Progyny, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
PGNY$36.43+1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 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 | — | (34) |
| Depreciation and amortization | 4,948 | 3,175 | 2,281 |
| Loss on disposal of property and equipment | 79 | 1,414 | — |
| 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 | — | — | (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) | — |
| Net cash (used in) provided by investing activities | (159,013) | 195,792 | (200,525) |
| FINANCING ACTIVITIES | |||
| Repurchase of common stock | (81,657) | (300,278) | — |
| Proceeds from exercise of stock options | 86 | 1,099 | 4,850 |
| Issuance costs on credit facility | (3,087) | — | — |
| 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 | — | — |
| 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 |
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