PROG (PRG) Q4 2025 earnings summary

Executive summary

• 2025 results met or exceeded prior outlook despite a challenging retail and consumer environment and the bankruptcy of a large retail partner, with disciplined execution and resilience.

• Strategic actions included tightening decisioning in Progressive Leasing, selling the Vive portfolio, and acquiring Purchasing Power, driving business simplification and portfolio protection.

• Four Technologies and MoneyApp delivered strong growth, with Four achieving its ninth consecutive quarter of triple-digit GMV and revenue growth, and MoneyApp approaching breakeven adjusted EBITDA.

• Direct-to-consumer channel PROG Marketplace nearly tripled GMV, and cross-product engagement and digital innovation remained a focus.

Financial highlights

• Q4 2025 consolidated revenues were $574.6M, down 5.2% year-over-year; adjusted EBITDA was $61.5M, with full-year adjusted EBITDA from continuing operations at $269M.

• Non-GAAP diluted EPS from continuing operations was $3.51 for 2025, exceeding guidance; Q4 non-GAAP diluted EPS was $0.74.

• Consolidated GMV grew 12.1% YoY, driven by Four's 144% GMV growth; Progressive Leasing Q4 GMV was $534M, down 10.6% YoY.

• Four delivered $736M GMV in 2025, up 144% YoY, and $10M adjusted EBITDA; PROG Marketplace GMV up 187% YoY.

• Net earnings from continuing operations for Q4 were $40.5M; GAAP net earnings were $19.9M, down 65.9% YoY.

Outlook and guidance

• 2026 consolidated revenue expected at $3.02B–$3.14B, adjusted EBITDA at $320M–$350M, and non-GAAP EPS at $4.00–$4.45.

• Progressive Leasing 2026 revenue: $2.20B–$2.25B; adjusted EBITDA: $254M–$266M; Purchasing Power 2026 revenue: $680M–$730M, adjusted EBITDA: $50M–$60M.

• Four Technologies 2026 revenue: $125M–$140M; adjusted EBITDA: $17.5M–$22.5M; midpoint margin guide just over 15%.

• Q1 2026 revenue outlook: $715M–$745M; non-GAAP diluted EPS: $0.70–$0.90.

• Operating environment assumed to remain challenging, with soft demand for consumer durables and no major changes in decisioning posture.