| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 595.11 | 1.6% | 1.8% |
| Total Income | 595.11 | 1.6% | 1.8% |
| Expenditure | 541.58 | 0.4% | 2.8% |
| PBT | 45.65 | 13.2% | 9.1% |
| Net Profit | 33.12 | 13.9% | 60.5% |
| OPM | 8.99% | 1.05pp | 0.87pp |
| NPM | 5.57% | 0.80pp | 8.29pp |
| EPS | 0.83 | 13.5% | 58.3% |
PROG Holdings Reports Q3 2025 Results: Revenue $595.1 Million
04 May 2026 · 4 May, 8:56 am
Summary
PROG Holdings reported a decrease in consolidated revenues to $595.1 million for Q3 2025, a 1.8% decrease compared to the same period in 2024. Net earnings were $33.1 million, compared to $84.0 million in the prior year, which included a non-cash tax benefit. Adjusted EBITDA was $67.0 million, or 11.3% of revenues. The company is providing selective fourth quarter outlook metrics and updating its full year 2025 outlook, excluding Vive from the outlook due to the sale of its credit card portfolio.
Key Highlights
- 1
PROG Holdings reported consolidated revenues of $595.1 million for the third quarter of 2025.
- 2
Net earnings for Q3 2025 were $33.1 million, with diluted EPS at $0.82.
- 3
Adjusted EBITDA for the third quarter was $67.0 million, representing 11.3% of revenues.
- 4
Progressive Leasing's GMV for Q3 2025 was $410.9 million.
- 5
Four Technologies experienced a 162.8% growth in GMV, marking its third consecutive quarter of positive Adjusted EBITDA.
- 6
The company ended Q3 2025 with $292.6 million in cash and $600.0 million in gross debt.
- 7
Diluted non-GAAP EPS increased by 16.9% to $0.90 in the third quarter of 2025.
Management Comments
Steve Michaels
"Our third quarter results once again highlight the strength and consistency of our execution, even as consumers face ongoing economic pressures. We delivered strong earnings and expanded margins in our Progressive Leasing segment, despite modest revenue headwinds, while Four Technologies achieved its eighth consecutive quarter of triple-digit GMV and revenue growth, further validating the scalability and relevance of our BNPL platform." "The sale of Vive is evidence of our active management of our portfolio of assets and marks a meaningful step in improving our capital efficiency. With strong free cash flow, a well-capitalized balance sheet, and the proceeds from the portfolio sale, we are well positioned to continue executing on our capital allocation strategy that balances strategic investments while returning excess capital to shareholders." "Our focus is clear; we’re doubling down on our three-pillar strategy to Grow, Enhance, and Expand. We are investing in high-impact businesses and products, including Progressive Leasing, our direct-to-consumer channel, PROG Marketplace, and our fast-growing BNPL platform, Four Technologies, while maintaining the financial flexibility to support future growth and maximize long-term value creation." "I’m incredibly proud of the team’s disciplined execution and the momentum we’ve built as we approach the end of 2025. With a strong product portfolio, solid financial foundation, and continued investment in customer experience, we are well positioned to deliver sustainable growth in 2026 and beyond,"
Informational and educational content only. Not investment advice.