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Sep 30, 2025
Prog Holdings Q3 2025 Earnings Report
PROG Holdings reported $595.1 million in revenue and $33.1 million in net income for Q3 2025.
Key Takeaways
PROG Holdings delivered strong adjusted EBITDA and EPS despite a modest revenue decline, driven by margin expansion in Progressive Leasing and continued growth in Four Technologies.
Revenue totaled $595.1 million, down slightly from the prior year.
Net income was $33.1 million, with diluted EPS of $0.82 and non-GAAP EPS of $0.90.
Progressive Leasing GMV was $410.9 million, with write-offs at 7.4% of leasing revenue.
Four Technologies continued strong momentum with triple-digit GMV and revenue growth.
Revenue by Segment
Forward Guidance
PROG Holdings expects continued margin improvement and resilient earnings despite soft consumer demand and exclusion of Vive Financial from future operations.
Positive Outlook
- Revised 2025 EPS outlook increased to $3.06–$3.16 GAAP and $3.35–$3.45 non-GAAP
- Maintaining strong Adjusted EBITDA guidance: $258M–$265M
- Strong cash position of $292.6M to support capital strategy
- Progressive Leasing expected to remain profitable with stable margins
- Solid Q4 guidance with projected EPS of $0.47–$0.57 and non-GAAP EPS of $0.55–$0.65
Challenges Ahead
- Full exclusion of Vive from Q4 and FY25 guidance due to portfolio sale
- Soft demand for consumer durables anticipated through year-end
- Operating environment expected to remain challenging
- No additional share repurchases assumed in guidance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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