- Consolidated revenues from continuing operations of $719.7 million, up 22.3%; Net earnings from continuing operations of $37.4 million
- Adjusted EBITDA from continuing operations of $88.4 million, up 22.8%
- Diluted EPS from continuing operations of $0.92; Non-GAAP Diluted EPS from continuing operations of $1.19, up 19.0%
- Consolidated GMV of $902.0 million, up 60.1%
- Net leverage ratio ended the quarter at 1.7x
SALT LAKE CITY--(BUSINESS WIRE)--PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for Progressive Leasing, Four Technologies, MoneyApp and Purchasing Power, today announced financial results for the second quarter ended June 30, 2026, which includes the results of Purchasing Power since January 2, 2026, the date the Company acquired Purchasing Power.
"PROG Holdings delivered a strong second quarter, with revenue toward the higher end of our outlook and both adjusted EBITDA and Non-GAAP EPS coming in above the top end of our April outlook ranges, a reflection of disciplined execution across the business," said PROG Holdings Chairman, President and CEO Steve Michaels. "Every product in our ecosystem contributed: consolidated GMV grew 60% year-over-year, Progressive Leasing returned to positive GMV growth of 3.4% with adjusted EBITDA margin at 12.7%, Four delivered its eleventh consecutive quarter of triple-digit GMV growth, and Purchasing Power's GMV grew double-digits."
"Equally important was our continued strengthening of the balance sheet. We used our strong cash flow to pay down debt, bringing our net leverage ratio to approximately 1.7 times, down from about 2.5 times right after the acquisition of Purchasing Power, and comfortably within our targeted range of 1.5 to 2.0 times. This deleveraging gave us the confidence to resume share repurchases during the quarter."
"Reflecting our second-quarter outperformance and the momentum we see across our product ecosystem, we are raising our full-year 2026 outlook. Our performance is a testament to the resilience of our platform and the discipline with which we run it," concluded Michaels.
Consolidated Results
Consolidated revenues for the second quarter of 2026 were $719.7 million, an increase of 22.3% from the same period in 2025.
Consolidated net earnings from continuing operations for the quarter were $37.4 million, compared with $37.6 million in the prior year period. The effective income tax rate was 26.4% in the second quarter of 2026, compared to 26.5% in the same period in the prior year. Adjusted EBITDA from continuing operations for the quarter was $88.4 million, or 12.3% of revenues, compared with $72.0 million, or 12.2% of revenues for the same period in 2025.
Diluted earnings per share from continuing operations for the second quarter of 2026 were $0.92, compared with $0.93 in the year ago period. On a non-GAAP basis, diluted earnings per share from continuing operations were up 19.0% at $1.19 in the second quarter of 2026, compared with $1.00 for the same period in 2025.
Progressive Leasing Results
Progressive Leasing's second quarter GMV of $428.1 million was up 3.4% compared to the same period in 2025. Revenues were $550.6 million, down 3.4% from the prior year. The provision for lease merchandise write-offs for the quarter was 8.4% of leasing revenues. Earnings before taxes for the second quarter of 2026 were $45.4 million, down 11.9% from the second quarter of 2025. Adjusted EBITDA was $69.9 million, up 0.3% from the second quarter of 2025.
Four Results
Four's GMV for the second quarter of 2026 was $315.1 million, an increase of 110.6% compared to the same period in the prior year. Revenues were $35.1 million, up 118.2% from the year ago period. Four's earnings before taxes for the second quarter of 2026 were $7.1 million, up 139.9% from the second quarter of 2025. Adjusted EBITDA was $8.7 million, up 111.2% from the second quarter of 2025.
Purchasing Power Results
The Company acquired Purchasing Power on January 2, 2026. Purchasing Power's GMV, which is defined as the total value of merchandise and services purchased and delivered to customers through its platform, was $158.8 million, up 15.2% from the second quarter of 2025 on a standalone basis. Revenues were $130.4 million in the second quarter of 2026. Loss before taxes was $0.3 million and adjusted EBITDA was $10.6 million for the second quarter of 2026.
Liquidity and Capital Allocation
PROG Holdings ended the second quarter of 2026 with cash of $85.2 million and gross debt of $893.7 million. During the quarter, the Company repaid $50.0 million of debt related to the acquisition of Purchasing Power. Since the acquisition of Purchasing Power, the Company has reduced its total debt by $304.9 million. The Company repurchased $10.2 million of its stock in the quarter at an average price of $36.37 per share, leaving $299.4 million of repurchase capacity under its $500 million share repurchase program. Additionally, the Company paid a quarterly cash dividend of $0.14 per share.
2026 Outlook
Due to the strong start to the year and the momentum in the business, the Company is increasing its full year 2026 outlook for revenue and earnings as well as providing guidance for the third quarter of 2026. This outlook assumes an operating environment with no change in the current financial pressures and uncertainties for our customers, no material changes in the Company's decisioning posture, no meaningful increase in unemployment rates for our consumer base, an effective tax rate for non-GAAP EPS of approximately 26% and no impact from additional share purchases.
| Revised 2026 outlook |
| Previous 2026 outlook | ||||||||||
(In thousands, except per share amounts) | Low | High |
| Low | High | ||||||||
|
|
|
|
|
| ||||||||
PROG Holdings - Total revenues from continuing operations | $ | 3,025,000 |
| $ | 3,100,000 |
|
| $ | 3,000,000 |
| $ | 3,100,000 |
|
PROG Holdings - Net earnings from continuing operations |
| 155,000 |
|
| 164,500 |
|
|
| 150,500 |
|
| 166,000 |
|
PROG Holdings - Adjusted EBITDA from continuing operations |
| 355,000 |
|
| 375,000 |
|
|
| 343,000 |
|
| 370,000 |
|
PROG Holdings - Diluted EPS from continuing operations |
| 3.82 |
|
| 4.06 |
|
|
| 3.68 |
|
| 4.06 |
|
PROG Holdings - Diluted non-GAAP EPS from continuing operations |
| 4.75 |
|
| 5.00 |
|
|
| 4.40 |
|
| 4.80 |
|
|
|
|
|
|
| ||||||||
Progressive Leasing - Total revenues |
| 2,247,500 |
|
| 2,285,000 |
|
|
| 2,227,500 |
|
| 2,285,000 |
|
Progressive Leasing - Earnings before taxes |
| 188,500 |
|
| 193,000 |
|
|
| 191,000 |
|
| 198,500 |
|
Progressive Leasing - Adjusted EBITDA |
| 272,500 |
|
| 279,500 |
|
|
| 269,500 |
|
| 279,500 |
|
|
|
|
|
|
| ||||||||
Purchasing Power - Total revenues |
| 620,000 |
|
| 640,000 |
|
|
| 620,000 |
|
| 640,000 |
|
Purchasing Power - Earnings before taxes |
| 17,000 |
|
| 21,500 |
|
|
| 14,500 |
|
| 22,000 |
|
Purchasing Power - Adjusted EBITDA |
| 54,000 |
|
| 60,000 |
|
|
| 50,000 |
|
| 60,000 |
|
|
|
|
|
|
| ||||||||
Four - Total revenues |
| 145,000 |
|
| 157,000 |
|
|
| 140,000 |
|
| 157,000 |
|
Four - Earnings before taxes |
| 22,000 |
|
| 25,000 |
|
|
| 16,500 |
|
| 20,500 |
|
Four - Adjusted EBITDA |
| 30,000 |
|
| 34,000 |
|
|
| 25,000 |
|
| 29,000 |
|
|
|
|
|
|
| ||||||||
Other - Total revenues |
| 12,500 |
|
| 18,000 |
|
|
| 12,500 |
|
| 18,000 |
|
Other - Loss before taxes |
| (13,500 | ) |
| (10,500 | ) |
|
| (14,500 | ) |
| (12,000 | ) |
Other - Adjusted EBITDA |
| (1,500 | ) |
| 1,500 |
|
|
| (1,500 | ) |
| 1,500 |
|
|
Three months ended
| |||
(In thousands, except per share amounts) | Low | High | ||
|
|
| ||
PROG Holdings - Total revenues from continuing operations | $ | 715,000 | $ | 750,000 |
PROG Holdings - Net earnings from continuing operations |
| 36,000 |
| 42,500 |
PROG Holdings - Adjusted EBITDA from continuing operations |
| 79,000 |
| 89,000 |
PROG Holdings - Diluted EPS from continuing operations |
| 0.86 |
| 1.06 |
PROG Holdings - Diluted non-GAAP EPS from continuing operations |
| 1.00 |
| 1.20 |
Conference Call and Webcast
The Company has scheduled a live webcast and conference call for Wednesday, July 29, 2026, at 8:30 A.M. ET to discuss its financial results for the second quarter of 2026. To access the live webcast, visit the Events and Presentations page of the Company’s Investor Relations website, https://investor.progholdings.com/.
About PROG Holdings, Inc.
PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company headquartered in Salt Lake City, UT, that provides inclusive, transparent and competitive payment options to consumers. The Company owns Progressive Leasing, a leading provider of e-commerce, app-based, and in-store point-of-sale lease-to-own solutions; Purchasing Power, a voluntary employee benefit program provider, allowing employees to purchase brand-name products and services through either automatic payroll deductions or allotments; Four Technologies, a provider of Buy Now, Pay Later payment options through its platform, Four; and MoneyApp, a mobile application that offers customers interest-free cash advances. More information on PROG Holdings and its companies can be found at .
Forward-Looking Statements:
Statements, estimates and projections in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "continued," "targeted," and "outlook," and similar forward-looking terminology. These risks and uncertainties include (i) continued volatility and challenges in the macroeconomic environment, including due to the war in Iran and related geopolitical disruptions and increases in fuel and other prices, and their impact on: (a) consumer confidence and customer demand for the merchandise that our retail partners and Purchasing Power sell, in particular consumer durables, such as home appliances, electronics and furniture; (b) our customers’ disposable income and their ability to make the lease and loan payments they owe the Company; and (c) our overall financial performance and outlook; (ii) the impact of the uncertain macroeconomic environment on our proprietary algorithms and decisioning tools that we use to approve customers such that they are no longer indicative of our customers’ ability to perform, which in turn may limit the ability of our businesses to manage risk, avoid lease and loan charge-offs and may result in insufficient reserves to cover actual losses; (iii) a large percentage of Progressive Leasing's revenue being concentrated with several key retail partners, and the loss of any of these retail partner relationships materially and adversely affecting several aspects of our performance; (iv) Progressive Leasing being unable to attract additional retail partners and retain and grow its relationships with its existing retail partners, and/or Purchasing Power being unable to attract additional employer-clients and retain and grow its relationships with its existing clients, resulting in several aspects of our performance being materially and adversely affected; (v) our businesses being unable to attract new consumers and retain and grow their relationships with their existing customers materially and adversely affecting several aspects of our performance; (vi) Four’s and Purchasing Power's business models differing significantly from Progressive Leasing’s lease-to-own business, which means these businesses have different risk profiles; (vii) our efforts to modernize and enhance certain enterprise-wide information management systems and technologies adversely impacting our businesses and operations; (viii) the inability of our businesses to successfully operate in highly and increasingly competitive industries materially and adversely affecting several aspects of our performance; (ix) our business, results of operations, financial condition, and prospects being materially and adversely affected due to our businesses failing to maintain a consistently high level of consumer satisfaction and trust in its brands; (x) our businesses being subject to extensive federal, state and local laws and regulations, including certain laws and regulations unique to the industries in which our businesses operate, that may subject them to government investigations and significant monetary penalties, remediation expenses and compliance-related burdens that may result in them changing the manner in which they operate, which may be materially adverse to several aspects of our performance; (xi) our performance being materially and adversely affected due to the transactions offered to consumers by our businesses being negatively characterized by federal, state and local government officials, consumer advocacy groups and the media; (xii) our inability to protect confidential, proprietary, or sensitive information, including the confidential information of our customers, being adversely affected by cyber-attacks or similar disruptions, which may result in significant costs, litigation and reputational damage or otherwise have a material adverse impact on several aspects of our performance; (xiii) any significant disruption in our vendors' information technology systems, or disruptions in the information our businesses rely on in their lease and loan decisioning, materially and adversely affecting several aspects of our performance; (xiv) our capital allocation strategy and financial policies; and (xv) the other risks and uncertainties discussed under "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 18, 2026. Statements, estimates and projections in this press release that are "forward-looking" include without limitation statements, estimates and projections about: (i) the strength of our balance sheet; (ii) our net leverage ratio; and (iii) our revised full year 2026 outlook and the guidance we provide for the third quarter of 2026. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this press release.
PROG Holdings, Inc. | |||||||||||||||
Consolidated Statement of Earnings | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
|
(Unaudited)
|
|
(Unaudited)
| ||||||||||||
| June 30, |
| June 30, | ||||||||||||
| 2026 |
| 2025 |
| 2026 |
| 2025 | ||||||||
Revenues |
|
|
|
|
|
|
| ||||||||
Lease revenues and fees | $ | 549,830 |
|
| $ | 569,674 |
|
| $ | 1,146,694 |
|
| $ | 1,221,231 |
|
Product and service revenues |
| 128,507 |
|
|
| — |
|
|
| 234,913 |
|
|
| — |
|
Other revenue |
| 41,378 |
|
|
| 18,829 |
|
|
| 80,782 |
|
|
| 35,700 |
|
|
| 719,715 |
|
|
| 588,503 |
|
|
| 1,462,389 |
|
|
| 1,256,931 |
|
Costs and expenses |
|
|
|
|
|
|
| ||||||||
Depreciation of lease merchandise |
| 364,311 |
|
|
| 385,107 |
|
|
| 773,321 |
|
|
| 845,550 |
|
Cost of product sales |
| 75,702 |
|
|
| — |
|
|
| 138,208 |
|
|
| — |
|
Provision for lease merchandise write-offs |
| 46,499 |
|
|
| 42,633 |
|
|
| 90,150 |
|
|
| 90,651 |
|
Operating expenses |
| 143,417 |
|
|
| 93,409 |
|
|
| 293,617 |
|
|
| 191,533 |
|
Provision for credit losses |
| 30,667 |
|
|
| 8,043 |
|
|
| 54,834 |
|
|
| 13,544 |
|
|
| 660,596 |
|
|
| 529,192 |
|
|
| 1,350,130 |
|
|
| 1,141,278 |
|
Gain on sale of lease receivables |
| 4,701 |
|
|
| — |
|
|
| 11,158 |
|
|
| — |
|
Gain on change in fair value of receivables |
| 1,810 |
|
|
| — |
|
|
| 7,522 |
|
|
| — |
|
Operating profit |
| 65,630 |
|
|
| 59,311 |
|
|
| 130,939 |
|
|
| 115,653 |
|
Interest expense |
| (15,217 | ) |
|
| (9,794 | ) |
|
| (33,606 | ) |
|
| (19,757 | ) |
Interest income |
| 394 |
|
|
| 1,645 |
|
|
| 1,037 |
|
|
| 2,518 |
|
Earnings from continuing operations before income tax expense |
| 50,807 |
|
|
| 51,162 |
|
|
| 98,370 |
|
|
| 98,414 |
|
Income tax expense |
| 13,429 |
|
|
| 13,581 |
|
|
| 24,774 |
|
|
| 26,243 |
|
Net earnings from continuing operations |
| 37,378 |
|
|
| 37,581 |
|
|
| 73,596 |
|
|
| 72,171 |
|
(Loss) earnings from discontinued operations, net of tax |
| (349 | ) |
|
| 902 |
|
|
| (513 | ) |
|
| 1,030 |
|
Net earnings | $ | 37,029 |
|
| $ | 38,483 |
|
| $ | 73,083 |
|
| $ | 73,201 |
|
Basic earnings per share |
|
|
|
|
|
|
| ||||||||
Continuing operations | $ | 0.93 |
|
| $ | 0.94 |
|
| $ | 1.84 |
|
| $ | 1.78 |
|
Discontinued operations |
| (0.01 | ) |
|
| 0.02 |
|
|
| (0.01 | ) |
|
| 0.03 |
|
Total basic earnings per share | $ | 0.92 |
|
| $ | 0.96 |
|
| $ | 1.83 |
|
| $ | 1.81 |
|
Diluted earnings per share |
|
|
|
|
|
|
| ||||||||
Continuing operations | $ | 0.92 |
|
| $ | 0.93 |
|
| $ | 1.81 |
|
| $ | 1.75 |
|
Discontinued operations |
| (0.01 | ) |
|
| 0.02 |
|
|
| (0.01 | ) |
|
| 0.03 |
|
Total diluted earnings per share | $ | 0.91 |
|
| $ | 0.95 |
|
| $ | 1.80 |
|
| $ | 1.78 |
|
|
|
|
|
|
|
|
| ||||||||
Cash dividend declared per share |
|
|
|
|
|
|
| ||||||||
Common stock | $ | 0.14 |
|
| $ | 0.13 |
|
| $ | 0.28 |
|
| $ | 0.26 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
| ||||||||
Basic |
| 40,177 |
|
|
| 40,130 |
|
|
| 40,038 |
|
|
| 40,484 |
|
Diluted |
| 40,734 |
|
|
| 40,559 |
|
|
| 40,772 |
|
|
| 41,203 |
|
PROG Holdings, Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
(In thousands, except share data) | ||||||||
|
| (Unaudited) |
|
| ||||
|
|
June 30, |
|
December 31, | ||||
Assets |
|
|
|
| ||||
Cash and cash equivalents |
| $ | 85,201 |
|
| $ | 308,774 |
|
Restricted cash |
|
| 7,168 |
|
|
| — |
|
Receivables (net of allowances and unearned interest income of $94,401 in 2026 and $68,806 in 2025; includes $106,069 recorded at fair value in 2026)1 |
|
| 374,522 |
|
|
| 74,228 |
|
Other receivables (net of allowances and unearned interest income of $7,137 in 2026 and $— in 2025; includes $10,063 recorded at fair value in 2026)1 |
|
| 39,777 |
|
|
| — |
|
Lease merchandise (net of accumulated depreciation and allowances of $429,925 in 2026 and $407,104 in 2025) |
|
| 531,071 |
|
|
| 609,009 |
|
Loans receivable (net of allowances and unamortized fees of $19,808 in 2026 and $18,246 in 2025) |
|
| 74,312 |
|
|
| 90,648 |
|
Property and equipment, net |
|
| 24,414 |
|
|
| 19,526 |
|
Goodwill and other intangibles, net |
|
| 763,089 |
|
|
| 353,835 |
|
Income tax receivable |
|
| 25,150 |
|
|
| 47,894 |
|
Deferred income tax assets |
|
| 18,852 |
|
|
| 19,561 |
|
Prepaid expenses and other assets |
|
| 93,827 |
|
|
| 73,383 |
|
Assets of discontinued operations |
|
| 10,683 |
|
|
| 13,550 |
|
Total assets |
| $ | 2,048,066 |
|
| $ | 1,610,408 |
|
Liabilities and shareholders' equity |
|
|
|
| ||||
Accounts payable and accrued expenses |
| $ | 148,668 |
|
| $ | 96,471 |
|
Debt, net1 |
|
| 887,064 |
|
|
| 594,861 |
|
Deferred income tax liabilities |
|
| 157,177 |
|
|
| 121,152 |
|
Other liabilities |
|
| 47,012 |
|
|
| 44,676 |
|
Liabilities of discontinued operations |
|
| 2,805 |
|
|
| 6,831 |
|
Total liabilities |
|
| 1,242,726 |
|
|
| 863,991 |
|
Shareholders' equity |
|
|
|
| ||||
Common stock, par value $0.50 per share: authorized: 225,000,000 shares at June 30, 2026 and December 31, 2025; shares issued: 82,078,654 at June 30, 2026 and December 31, 2025 |
|
| 41,039 |
|
|
| 41,039 |
|
Additional paid-in capital |
|
| 357,133 |
|
|
| 363,583 |
|
Retained earnings |
|
| 1,656,044 |
|
|
| 1,594,685 |
|
|
|
| 2,054,216 |
|
|
| 1,999,307 |
|
Less: treasury shares at cost |
|
|
|
| ||||
Common stock: 42,247,309 shares at June 30, 2026 and 42,502,844 at December 31, 2025 |
|
| (1,248,876 | ) |
|
| (1,252,890 | ) |
Total shareholders' equity |
|
| 805,340 |
|
|
| 746,417 |
|
Total liabilities and shareholders' equity |
| $ | 2,048,066 |
|
| $ | 1,610,408 |
|
1 | As of June 30, 2026 receivables included $381.4 million of contractual amounts outstanding of consolidated VIEs that can only be used to settle their obligations, and debt included $293.7 million of liabilities of consolidated VIEs for which creditors have no recourse to the Company. |
PROG Holdings, Inc. | |||||||
Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
| (Unaudited) | ||||||
| Six months ended June 30, | ||||||
| 2026 |
| 2025 | ||||
Operating activities |
| ||||||
Net earnings | $ | 73,083 |
|
| $ | 73,201 |
|
Adjustments to reconcile net earnings to cash provided by operating activities: |
|
|
| ||||
Depreciation of lease merchandise |
| 773,321 |
|
|
| 845,550 |
|
Other depreciation and amortization |
| 25,208 |
|
|
| 12,111 |
|
Provisions for accounts receivable and credit losses |
| 213,345 |
|
|
| 198,650 |
|
Stock-based compensation |
| 16,842 |
|
|
| 14,536 |
|
Gain on change in fair value of receivables |
| (7,522 | ) |
|
| — |
|
Deferred income taxes |
| 17,746 |
|
|
| (20,049 | ) |
Gain on sale of receivables |
| (11,706 | ) |
|
| — |
|
Non-cash lease expense |
| (1,284 | ) |
|
| (1,642 | ) |
Other changes, net |
| 1,513 |
|
|
| (943 | ) |
Changes in operating assets and liabilities, net of effects of the acquisition: |
|
|
| ||||
Additions to lease merchandise |
| (814,049 | ) |
|
| (784,951 | ) |
Book value of lease merchandise sold or disposed |
| 118,665 |
|
|
| 93,340 |
|
Accounts receivable |
| (109,136 | ) |
|
| (147,179 | ) |
Prepaid expenses and other assets |
| (1,989 | ) |
|
| 5,480 |
|
Income tax receivable and payable |
| 22,722 |
|
|
| 1,749 |
|
Accounts payable and accrued expenses |
| (37,179 | ) |
|
| (4,620 | ) |
Customer deposits and advance payments |
| (1,644 | ) |
|
| (5,413 | ) |
Cash provided by operating activities |
| 277,936 |
|
|
| 279,820 |
|
Investing activities |
|
|
| ||||
Investments in loans receivable |
| (599,515 | ) |
|
| (370,099 | ) |
Proceeds from loans receivable |
| 592,456 |
|
|
| 339,206 |
|
Funding of other receivables |
| (45,919 | ) |
|
| — |
|
Collections from other receivables |
| 38,565 |
|
|
| — |
|
Purchases of property and equipment |
| (8,194 | ) |
|
| (3,896 | ) |
Proceeds from sale of property and equipment |
| 234 |
|
|
| — |
|
Acquisition of business, net of cash acquired |
| (391,845 | ) |
|
| — |
|
Cash used in investing activities |
| (414,218 | ) |
|
| (34,789 | ) |
Financing activities |
|
|
| ||||
Proceeds from debt |
| 546,178 |
|
|
| — |
|
Repayments on debt |
| (591,108 | ) |
|
| (50,000 | ) |
Dividends paid |
| (11,218 | ) |
|
| (10,443 | ) |
Acquisition of treasury stock |
| (10,185 | ) |
|
| (51,775 | ) |
Issuance of stock under stock option and employee purchase plans |
| 1,135 |
|
|
| 1,028 |
|
Cash paid for shares withheld for employee taxes |
| (10,297 | ) |
|
| (7,385 | ) |
Debt issuance costs |
| (4,628 | ) |
|
| (84 | ) |
Cash used in financing activities |
| (80,123 | ) |
|
| (118,659 | ) |
(Decrease) increase in cash, cash equivalents and restricted cash |
| (216,405 | ) |
|
| 126,372 |
|
Cash, cash equivalents and restricted cash at beginning of period |
| 308,774 |
|
|
| 95,655 |
|
Cash, cash equivalents and restricted cash at end of period | $ | 92,369 |
|
| $ | 222,027 |
|
Net cash (received) paid during the period: |
|
|
| ||||
Interest | $ | 31,774 |
|
| $ | 18,795 |
|
Income taxes | $ | (15,643 | ) |
| $ | 45,044 |
|
PROG Holdings, Inc. | ||||||||||
Quarterly Revenues by Segment | ||||||||||
(In thousands) | ||||||||||
| (Unaudited) | |||||||||
| Three months ended | |||||||||
| June 30, 2026 | |||||||||
| Progressive Leasing | Purchasing Power | Four | Other | Consolidated total | |||||
Lease revenues and fees | $ | 549,830 | $ | — | $ | — | $ | — | $ | 549,830 |
Product and service revenues |
| — |
| 128,507 |
| — |
| — |
| 128,507 |
Other revenue |
| 724 |
| 1,877 |
| 35,085 |
| 3,692 |
| 41,378 |
Total revenues | $ | 550,554 | $ | 130,384 | $ | 35,085 | $ | 3,692 | $ | 719,715 |
| (Unaudited) | |||||||||
| Three months ended | |||||||||
| June 30, 2025 | |||||||||
| Progressive Leasing | Purchasing Power | Four | Other | Consolidated total | |||||
Lease revenues and fees | $ | 569,674 | $ | — | $ | — | $ | — | $ | 569,674 |
Product and service revenues |
| — |
| — |
| — |
| — |
| — |
Other revenue |
| — |
| — |
| 16,076 |
| 2,753 |
| 18,829 |
Total revenues | $ | 569,674 | $ | — | $ | 16,076 | $ | 2,753 | $ | 588,503 |
PROG Holdings, Inc. | ||||||||||
Six Month Revenues by Segment | ||||||||||
(In thousands) | ||||||||||
| (Unaudited) | |||||||||
| Six months ended | |||||||||
| June 30, 2026 | |||||||||
| Progressive Leasing | Purchasing Power | Four | Other | Consolidated total | |||||
Lease revenues and fees | $ | 1,146,694 | $ | — | $ | — | $ | — | $ | 1,146,694 |
Product and service revenues |
| — |
| 234,913 |
| — |
| — |
| 234,913 |
Other revenue |
| 724 |
| 2,606 |
| 70,052 |
| 7,400 |
| 80,782 |
Total revenues | $ | 1,147,418 | $ | 237,519 | $ | 70,052 | $ | 7,400 | $ | 1,462,389 |
| (Unaudited) | |||||||||
| Six months ended | |||||||||
| June 30, 2025 | |||||||||
| Progressive Leasing | Purchasing Power | Four | Other | Consolidated total | |||||
Lease revenues and fees | $ | 1,221,231 | $ | — | $ | — | $ | — | $ | 1,221,231 |
Product and service revenues |
| — |
| — |
| — |
| — |
| — |
Other revenue |
| — |
| — |
| 30,505 |
| 5,195 |
| 35,700 |
Total revenues | $ | 1,221,231 | $ | — | $ | 30,505 | $ | 5,195 | $ | 1,256,931 |
PROG Holdings, Inc. | ||||||||||
Quarterly Gross Merchandise Volume by Segment | ||||||||||
(In thousands) | ||||||||||
| (Unaudited) |
|
|
| ||||||
| Three months ended June 30, |
| Change | |||||||
| 2026 |
| 2025 |
| $ | % | ||||
Progressive Leasing | $ | 428,116 |
| $ | 413,872 |
| $ | 14,244 | 3.4 | % |
Purchasing Power |
| 158,794 |
|
| — |
|
| 158,794 | nmf |
|
Four |
| 315,107 |
|
| 149,632 |
|
| 165,475 | 110.6 |
|
Total GMV | $ | 902,017 |
| $ | 563,504 |
| $ | 338,513 | 60.1 | % |
nmf - Calculation is not meaningful |
| (Unaudited) | ||||||||||
| Purchasing Power | ||||||||||
| Pre-Acquisition Gross Merchandise Volume | ||||||||||
| Three months ended |
|
Twelve months
| ||||||||
|
March 31,
|
June 30,
|
September 30,
|
December 31,
|
|
December 31,
| |||||
Gross merchandise volume | $ | 120,287 | $ | 137,890 | $ | 143,516 | $ | 247,641 |
| $ | 649,334 |
Use of Non-GAAP Financial Information:
Non-GAAP net earnings from continuing operations, non-GAAP diluted earnings from continuing operations per share, and adjusted EBITDA are supplemental measures of our performance that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP").
Contacts
Investor Contact
John A. Baugh, CFA
Vice President, Investor Relations
john.baugh@progholdings.com
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