Prog Holdings Reports Q1 2026 Revenue Increase

By Chris Stiles • Wednesday, April 29 12:28 • Permanent Link

Prog Holdings reported first-quarter 2026 revenue from continuing operations of $742.7 million, up 11.1% from a year earlier, while net earnings from continuing operations rose to $36.2 million from $34.6 million.

Adjusted EBITDA from continuing operations increased 29.2% to $90.3 million from $69.9 million, lifting the margin to 12.2% from 10.5%. Diluted earnings per share from continuing operations rose to $0.89 from $0.83, and non-GAAP diluted EPS climbed 37.8% to $1.24 from $0.90.

Consolidated GMV jumped 54.4% to $805.6 million.

At Progressive Leasing, GMV declined 2.2% to $393.0 million and revenue fell 8.4% to $596.9 million. Even so, earnings before taxes increased 6.9% to $52.0 million, and adjusted EBITDA rose 14.1% to $76.7 million.

Four posted the sharpest growth in the quarter. GMV surged 133.6% to $280.0 million, revenue increased 142.3% to $35.0 million, earnings before taxes jumped 478.2% to $11.4 million, and adjusted EBITDA climbed 201.0% to $12.9 million.

Purchasing Power contributed $132.7 million of GMV and $107.1 million of revenue in the quarter. Its loss before taxes was $7.5 million, while adjusted EBITDA was $0.8 million.

On the balance sheet, Prog ended the quarter with $69.4 million of cash and $943.7 million of gross debt. Since acquiring Purchasing Power, the company said it has reduced debt by $254.9 million, including $210 million of net recourse debt reduction, and brought net leverage to 2.0 times. It did not repurchase shares during the quarter and still had $309.6 million available under its buyback authorization.

For 2026, Prog raised its full-year revenue outlook to $3.0 billion to $3.1 billion from $2.95 billion to $3.07 billion. It also lifted its adjusted EBITDA range to $343.0 million to $370.0 million from $320.0 million to $350.0 million, and its diluted EPS outlook to $3.68 to $4.06 from $3.34 to $3.79. Non-GAAP diluted EPS was increased to $4.40 to $4.80 from $4.00 to $4.45. Following these announcements, the company's shares moved 0.16%, and are now trading at a price of $31.43. Check out the company's full 8-K submission here.

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