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Dec 31, 2025
Prog Holdings Q4 2025 Earnings Report
PROG Holdings reported lower revenue and earnings in Q4 2025, reflecting a challenging retail environment and the impact of a partner bankruptcy.
Key Takeaways
In Q4 2025, PROG Holdings generated $574.6 million in revenue, down year-over-year, with net earnings from continuing operations of $19.9 million and diluted EPS of $0.49. Adjusted EBITDA remained resilient at $61.5 million despite softer GMV at Progressive Leasing and continued investment in growth initiatives.
Total revenue declined 5.2% year-over-year to $574586000.
Net earnings from continuing operations were $19914000, down from the prior year period.
Adjusted EBITDA from continuing operations was $61547000, representing 10.7% of revenue.
Progressive Leasing GMV decreased to $534004000, while Four GMV grew significantly year-over-year.
Revenue by Segment
Forward Guidance
For full year 2026, PROG Holdings expects revenue between $3020000000 and $3140000000 and diluted EPS from continuing operations between $3.34 and $3.79, reflecting contributions from the Purchasing Power acquisition and a cautious view of consumer demand.
Positive Outlook
- Full year 2026 revenue guidance of $3020000000 to $3140000000.
- Projected adjusted EBITDA range of $320000000 to $350000000.
- Non-GAAP diluted EPS expected between $4.00 and $4.45.
- Inclusion of nearly a full year of Purchasing Power ownership.
- Business continues to generate significant free cash flow to support growth and deleveraging.
Challenges Ahead
- Assumes a difficult operating environment with soft demand for consumer durable goods.
- No material changes assumed in current underwriting and decisioning posture.
- No impact assumed from additional share repurchases.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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