| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 116.93 | 82.9% |
| Total Income | 116.93 | 82.9% |
| Expenditure | 689.53 | 9.8% |
| PBT | 47.56 | 0.7% |
| Net Profit | 36.05 | 3.8% |
| OPM | 55.85% | 47.62pp |
| NPM | 30.84% | 25.76pp |
| EPS | 0.91 | 7.1% |
PROG Holdings Reports Q1 2026 Revenue of $742.7M, Up 11.1% YoY
29 Apr 2026 · 29 Apr, 6:04 pm
Summary
PROG Holdings, Inc. delivered a strong start to 2026, reporting first quarter consolidated revenues from continuing operations of $742.7 million, an 11.1% increase year-over-year. Net earnings from continuing operations grew to $36.2 million, while Adjusted EBITDA surged by 29.2% to $90.3 million, achieving a 12.2% margin. Non-GAAP diluted EPS also saw significant growth, up 37.8% to $1.24. This performance was driven by disciplined execution, improving trends at Progressive Leasing, and strong growth across Four Technologies and Purchasing Power, leading the company to increase its full-year 2026 outlook.
Key Highlights
- 1
Consolidated revenues from continuing operations for the first quarter of 2026 increased by 11.1% to $742.7 million compared to the same period in 2025.
- 2
Net earnings from continuing operations for the quarter rose by 4.6% to $36.2 million, up from $34.6 million in the prior year period.
- 3
Adjusted EBITDA from continuing operations for the quarter significantly grew by 29.2% to $90.3 million, representing 12.2% of revenues.
- 4
Diluted non-GAAP EPS from continuing operations saw a substantial increase of 37.8% to $1.24 in the first quarter of 2026.
- 5
Consolidated GMV reached $805.6 million, marking a robust year-over-year increase of 54.4%.
- 6
The company reduced net recourse debt by $210 million since the acquisition of Purchasing Power, resulting in a net leverage ratio of 2.0 times.
- 7
Progressive Leasing returned to year-over-year GMV growth as the quarter concluded, reflecting progress on strategic initiatives.
Management Comments
Steve Michaels
We delivered a strong start to 2026, with first quarter results exceeding the high end of our outlook for earnings, and non-GAAP EPS. This performance reflects disciplined execution across the organization and the benefits of our diversified model, with improving trends at Progressive Leasing, continued triple-digit growth and strong economics at Four, and growth at Purchasing Power. Importantly, Progressive Leasing returned to year-over-year GMV growth as we exited the quarter, reflecting the progress we've made on our initiatives and the lapping of prior headwinds. We also meaningfully improved the balance sheet, reducing our net leverage ratio to two times as we prioritized debt reduction following the Purchasing Power acquisition. We saw continued momentum in our ecosystem with increasing engagement across products, which is driving higher customer lifetime value and improving acquisition efficiency. As our ecosystem scales, we are able to drive more efficient growth through cross-product connectivity. Based on our strong first quarter and the momentum we are seeing in the business, we have increased our full-year 2026 outlook, providing a positive start towards the three-year 2028 compound annual growth targets we outlined at our Investor Day. These targets, inclusive of Purchasing Power on a pro forma 2025 basis, are to grow consolidated GMV 20% to 25%, revenue 5% to 8%, Adjusted EBITDA 13% to 16%, and non-GAAP EPS 17% to 20%. Despite a challenging macro environment, our model is performing as designed, and we remain focused on executing our Grow, Enhance, and Expand strategy that we believe will deliver durable, profitable growth and long-term shareholder value.
Informational and educational content only. Not investment advice.