	$ 0.12	$ 0.18	$ 0.18	$ 0.68	$ 0.59	$ 0.65
Numerator:
Net income									$ 58,520	$ 54,336	$ 62,037
Denominator:
Weighted-average shares used in computing basic net income per share (in shares)	85,232,403	86,017,342	85,766,254	85,499,153	85,809,325	90,067,675	93,868,409	96,484,657	85,651,721	91,481,995	95,021,175
Effect of dilutive securities (in shares)									4,210,122	3,966,362	5,651,224
Weighted-average shares used in computing diluted net income per share (in shares)	89,464,571	90,226,278	89,638,677	89,307,934	88,914,595	93,821,812	97,839,576	101,052,933	89,861,843	95,448,357	100,672,399
Diluted net income per share (in dollars per share)	$ 0.14	$ 0.15	$ 0.19	$ 0.17	$ 0.12	$ 0.11	$ 0.17	$ 0.17	$ 0.65	$ 0.57	$ 0.62
Options to purchase common stock
Denominator:
Effect of dilutive securities (in shares)									3,173,427	3,499,412	4,813,004
Shares issuable under ESPP
Denominator:
Effect of dilutive securities (in shares)									60	9,553	804
Warrants to purchase common stock
Denominator:
Effect of dilutive securities (in shares)									0	177,292	458,537
Restricted stock units
Denominator:
Effect of dilutive securities (in shares)									1,036,635	280,105	378,879

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net income	$ 58,520	$ 54,336	$ 62,037
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred tax (benefit) expense	(8,115)	(10,456)	3,745
Non-cash interest expense (income)	434	0	(34)
Depreciation and amortization	4,948	3,175	2,281
Loss on disposal of property and equipment	79	1,414	0
Stock-based compensation expense	131,867	128,130	122,611
Bad debt expense	20,526	16,396	19,934
Net accretion of discounts on marketable securities	(866)	(2,115)	(4,328)
Foreign currency exchange rate loss	0	0	(8)
Changes in operating assets and liabilities:
Accounts receivable	(5,117)	(9,874)	(21,738)
Prepaid expenses and other current assets	(11,947)	18,018	(22,930)
Accounts payable	28,752	(30,268)	16,235
Accrued expenses and other current liabilities	417	9,924	10,361
Other noncurrent assets and liabilities	(9,306)	425	648
Net cash provided by operating activities	210,192	179,105	188,814
INVESTING ACTIVITIES
Purchase of property and equipment, net	(18,410)	(5,405)	(3,644)
Purchase of marketable securities	(354,964)	(170,339)	(429,694)
Sale of marketable securities	223,701	376,840	232,813
Acquisition of business, net of cash acquired	(9,340)	(5,304)	0
Net cash (used in) provided by investing activities	(159,013)	195,792	(200,525)
FINANCING ACTIVITIES
Repurchase of common stock	(81,657)	(300,278)	0
Proceeds from exercise of stock options	86	1,099	4,850
Issuance costs on credit facility	(3,087)	0	0
Payment of employee taxes related to equity awards	(15,848)	(12,001)	(17,200)
Proceeds from contributions to employee stock purchase plan	1,144	1,300	1,278
Net cash used in financing activities	(99,362)	(309,880)	(11,072)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	62	1	1
Net (decrease) increase in cash, cash equivalents, and restricted cash	(48,121)	65,018	(22,782)
Cash, cash equivalents, and restricted cash, beginning of year	162,314	97,296	120,078
Cash, cash equivalents, and restricted cash, end of year	114,193	162,314	97,296
Cash and cash equivalents	112,238	162,314	97,296
Restricted cash included within other noncurrent assets	1,955	0	0
Total cash, cash equivalents, and restricted cash	114,193	162,314	97,296
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes, net of refunds received	55,490	40,449	6,181
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Additions of property and equipment, net included in accounts payable and accrued expenses	$ 681	$ 249	$ 421

Fair Value of Financial Instruments (Details) - USD ($)	12 Months Ended
Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Available-for-sale, operating	$ 10,400,000	$ 12,400,000	$ 3,300,000
Gross realized gains on marketable securities and money market accounts	0	10,000,000.0	5,200,000
Net unrealized holding gains (losses) out of other comprehensive loss and into earnings	0	7,300,000	3,800,000
Total gains with net gains in other comprehensive income for short-term investments	100,000	4,500,000	6,100,000
Level 1
Assets, Fair Value Disclosure [Abstract]
Financial assets held in marketable securities	197,900,000	65,600,000
Level 2
Assets, Fair Value Disclosure [Abstract]
Assets classified as level 2 or level 3, fair value	0	0	0
Liabilities classified as level 2 or level 3, fair value	0	0	0
Level 3
Assets, Fair Value Disclosure [Abstract]
Assets classified as level 2 or level 3, fair value	0	0	0
Liabilities classified as level 2 or level 3, fair value	0	0	$ 0
Money market funds \| Level 1
Assets, Fair Value Disclosure [Abstract]
Financial assets held in money market accounts	$ 112,500,000	$ 167,700,000

Debt	12 Months Ended
Debt	Dec. 31, 2025
Debt Disclosure [Abstract]
Debt	Debt On July 1, 2025, the Company entered into a revolving credit facility (the “Facility”) pursuant to a Credit Agreement (the “Credit Agreement”) with the lenders and issuing banks, party thereto and JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, and swingline lender. The Credit Agreement makes available to the Company a maximum aggregate amount of $200 million, subject to customary borrowing conditions, until maturity on July 1, 2030. Interest on the borrowings under the Credit Agreement accrues, at a variable rate, based on, at the Company’s option (i) adjusted Secured Overnight Financing Rate, or (ii) the alternate base rate, plus, in each case, an applicable margin. The applicable margin is determined by reference to the Company’s total leverage ratio, as specified in the Credit Agreement. Interest is payable on each Interest Payment Date, as specified in the Credit Agreement. Borrowings under the Credit Agreement may be repaid or reborrowed at any time. The Credit Agreement contains customary events of default, representations and warranties and covenants, including, among other things, covenants that restrict or limit the ability of the Company to incur certain additional indebtedness; create liens; engage in mergers or consolidations; make certain payments or distributions in respect of junior and unsecured indebtedness, dividends or equity interest; make certain investments; dispose of certain assets; engage in sale and lease-back transactions; engage in certain affiliate transactions; make certain modifications to the terms of junior and unsecured indebtedness, as well as negative pledge provisions, subject to customary exceptions, and customary financial covenants, including a total leverage ratio covenant and an interest coverage ratio covenant. The Company was in compliance with all financial covenants under the Credit Agreement as of December 31, 2025. The Company capitalized issuance costs of $3.1 million related to the Facility, which are included within prepaid and other current assets and other noncurrent assets in the consolidated balance sheet and are amortized over the life of the Credit Agreement. For the year ended December 31, 2025, interest expense, including amortization of issuance costs, was $0.4 million. As of the date of this filing, no amounts were drawn under the Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 55,659	$ 56,355
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	99,049,485	97,692,891
Common stock, shares outstanding (in shares)	83,365,696	85,310,698
Treasury stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Treasury stock, shares outstanding (in shares)	16,299,769	12,998,173

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2025		2024
Accrued claims payable	$	29,954	$	32,121
Accrued compensation	21,565		14,572
Accrued commission	2,016		2,207
Operating lease current liabilities	3,726		2,859
Professional fees	2,665		1,838
Other accrued expenses	16,480		14,634
Other current liabilities	1,914		5,299
Total accrued expenses and other current liabilities	$	78,320	$	73,530

Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets consist of the following (in thousands):


	Estimated Useful Life (in years)	December 31,
		2025		2024
Trademarks	8	$	4,100	$	4,000
Physician Network	6	3,500		3,500
Website	5	2,000		2,000
Databases	8	976		864
Technology	6	1,806		448
Customers	10	4,306		94
Intangible assets, gross		$	16,688	$	10,906
Less: accumulated amortization		(10,472)		(9,603)
Total intangible assets, net		$	6,216	$	1,303

Amortization expense was $0.8 million, $0.1 million, and $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, the future amortization expense of other intangible assets is as follows (in thousands):


Year ending December 31:
2026	$	866
2027	866
2028	866
2029	866
2030	821
Thereafter	1,931
Total	$	6,216

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions On January 8, 2025, the Company completed its acquisition of Benefit Bump LLC, a comprehensive parental leave benefits navigation program for new and growing families. The acquisition enhances the Company's existing offerings, extending its ability to further serve the needs of families on their journey from pregnancy to early childhood and beyond. The transaction was for a purchase price of $10.5 million, including $2.5 million held in escrow for standard indemnifications and the satisfaction of certain conditions. The transaction was accounted for using the acquisition method resulting in tangible and intangible assets acquired and liabilities assumed, recorded at their estimated fair values as of the acquisition date. Any excess consideration over the fair value of the assets and liabilities assumed was recognized as goodwill and is subject to revision as the purchase price allocation is completed during the measurement period (up to one year from acquisition date). This acquisition did not have a material impact on the Company’s consolidated financial statements. On June 17, 2024, the Company completed its acquisition of Apryl GmbH, a Berlin-based fertility benefits platform, to expand its global offering. The transaction was for a purchase price of €5.1 million, or $5.5 million, net of cash acquired, based on the exchange rate on the acquisition closing date, and was accounted for using the acquisition method. As a result, tangible and intangible assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. Any excess consideration over the fair value of the assets and liabilities assumed was recognized as goodwill and is subject to revision as the purchase price allocation is completed during the measurement period (up to one year from acquisition date). This acquisition did not have a material impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts on Accounts Receivable

The following table provides a summary of the activity in this allowance (in thousands):


	Years Ended December 31, 2025, 2024 and 2023
December 31, 2025	Balance at Beginning of Period		Charged to Costs and Expenses		Write-offs		Balance at End of Period
Allowance for doubtful accounts	$	56,355	$	20,526	$	(21,222)	$	55,659

December 31, 2024
Allowance for doubtful accounts	$	46,636	$	16,396	$	(6,677)	$	56,355

December 31, 2023
Allowance for doubtful accounts	$	28,328	$	19,934	$	(1,626)	$	46,636

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Net change in valuation allowance	$ 1,300
Operating loss carryforwards, indefinite carryover period	10,900
Unrecognized tax benefits	826	$ 603	$ 390	$ 390
Domestic tax authority
Tax Credit Carryforward [Line Items]
Operating loss carryforwards, with expiration period	1,100
State and local jurisdiction
Tax Credit Carryforward [Line Items]
Operating loss carryforwards, with expiration period	$ 51,300

Unaudited Quarterly Results of Operations Data

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Results of Operations Data

The following table sets forth the unaudited quarterly consolidated results of operations for each of the quarterly periods in the years ended December 31, 2025 and 2024. The unaudited quarterly results of operations have been prepared on the same basis as the audited consolidated financial statements, and we believe they reflect all normal recurring adjustments necessary for the fair statement of the Company’s results of operations for these periods. This information should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report. The Company’s historical operating data may not be indicative of the Company’s future performance.


	Three Months Ended
	Mar. 31, 2024		Jun. 30, 2024		Sep. 30, 2024		Dec. 31, 2024		Mar. 31, 2025		Jun. 30, 2025		Sep. 30, 2025		Dec. 31, 2025
	(in thousands)
Revenue	$	278,078	$	304,087	$	286,625	$	298,431	$	324,038	$	332,874	$	313,346	$	318,403
Cost of services	215,672		235,806		227,381		234,999		248,243		253,901		240,511		241,522
Gross profit	62,406		68,281		59,244		63,432		75,795		78,973		72,835		76,881
Operating expenses:
Sales and marketing	15,454		16,421		16,457		15,616		17,786		18,405		17,935		17,987
General and administrative	28,429		31,173		30,329		32,029		33,839		36,210		33,373		43,672
Total operating expenses	43,883		47,594		46,786		47,645		51,625		54,615		51,308		61,659
Income from operations	18,523		20,687		12,458		15,787		24,170		24,358		21,527		15,222
Interest and other income, net	3,992		4,380		5,504		1,871		2,367		2,719		2,437		2,632
Income before income taxes	22,515		25,067		17,962		17,658		26,537		27,077		23,964		17,854
Provision for income taxes	5,617		8,582		7,541		7,126		11,478		9,965		10,100		5,369
Net income	$	16,898	$	16,485	$	10,421	$	10,532	$	15,059	$	17,112	$	13,864	$	12,485
Net income per share:
Basic	$	0.18	$	0.18	$	0.12	$	0.12	$	0.18	$	0.20	$	0.16	$	0.15
Diluted	$	0.17	$	0.17	$	0.11	$	0.12	$	0.17	$	0.19	$	0.15	$	0.14
Weighted-average shares used in computing net income per share:
Basic	96,484,657		93,868,409		90,067,675		85,809,325		85,499,153		85,766,254		86,017,342		85,232,403
Diluted	101,052,933		97,839,576		93,821,812		88,914,595		89,307,934		89,638,677		90,226,278		89,464,571

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 318,403	$ 313,346	$ 332,874	$ 324,038	$ 298,431	$ 286,625	$ 304,087	$ 278,078	$ 1,288,661	$ 1,167,221	$ 1,088,598
Fertility benefit services revenue
Disaggregation of Revenue [Line Items]
Revenue									830,929	729,551	676,295
Pharmacy benefit services revenue
Disaggregation of Revenue [Line Items]
Revenue									$ 457,732	$ 437,670	$ 412,303

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Summary of Significant Accounting Policies - Accrued Receivable and Accrued Claims Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Accrued receivables	$ 54,900	$ 45,600
Accrued claims payable	$ 29,954	32,121
Claims payable, payment period (within) (in days)	30 days
Unbilled receivables	$ 33,900	$ 47,000
Period in which unbilled receivables are billed to clients (within) (in days)	30 days

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net Income and Number of Shares in the Calculation of Basic and Diluted Net Income per Share

A reconciliation of net income and the number of shares in the calculation of basic and diluted net income per share is as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2025		2024		2023
Basic net income per common share:
Numerator:
Net income	$	58,520	$	54,336	$	62,037

Denominator:
Weighted-average shares used in computing basic net income per share	85,651,721		91,481,995		95,021,175
Basic net income per share	$	0.68	$	0.59	$	0.65

Diluted net income per common share:
Numerator:
Net income	$	58,520	$	54,336	$	62,037

Denominator:
Weighted-average shares used in computing basic net income per share	85,651,721		91,481,995		95,021,175
Effect of dilutive securities:
Options to purchase common stock	3,173,427		3,499,412		4,813,004
Shares issuable under ESPP	60		9,553		804
Warrants to purchase common stock	—		177,292		458,537
Restricted stock units	1,036,635		280,105		378,879
Total effect of dilutive securities	4,210,122		3,966,362		5,651,224
Weighted-average shares used in computing diluted net income per share	89,861,843		95,448,357		100,672,399
Diluted net income per share	$	0.65	$	0.57	$	0.62

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following weighted-average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income per share for the periods presented because including them would have been antidilutive:


	Year Ended December 31,
	2025	2024	2023
Options to purchase common stock	14,928,938	13,868,635	11,901,773
Shares issuable under ESPP	2,513	4,022	919

Restricted stock units	1,136,803	2,118,102	1,111,634
Total potential dilutive shares	16,068,254	15,990,759	13,014,326

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Options to purchase common stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected dividend rate	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Melissa Cummings [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 19, 2025, Melissa Cummings, our Chief Operating Officer, adopted a trading plan that is intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Ms. Cummings' trading plan is for the sale of up to 24,062 shares of the Company's common stock in amounts and prices determined in accordance with a formula set forth in the plan. The plan terminates on the earlier of the date all shares under the plan are sold or March 31, 2027.
Name	Melissa Cummings
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 19, 2025
Expiration Date	March 31, 2027
Arrangement Duration	467 days
Aggregate Available	24,062

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at the beginning of the year	$ 603	$ 390	$ 390
Additions based upon tax positions related to the current year	277	213	0
Reductions based upon tax positions related to the prior year	(54)	0	0
Balance at the end of the year	$ 826	$ 603	$ 390

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Loss on disposal of property and equipment	$ 79	$ 1,414	$ 0

Income Taxes - Schedule of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 7,064	$ 5,577
Research and development capitalization	295	1,989
Stock-based compensation	73,300	60,738
Accruals and reserves	15,817	18,354
Operating lease liabilities	7,143	4,918
Depreciation and amortization	0	185
Total deferred tax assets	103,619	91,761
Valuation allowance	(3,121)	(1,779)
Deferred tax assets after valuation allowance	100,498	89,982
Deferred tax liabilities:
Goodwill	(746)	(683)
Operating lease right-of-use assets	(6,396)	(4,352)
Unrealized gain on marketable securities	(50)	(14)
Depreciation and amortization	(293)	0
Total deferred tax liabilities	(7,485)	(5,049)
Net deferred tax assets	$ 93,013	$ 84,933

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include those of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Use of Estimates	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.
Cash and Cash Equivalents	Cash and cash equivalents are stated at fair value. The Company considers all highly liquid investments purchased with original maturities of three months or less at the time of purchase to be cash equivalents.
Marketable Securities	Marketable securities, primarily consisting of U.S. Government and agency securities with original maturities greater than three months but less than one year when purchased, are classified as available-for-sale, and are stated at fair value. Unrealized gains and losses on marketable securities are excluded from earnings and reported as a component of other comprehensive income (loss).
Revenue Recognition	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. 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. 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 December 31, 2025 and 2024.
Accrued Receivables and Accrued Claims Payable	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 the lag between authorization date and service date as well as estimates for changes and cancellations of services. At the same time, cost of services and accrued claims payables are estimated based on the amount to be paid to the provider clinic and expected gross margin on fertility benefits services. Estimates are adjusted to actual at the time of billing. Adjustments to original estimates have not been material.Unbilled receivables are typically billed to clients within 30 days of the approved claim based on the contractual billing schedule agreed upon with the client. Unbilled receivables are included in accounts receivable in the consolidated balance sheet.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts The accounts receivable balance primarily includes amounts due from clients and members. The Company estimates the allowance for doubtful accounts based on the lifetime expected credit losses for the client and member receivable pools, respectively. Under this current expected credit losses model, the Company determines the allowance for doubtful accounts based on factors such as the age of the receivable balance, historical experience of losses, current economic conditions, and reasonable and supportable forecasts of future economic conditions in order to develop loss rates for each of its receivable pools. An allowance for credit losses is applied at the time the asset is recognized, including to current or not yet due amounts, based on the Company’s estimated loss rates which consider the migration of receivables from current to aged and collection rates associated with receivables that are delinquent. Expected credit losses are recorded as general and administrative expenses in the consolidated statements of operations.
Cost of Services	Cost of Services Fertility Benefits Services Fertility benefits services costs include: (1) fees paid to provider clinics within the Company’s network, labs and anesthesiologists; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: Provider Account Management, PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with provider clinics are typically for a term of one to two years. Pharmacy Benefits Services Pharmacy benefits services costs include: (1) the fees for prescription drugs dispensed and clinical services provided during the reporting period by specialty pharmacy partners; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with the specialty pharmacies are typically for a term of one year. In the specialty pharmacy contracts, the contractual fees of prescription drugs sold includes the cost of the prescription drugs purchased and shipped to members by the Company’s specialty mail service dispensing pharmacies, net of any volume-related or other discounts. Vendor Rebates The Company receives a rebate on formulations purchased and dispensed by the Company’s specialty pharmacies. The Company’s contractual arrangements with pharmacy program partners provide for the Company to receive a discount (or rebate) from established list prices paid subsequent to dispensing when products are purchased indirectly from a pharmacy program partner (such as through a specialty pharmacy). These rebates are recognized as a reduction of cost of services when prescriptions are dispensed and are generally estimated and billed to manufacturers within 20 days after the end of each month. Vendor rebates are included within accounts receivable in the consolidated balance sheet. The effect of adjustments resulting from the reconciliation of rebates recognized to the amounts billed and collected has not been material to the Company’s results of operations.
Research and Development Costs	Research and Development Costs Research and development costs consist primarily of personnel and related expenses, including salaries, bonuses, benefits, and stock-based compensation expense for employees engaged in research and development activities as well as third-party vendor costs. All such costs are expensed as incurred and are included within general and administrative expense in the consolidated statement of operations. The Company focuses its research and development efforts on activities related to the design, development, testing and enhancement of its product offerings and technology platforms.
Concentration of Credit Risk and Off-Balance-Sheet Risk	Concentration of Credit Risk and Off-Balance-Sheet Risk Financial instruments that potentially subject the Company to concentrations of credit risk consists primarily of cash and cash equivalents, marketable securities, and accounts receivable. The Company invests its cash and cash equivalents and marketable securities with highly rated financial institutions and management believes that the financial risks associated with its cash equivalents are minimal. Substantially all of the Company’s cash is maintained with two financial institutions with high credit standings. Such deposits may exceed federally insured limits. The Company regularly reviews the outstanding accounts receivable balances and makes estimates of the lifetime expected credit losses based upon consideration of factors such as the age of the receivable balance, historical experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions. In addition, the Company periodically evaluates the financial condition of its clients and other parties to manage credit risk related to accounts receivable.
Property and Equipment	Property and Equipment Property and equipment consists of computer equipment, machinery and equipment, furniture and fixtures, leasehold improvements, and capitalized software development costs. The assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method based on estimated useful lives and in the case of leasehold improvements, the shorter of the useful life or the remaining term of the lease (see Note 5) is used.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the consideration transferred over the fair value of the assets acquired and liabilities assumed in a business combination. Other intangible assets consist of trademarks, physician network, and the websites acquired in the Fertility Authority acquisition. Goodwill is carried at the initial acquisition date fair value less any impairment. Other intangible assets are recorded at fair value at the date of acquisition, less accumulated amortization. Amortization is calculated using the straight-line method based on estimated useful lives. Goodwill is reviewed for impairment annually as of October 1st of each year or when an interim triggering event has occurred indicating potential impairment. Events or changes in circumstances which could trigger an impairment review, which are assessed at the reporting unit level, include significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends, significant underperformance relative to historical or projected future results of operations, a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition or a loss of key personnel. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if an entity concludes otherwise, then it is required to perform the first of a two-step impairment test. The first step involves comparing the estimated fair value of the reporting unit with its respective book value, including goodwill. If the estimated fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary. If the carrying amount of goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the excess. The Company tests for goodwill impairment for each reporting unit, which is at the operating segment or one level below the operating segment. This analysis requires us to make a series of assumptions to (1) evaluate whether any impairment exists and (2) measure the amount of impairment.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. In such instances, the recoverability of assets to be held and used is measured first by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, an impairment loss would be recognized if the carrying amount of the asset exceeds the fair value of the asset or asset group. The fair value is determined based on valuation techniques such as a comparison to fair values of similar assets or using a discounted cash flow analysis. The Company recorded a $0.1 million and $1.4 million loss on disposal of property and equipment for the years ended December 31, 2025 and 2024, respectively. There were no other significant impairments recorded for the years ended December 31, 2025, 2024 and 2023.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, accrued expenses and other current liabilities, and operating lease noncurrent liabilities on the consolidated balance sheets. The Company elects to account for each separate lease and non-lease component as a single lease component. As of December 31, 2025 and 2024, the Company has no financing lease arrangements. In accordance with ASC 842, the Company records a right-of-use asset (“ROU”) and lease liability in connection with its operating leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. To determine the present value of lease payments, the Company utilizes the rate implicit in the lease, if available. If the rate implicit in the lease is not readily determinable, the Company uses its secured incremental borrowing rate to determine the present value of the lease payments. The determination of the Company’s incremental borrowing rate requires judgment and is primarily based on publicly available information for companies within the same industry and with similar credit profiles. The rate is then adjusted for the lease term and other specific terms included in the Company’s lease arrangements. The incremental borrowing rate is subsequently reassessed upon a modification to the lease arrangement. The operating lease ROU asset also includes any lease payments made prior to the commencement date and excludes lease incentives and initial direct costs incurred. ROU assets are subsequently assessed for impairment in accordance with the Company’s accounting policy for long-lived assets.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation (ASC 718). ASC 718 requires all stock-based payments, including restricted stock units and grants of stock options, to be recognized in the consolidated statements of operations based on their respective fair values. The fair value of the Company’s restricted stock units has been determined utilizing the closing market price of the Company’s common stock on the date of the grant, including those with performance-based vesting conditions. The fair value of the Company’s stock options and stock purchased under the employee stock purchase plan has been determined using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of historical and implied volatility data of the Company’s common stock, the expected stock price volatility has been estimated based on the historical volatilities of the daily closing prices of a specified group of companies in Progyny’s industry for a period equal to the expected term of the option. Progyny selected companies with comparable characteristics to the Company, including enterprise value, risk profiles and position within the industry, that have historical stock price information sufficient to meet the expected term of the stock options. The expected term of the options granted represents the period of time that options granted are expected to be outstanding and is calculated using the simplified method, which is the mid-point between the vesting date and the end of the contractual term for each option. For non-employee service-based awards, the expected term is estimated based on the remaining contractual term of such awards. The risk-free interest rate is based on the yield of zero-coupon, U.S. Treasury securities for the period that is consistent with the expected term of the stock option. The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock; therefore, the expected dividend yield is zero. The Company’s stock-based awards are subject to service-based or performance-based vesting conditions. The Company recognizes compensation expense for service-based awards over the vesting period of the award on a straight-line basis. Compensation expense related to awards with performance-based vesting conditions is recognized over the requisite service period when achievement of the performance condition is considered probable.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”). Deferred income taxes are recorded for the expected tax consequences of temporary differences between the tax basis of assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. The Company periodically reviews the recoverability of deferred tax assets recorded in the consolidated balance sheets and provides valuation allowances as deemed necessary to reduce such deferred tax assets to the amount that will, more likely than not, be realized. Income tax expense consists of taxes currently payable and changes in deferred tax assets and liabilities calculated according to local tax rules. Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence for each jurisdiction including past operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. In the event the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to income tax expense in the period in which such determination is made. The amount of deferred tax provided is calculated using tax rates enacted at the balance sheet date. The impact of tax law changes is recognized in periods when the change is enacted. A two-step approach is applied pursuant to ASC 740 in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company’s policy is to recognize interest and penalty expenses associated with uncertain tax positions, if any, as a component of income tax expense in the consolidated statements of operations and comprehensive income.
Fair Value of Financial Instruments and Fair Value Measurements	Fair Value of Financial Instruments and Fair Value Measurements The Company determines the fair value of financial assets and liabilities using the fair value hierarchy established in the accounting standards. The hierarchy describes three levels of inputs that may be used to measure fair value, as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The carrying amounts of certain of the Company's financial instruments, including cash equivalents, marketable securities, accounts receivable and accounts payable approximate fair value due to their short maturities.
Net Income per Share	Net Income per Share Basic net income per share is calculated by dividing the net income by the weighted-average number of shares of common stock outstanding for the period. Diluted net income per share is computed by dividing the diluted net income by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares assuming dilutive effect of outstanding common stock options, restricted stock units, shares issuable under the employee stock purchase program and common stock warrants using the treasury stock method. In periods when the Company has incurred a net loss, diluted net loss per share is the same as basic net loss per share because dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Issued but Not Yet Adopted	Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. The Company adopted this standard prospectively in the annual period beginning January 1, 2025. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. Refer to Note 14 – Income Taxes for the inclusion of the new disclosures required. Accounting Pronouncements Issued but Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard is intended to provide enhanced transparency into the nature of expenses and requires more detailed information on specific expense categories (purchases of inventory, employee compensation, depreciation, and intangible asset amortization) included in certain expense captions presented on the face of the income statement. The new standard will be effective for the Company for the fiscal year beginning January 1, 2027, and for interim periods within the fiscal year beginning January 1, 2028. Early adoption is permitted. The amendments may be applied either 1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or 2) retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of the new standard including the impact on its disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendment in ASU 2025-05 provides entities with a practical expedient to simplify the estimation of expected credit losses by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. The new standard will be effective for the Company for the fiscal year, including interim periods, beginning January 1, 2026. Early adoption is permitted and this amendment is applied prospectively. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update are intended to improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods, including methods that entities may use to develop software in the future. The amendments in this update will be effective for the Company for the fiscal year, including interim periods, beginning January 1, 2028. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which provides clarity on the current interim reporting requirements by improving the navigability of the required interim disclosures, clarifying when that guidance is applicable, and applying Topic 270 to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendment will be effective for the Company for the fiscal year, including interim periods, beginning January 1, 2028. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued claims payable	$ 29,954	$ 32,121
Accrued compensation	21,565	14,572
Accrued commission	$ 2,016	$ 2,207
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Operating lease current liabilities	$ 3,726	$ 2,859
Professional fees	2,665	1,838
Other accrued expenses	16,480	14,634
Other current liabilities	1,914	5,299
Total accrued expenses and other current liabilities	$ 78,320	$ 73,530

Segments - Schedule of Net Income to Allocate Resource (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 318,403	$ 313,346	$ 332,874	$ 324,038	$ 298,431	$ 286,625	$ 304,087	$ 278,078	$ 1,288,661	$ 1,167,221	$ 1,088,598
Cost of services	241,522	240,511	253,901	248,243	234,999	227,381	235,806	215,672	984,177	913,858	849,799
General and administrative	43,672	33,373	36,210	33,839	32,029	30,329	31,173	28,429	147,094	121,960	117,127
Provision for income taxes	5,369	$ 10,100	$ 9,965	$ 11,478	7,126	$ 7,541	$ 8,582	$ 5,617	36,912	28,866	8,654
Total Assets	742,435				607,102				742,435	607,102
Reportable segment
Segment Reporting Information [Line Items]
Revenue									1,288,661	1,167,221	1,088,598
Cost of services									984,177	913,858	849,799
Sales and marketing									72,113	63,948	59,488
General and administrative									147,094	121,960	117,127
Interest and other income, net									(10,155)	(15,747)	(8,507)
Provision for income taxes									36,912	28,866	8,654
Net income									58,520	54,336	$ 62,037
Total Assets	$ 742,435				$ 607,102				$ 742,435	$ 607,102

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets consist of the following (in thousands):


	Estimated Useful Life (in years)	December 31,
		2025		2024
Trademarks	8	$	4,100	$	4,000
Physician Network	6	3,500		3,500
Website	5	2,000		2,000
Databases	8	976		864
Technology	6	1,806		448
Customers	10	4,306		94
Intangible assets, gross		$	16,688	$	10,906
Less: accumulated amortization		(10,472)		(9,603)
Total intangible assets, net		$	6,216	$	1,303

Schedule of Future Amortization Expense of Other Intangible Assets

As of December 31, 2025, the future amortization expense of other intangible assets is as follows (in thousands):


Year ending December 31:
2026	$	866
2027	866
2028	866
2029	866
2030	821
Thereafter	1,931
Total	$	6,216

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes were as follows (in thousands):


	Year Ended
	December 31, 2025
Domestic	$	100,601
Foreign	(5,169)
Income before income taxes	$	95,432

The provision for income taxes is composed of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	32,652	$	27,342	$	2,311
State and local	12,375		11,980		2,598
Total current provision for income taxes	45,027		39,322		4,909
Deferred:
Federal	(6,903)		(6,836)		4,433
State and local	(1,212)		(3,620)		(688)
Total deferred (benefit) provision for income taxes	(8,115)		(10,456)		3,745
Total provision for income taxes	$	36,912	$	28,866	$	8,654

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate after the adoption of ASU No. 2023-09 is as follows (in thousands, except for percentages):


	Year Ended
	December 31, 2025
	Amount		Percent
U.S. federal statutory income tax rate	$	20,041	21.0	%
State and local income tax, net of federal income tax effect(1)	8,565		9.0
Foreign tax effects
Germany
Change in valuation allowance	1,522		1.6
Other	(457)		(0.5)
Other foreign jurisdictions	(145)		(0.2)
Tax credits
Research and development tax credits	(2,057)		(2.2)
Nontaxable or nondeductible items
Share-based payment awards	5,774		6.1
Executive compensation	4,022		4.2
Changes in unrecognized tax benefits	267		0.3
Other adjustments	(620)		(0.6)
Effective tax rate	$	36,912	38.7	%

(1) State taxes in New York and California made up the majority (greater than 50 percent) of the tax effect in this category.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law. The OBBBA includes various changes to U.S. federal income tax law, including extensions of several expiring provisions from the Tax Cuts and Jobs Act of 2017. The OBBBA has multiple effective dates, with certain provisions effective in 2025. The OBBBA did not have a material impact on the Company’s effective tax rate for the year ended December 31, 2025. The Company will continue to evaluate the impact of the new legislation on its consolidated financial statements as additional guidance is issued.

As previously disclosed for the years ended December 31, 2024 and 2023, a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate prior to the adoption of ASU No. 2023-09 is as follows (in percentages):


	Year Ended December 31,
	2024		2023
Income tax provision at statutory rate	21	%	21	%
State income taxes, net of federal benefit	7		2
Stock-based compensation	2		(18)
Section 162(m) compensation limitation	4		6
Other	1		1
Effective tax rate	35	%	12	%

The components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	7,064	$	5,577
Research and development capitalization	295		1,989
Stock-based compensation	73,300		60,738
Accruals and reserves	15,817		18,354
Operating lease liabilities	7,143		4,918
Depreciation and amortization	—		185
Total deferred tax assets	103,619		91,761
Valuation allowance	(3,121)		(1,779)
Deferred tax assets after valuation allowance	$	100,498	$	89,982
Deferred tax liabilities:
Goodwill	$	(746)	$	(683)
Operating lease right-of-use assets	(6,396)		(4,352)
Unrealized gain on marketable securities	(50)		(14)
Depreciation and amortization	(293)		—
Total deferred tax liabilities	(7,485)		(5,049)
Net deferred tax assets	$	93,013	$	84,933

Assessing the realizability of deferred tax assets requires determination of whether it is more-likely-than-not that some portion or all the deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, loss carry back and tax-planning strategies. The valuation allowance increased by $1.3 million during the year ended December 31, 2025. As of December 31, 2025, management believes there is sufficient positive evidence to conclude that it is more likely than not that substantially all the net deferred tax assets were realizable.

As of December 31, 2025, the Company has U.S. federal net operating loss carryforwards of $1.1 million which expire in the year 2030 and U.S. state net operating loss carryforwards of $51.3 million, which will begin to expire in the year 2038. In addition, the Company has foreign net operating loss carryforwards of $10.9 million, which will begin to expire in the year 2041. Utilization of the U.S. federal net operating loss carryforwards may be subject to an annual limitation due to ownership changes, as provided by Section 382 of the Internal Revenue Code. Such annual limitation could result in the expiration of net operating losses before their utilization.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at the beginning of the year	$	603	$	390	$	390
Additions based upon tax positions related to the current year	277		213		—
Reductions based upon tax positions related to the prior year	(54)		—		—
Balance at the end of the year	$	826	$	603	$	390

For the years ended December 31, 2025, 2024, and 2023, the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $0.8 million, $0.6 million, and $0.4 million, in the aggregate, respectively. The Company classifies interest and penalties related to unrecognized tax benefits as components of the provision for income taxes. As of December 31, 2025, 2024, and 2023, the Company had no significant accrued interest or penalties related to unrecognized tax benefits and no amounts have been recognized in the Company’s consolidated statements of operations. The Company does not anticipate any material change in its unrecognized tax benefits over the next twelve months.

The Company files income tax returns in the U.S. for federal and state and local jurisdictions, as well as in certain foreign jurisdictions, with varying statutes of limitations. The Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years prior to 2020. However, to the extent the Company generated net operating losses or tax credits in closed tax years, future use of the net operating losses or tax credit carryforward balances would be subject to examination within the relevant statute of limitations for the year in which utilized.

Cash paid for income taxes, net of refunds received, were as follows (in thousands):


	Year Ended
	December 31, 2025
Federal	$	40,530
State
California	2,900
New York	2,920
Other states	9,140
Total cash paid for income taxes, net of refunds received	$	55,490

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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+ Details

Income Taxes - Schedule of Cash Paid for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Federal	$ 40,530
Total cash paid for income taxes, net of refunds received	55,490	$ 40,449	$ 6,181
California
Effective Income Tax Rate Reconciliation [Line Items]
Total cash paid for income taxes, net of refunds received	2,900
New York
Effective Income Tax Rate Reconciliation [Line Items]
Total cash paid for income taxes, net of refunds received	2,920
Other states
Effective Income Tax Rate Reconciliation [Line Items]
Total cash paid for income taxes, net of refunds received	$ 9,140

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Progyny is a benefits management company specializing in fertility, family building and women's health benefits solutions. Substantially, all of the Company's revenues and assets are attributable to the United States.

The chief operating decision maker (“CODM”) is the Chief Executive Officer. The Company determined it has one operating segment and one reportable segment, as the CODM manages the business and evaluates performance at the consolidated level.


	Year Ended December 31,
	2025		2024		2023
Revenue(1)	$	1,288,661	$	1,167,221	$	1,088,598
Less:
Cost of services	984,177		913,858		849,799
Sales and marketing	72,113		63,948		59,488
General and administrative	147,094		121,960		117,127
Interest and other income, net	(10,155)		(15,747)		(8,507)
Provision for income taxes	36,912		28,866		8,654
Net income	$	58,520	$	54,336	$	62,037

(1) Refer to footnote 3, for disaggregated revenue by service.


	As of December 31,
	2025		2024
Total Assets	$	742,435	$	607,102

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income (Loss)
Net income	$ 58,520	$ 54,336	$ 62,037
Other comprehensive income (loss), net of tax:
Unrealized gain on marketable securities before reclassifications	133	4,500	6,143
Reclassification of gains on the sale of marketable securities into net income	0	(7,311)	(3,810)
Net change on unrealized gains on marketable securities	133	(2,811)	2,333
Foreign currency translation gain (loss)	326	31	(15)
Total other comprehensive income (loss), net of tax	459	(2,780)	2,318
Total comprehensive income	$ 58,979	$ 51,556	$ 64,355

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Schedule of Restricted Stock Units Activity (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Balance at beginning of period (in shares)	3,920,377
Granted (in shares)	2,094,395
Vested (in shares)	(1,853,768)
Forfeited (in shares)	(382,040)
Balance at end of period (in shares)	3,778,964	3,920,377
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share)	$ 31.16
Granted (in dollars per share)	21.83	$ 25.05	$ 35.02
Vested (in dollars per share)	35.41
Forfeited (in dollars per share)	30.63
Balance at end of period (in dollars per share)	$ 23.83	$ 31.16

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 112,238	$ 162,314
Marketable securities	197,858	65,640
Accounts receivable, net of $55,659 and $56,355 of allowances at December 31, 2025 and 2024, respectively	220,287	235,324
Prepaid expenses and other current assets	21,392	9,443
Total current assets	551,775	472,721
Property and equipment, net	29,927	12,383
Operating lease right-of-use assets	24,990	17,251
Goodwill	19,978	15,534
Intangible assets, net	6,216	1,303
Deferred tax assets, net	93,013	84,933
Other noncurrent assets	16,536	2,977
Total assets	742,435	607,102
Current liabilities:
Accounts payable	124,071	95,097
Accrued expenses and other current liabilities	78,320	73,530
Total current liabilities	202,391	168,627
Operating lease noncurrent liabilities	24,000	16,413
Total liabilities	226,391	185,040
Commitments and Contingencies (Note 15)
STOCKHOLDERS' EQUITY
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; at December 31, 2025 and 2024, respectively; 99,049,485 and 97,692,891 shares issued; 83,365,696 and 85,310,698 outstanding at December 31, 2025 and 2024, respectively	9	9
Additional paid-in capital	700,785	581,596
Treasury stock, at cost, $0.0001 par value; 16,299,769 and 12,998,173 shares at December 31, 2025 and 2024, respectively	(388,075)	(303,889)
Accumulated earnings	202,827	144,307
Accumulated other comprehensive income	498	39
Total stockholders’ equity	516,044	422,062
Total liabilities and stockholders’ equity	$ 742,435	$ 607,102

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. The common stock confers upon its holders the right to receive dividends out of any assets legally available, when and as declared by the Board of Directors.

The Company had 16,299,769 shares of treasury stock as of December 31, 2025. There were 12,998,173 and 615,980 shares of treasury stock shares for the years ended December 31, 2024 and 2023, respectively.

Share Repurchase Programs

In February 2024, the Company's Board of Directors authorized a share repurchase program of up to $100 million in shares of common stock (the “February Share Repurchase Program”). In May 2024, the Company's Board of Directors authorized an additional share repurchase program of up to $100 million in shares of common stock (the “May Share Repurchase Program”). In August 2024, the Company's Board of Directors authorized an additional share repurchase program of up to $100 million in shares of common stock (the “August Share Repurchase Program,” and together with the February Share Repurchase Program and the May Share Repurchase Program, the "2024 Share Repurchase Programs"). As of the year ended December 31, 2024, the 2024 Share Repurchase Programs were completed, and no amounts remained available for repurchase under the programs.

For the year ended December 31, 2024, the Company repurchased a total of 12,382,193 shares of common stock under the 2024 Share Repurchase Programs at an average price of $24.22 and a total cost of $300.3 million, inclusive of $0.4 million in trading fees. In addition, the Company recognized $2.6 million of excise taxes related to the share repurchases.

In November 2025, the Company’s Board of Directors authorized a share repurchase program of up to $200 million in shares of common stock (the “November 2025 share repurchase program”). Repurchases under the November 2025 share repurchase program may be made in the form of open market repurchases, including through plans complying with Rule 10b5-1 under the Exchange Act, depending on stock price, market conditions, and other factors, as determined by the Company. There can be no assurance as to the number of shares to be repurchased by the Company under the November 2025 share repurchase program.

For the year ended December 31, 2025, the Company repurchased a total of 3,301,596 shares of common stock under the November 2025 share repurchase program at an average price per share of $25.31 and a total cost of $83.6 million, inclusive of $0.1 million in trading fees. In addition, the Company recognized $0.5 million of excise taxes related to the share repurchases. As of the year ended December 31, 2025, $116.4 million remained available for purchases under the November 2025 share repurchase program. As of the date of this filing, the Company repurchased a total of 6,530,363 shares of common stock under the November 2025 share repurchase program for a total cost of $159.4 million.

Common Stock Warrants

In connection with the IPO on October 25, 2019, all outstanding convertible preferred warrants were converted to common stock warrants. As of December 31, 2025 and 2024, the Company had no outstanding common stock warrants.

For the year ended December 31, 2024, 305,595 common stock warrants were exercised for 279,867 shares of common stock at a weighted-average exercise price of $1.73. The Company did not recognize compensation expense relating to the common stock warrants for the years ended December 31, 2025, 2024 and 2023 as they were all fully vested.

Stock Incentive Plan

In October 2019, the Company’s Board of Directors and stockholders adopted and approved the 2019 Equity Incentive Plan, as amended (the “2019 Plan”), as the successor to the Company’s 2017 Equity Incentive Plan, as amended (the “2017 Plan”). No further grants were made under the 2017 Plan from the date that the 2019 Plan became effective. Initially, the maximum number of shares issuable under the 2019 Plan will not exceed 19,198,875 shares of common stock, which is the sum of 1) 2,640,031 new shares and 2) an additional number of shares not to exceed 16,558,844 consisting of (a) shares that remained available for the issuance of awards under the 2017 Plan immediately prior to the effective date of the 2019 Plan and (b) shares of common stock subject to outstanding stock options or other stock awards granted under the 2017 Plan that, on or after the date the 2019 Plan became effective, terminate, expire or are cancelled prior to exercise or settlement; are forfeited or repurchased because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price, if any, as such shares become available from time to time.

Under the Company’s 2017 Plan and consistent with the Company's prior 2008 Equity Incentive Plan, options and other stock awards to purchase shares of common stock may be granted to employees, directors, and consultants. Incentive stock options are granted to employees and non-statutory stock options are granted to consultants and directors at an exercise price not less than 100% of the fair value (as determined by the Board of Directors) of the Company’s common stock on the date of grant. The exercise price of options granted to stockholders who hold 10% or more of the Company’s common stock on the option grant date shall not be less than 110% of the fair value of the Company’s common stock on the date of grant for both incentive and non-qualified stock option grants. These options generally vest over four years and expire ten years from the date of grant. Stock option grants may be exercisable upon grant, and any unvested shares purchased are subject to repurchase. There were no unvested shares subject to repurchase as of December 31, 2025 and 2024.

As of December 31, 2025 and 2024, 5,217,804 and 3,602,455 shares of common stock, respectively, remained available for future grants under the 2019 Plan. Under the 2019 Plan, subject to any adjustments necessary to implement any capitalization adjustments, an annual increase to the number of shares issuable is automatically added on January 1 of each year for a period of ten years commencing on January 1, 2020 and ending on (and including) January 1, 2029, in an amount equal to 4% of the total number of shares of common stock outstanding on December 31 of the preceding year or such smaller amount as determined by the Company's Board of Directors.

Stock Options

Stock options are exercisable based on the terms and conditions outlined in the applicable award agreement. Stock options generally vest over four years and typically expire ten years from the date of grant. A summary of the Company’s stock option activity for the year ended December 31, 2025 is as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
					(In thousands)
Outstanding at December 31, 2024	18,619,906	$	34.92	6.7	$	54,193
Granted	1,761,138	$	21.27
Exercised	(265,477)	$	5.68
Forfeited	(464,705)	$	35.74
Cancelled	(665,896)	$	45.53
Outstanding at December 31, 2025	18,984,966	$	33.63	5.7	$	93,952

Exercisable at December 31, 2024	11,939,099	$	32.83	5.8	$	53,294

Exercisable at December 31, 2025	14,649,963	$	34.95	5.1	$	83,289

The total intrinsic value of options exercised was $4.3 million, $13.7 million, and $79.7 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The weighted-average grant date fair value of options granted was $11.72, $16.60, and $19.10 in the years ended December 31, 2025, 2024, and 2023, respectively.

The total grant date fair value of options vested was $335.2 million, $202.4 million, and $134.1 million as of December 31, 2025, 2024, and 2023, respectively.

The total unrecognized compensation cost related to unvested options was approximately $52.3 million at December 31, 2025. The weighted-average remaining recognition period is approximately 1.9 years.

Certain assumptions used in the option-pricing model for options granted to employees, directors, and non-employees are as follows:


	Year Ended December 31,
	2025	2024	2023
Expected term (in years)	5.50 - 6.25	5.25 - 6.11	5.50 - 6.11
Risk-free interest rate	3.6% - 4.5%	3.5% - 4.6%	3.5% - 4.8%
Expected volatility	53.7% - 54.7%	53.0% - 55.0%	52.0% - 54.0%
Expected dividend rate	—	—	—

Restricted Stock Units

Restricted stock units are subject to service-based or performance-based vesting conditions. Restricted stock units vest based on the terms outlined in the applicable award agreement, which, for service-based awards, is generally over a period of 4 years. Performance-based awards vest upon attainment of the applicable performance targets, including various levels of revenue and adjusted EBITDA. If the performance or service-based vesting conditions are not met, the awards will be forfeited. Stock-based compensation expense for the performance-based awards is recognized only to the extent a performance target is probable to be achieved, which is reassessed by the Company each reporting period.

A summary of the Company’s restricted stock unit activity, including those with performance-based vesting conditions, is as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value

Outstanding at December 31, 2024	3,920,377	$	31.16
Granted	2,094,395	$	21.83
Vested	(1,853,768)	$	35.41
Forfeited	(382,040)	$	30.63
Outstanding at December 31, 2025	3,778,964	$	23.83

The total intrinsic value of restricted stock units vested was $42.5 million, $27.6 million, and $33.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The weighted-average grant date fair value of restricted stock units granted was $21.83, $25.05, and $35.02 for the years ended December 31, 2025, 2024, and 2023, respectively.

The total grant date fair value of restricted stock units vested was $65.6 million, $43.4 million and $45.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The total unrecognized compensation cost related to unvested restricted stock units was approximately $77.8 million at December 31, 2025. The weighted-average remaining recognition period is approximately 2.5 years.

Employee Stock Purchase Plan

In October 2019, the Board of Directors and stockholders also adopted and approved the 2019 Employee Stock Purchase Plan (the “ESPP”). Following the IPO, the ESPP authorized the issuance of 1,700,000 shares of common stock to purchase rights granted to the Company’s employees. Subject to the ESPP, the maximum number of shares of common stock that may be issued under the Plan will not exceed 1,700,000 shares, plus the number of shares that are automatically added on January 1st of each year, in an amount equal to the lesser of 1% of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year, and 2,500,000 shares of common stock, or such smaller amount as determined by the Company's Board of Directors. As of December 31, 2025 and December 31, 2024, 5,902,603 and 5,111,514 shares of common stock remained available to be issued under the ESPP, respectively.

The following table summarizes the purchases that were made for each purchase period of the ESPP in the years ending December 31, 2025, 2024, and 2023 (in thousands, except for share amounts):


Purchase Period	Proceeds used for purchase		Shares purchased
August 1, 2022 to January 31, 2023	$	723	27,492
February 1, 2023 to July 31, 2023	$	528	17,642
August 1, 2023 to January 31, 2024	$	790	24,387
February 1, 2024 to July 31, 2024	$	524	21,848
August 1, 2024 to January 31, 2025	$	703	35,701
February 1, 2025 to July 31, 2025	$	518	26,316

The next purchase period commenced on August 1, 2025 and ended on January 31, 2026.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense, which was included in the statements of operations as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of services	$	35,332	$	36,799	$	34,490
Sales and marketing	30,702		30,490		27,015
General and administrative	65,833		60,841		61,106
Total stock-based compensation expense	$	131,867	$	128,130	$	122,611

Accumulated Other Comprehensive Income

Accumulated other comprehensive income consisted of the following (in thousands):


	Year Ended December 31, 2025						Year Ended December 31, 2024						Year Ended December 31, 2023
	Unrealized gains on marketable securities		Foreign currency translation adjustments		Total		Unrealized gains on marketable securities		Foreign currency translation adjustments		Total		Unrealized gains on marketable securities		Foreign currency translation adjustments		Total
Balance at beginning of period	$	18	$	21	$	39	$	2,829	$	(10)	$	2,819	$	496	$	5	$	501
Other comprehensive income before reclassifications, net of tax(1)	133		326		459		4,500		31		4,531		6,143		(15)		6,128
Amounts reclassified from accumulated other comprehensive income, net of tax(2)	—		—		—		(7,311)		—		(7,311)		(3,810)		—		(3,810)
Net current period other comprehensive (loss) income	133		326		459		(2,811)		31		(2,780)		2,333		(15)		2,318
Balance at end of period	$	151	$	347	$	498	$	18	$	21	$	39	$	2,829	$	(10)	$	2,819

(1) Represents unrealized gains of $0.2 million, net of tax of $0.1 million for the year ended December 31, 2025, unrealized gains of $6.2 million, net of tax of $1.7 million for the year ended December 31, 2024, and unrealized gains of $8.6 million, net of tax of $2.5 million for the year ended December 31, 2023.

(2) The effects on net income of amounts reclassified from accumulated other comprehensive income were as follows (in thousands):


Details about Accumulated Other Comprehensive Income Component	Year Ended December 31,						Affected Line Item in Statement of Operations
	2025		2024		2023
Gains on marketable securities	$	—	$	9,982	$	5,196	Interest and other income, net
	—		9,982		5,196		Income before income taxes
	—		2,671		1,386		Provision for income taxes
	$	—	$	7,311	$	3,810	Net income

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

In September 2019, the Company’s sublease agreement for a 25,212 square foot office in its corporate headquarters in New York, NY commenced and is scheduled to expire in May 2029. Pursuant to the sublease, the Company is obligated to pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.

In February 2023, the Company's lease agreement for the additional 24,099 square foot office in its corporate offices (entered into in February 2022) commenced in New York, NY and expires in April 2036. Pursuant to the lease, the Company is obligated to pay the base rent of approximately $1.4 million per annum through the end of the fifth lease year and approximately $1.5 million per annum thereafter through the expiration date.

In March 2025, the Company's lease agreement for the additional 21,262 square foot office in its corporate offices (entered into in February 2022) commenced in New York, NY and expires in April 2036. In accordance with ASC 842, the Company recorded a right-of-use asset and a lease liability of $10.1 million and $10.0 million, respectively. Pursuant to the lease, the Company is obligated to pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.

The Company recognizes lease expense on a straight-line basis over the lease term. Lease expense for the Company’s operating leases was $3.9 million for the year ended December 31, 2025. For the years ended December 31, 2024 and 2023, lease expense was $2.7 million and $2.4 million, respectively.

Cash outflows from operating activities attributable to the operating leases for the years ended December 31, 2025 was $3.1 million. For the years ended December 31, 2024 and 2023, cash outflows toward operating leases were $2.3 million and $1.3 million, respectively.

Information related to the Company’s leases is as follows (in thousands):

Balance Sheet Location

December 31, 2025

Operating Leases

Right-of-use assets

Operating lease right-of-use assets

24,990

Short-term lease liabilities

Accrued expenses and other current liabilities

3,726

Long-term lease liabilities

Operating lease noncurrent liabilities

24,000

Other information

Weighted average remaining lease term, operating lease

9.0 years

Weighted average discount rate, operating lease

4.89%

Future minimum facility lease payments as of December 31, 2025, are as follows (in thousands):


Year Ending December 31:	Operating Lease Payments as of December 31, 2025
2026	$	3,909
2027	4,349
2028	4,354
2029	3,566
2030	2,824
Thereafter	15,604
Total undiscounted lease payments	$	34,606
Less: imputed interest	6,880
Present value of lease liabilities	$	27,726
Less: current portion of operating lease liabilities	3,726
Operating lease noncurrent liabilities	$	24,000

February 2022 Lease Agreement

As noted above, the Company commenced its lease for the 24,099 square foot and 21,262 square foot offices in its corporate offices in New York, NY in February 2023 and March 2025, respectively, pursuant to a lease agreement entered into by the Company in February 2022. The lease agreement also provides for continued occupancy of the 25,212 square foot office after the expiration of the current sublease. For the current 25,212 square foot office, the Company is obligated to pay the base rent of approximately $1.6 million per year beginning in June 2029, which is the lease commencement, through April 2036, the expiration date.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, NY

Stockholders' Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 131,867	$ 128,130	$ 122,611
Cost of services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	35,332	36,799	34,490
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	30,702	30,490	27,015
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 65,833	$ 60,841	$ 61,106

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies - Leases (Details) - lease	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Number of finance leases	0	0

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Depreciation expense	$ 4.1	$ 3.1	$ 2.2
Capitalized software
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense capitalized	$ 2.8	$ 1.4	$ 0.6

Income Taxes - Schedule of Composition of Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal									$ 32,652	$ 27,342	$ 2,311
State and local									12,375	11,980	2,598
Total current provision for income taxes									45,027	39,322	4,909
Deferred:
Federal									(6,903)	(6,836)	4,433
State and local									(1,212)	(3,620)	(688)
Total deferred (benefit) provision for income taxes									(8,115)	(10,456)	3,745
Total provision for income taxes	$ 5,369	$ 10,100	$ 9,965	$ 11,478	$ 7,126	$ 7,541	$ 8,582	$ 5,617	$ 36,912	$ 28,866	$ 8,654

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Summary of Significant Accounting Policies - Research and Development (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Accounting Policies [Abstract]
Research and development expense	$ 9.5

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of December 31, 2025 and 2024, the Company had $112.5 million and $167.7 million, respectively, in financial assets held in money market accounts and $197.9 million and $65.6 million, respectively, held in marketable securities, including U.S. treasury bills. The Company measured these assets at fair value and all were classified as Level 1 in the fair value hierarchy. The Company classified these assets as Level 1 because the values of these assets are determined using unadjusted quoted prices in active markets for identical assets. For the years ended December 31, 2025, 2024, and 2023, interest income on cash, cash equivalents, restricted cash, and marketable securities, including the accretion of discounts on investments, was $10.4 million, $12.4 million, and $3.3 million, respectively. During the year ended December 31, 2025, the Company had no gross realized gains related to marketable securities included within earnings. The gross realized gains included within earnings for the years ended December 31, 2024 and 2023 were $10.0 million and $5.2 million, respectively. There were no related gross realized losses included within earnings for these periods. The Company reclassified no net unrealized holding gains out of other comprehensive income and into earnings for the year ended December 31, 2025. The reclassified net unrealized holdings gains out of other comprehensive income and into earnings for the years ended December 31, 2024, and 2023 were $7.3 million, and $3.8 million, respectively. These amounts were reclassified into interest and other income, net in the consolidated statement of operations. The total net gains for marketable securities recorded into other comprehensive income, before reclassifications into earnings, for the years ended December 31, 2025, 2024, and 2023, was $0.1 million, $4.5 million, and $6.1 million, respectively. The amortized cost of these securities approximates fair value. During the years ended December 31, 2025, 2024, and 2023, the Company did not maintain any assets or liabilities classified as Level 2 or Level 3 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Subparagraph (d)
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-Section 50
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-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Business and Basis of Presentation	12 Months Ended
Business and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	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 consolidated financial statements include those of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). 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.

Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic									$ 100,601
Foreign									(5,169)
Income before income taxes	$ 17,854	$ 23,964	$ 27,077	$ 26,537	$ 17,658	$ 17,962	$ 25,067	$ 22,515	$ 95,432	$ 83,202	$ 70,691

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
401(k) Plan	401(k) Plan The Company sponsors a 401(k) defined contribution plan covering all employees and began employer contributions in 2018. The Company incurred expenses related to employer contributions of $2.3 million, $1.8 million, and $1.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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-Section 50
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-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Summary of Significant Accounting Policies - Schedule of Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 56,355	$ 46,636	$ 28,328
Charged to Costs and Expenses	20,526	16,396	19,934
Write-offs	(21,222)	(6,677)	(1,626)
Balance at End of Period	$ 55,659	$ 56,355	$ 46,636

Summary of Significant Accounting Policies - Concentration of Credit Risk and Off-Balance-Sheet Risk (Details) - institution	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of financial institutions where substantially all of the cash is maintained	2
One vendor \| Accounts receivable \| Credit concentration risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk (as percent)	27.00%	24.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders’ Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period				$ 422,062				$ 553,429	$ 422,062	$ 553,429	$ 376,968
Other comprehensive income before reclassifications, net of tax									459	4,531	6,128
Amounts reclassified from accumulated other comprehensive income, net of tax									0	(7,311)	(3,810)
Net current period other comprehensive (loss) income									459	(2,780)	2,318
Balance at end of period	$ 516,044				$ 422,062				516,044	422,062	553,429
Unrealized gains									200	6,200	8,600
Tax expense									100	1,700	2,500
Interest and other income, net	2,632	$ 2,437	$ 2,719	2,367	1,871	$ 5,504	$ 4,380	3,992	10,155	15,747	8,507
Income before income taxes	17,854	23,964	27,077	26,537	17,658	17,962	25,067	22,515	95,432	83,202	70,691
Provision for income taxes	5,369	10,100	9,965	11,478	7,126	7,541	8,582	5,617	36,912	28,866	8,654
Net income	12,485	$ 13,864	$ 17,112	15,059	10,532	$ 10,421	$ 16,485	16,898	58,520	54,336	62,037
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period				39				2,819	39	2,819	501
Net current period other comprehensive (loss) income									459	(2,780)	2,318
Balance at end of period	498				39				498	39	2,819
Unrealized gains on marketable securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period				18				2,829	18	2,829	496
Other comprehensive income before reclassifications, net of tax									133	4,500	6,143
Amounts reclassified from accumulated other comprehensive income, net of tax									0	(7,311)	(3,810)
Net current period other comprehensive (loss) income									133	(2,811)	2,333
Balance at end of period	151				18				151	18	2,829
Unrealized gains on marketable securities \| Reclassification out of AOCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Interest and other income, net									0	9,982	5,196
Income before income taxes									0	9,982	5,196
Provision for income taxes									0	2,671	1,386
Net income									0	7,311	3,810
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period				$ 21				$ (10)	21	(10)	5
Other comprehensive income before reclassifications, net of tax									326	31	(15)
Amounts reclassified from accumulated other comprehensive income, net of tax									0	0	0
Net current period other comprehensive (loss) income									326	31	(15)
Balance at end of period	$ 347				$ 21				$ 347	$ 21	$ (10)

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid in Capital	Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period (in shares) at Dec. 31, 2022		93,301,156
Balance at beginning of period at Dec. 31, 2022	$ 376,968	$ 9	$ (1,009)	$ 349,533	$ 27,934	$ 501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of employee equity awards, net of shares withheld (in shares)		2,799,694
Issuance of employee equity awards, net of shares withheld	(11,102)			(11,102)
Stock-based compensation	123,208			123,208
Warrant exercise (in shares)		247,672
Other comprehensive income (loss), net of tax	2,318					2,318
Net income	62,037				62,037
Balance at end of period (in shares) at Dec. 31, 2023		96,348,522
Balance at end of period at Dec. 31, 2023	553,429	$ 9	(1,009)	461,639	89,971	2,819
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of employee equity awards, net of shares withheld (in shares)		1,064,502
Issuance of employee equity awards, net of shares withheld	(9,587)			(9,587)
Stock-based compensation	129,544			129,544
Repurchase of common stock (in shares)		(12,382,193)
Repurchase of common stock	(302,880)		(302,880)
Warrant exercise (in shares)		279,867
Other comprehensive income (loss), net of tax	(2,780)					(2,780)
Net income	$ 54,336				54,336
Balance at end of period (in shares) at Dec. 31, 2024	85,310,698	85,310,698
Balance at end of period at Dec. 31, 2024	$ 422,062	$ 9	(303,889)	581,596	144,307	39
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of employee equity awards, net of shares withheld (in shares)		1,356,594
Issuance of employee equity awards, net of shares withheld	(15,443)			(15,443)
Stock-based compensation	134,632			134,632
Repurchase of common stock (in shares)		(3,301,596)
Repurchase of common stock	(84,186)		(84,186)
Other comprehensive income (loss), net of tax	459					459
Net income	$ 58,520				58,520
Balance at end of period (in shares) at Dec. 31, 2025	83,365,696	83,365,696
Balance at end of period at Dec. 31, 2025	$ 516,044	$ 9	$ (388,075)	$ 700,785	$ 202,827	$ 498

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates revenue by service (in thousands):


	Year Ended December 31,
	2025		2024		2023
Revenue
Fertility benefit services revenue (1)	$	830,929	$	729,551	$	676,295
Pharmacy benefit services revenue	457,732		437,670		412,303
Total revenue	$	1,288,661	$	1,167,221	$	1,088,598

(1) Includes revenue from the Other solutions, which is not significant in any of the periods presented.

Leases - Schedule of Operating Leases and Other Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets and Liabilities, Lessee [Abstract]
Right-of-use assets	$ 24,990	$ 17,251
Short-term lease liabilities	$ 3,726	$ 2,859
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Long-term lease liabilities	$ 24,000	$ 16,413
Lessee Disclosure [Abstract]
Weighted average remaining lease term, operating lease (in years)	9 years
Weighted average discount rate, operating lease	4.89%

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.8	$ 0.1	$ 0.1

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Net Income Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share

A reconciliation of net income and the number of shares in the calculation of basic and diluted net income per share is as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2025		2024		2023
Basic net income per common share:
Numerator:
Net income	$	58,520	$	54,336	$	62,037

Denominator:
Weighted-average shares used in computing basic net income per share	85,651,721		91,481,995		95,021,175
Basic net income per share	$	0.68	$	0.59	$	0.65

Diluted net income per common share:
Numerator:
Net income	$	58,520	$	54,336	$	62,037

Denominator:
Weighted-average shares used in computing basic net income per share	85,651,721		91,481,995		95,021,175
Effect of dilutive securities:
Options to purchase common stock	3,173,427		3,499,412		4,813,004
Shares issuable under ESPP	60		9,553		804
Warrants to purchase common stock	—		177,292		458,537
Restricted stock units	1,036,635		280,105		378,879
Total effect of dilutive securities	4,210,122		3,966,362		5,651,224
Weighted-average shares used in computing diluted net income per share	89,861,843		95,448,357		100,672,399
Diluted net income per share	$	0.65	$	0.57	$	0.62


	Year Ended December 31,
	2025	2024	2023
Options to purchase common stock	14,928,938	13,868,635	11,901,773
Shares issuable under ESPP	2,513	4,022	919

Restricted stock units	1,136,803	2,118,102	1,111,634
Total potential dilutive shares	16,068,254	15,990,759	13,014,326

Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 16,688	$ 10,906
Less: accumulated amortization	(10,472)	(9,603)
Total intangible assets, net	$ 6,216	1,303
Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	8 years
Intangible assets, gross	$ 4,100	4,000
Physician Network
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	6 years
Intangible assets, gross	$ 3,500	3,500
Website
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	5 years
Intangible assets, gross	$ 2,000	2,000
Databases
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	8 years
Intangible assets, gross	$ 976	864
Technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	6 years
Intangible assets, gross	$ 1,806	448
Customers
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years
Intangible assets, gross	$ 4,306	$ 94

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income taxes were as follows (in thousands):


	Year Ended
	December 31, 2025
Domestic	$	100,601
Foreign	(5,169)
Income before income taxes	$	95,432

Schedule of Composition of the Income Tax (Benefit) Provision

The provision for income taxes is composed of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	32,652	$	27,342	$	2,311
State and local	12,375		11,980		2,598
Total current provision for income taxes	45,027		39,322		4,909
Deferred:
Federal	(6,903)		(6,836)		4,433
State and local	(1,212)		(3,620)		(688)
Total deferred (benefit) provision for income taxes	(8,115)		(10,456)		3,745
Total provision for income taxes	$	36,912	$	28,866	$	8,654

Schedule of Reconciliation of the Statutory Income Tax Rate to the Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate after the adoption of ASU No. 2023-09 is as follows (in thousands, except for percentages):


	Year Ended
	December 31, 2025
	Amount		Percent
U.S. federal statutory income tax rate	$	20,041	21.0	%
State and local income tax, net of federal income tax effect(1)	8,565		9.0
Foreign tax effects
Germany
Change in valuation allowance	1,522		1.6
Other	(457)		(0.5)
Other foreign jurisdictions	(145)		(0.2)
Tax credits
Research and development tax credits	(2,057)		(2.2)
Nontaxable or nondeductible items
Share-based payment awards	5,774		6.1
Executive compensation	4,022		4.2
Changes in unrecognized tax benefits	267		0.3
Other adjustments	(620)		(0.6)
Effective tax rate	$	36,912	38.7	%

(1) State taxes in New York and California made up the majority (greater than 50 percent) of the tax effect in this category.


	Year Ended December 31,
	2024		2023
Income tax provision at statutory rate	21	%	21	%
State income taxes, net of federal benefit	7		2
Stock-based compensation	2		(18)
Section 162(m) compensation limitation	4		6
Other	1		1
Effective tax rate	35	%	12	%

Schedule of Components of Net Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	7,064	$	5,577
Research and development capitalization	295		1,989
Stock-based compensation	73,300		60,738
Accruals and reserves	15,817		18,354
Operating lease liabilities	7,143		4,918
Depreciation and amortization	—		185
Total deferred tax assets	103,619		91,761
Valuation allowance	(3,121)		(1,779)
Deferred tax assets after valuation allowance	$	100,498	$	89,982
Deferred tax liabilities:
Goodwill	$	(746)	$	(683)
Operating lease right-of-use assets	(6,396)		(4,352)
Unrealized gain on marketable securities	(50)		(14)
Depreciation and amortization	(293)		—
Total deferred tax liabilities	(7,485)		(5,049)
Net deferred tax assets	$	93,013	$	84,933

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at the beginning of the year	$	603	$	390	$	390
Additions based upon tax positions related to the current year	277		213		—
Reductions based upon tax positions related to the prior year	(54)		—		—
Balance at the end of the year	$	826	$	603	$	390

Schedule of Cash Paid for Income Taxes

Cash paid for income taxes, net of refunds received, were as follows (in thousands):


	Year Ended
	December 31, 2025
Federal	$	40,530
State
California	2,900
New York	2,920
Other states	9,140
Total cash paid for income taxes, net of refunds received	$	55,490

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 3,909
2027	4,349
2028	4,354
2029	3,566
2030	2,824
Thereafter	15,604
Total undiscounted lease payments	34,606
Less: imputed interest	6,880
Present value of lease liabilities	27,726
Less: current portion of operating lease liabilities	3,726	$ 2,859
Operating lease noncurrent liabilities	$ 24,000	$ 16,413

Stockholders' Equity - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Shares
Balance at beginning of period (in shares)	18,619,906
Granted (in shares)	1,761,138
Exercised (in shares)	(265,477)
Forfeited (in shares)	(464,705)
Cancelled (in shares)	(665,896)
Balance at end of period (in shares)	18,984,966	18,619,906
Weighted-Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 34.92
Granted (in dollars per share)	21.27
Exercised (in dollars per share)	5.68
Forfeited (in dollars per share)	$ 35.74
Cancelled (in dollars per share)	45.53
Balance at end of period (in dollars per share)	$ 33.63	$ 34.92
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-Average Remaining Contractual Life (Years)	5 years 8 months 12 days	6 years 8 months 12 days
Aggregate intrinsic value	$ 93,952	$ 54,193
Exercisable, number of shares	14,649,963	11,939,099
Exercisable, weighted average grant date fair vale (in dollars per share)	$ 34.95	$ 32.83
Exercisable, weighted average remaining contractual life (years)	5 years 1 month 6 days	5 years 9 months 18 days
Exercisable, aggregate intrinsic value	$ 83,289	$ 53,294

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option activity for the year ended December 31, 2025 is as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
					(In thousands)
Outstanding at December 31, 2024	18,619,906	$	34.92	6.7	$	54,193
Granted	1,761,138	$	21.27
Exercised	(265,477)	$	5.68
Forfeited	(464,705)	$	35.74
Cancelled	(665,896)	$	45.53
Outstanding at December 31, 2025	18,984,966	$	33.63	5.7	$	93,952

Exercisable at December 31, 2024	11,939,099	$	32.83	5.8	$	53,294

Exercisable at December 31, 2025	14,649,963	$	34.95	5.1	$	83,289

Schedule of Assumptions Used in the Option-Pricing Model for Options Granted

Certain assumptions used in the option-pricing model for options granted to employees, directors, and non-employees are as follows:


	Year Ended December 31,
	2025	2024	2023
Expected term (in years)	5.50 - 6.25	5.25 - 6.11	5.50 - 6.11
Risk-free interest rate	3.6% - 4.5%	3.5% - 4.6%	3.5% - 4.8%
Expected volatility	53.7% - 54.7%	53.0% - 55.0%	52.0% - 54.0%
Expected dividend rate	—	—	—

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity, including those with performance-based vesting conditions, is as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value

Outstanding at December 31, 2024	3,920,377	$	31.16
Granted	2,094,395	$	21.83
Vested	(1,853,768)	$	35.41
Forfeited	(382,040)	$	30.63
Outstanding at December 31, 2025	3,778,964	$	23.83

Schedule of Employee Stock Purchase Plan

The following table summarizes the purchases that were made for each purchase period of the ESPP in the years ending December 31, 2025, 2024, and 2023 (in thousands, except for share amounts):


Purchase Period	Proceeds used for purchase		Shares purchased
August 1, 2022 to January 31, 2023	$	723	27,492
February 1, 2023 to July 31, 2023	$	528	17,642
August 1, 2023 to January 31, 2024	$	790	24,387
February 1, 2024 to July 31, 2024	$	524	21,848
August 1, 2024 to January 31, 2025	$	703	35,701
February 1, 2025 to July 31, 2025	$	518	26,316

Schedule of Stock Based Compensation Expense for Employees

The following table summarizes stock-based compensation expense, which was included in the statements of operations as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of services	$	35,332	$	36,799	$	34,490
Sales and marketing	30,702		30,490		27,015
General and administrative	65,833		60,841		61,106
Total stock-based compensation expense	$	131,867	$	128,130	$	122,611

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income consisted of the following (in thousands):


	Year Ended December 31, 2025						Year Ended December 31, 2024						Year Ended December 31, 2023
	Unrealized gains on marketable securities		Foreign currency translation adjustments		Total		Unrealized gains on marketable securities		Foreign currency translation adjustments		Total		Unrealized gains on marketable securities		Foreign currency translation adjustments		Total
Balance at beginning of period	$	18	$	21	$	39	$	2,829	$	(10)	$	2,819	$	496	$	5	$	501
Other comprehensive income before reclassifications, net of tax(1)	133		326		459		4,500		31		4,531		6,143		(15)		6,128
Amounts reclassified from accumulated other comprehensive income, net of tax(2)	—		—		—		(7,311)		—		(7,311)		(3,810)		—		(3,810)
Net current period other comprehensive (loss) income	133		326		459		(2,811)		31		(2,780)		2,333		(15)		2,318
Balance at end of period	$	151	$	347	$	498	$	18	$	21	$	39	$	2,829	$	(10)	$	2,819

(2) The effects on net income of amounts reclassified from accumulated other comprehensive income were as follows (in thousands):


Details about Accumulated Other Comprehensive Income Component	Year Ended December 31,						Affected Line Item in Statement of Operations
	2025		2024		2023
Gains on marketable securities	$	—	$	9,982	$	5,196	Interest and other income, net
	—		9,982		5,196		Income before income taxes
	—		2,671		1,386		Provision for income taxes
	$	—	$	7,311	$	3,810	Net income

Stockholders' Equity - Schedule of Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2025	Jan. 31, 2025	Jul. 31, 2024	Jan. 31, 2024	Jul. 31, 2023	Jan. 31, 2023
Equity [Abstract]
Proceeds used for purchase	$ 518	$ 703	$ 524	$ 790	$ 528	$ 723
Shares purchased (in shares)	26,316	35,701	21,848	24,387,000	17,642	27,492

401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined contribution plan expenses	$ 2.3	$ 1.8	$ 1.4

Revenue - Narrative (Details) - Revenue benchmark - Customer concentration risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
One Client, 2024
Concentration Risk [Line Items]
Concentration risk (as percent)	12.00%
One Client, 2023
Concentration Risk [Line Items]
Concentration risk (as percent)		13.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Information

Information related to the Company’s leases is as follows (in thousands):

Balance Sheet Location

December 31, 2025

Operating Leases

Right-of-use assets

Operating lease right-of-use assets

24,990

Short-term lease liabilities

Accrued expenses and other current liabilities

3,726

Long-term lease liabilities

Operating lease noncurrent liabilities

24,000

Other information

Weighted average remaining lease term, operating lease

9.0 years

Weighted average discount rate, operating lease

4.89%

Schedule of Future Minimum Facility Lease Payments

Future minimum facility lease payments as of December 31, 2025, are as follows (in thousands):


Year Ending December 31:	Operating Lease Payments as of December 31, 2025
2026	$	3,909
2027	4,349
2028	4,354
2029	3,566
2030	2,824
Thereafter	15,604
Total undiscounted lease payments	$	34,606
Less: imputed interest	6,880
Present value of lease liabilities	$	27,726
Less: current portion of operating lease liabilities	3,726
Operating lease noncurrent liabilities	$	24,000

Summary of Significant Accounting Policies - Cost of Services (Details)	12 Months Ended
	Dec. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract term with specialty pharmacies (in years)	1 year
Billing terms (in days)	20 days
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract term, clinics (in years)	1 year
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract term, clinics (in years)	2 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details