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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
PROG
PROG (PRG) investor relations material
PROG Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary29 Jul, 2026
Executive summary
Consolidated revenues rose 22.3% year-over-year to $719.7 million, with adjusted EBITDA and non-GAAP EPS exceeding guidance, driven by strong growth at Four, the acquisition of Purchasing Power, and disciplined execution across all segments.
All segments contributed to growth: Progressive Leasing returned to positive GMV growth, Four achieved its eleventh consecutive quarter of triple-digit GMV growth, and Purchasing Power posted double-digit GMV growth.
The acquisition of Purchasing Power for $424.2 million expanded the platform and added $130.4 million in quarterly revenue.
Net leverage ratio improved to 1.7x, enabling resumption of share repurchases and strengthening the balance sheet.
Strategic focus remains on growth, customer experience, and ecosystem expansion, leveraging AI for operational efficiency.
Financial highlights
Q2 2026 consolidated revenues were $719.7 million (+22.3% YoY); consolidated GMV reached $902.0 million (+60.1% YoY).
Adjusted EBITDA was $88.4 million (12.3% margin), and non-GAAP EPS was $1.19, both above guidance.
Progressive Leasing revenue was $550.3 million (down 3.4% YoY), with GMV up 3.4%; Four revenue grew 118% to $35.1 million, with adjusted EBITDA of $8.7 million (24.8% margin); Purchasing Power revenue was $130.4 million, adjusted EBITDA $10.6 million.
Net earnings from continuing operations were $37.4 million; diluted EPS was $0.92; operating cash flow for the first six months was $283 million.
Cash at quarter-end was $85.2 million; gross debt was $893.7 million.
Outlook and guidance
Full-year 2026 revenue outlook raised to $3.025–$3.1 billion; adjusted EBITDA to $355–$375 million; non-GAAP EPS to $4.75–$5.00.
Q3 2026 revenue guidance set at $715–$750 million; adjusted EBITDA at $79–$89 million; non-GAAP EPS at $1.00–$1.20.
Guidance assumes continued macro pressures, stable unemployment, and no major changes in decisioning posture.
Leasing write-offs expected within 6%-8% annual range, near the high end.
Progressive Leasing is tightening credit decisioning to support portfolio quality, which may constrain growth.
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Latest events from PROG
- Diverse consumer finance platform with flexible solutions and distinct revenue models.PRG
Corporate presentation - Q1 2026 saw 11.1% revenue growth, record GMV, and raised full-year guidance.PRGQ1 2026
- Shareholders to vote on directors, pay, auditor, and equity plan amid growth and ESG focus.PRGProxy filing
- 2026 plan targets $2.95B–$3.1B revenue and $320M–$350M EBITDA via an AI-powered ecosystem.PRGInvestor Day 2026
- 2025 delivered resilient results and fintech growth; 2026 outlook projects $3B+ revenue and margin gains.PRGQ4 2025
- Q3 net earnings surged on a $53.6M tax benefit; GMV up 11.6% and full-year outlook raised.PRGQ3 2024
- Q2 revenue flat at $592.2M, GMV up 7.9%, and full-year outlook raised amid headwinds.PRGQ2 2024
- Q1 2025 revenue up 6.6%, net earnings up 58%, but full-year guidance lowered.PRGQ1 2025
- Q4 2024 saw 8% revenue growth and strong GMV, with a resilient 2025 outlook despite headwinds.PRGQ4 2024
Next PROG earnings date
Q3 202628 Oct, 2026
PROG
Next PROG earnings date
Q3 202628 Oct, 2026
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Frequently asked questions
PROG Holdings, Inc. operates as an omnichannel provider of lease-purchase solutions to underserved and credit-challenged customers. The company offers home furnishings and appliances, mattresses and accessories, electronics, and lawn and garden products through lease-purchase agreements under the Progressive Leasing name. As of February 26, 2020, it operated approximately 18 offices in the United States. The company was founded in 1955 and is headquartered in Draper, Utah.