PROG Holdings, Inc. (PRG)

In Q3 2025, PROG Holdings reported non-GAAP diluted EPS exceeding expectations, but revenue showed a slight year-over-year decline, leading to a stock price drop. The sale of Vive Financial to Atlanticus Holdings Corporation for approximately $150 million in cash is expected to improve capital efficiency and profitability. In Q2 2025, the company reported strong financial results with revenue up 2.1% year-over-year and non-GAAP diluted EPS exceeding outlook. In Q1 2025, PROG Holdings reported a 6.6% increase in total revenue year-over-year, but Progressive Leasing's GMV declined due to a retail partner's bankruptcy and a challenging retail environment. Persistent consumer challenges have impacted discretionary spending and demand, creating headwinds for the company's GMV.

PROG Holdings' business experiences moderate seasonality, with the first quarter generally seeing higher revenues due to increased lease originations during the fourth-quarter holiday season and increased customer liquidity from tax refunds. Revenue is seasonally lower in the second quarter as tax season buyouts subside. Demand is typically higher in the spring and summer months and slows down in the fall and winter.

PROG Holdings, Inc. is a fintech holding company offering payment options and consumer financial products through brands like Progressive Leasing, which provides lease-to-own solutions; Four Technologies, offering Buy Now, Pay Later (BNPL) options; and Build, which provides credit-building products. The company previously operated Vive Financial, but sold its credit card receivables portfolio in October 2025.

PROG Holdings, Inc. primarily operates in the United States, offering lease-purchase solutions through over 30,000 retail partner locations in 46 states and the District of Columbia, including e-commerce merchants.

PROG Holdings' brand reputation has been influenced by its financial performance, industry challenges, and legal/regulatory risks, including a past cybersecurity incident and an FTC settlement. General market sentiment indicates cautious investors, and the challenging consumer environment has impacted the company's revenue outlook.

PROG Holdings, Inc. has a diverse ownership structure, with a significant portion held by institutional investors, including BlackRock, Inc. and Vanguard Group Inc. Insiders own approximately 3.05% of the company's stock and have sold more shares than they bought over the last twelve months.