PROG Holdings reported first‑quarter 2026 revenue of $742.7 million, up 11.1% from $663.5 million a year earlier, and non‑GAAP earnings per share of $1.24, a 37.8% increase over the $0.90 reported in Q1 2025. The company’s earnings beat analyst expectations of $0.78–$0.80 per share and revenue estimates of $732.8 million, underscoring strong demand across its three pillars.
Progressive Leasing generated $596.9 million in revenue, a decline of 8.4% from the prior year, but the segment’s portfolio yield improved, helping offset the drop. Four Technologies contributed $35.0 million in revenue and $12.9 million in adjusted EBITDA, a 201% year‑over‑year jump that reflects a 134% increase in GMV and higher pricing power. Purchasing Power, acquired on January 2, 2026, added $107.1 million in revenue and $0.8 million in adjusted EBITDA, with GMV growing double‑digits at 10.3% as new employer clients were onboarded.
The company’s adjusted EBITDA margin expanded to 12.2% of revenue, up from 10.5% in Q1 2025, driven by the high‑margin performance of Four Technologies and the integration of Purchasing Power. Net leverage fell to 2.0x, reflecting disciplined debt management after the acquisition. These metrics indicate that PROG is scaling efficiently while maintaining a strong balance sheet.
Management raised its full‑year 2026 outlook to revenue of $3.0–$3.1 billion and adjusted EBITDA of $343–$370 million, and non‑GAAP EPS of $4.40–$4.80. The guidance lift signals confidence in continued demand for the company’s diversified fintech platform and the successful execution of its digital and AI initiatives.
"We delivered a strong first quarter" and "our results came in at the high end of our revenue outlook and exceeded the top end of our outlook for earnings and non‑GAAP EPS," said CEO Steven Michaels during the earnings call. "Consolidated GMV, which grew 54% in Q1, is a key driver of our growth," he added. "Four's GMV for the quarter was 134% higher year‑over‑year and we are seeing that growth translate into attractive economics and profitability." He also noted that Purchasing Power’s Q1 GMV grew double digits at 10.3% and that the company added several new employer clients during the quarter. CFO Brian Garner highlighted the revised outlook, stating, "Our revised consolidated outlook for continuing operations for 2026 calls for revenues in the range of $3 billion to $3.1 billion, adjusted EBITDA in the range of $343 million to $370 million and non‑GAAP EPS in the range of $4.40 to $4.80."
"The consumer is stressed but resilient," management said, underscoring the company’s focus on disciplined execution and the benefits of its diversified model.
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