PROG Holdings Q1 EPS $1.24 Beats Estimates, GMV Surges 54%
PROG Holdings reported Q1 adjusted EPS of $1.24 on revenue of $742.7 million, surpassing consensus by $0.46 per share and $10 million, with net income of $36.1 million. Consolidated GMV rose 54% YoY driven by 169% growth at PROG Marketplace and triple-digit gains at Four Technologies.
1. Strong Q1 Financial Performance
PROG Holdings reported adjusted EPS of $1.24 and net income of $36.1 million on revenue of $742.7 million, outperforming expectations by $0.46 per share and $10 million respectively.
2. Robust GMV Growth Across Segments
Consolidated GMV climbed 54% year-over-year, driven by PROG Marketplace’s 169% growth, Four Technologies’ tenth straight quarter of triple-digit GMV gains totaling $280 million, 10.3% GMV growth at Purchasing Power, and e-commerce accounting for 25.7% of total GMV.
3. Operational and Margin Highlights
Four Technologies achieved a 37% adjusted EBITDA margin, demonstrating significant operating leverage, while Progressive Leasing’s portfolio yield topped expectations due to reduced 90-day option utilization and GMV returned to low single-digit growth in March.
4. Upwardly Revised 2026 Guidance
Based on Q1 outperformance and sustained momentum, management raised full-year guidance to $4.40–$4.80 EPS and $3.0–$3.1 billion revenue, anticipating easing headwinds from a smaller lease portfolio and moderate margin expansion at Four Technologies.