| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 147.59 | 26.2% | 75.6% |
| Total Income | 147.59 | 26.2% | 75.6% |
| Expenditure | 660.60 | 4.2% | 21.4% |
| PBT | 50.81 | 6.8% | 3.4% |
| Net Profit | 37.03 | 2.7% | 3.8% |
| OPM | 44.47% | 11.39pp | 34.42pp |
| NPM | 25.09% | 5.75pp | 18.72pp |
| EPS | 0.92 | 1.1% | 4.2% |
PROG Holdings Reports Q2 2026 Results with Revenue Up 22.3% to $719.7 Million
29 Jul 2026 · 29 Jul, 5:56 pm
Summary
PROG Holdings, Inc. reported a strong second quarter for 2026, with consolidated revenues from continuing operations increasing by 22.3% year-over-year to $719.7 million. Adjusted EBITDA also saw a substantial rise of 22.8% to $88.4 million, and Non-GAAP Diluted EPS grew by 19.0% to $1.19. The company highlighted a 60.1% increase in consolidated GMV to $902.0 million and a strengthened balance sheet with a net leverage ratio of 1.7x. Reflecting this positive performance and momentum, PROG Holdings is raising its full-year 2026 outlook.
Key Highlights
- 1
Consolidated revenues from continuing operations reached $719.7 million, marking a 22.3% increase year-over-year.
- 2
Adjusted EBITDA from continuing operations grew by 22.8% to $88.4 million.
- 3
Non-GAAP Diluted EPS from continuing operations increased by 19.0% to $1.19.
- 4
Consolidated Gross Merchandise Volume (GMV) saw a significant rise of 60.1% to $902.0 million.
- 5
The net leverage ratio improved to 1.7x, down from approximately 2.5x after the Purchasing Power acquisition.
- 6
PROG Holdings is raising its full-year 2026 outlook due to strong second-quarter performance and business momentum.
Management Comments
Steve Michaels
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. 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.
Informational and educational content only. Not investment advice.