PROG Holdings Reports Significant Q4 Earnings Decline, Provides Cautious 2026 Outlook
PRG sits 55% above its 52-week low of $23.5.
Summary
PROG Holdings reported a substantial decline in Q4 2025 GAAP net earnings and diluted EPS, impacted by a challenging retail environment and a partner bankruptcy, while providing a cautious outlook for 2026.
Key Events · Earnings and Guidance · PRG
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Q4 2025 GAAP Net Earnings Decline
Consolidated net earnings from continuing operations for Q4 2025 were $19.9 million, a significant 65.9% decrease compared to $58.3 million in Q4 2024.
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Q4 2025 GAAP Diluted EPS Drop
Diluted EPS from continuing operations for Q4 2025 was $0.49, down 64.0% from $1.36 in the prior year period.
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Progressive Leasing GMV Decreased
Progressive Leasing's Gross Merchandise Volume (GMV) for Q4 2025 was $534.0 million, a 10.6% decrease year-over-year, attributed to a challenging retail environment and a large partner bankruptcy.
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Growth in Other Segments
Four Technologies reported 126% GMV growth, and PROG Marketplace GMV nearly tripled (up 187%) during the quarter, demonstrating momentum in newer business lines.
Analysis · PRG · Trade & Services
PROG Holdings reported a substantial decline in its fourth-quarter 2025 GAAP financial results, with net earnings from continuing operations falling by 65.9% and diluted EPS by 64.0% year-over-year. This downturn was primarily attributed to a challenging retail environment and the bankruptcy of a large national partner impacting its Progressive Leasing segment, which saw a 10.6% decrease in GMV. Despite these headwinds, the company highlighted strong growth in its Four Technologies and PROG Marketplace segments, with GMV increasing by 126% and 187% respectively. The company also issued a full-year 2026 outlook that incorporates the recently completed Purchasing Power acquisition, projecting revenues between $3.02 billion and $3.14 billion, and non-GAAP diluted EPS between $4.00 and $4.45, assuming a difficult operating environment. This comprehensive update provides critical insights into both recent performance and future expectations, reflecting a mixed operational landscape with significant challenges in its core leasing business offset by growth in newer ventures.
How filings like this one have moved
In the 30 days to Sep 16, 2026, 35.4% of the 1170 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.43%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, PRG was trading at $36.39 on NYSE in the Trade & Services sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $23.50 to $43.97. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.