PROG Holdings, Inc. is a financial technology holding company that provides transparent and competitive payment options to consumers. The company specializes in lease-to-own solutions and credit products, primarily targeting subprime and near-prime consumers. Its offerings include lease-to-own transactions, revolving credit products, and Buy Now, Pay Later (BNPL) solutions.
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Progressive Leasing - Provides lease-to-own solutions for durable goods through approximately 23,000 third-party point-of-sale (POS) partner locations and e-commerce websites in the United States, Puerto Rico, and the District of Columbia. Operates without its own stores, purchasing merchandise from POS partners and leasing it to customers through cancellable lease-to-own transactions.
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Vive Financial - Offers revolving credit products, including private label and Vive-branded credit cards, primarily targeting customers who may not qualify for traditional prime lending. Its network includes over 6,200 POS partner locations and e-commerce websites, covering sectors like furniture, mattresses, fitness equipment, home improvement, and medical/dental services.
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Four Technologies, Inc. (Four) - A Buy Now, Pay Later (BNPL) platform that allows consumers to pay for purchases in four interest-free installments. Serves a variety of retail categories, including furniture, clothing, electronics, and more.
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Build - A credit-building financial management tool, not considered a reportable segment due to its financial insignificance to the company's overall results.
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- Considering management noted a 300 to 400 basis point drop in lease approval rates year-over-year, what specific measures will you implement to prevent further deterioration while maintaining credit quality?
- With the loss of Big Lots impacting GMV by a mid-$30 million headwind in Q1 and an annual hit of $130–150 million, how do you plan to mitigate this headwind and successfully transition these customers to other partners?
- Despite revenue and adjusted EBITDA exceeding guidance, GMV growth was muted; what targeted initiatives are in place to boost GMV in the face of ongoing consumer softness and a challenging macroeconomic environment?
- Four Technologies delivered triple-digit GMV growth and positive adjusted EBITDA in Q1 while catering to a different customer base than Progressive Leasing; how do you plan to leverage this momentum to enhance cross-sell opportunities across your ecosystem?
- Given the current macro uncertainties around inflation, tariffs, and consumer confidence, how will you balance cost discipline—particularly in SG&A—with necessary investments in technology and marketing to sustain long-term growth?
Research analysts who have asked questions during PROG Holdings earnings calls.
Anthony Chukumba
Loop Capital Markets LLC
6 questions for PRG
Hoang Nguyen
TD Cowen
6 questions for PRG
John Hecht
Jefferies
5 questions for PRG
Kyle Joseph
Jefferies
5 questions for PRG
Vincent Caintic
Stephens Inc.
5 questions for PRG
Bradley Thomas
KeyBanc Capital Markets Inc.
3 questions for PRG
Brad Thomas
KeyBanc Capital Markets
3 questions for PRG
Robert Griffin
Raymond James & Associates, Inc.
3 questions for PRG
Bobby Griffin
Raymond James Financial
2 questions for PRG
Alessandra Jimenez
Raymond James & Associates, Inc.
1 question for PRG
Recent press releases and 8-K filings for PRG.
- PROG Holdings reported Q3 2025 revenue of $595.11 million, a 1.8% decline year-over-year, yet it surpassed market expectations.
- Net income significantly dropped to $33.12 million in Q3 2025 from $83.96 million a year ago, though adjusted earnings of $0.90 per share were 21.6% above analyst consensus.
- The Four Technologies buy now, pay later platform achieved its eighth consecutive quarter of triple-digit growth in both gross merchandise volume and revenue.
- The company's full-year revenue guidance midpoint of $2.42 billion is 2.1% below analysts’ estimates, but its adjusted EPS guidance of $3.40 at the midpoint beats analyst estimates by 2%.
- PRG Holdings reported strong Q3 2025 results, with non-GAAP diluted EPS of $0.90 exceeding its outlook, consolidated revenue of $595.1 million, and adjusted EBITDA of $67 million.
- The company announced the sale of its VIVE Financial credit card receivables portfolio for approximately $150 million, leading to a revised 2025 full-year consolidated outlook of $2.41 billion to $2.435 billion in revenue, $258 million to $265 million in adjusted EBITDA, and $3.35 to $3.45 in non-GAAP EPS.
- Progressive Leasing maintained strong portfolio performance with Q3 write-offs at 7.4%, while the Four Technologies BNPL platform continued its rapid growth with triple-digit revenue and GMV expansion and $11.1 million in year-to-date adjusted EBITDA. PRG ended Q3 with $292.6 million in cash and a 1.1 times net leverage ratio.
- PROG Holdings reported Q3 2025 non-GAAP diluted EPS of $0.90, surpassing its outlook range of $0.70 to $0.75 per share, and consolidated revenue of $595.1 million.
- The company announced the sale of its VIVE Financial Credit Card Receivables Portfolio to Atlanticus Holdings Corporation for approximately $150 million, with the transaction to be reflected in Q4 financial results as discontinued operations.
- Progressive Leasing's GMV declined 10% year-over-year to $410.9 million, primarily due to the Big Lots bankruptcy and intentional tightening actions, while Four Technologies continued its strong performance with triple-digit revenue and GMV growth.
- PROG Holdings updated its full-year 2025 consolidated outlook, projecting revenues between $2.41 billion and $2.435 billion, adjusted EBITDA between $258 million and $265 million, and non-GAAP EPS between $3.35 and $3.45, reflecting the VIVE divestiture.
- The company ended Q3 with $292.6 million in cash and a net leverage ratio of 1.1 times, and has $309.6 million remaining under its share repurchase authorization.
- PROG Holdings reported Q3 2025 consolidated revenues of $595.1 million and Non-GAAP diluted EPS of $0.90, which was up 16.9% year-over-year.
- Consolidated revenues declined 1.8% year-over-year, primarily due to a smaller lease portfolio, though this was partially offset by Four Technologies' GMV growth of 162.8%.
- Adjusted EBITDA increased 5.5% year-over-year to $67.0 million, benefiting from strong margins in Progressive Leasing and Four Technologies achieving its third consecutive quarter of positive Adjusted EBITDA.
- Progressive Leasing's GMV decreased 10.0% year-over-year to $410.9 million, impacted by a large national partner's bankruptcy and tighter decisioning.
- The company updated its full-year 2025 outlook, projecting total revenues between $2,410,000 and $2,435,000 and Non-GAAP diluted EPS between $3.35 and $3.45.
- PROG Holdings reported Q3 2025 consolidated revenues of $595.1 million and Non-GAAP diluted EPS of $0.90, which was up 16.9% year-over-year.
- The company announced the sale of its Vive Financial credit card receivables portfolio to Atlanticus Holdings Corporation, receiving approximately $150 million in cash.
- Progressive Leasing's GMV was $410.9 million, a 10.0% decrease compared to Q3 2024, while Four Technologies' GMV grew 162.8% and achieved its third consecutive quarter of positive Adjusted EBITDA.
- PROG Holdings ended Q3 2025 with $292.6 million in cash and $600.0 million in gross debt, and maintains $309.6 million in share repurchase capacity under its $500 million share repurchase program.
- The company provided a revised full-year 2025 outlook, with total revenues expected to be between $2,410 million and $2,435 million, and Non-GAAP diluted EPS from continuing operations projected between $3.35 and $3.45.
- PROG Holdings sold its Vive Financial credit card receivables portfolio to Atlanticus Holdings Corporation, receiving approximately $150 million in cash.
- Atlanticus acquired around $165 million in receivables, and Vive Financial will cease loan servicing operations following the transition.
- The transaction is expected to enhance PROG's capital efficiency and profitability, aligning with its three-pillar strategy to grow core businesses like Progressive Leasing and the BNPL platform, Four Technologies.
- Both companies emphasized their commitment to a smooth transition for customers and retail partners and intend to deepen their partnership.
- PROG Holdings reported consolidated revenues of $595.1 million and diluted EPS of $0.82 for the third quarter of 2025.
- Non-GAAP diluted EPS increased 16.9% to $0.90 in Q3 2025, while consolidated revenues decreased 1.8% compared to the same period in 2024.
- The company completed the sale of Vive's credit card portfolio in October 2025, and Vive's operations will be presented as discontinued beginning in the fourth quarter of 2025.
- Four Technologies achieved its eighth consecutive quarter of triple-digit GMV and revenue growth, with GMV growing 162.8%, and recorded its third consecutive quarter of positive Adjusted EBITDA.
- PROG Holdings updated its full-year 2025 outlook, excluding Vive, and ended the third quarter of 2025 with $292.6 million in cash.