| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 144.08 | 2.4% | 75.8% |
| Total Income | 144.08 | 2.4% | 75.8% |
| Expenditure | 664.16 | 0.5% | 22.6% |
| PBT | 52.31 | 3.0% | 14.6% |
| Net Profit | 37.24 | 0.6% | 12.4% |
| OPM | 45.79% | 1.33pp | 36.80pp |
| NPM | 25.85% | 0.76pp | 20.28pp |
| EPS | 0.94 | 2.2% | 13.3% |
PROG Holdings Reports Q3 2026 Results, Announces $100M Accelerated Share Repurchase Program
28 Oct 2026 · 28 Oct, 6:01 pm
Summary
PROG Holdings, Inc. reported strong third-quarter 2026 results, with consolidated revenues increasing by 25.6% year-over-year to $725.8 million and net earnings from continuing operations rising to $37.5 million. Adjusted EBITDA also saw a significant increase of 21.8% to $80.0 million. The company highlighted a substantial 58.9% surge in consolidated GMV to $912.0 million, driven by strong performance across its diversified platform, particularly in the Four segment. Management expressed confidence in the company's long-term strategy and momentum, announcing plans for a $100 million accelerated share repurchase program and extending its existing repurchase program.
Key Highlights
- 1
Consolidated revenues from continuing operations reached $725.8 million, marking a 25.6% increase compared to the same period in 2025.
- 2
Net earnings from continuing operations for the quarter were $37.5 million, up from $32.3 million in the prior year period.
- 3
Adjusted EBITDA from continuing operations grew by 21.8% to $80.0 million, representing 11.0% of revenues.
- 4
Diluted EPS from continuing operations was $0.92, while non-GAAP Diluted EPS from continuing operations increased by 21.8% to $1.06.
- 5
Consolidated Gross Merchandise Volume (GMV) surged by 58.9% to $912.0 million.
- 6
The company announced its intention to enter into a $100 million accelerated share repurchase program and replenished its existing share repurchase program by an additional $237.3 million.
Management Comments
Steve Michaels
Our third-quarter results reflect the strength and resilience of our diversified platform and the discipline with which we run it, with consolidated GMV growth of 59% and continued profitability even against a more pressured consumer backdrop. We are taking a more cautious view of the consumer as we close out the year, but the fundamentals of our business remain strong, and our strategic progress is clear. Our growth engine is working, and we are improving portfolio metrics with our active management in the face of macro pressures. Every part of our ecosystem is contributing, with Four delivering profitable, triple-digit growth and Purchasing Power performing as expected as it enters its most important quarter of the year. Together with a healthy balance sheet, we believe this will continue to give us the flexibility to invest in the business while returning meaningful capital to shareholders. We continued repurchasing shares throughout the third quarter and we are announcing today our intention to enter into an accelerated share repurchase program, which reflects our deep conviction in the long-term value we are building. This keeps us on track to deliver against the multi-year growth targets we laid out at our Investor Day in March. Today’s announcement reflects our continued confidence in PROG’s long-term strategy and the momentum we see across our product ecosystem. Our diversified model is performing as designed, and our consistent cash flow generation gives us the flexibility to return meaningful capital to shareholders without compromising our investments in growth. Our capital allocation priorities remain unchanged: reinvest in the business, pursue strategic M&A, and return excess capital to shareholders. Having strengthened our balance sheet and returned to our targeted net leverage range, we are well positioned to act on all three, beginning with our anticipated accelerated share repurchase.
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