PRG earnings analysis
What we found in PRG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- EPS Stronger Than Expected
- Diluted EPS for Q1 2026 was $0.89, outpacing analysts' expectations of $0.78.
- Acquisition of Purchasing Power
- The acquisition contributed $107.1 million to revenues, boosting the overall growth.
- Segment Performance Boost from Four
- Four segment revenues increased by $20.5 million, driven by the growth in BNPL transactions.
- 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.
- Operating Profit Margin Positive
- Operating profit increased by 15.9% to $65.3 million compared to $56.3 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Evolving Macroeconomic Challenges
- Inflation and high living costs are negatively impacting demand, particularly for Progressive Leasing.
- 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.
- Elevated Delinquencies in Purchasing Power
- Federal government workforce disruptions led to increased payment delinquencies among Purchasing Power's customers.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.89
- Segment
- Progressive Leasing
- Segment
- Purchasing Power
- Segment
- Four Technologies
What they said about what is next.
For FY2026, the company expects revenue growth of 5-8% and Adjusted EBITDA growth of 13-16%.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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