PROG Holdings, Inc., (NYSE: PRG), closed at about $33.9 in Wednesday trading, up modestly on the day after the company released its 2025 fourth-quarter results. The stock’s intraday gain was around 4% following the release of earnings detailed below. The company’s market capitalization stands near $1.32 billion as of the close.
Fourth-Quarter 2025 Results
PROG Holdings reported consolidated revenues from continuing operations of $574.6 million for the fourth quarter ended December 31, 2025, a decrease of 5.2% compared to $606.3 million in the same period of 2024. Net earnings from continuing operations for the quarter were $19.9 million, down from $58.3 million in the prior year period. The company noted that the 2024 results included a $27.8 million deferred tax benefit that did not recur in 2025.
Segment performance during the quarter included:
Progressive Leasing: Gross Merchandise Value (GMV) of $534.0 million, a decline of 10.6% year-over-year. The provision for lease merchandise write-offs was 7.6% of leasing revenues.
Four Technologies: The segment recorded a GMV increase of 126% year-over-year.
PROG Marketplace: Direct-to-consumer leasing GMV grew by 187% compared to the prior year.
Full-Year 2025 Results
For the full year 2025, PROG Holdings reported total revenue of approximately $2.46 billion, reflecting a general stability in annual turnover compared to the $2.463 billion reported in 2024. Annual net earnings from continuing operations moved lower, reaching $111.4 million for the fiscal year, down from $167.3 million in 2024.
The company’s financial trajectory through 2025 was characterized by a contraction in core leasing volumes, which was partially offset by growth in its emerging digital and buy-now-pay-later (BNPL) platforms.
Business and Operations Update
PROG Holdings continued strategic actions during 2025. The company completed the acquisition of Purchasing Power, a voluntary employee benefit payroll platform, expanding its distribution channels and customer reach. The transaction was financed with a mix of cash and debt and positions Purchasing Power as a wholly owned subsidiary.
Earlier in the year, PROG also divested its Vive financial receivables portfolio for approximately $150 million in cash, bolstering liquidity and focusing operations on its core fintech and lease-to-own businesses.
PROG’s operating strategy centers on its multi-product ecosystem including Progressive Leasing, PROG Marketplace, Four Technologies, MoneyApp, and the newly integrated Purchasing Power.
The company maintained a quarterly cash dividend of $0.13 per share during the fourth quarter.
Equity Analyst Commentary
Institutional research on PRG reflected mixed views following the 2025 results and strategic shifts. Some analysts have noted the impact of the Purchasing Power acquisition on leverage and credit ratings, with one major rating service revising its outlook to negative while affirming a ‘BB-’ issuer credit rating due to increased leverage post-acquisition. Research coverage around the earnings release highlighted that PROG’s adjusted earnings per share exceeded consensus estimates by a wide margin, with some reported beats of nearly 48% on EPS versus analyst expectations, although revenues were slightly below consensus.
Guidance & Outlook
For the full year 2026, PROG Holdings issued guidance for revenues from continuing operations in the range of $3.02 billion to $3.14 billion. The company expects GAAP diluted earnings per share to fall between $3.34 and $3.79.
Factors to watch include the integration of the Purchasing Power acquisition and the operational performance of the Four Technologies and MoneyApp platforms. Management indicated that the 2026 outlook assumes a continued challenging retail environment and no material changes in the company’s credit decisioning posture.
Performance Summary
PROG Holdings shares rose intraday following the Q4 results announcement. Fourth-quarter revenue declined year-over-year to $574.6 million. Net earnings and EPS metrics trended lower compared with a year ago. Segment GMV dynamics showed declines in core leasing volumes and growth in marketplace and digital segments. The company completed a strategic acquisition and divestiture in 2025. Equity research noted mixed responses from analysts. Market capitalization remains near $1.3 billion at current prices