Quarterly ResultApr 29, 2026, 08:34 AM
PRG Q1 Revenue +11.1% to $742.7M; Non-GAAP EPS +37.8% to $1.24; FY26 Outlook Raised
AI Summary
PROG Holdings, Inc. reported strong first quarter 2026 financial results, exceeding its earnings and non-GAAP EPS outlook. Consolidated revenues from continuing operations increased 11.1% to $742.7 million, with non-GAAP diluted EPS up 37.8% to $1.24. The company also significantly reduced net recourse debt by $210 million since the Purchasing Power acquisition, bringing its net leverage ratio to 2.0. Based on this performance and business momentum, PROG Holdings raised its full-year 2026 outlook for revenue and earnings.
Key Highlights
- PROG Holdings Q1 2026 consolidated revenues from continuing operations increased 11.1% to $742.7 million.
- Adjusted EBITDA from continuing operations rose 29.2% to $90.3 million.
- Non-GAAP Diluted EPS from continuing operations increased 37.8% to $1.24.
- Consolidated GMV grew 54.4% to $805.6 million, including Purchasing Power results.
- Reduced net recourse debt by $210 million since Purchasing Power acquisition, achieving a 2.0 net leverage ratio.
- Progressive Leasing's Q1 GMV was $393.0 million, down 2.2%; revenues were $596.9 million, down 8.4%.
- Four Technologies' Q1 GMV surged 133.6% to $280.0 million; revenues increased 142.3% to $35.0 million.
- Purchasing Power's Q1 GMV was $132.7 million (since Jan 2, 2026 acquisition); revenues were $107.1 million.
- Revised full-year 2026 revenue outlook to $3.00B-$3.10B and non-GAAP EPS to $4.40-$4.80.