PROG Holdings Reports 12.1% GMV Growth and Issues $4.00–4.45 EPS Guidance
PROG Holdings reported 2025 consolidated GMV growth of 12.1%, driven by Four’s 144% expansion and ~$45 million incremental leasing GMV from MoneyApp and Four. The company closed the Purchasing Power acquisition in January 2026 (net leverage ~2.5×), ended 2025 with ~$659 million liquidity, and forecasted $3.0–3.1 billion revenue and $4.00–4.45 EPS for 2026.
1. Robust GMV Growth Across Ecosystem
Management reported consolidated GMV up 12.1% in 2025, driven by Four’s approximately 144% expansion and cross-sell contributions from MoneyApp and Four adding about $45 million in incremental leasing GMV year-over-year.
2. Underwriting Actions and Portfolio Performance
Progressive Leasing’s headline GMV declined 8.6% due to a major partner bankruptcy and tighter approvals, but underlying GMV grew in the mid-single digits after excluding those impacts; full-year write-offs remained within the 6%–8% target range and gross margin expanded.
3. Strategic Acquisition and Balance Sheet
The company completed the Purchasing Power acquisition in January 2026, raising net leverage to about 2.5× (excluding non-recourse ABS) and ended 2025 with approximately $659 million of available liquidity; it repurchased 1.8 million shares at $28.20 on average and paid $0.52 per share in dividends.
4. 2026 Financial Outlook
Management issued 2026 guidance for $3.0–3.1 billion in revenue, $320–350 million in adjusted EBITDA and $4.00–4.45 of non-GAAP EPS, with a focus on integration of new assets and reduction of leverage toward a 1.5× target.