PROG Holdings Reports Second Quarter 2025 Results

PROG Holdings, Inc., a fintech holding company based in Salt Lake City, UT, has released its financial results for the second quarter of 2025. The company, which operates Progressive Leasing, Vive Financial, Four Technologies, and Build, reported a resilient performance despite facing significant market challenges.

Financial Highlights

For the second quarter of 2025, PROG Holdings reported consolidated revenues of $604.7 million, marking a 2.1% increase from the same period in 2024. Net earnings for the quarter were $38.5 million, up from $33.8 million in the prior year period. The company achieved an adjusted EBITDA of $73.5 million, maintaining a margin of 12.2% of revenues. Diluted earnings per share (EPS) were $0.95, compared to $0.77 in the previous year, while non-GAAP diluted EPS rose to $1.02 from $0.92.

Business and Operational Highlights

Progressive Leasing, the company's primary business segment, reported a Gross Merchandise Volume (GMV) of $413.9 million, an 8.9% decline from the same period in 2024. Despite this, the provision for lease merchandise write-offs remained within the targeted annual range at 7.5% of leasing revenues. Four Technologies showed significant growth, with GMV increasing by 166.5% and achieving its second consecutive quarter of positive pre-tax income.

Strategic Initiatives and Corporate Developments

During the quarter, PROG Holdings repurchased $25.7 million of its stock at an average price of $28.51 per share, leaving $309.6 million of repurchase capacity under its $500 million share repurchase program. Additionally, the company paid a quarterly cash dividend of $0.13 per share. The company ended the quarter with $222.0 million in cash and $600.0 million in gross debt.

Management's Perspective

Steve Michaels, President and CEO of PROG Holdings, highlighted the company's strong execution in managing portfolio health and expanding relationships with key retail partners despite market headwinds. He also emphasized the advancements in technology initiatives at Progressive Leasing, including the deployment of AI-powered tools and enhancements to digital and mobile experiences.

Future Outlook

PROG Holdings has updated its full-year 2025 outlook, increasing the low end of its previous range for revenues and earnings metrics while maintaining the high ends. The company expects total revenues to be between $2.45 billion and $2.5 billion, with net earnings ranging from $120 million to $125 million. Adjusted EBITDA is projected to be between $255 million and $265 million, and diluted EPS is expected to be between $2.91 and $3.06.

SEC Filing: PROG Holdings, Inc. [ PRG ] - 8-K - Jul. 23, 2025