PROG (PRG) Investor Day 2026 summary

Strategic vision and business transformation

• Transitioned from a leasing-centric model to a unified, multi-product financial ecosystem serving near and below prime or underserved consumers, leveraging Progressive Leasing, Four Technologies (BNPL), MoneyApp (cash advance), and Purchasing Power (employer-based purchasing platform).

• Acquired Purchasing Power to access over 7 million eligible employees and 360+ employer clients, diversify revenue and risk, and unlock significant cross-sell potential with limited customer overlap.

• Focused on building an integrated, omnidirectional ecosystem with omni-channel distribution, where customers can enter through any product and be served across the platform, with cross-product engagement now a strategic initiative tied to executive compensation.

• Emphasized technology modernization, AI-driven decisioning, and unified data infrastructure to drive efficiency, personalization, and lower customer acquisition costs.

• Maintained exclusive, long-term contracts with major retail partners, securing 70% of GMV into the 2030s and expanding direct-to-consumer channels through Prog Marketplace and Four Technologies.

Product and market expansion

• Progressive Leasing remains the largest commercial engine, focusing on flexible lease-to-own options, expanding D2C via Prog Marketplace, and deepening retailer relationships.

• Four Technologies (BNPL) achieved $736M+ GMV in 2025, with a profitable, capital-efficient model, 80% of GMV from paid subscribers, a 13.5% adjusted EBITDA margin, and a direct-to-consumer model driving repeat engagement.

• MoneyApp, launched in 2022, surpassed 1.5 million cash advances and $13M revenue in 2025, offering fast, transparent, low-cost liquidity with AI-powered underwriting, targeting budget-constrained consumers.

• Purchasing Power leverages payroll deduction for predictable repayment, 98% client revenue retention, and targets a large, underpenetrated employee market with only 10% penetration of its 2.8M target demographic.

• All products share data and infrastructure, enabling cross-sell, improved risk management, and enhanced customer lifetime value.

Financial outlook and growth targets

• Issued three-year financial outlook: consolidated GMV CAGR of 26%-28% (including Purchasing Power in the base year), revenue guidance of $2.95B–$3.1B, adjusted EBITDA of $320M–$350M, and non-GAAP EPS of $4.00–$4.45 for 2026.

• 2025 consolidated GMV was $2.5B, revenue $2.41B, and adjusted EBITDA $269.2M, with strong free cash flow of $200.4M.

• Progressive Leasing expected to grow GMV and EBITDA at mid-single digits, excluding any large enterprise wins.

• Four Technologies projected for 50%-60% revenue growth and margin expansion as customer mix shifts from new to existing.

• Purchasing Power targets low double-digit revenue growth and 25%-35% adjusted EBITDA CAGR, with most near-term growth from deeper penetration of existing employer clients.