10-K · February 18, 2026
PROG Holdings remains a POS‑centric alternative payments provider with Progressive Leasing as the dominant business (approximately 96% of consolidated revenue in 2025) while expanding its ecosystem via Four and the…
Earnings analysis · 10-Q
PRG earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
PROG Holdings reported Q1 2026 revenues of $742.7 million, exceeding estimates of $732.7 million and up 11.1% year-over-year. The diluted EPS came in at $0.89, surpassing the forecast of $0.78. The company acquired…
Read full summary
PROG Holdings reported Q1 2026 revenues of $742.7 million, exceeding estimates of $732.7 million and up 11.1% year-over-year. The diluted EPS came in at $0.89, surpassing the forecast of $0.78. The company acquired Purchasing Power, contributing significantly to revenue, while Progressive Leasing experienced a decline in revenue due to a tighter decisioning posture and reduced inventory.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.89
- Segment
- Progressive Leasing
- Segment
- Purchasing Power
- Segment
- Four Technologies
What stood out
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Revenue Growth Exceeds Expectations
Q1 2026 revenues of $742.7 million surpassed estimates of $732.7 million, an increase of 11.1% year-over-year.
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EPS Stronger Than Expected
Diluted EPS for Q1 2026 was $0.89, outpacing analysts' expectations of $0.78.
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Acquisition of Purchasing Power
The acquisition contributed $107.1 million to revenues, boosting the overall growth.
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Segment Performance Boost from Four
Four segment revenues increased by $20.5 million, driven by the growth in BNPL transactions.
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Controlled Lease Merchandise Write-Offs
Provision for lease merchandise write-offs decreased to 7.3% of lease revenues from 7.4%, reflecting an improved decisioning posture.
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Operating Profit Margin Positive
Operating profit increased by 15.9% to $65.3 million compared to $56.3 million in Q1 2025.
What to watch
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Evolving Macroeconomic Challenges
Inflation and high living costs are negatively impacting demand, particularly for Progressive Leasing.
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Dependence on Retail Partners
Bankruptcy of key POS partner American Signature, Inc. led to a $54.7 million revenue decline in the Progressive Leasing segment.
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Elevated Delinquencies in Purchasing Power
Federal government workforce disruptions led to increased payment delinquencies among Purchasing Power's customers.
Management's outlook
For FY2026, the company expects revenue growth of 5-8% and Adjusted EBITDA growth of 13-16%.
Earlier filings 4
10-Q · April 23, 2025
PROG Holdings reported Q1 2025 revenue of $684,088,000, up vs. the year-ago quarter ($641,870) with operating profit rising to $56,321,000 and diluted EPS of $0.83 (vs. $0.49 a year ago). Cash generation strengthened…
10-Q · July 24, 2024
PROG Holdings reported essentially flat total revenue of $592,161,000 for the quarter ended June 30, 2024 versus $592,846,000 in the prior year period, while operating profit declined to $55,678,000 from $59,297,000 and…
10-K · February 21, 2024
PROG Holdings’ 2023 10-K emphasizes a strategy focused on growing GMV through POS partner expansion and direct-to-consumer initiatives, investing in technology and broadening its fintech ecosystem. The business remains…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.