PRG
PROG Holdings, Inc.30.44
+0.67+2.25%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Purchasing Power synergies, For momentum detailed
Q&A drilled into Purchasing Power integration, guiding low double-digit revenue growth at 7-8% EBITDA margins, with synergies from data/tech sharing and cross-marketing to boost penetration beyond 2026 outlook. Management voiced comfort on leasing credit—no further tightening needed after Q4's 7.6% write-offs—and highlighted For Plus subscriptions exceeding expectations on uptake and churn. Q4 leasing GMV softened early on consumer hesitation but rebounded in December; Big Lots and tightening headwinds lap by February for cleaner comps. For's growth stays disciplined amid scale. Investors watch tax refunds' lift on demand and delevering post-acquisition.
Key Stats
Market Cap
1.20BP/E (TTM)
7.73Basic EPS (TTM)
3.94Dividend Yield
0.02%Recent Filings
8-K
PROG trims 2026 revenue outlook
PROG Holdings updated its FY2026 outlook ahead of Investor Day on March 10, 2026, trimming total revenues to $2.95B-$3.07B from $3.02B-$3.14B due to ASC 606 adoption for Purchasing Power, acquired in January. Purchasing Power revenues drop to $610M-$660M—a $70M hit from netting Travel and Service costs—but low double-digit growth persists with no material hit to gross margin or adjusted EBITDA. Assumptions hold: soft durable goods demand, steady decisioning. No earnings guide changes.
8-K
Q4 revenues dip, Four surges
PROG Holdings posted Q4 revenues of $574.6 million, down 5.2% amid retail headwinds and a key partner bankruptcy that hit Progressive Leasing's $534 million GMV 10.6%. Four Technologies surged GMV 126%; margins held firm. Growth accelerates. 2026 outlook eyes $3.02-$3.14 billion revenue, non-GAAP EPS $4.00-$4.45 despite soft demand.
10-K
FY2025 results
PROG Holdings delivered FY2025 results with consolidated revenues up 0.4% y/y to $2.4B, driven by Four's GMV surging 144.2% y/y to $737M while Progressive Leasing's GMV fell 8.6% y/y to $1.8B amid Big Lots' bankruptcy closures and tighter decisioning. Earnings from continuing operations before tax rose 6.8% y/y to $175M, aided by lower lease write-off provisions at 7.5% of revenues (flat y/y) and a $6.7M gain on charged-off receivables sales, despite higher operating expenses up 10.1% y/y from Four's growth and tech investments. Q4 momentum showed Progressive Leasing's e-commerce GMV share climbing to 23.3% from 17.0% y/y, signaling digital acceleration. Cash swelled to $309M with $335M operating cash flow; $52M share repurchases and $21M dividends continued, while $600M Senior Notes mature 2029. Vive's October sale fetched $144M net proceeds. Regulatory scrutiny on subprime lending poses quarterly risks.
8-K
Closes $420M Purchasing Power deal
PROG Holdings completed its $420 million cash acquisition of P-Squared (Purchasing Power) on January 2, 2026, adding a payroll-deduction employee purchase program serving over 7 million workers via 360+ employer partnerships. Funded by $125 million incremental term loan maturing 2029, $135 million revolver draw, and cash, it expands employer-channel reach. Debt remains $330 million non-recourse. Integration leverages shared tech for growth.
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