Highlights

  • PROG Holdings reported third quarter 2026 consolidated revenues of $725.8 million, compared with $577.7 million a year earlier.
  • Net earnings were $37,242 thousand, or $0.91 per diluted share, and pre-tax earnings from continuing operations were $52.3 million.
  • The Board added $237.3 million to its repurchase program, and the company announced an intended $100.0 million accelerated share repurchase.
  • Management said it revised its 2026 outlook to revenue of $3.015 billion-$3.05 billion and Adjusted EBITDA of $345 million-$355 million.

PROG Holdings, Inc. (NYSE:PRG) shares were trading at USD 30.69 on October 28, 2026, up 3.63%, with a relative volume at time of 4.89. The financial technology holding company completed its Purchasing Power acquisition on January 2, 2026, replenished its share repurchase program on October 26, 2026 and reported third quarter 2026 results on October 28, 2026.

PROG Holdings is incorporated in Georgia and lists its principal executive offices in Draper, Utah. The company is a financial technology holding company that provides payment options to consumers. It has three reportable segments: Progressive Leasing, a point-of-sale lease-to-own solutions provider; Purchasing Power, a voluntary employee benefit program provider that lets employees buy products and services through payroll deductions or allotments; and Four Technologies, which offers Buy Now, Pay Later options through the Four platform.

Third Quarter Results

Consolidated revenues for the three months ended September 30, 2026 were $725.8 million, compared with $577.7 million for the third quarter of 2025. The company said the change was primarily due to $131.8 million of revenues contributed by Purchasing Power.

Earnings from continuing operations before income taxes were $52.3 million, compared with $44.7 million. Net earnings from continuing operations were $37,478 thousand, and net earnings were $37,242 thousand, or $0.91 per diluted share, compared with $33,121 thousand, or $0.82 per diluted share.

Gross merchandise volume (GMV) totaled $912,032 thousand, including Progressive Leasing at $420,437 thousand, Purchasing Power at $161,174 thousand and Four at $330,421 thousand.

The filing states that Progressive Leasing experienced elevated delinquencies in the second and third quarters of 2026. The provision for lease merchandise write-offs was 8.3% of Progressive Leasing revenue, compared with 7.4% in the prior-year period. Progressive Leasing tightened its decisioning posture late in the second quarter and again in the third quarter, which is expected to continue to pressure GMV in future periods.

For the nine months ended September 30, 2026, net earnings were $110,325 thousand, or $2.71 per diluted share.

Balance Sheet, Cash Flow and Capital

As of September 30, 2026, PROG Holdings had $108.9 million of cash, $350.0 million of availability under its Revolving Facility and $872.0 million of gross indebtedness, including $272.0 million of non-recourse funding debt associated with Purchasing Power.

Cash provided by operating activities was $386.2 million for the nine months, compared with $389.9 million. The company completed the Purchasing Power acquisition for $424.2 million in cash, and Purchasing Power had $338.6 million of non-recourse funding debt that remained in place.

The company repurchased 1,165,000 shares for $46.9 million during the nine months. On October 26, 2026, the Board added $237.3 million to bring the amount available to $500.0 million and extended the term to October 26, 2029. On October 28, 2026, the company announced its intention to enter into an accelerated share repurchase program for $100.0 million. The Board declared a quarterly dividend of $0.14 per share on August 5, 2026, paid on September 3, 2026.

2026 Outlook

On the call, management said it revised down its revenue and Adjusted EBITDA ranges. The outlook for continuing operations in 2026 calls for revenue of $3.015 billion-$3.05 billion, Adjusted EBITDA of $345 million-$355 million and non-GAAP EPS of $4.70-$4.85, assuming an effective tax rate of approximately 26%.

Management also said it expects fourth quarter revenue of $827 million to $862 million and Adjusted EBITDA between $86 million and $96 million. The outlook assumes an accelerated share repurchase program, and management said there can be no assurance it will be entered into as anticipated.