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PROG Holdings (PRG)
NYSE:PRG
Earnings Data
Report Date
Apr 29, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.8Last Year’s EPS
0.9Same Quarter Last Year
Moderate Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a balanced but constructive picture: meaningful execution wins (consolidated GMV growth, rapid scaling and improved profitability at For, margin expansion, cross-sell benefits, strong liquidity and EPS/EBITDA beats) offset by notable near-term headwinds concentrated in the Progressive Leasing portfolio (GMV declines, a smaller leased asset base, partner bankruptcy impacts), higher leverage following a recent acquisition, and some seasonal/one-time costs. Management communicated a clear plan to leverage a multiproduct ecosystem, invest in profitable growth, and prioritize deleveraging, suggesting confidence in returning to stronger organic growth and margin expansion in 2026.Company Guidance
Consolidated GMV Growth and For's Rapid Scale
Consolidated GMV (Progressive Leasing + For) grew 12.1% for full-year 2025. For (BNPL) produced triple-digit growth: ~144% YoY GMV growth with approximately $730,000,000 of GMV in 2025; For delivered consecutive quarters of triple-digit GMV and revenue growth (Q4 revenue growth cited ~132%; full-year GMV growth ~144%).
Adjusted EBITDA and EPS Outperformance
Full-year 2025 adjusted EBITDA from continuing operations was $269,000,000 (essentially flat YoY) and beat the high end of the October outlook; non-GAAP diluted EPS from continuing operations was $3.51, also beating October and February guidance. Q4 adjusted EBITDA was $61,500,000 and non-GAAP EPS was $0.74, exceeding the high end of Q4 outlook.
Progressive Leasing Portfolio Health and Margin Expansion
Progressive Leasing write-offs remained within targeted range (full-year write-offs 7.5%; Q4 provision for lease merchandise write-offs 7.6%), and gross margin expanded ~90 basis points year over year (Q4 gross margin expansion contributed to consolidated gross margin improving 284 basis points to 36.3%). Q4 adjusted EBITDA margin for Progressive Leasing was 11.7% (11.4% for the year), within the 11%–13% target range.
Direct‑to‑Consumer and Ecommerce Momentum
Prog Marketplace GMV roughly doubled to about $82,000,000 in 2025. Ecommerce penetration reached an all-time high: ~30% of Progressive Leasing GMV in Q4 and 23% for the full year (up from 17% in 2024), signaling strong omnichannel execution.
Cross‑product Engagement Driving Incremental GMV
Cross-sell among For, Money App and leasing drove approximately $45,000,000 of incremental leasing GMV in 2025 (up from $23,000,000 in 2024), demonstrating ecosystem benefits and increased customer lifetime engagement.
Improving Unit Economics and Profitability Trajectory for New Products
For generated approximately $9.9–10.0 million of adjusted EBITDA in 2025 (~13.5% margin on revenue), a meaningful improvement from a loss in 2024. Money App exited the year approaching adjusted EBITDA breakeven, indicating improving stand-alone economics.
Technology, AI and Operational Efficiency Gains
AI and tech investments showed measurable impact: Piper Plus resolved >18,000 inquiries with >50% handled on first interaction; AI-enabled decisioning improved decision speed by ~75% and lifted marketplace conversion. Over 600 knowledge workers have access to secure AI tools, supporting scaling and efficiency.
Balance Sheet Liquidity, Capital Return and Strategic Portfolio Actions
Year-end cash of $308,800,000 and total available liquidity of ~$659,000,000. 2025 buybacks ~1.8M shares at $28.20 average and dividends totaled $0.52 per share. Strategic moves: sale of Vibe (discontinued operations) to redeploy capital and completed acquisition of Purchasing Power (Jan 2026) to expand channels and product breadth.
2026 Financial Outlook with Growth and Profitability Targets
2026 consolidated guidance: revenues $3.0–3.1 billion, adjusted EBITDA $320–350 million, and non-GAAP EPS $4.00–4.45. Purchasing Power expected to contribute $680–730 million of revenue and $50–60 million of adjusted EBITDA in 2026, supporting the company’s growth and EPS guidance.
PRG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PRG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | $33.87 | $36.12 | +6.64% |
Oct 22, 2025 | $32.56 | $32.42 | -0.43% |
Jul 23, 2025 | $28.36 | $33.08 | +16.64% |
Apr 23, 2025 | $26.24 | $24.41 | -6.97% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does PROG Holdings (PRG) report earnings?
PROG Holdings (PRG) is schdueled to report earning on Apr 29, 2026, Before Open (Confirmed).
What is PROG Holdings (PRG) earnings time?
PROG Holdings (PRG) earnings time is at Apr 29, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PRG EPS forecast?
PRG EPS forecast for the fiscal quarter 2026 (Q1) is 0.8.