Consolidated revenues from continuing operations were $574.6 million and net earnings were $40.5 million for the fourth quarter.

PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for Progressive Leasing, Purchasing Power, Four Technologies and MoneyApp today announced financial results for the fourth quarter ended December 31, 2025.

"Q4 and full-year 2025 were periods of disciplined execution that demonstrated the strength and resilience of PROG's multi-product platform," said PROG Holdings President and CEO Steve Michaels. "Despite a challenging retail environment and the impact of a large partner bankruptcy on Progressive Leasing, we took proactive steps to protect portfolio performance, expand margins, and position the business for profitable growth."

"At the same time, we continued to build momentum across our ecosystem during the quarter. Four delivered its ninth consecutive quarter of triple-digit GMV and revenue growth, and MoneyApp approached breakeven adjusted EBITDA by year-end. Both Four and MoneyApp drove incremental Leasing volume through cross-sell, and our direct-to-consumer Leasing channel, PROG Marketplace, nearly tripled GMV during the quarter. We also simplified and strengthened the business through the sale of the Vive portfolio and the announcement of the Purchasing Power acquisition."

"As we move into 2026, we are confident that our three-pillared strategy to grow, enhance, and expand across our product ecosystem, with a focus on increasing customer acquisition and lifetime value, will support sustainable growth. Our business is generating significant free cash flow, providing us with the flexibility to invest in growth, deleverage following the acquisition, and continue building long-term value for our shareholders," concluded Michaels.

Consolidated Results

Consolidated revenues for the fourth quarter of 2025 were $574.6 million, a decrease of 5.2% from the same period in 2024.

Consolidated net earnings from continuing operations for the quarter were $19.9 million, compared with $58.3 million in the prior year period. The prior year period included a $27.8 million deferred tax benefit related to an election to terminate a wholly-owned partnership for tax purposes. The effective income tax rate was 36.6% in the fourth quarter. Adjusted EBITDA from continuing operations for the quarter was $61.5 million, or 10.7% of revenues, compared with $64.1 million, or 10.6% of revenues for the same period in 2024.

Diluted earnings per share from continuing operations for the fourth quarter of 2025 were $0.49, compared with $1.36 in the year ago period. On a non-GAAP basis, diluted earnings per share from continuing operations were down 5.1% at $0.74 in the fourth quarter of 2025, compared with $0.78 for the same period in 2024. The Company's diluted weighted average shares outstanding in the fourth quarter were 5.2% lower year-over-year.

Progressive Leasing Results

Progressive Leasing's fourth quarter GMV of $534.0 million was down 10.6% compared to the same period in 2024. The provision for lease merchandise write-offs for the quarter was 7.6% of leasing revenues, lower by 30 basis points from the prior year, and within the Company's 6-8% targeted annual range.

Liquidity and Capital Allocation

PROG Holdings ended the fourth quarter of 2025 with cash of $308.8 million and gross debt of $600.0 million. The Company did not repurchase any shares during the fourth quarter and maintains $309.6 million of repurchase capacity under its $500 million share repurchase program. Additionally, the Company paid a quarterly cash dividend of $0.13 per share.

2026 Outlook

The Company is issuing full year and Q1 2026 outlook from continuing operations for revenues, consolidated net earnings from continuing operations, segment earnings before taxes, adjusted EBITDA, GAAP diluted EPS, and non-GAAP diluted EPS. The outlook below includes almost a full year of ownership of the recently acquired Purchasing Power business, and assumes a difficult operating environment with soft demand for consumer durable goods, no material changes in the Company's current decisioning posture, an effective tax rate for Non-GAAP EPS of approximately 26%, and no impact from additional share repurchases.

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