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Jun 30, 2025
Prog Holdings Q2 2025 Earnings Report
PROG Holdings reported strong second quarter 2025 results, exceeding guidance due to robust performance in its Progressive Leasing business and continued growth and profitability from Four Technologies.
Key Takeaways
PROG Holdings delivered a resilient second quarter in 2025, with consolidated revenues reaching $604.7 million and net earnings of $38.5 million. The company's Progressive Leasing segment demonstrated strong execution despite GMV headwinds, while Four Technologies continued its impressive growth with over 200% revenue increase and sustained profitability. Diluted EPS was $0.95, and non-GAAP diluted EPS was $1.02, reflecting a 10.9% increase year-over-year on a non-GAAP basis.
Consolidated revenues for Q2 2025 were $604.7 million, a 2.1% increase from the same period in 2024.
Net earnings for the quarter were $38.5 million, up from $33.8 million in the prior year period.
Diluted EPS was $0.95, and non-GAAP diluted EPS was $1.02, showing a significant increase from the previous year.
Progressive Leasing's GMV was $413.9 million, while Four Technologies achieved 166.5% GMV growth and positive pre-tax income for the second consecutive quarter.
Revenue by Segment
Forward Guidance
PROG Holdings updated its full-year 2025 outlook, increasing the lower end of its revenue and earnings ranges while maintaining the high ends. The outlook assumes a challenging operating environment with soft consumer demand and no significant changes in decisioning posture.
Positive Outlook
- Increased the low end of the full-year 2025 total revenues outlook to $2.45 billion from $2.425 billion.
- Increased the low end of the full-year 2025 net earnings outlook to $120 million from $109 million.
- Increased the low end of the full-year 2025 Adjusted EBITDA outlook to $255 million from $245 million.
- Increased the low end of the full-year 2025 Diluted EPS outlook to $2.91 from $2.62.
- Increased the low end of the full-year 2025 Non-GAAP Diluted EPS outlook to $3.20 from $2.90.
Challenges Ahead
- Assumes a difficult operating environment with soft demand for consumer durable goods.
- No material changes in the Company's current decisioning posture are assumed.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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