Prog Holdings, Inc. · NYSE:PRG
Prog — Q4 2025 Earnings Presentation
26 slides from Prog's earnings presentation, Feb 18, 2026
Slide 1: PROG Holdings, Inc. Q4 2025 Earnings Supplement
PROG Holdings, Inc. Q4 2025 Earnings Supplement February 18, 2026 PROG Internal
Slide 2: Use of Forward-Looking Statements
Use of Forward-Looking Statements Statements, estimates and projections in this earnings supplement regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in
Slide 3: PROG Holdings Q4 2025 Headlines
PROG Holdings Q4 2025 Headlines • Consolidated revenues from Continuing Operations of $574.6 million; Net earnings of $40.5 million • Adjusted EBITDA from Continuing Operations of $61.5 million • Diluted EPS from Continuing Operations of $0.49; Non- GAAP Diluted EPS from Continuing Operations of $0.
Slide 4: PROG Holdings Executive Commentary
PROG Holdings Executive Commentary "Q4 and full-year 2025 were periods of disciplined execution that demonstrated the strength and resilience of PROG’s multi-product platform," said PROG Holdings President and CEO Steve Michaels. "Despite a challenging retail environment and the impact of a large pa
Slide 5: PROG Holdings Q4 Consolidated Results
PROG Holdings Q4 Consolidated Results (from Continuing Operations) Revenue Non-GAAP EPS in millions $668.4 $1.00 $606.4 $0.90 $0.87 $588.5 $577.7 $574.6 $0.78 $0.74 • Consolidated revenue declined 5.2%, driven by a smaller lease portfolio but partially offset by strong growth at Four Technologies •
Slide 6: Progressive Leasing Q4 Segment Results
Progressive Leasing Q4 Segment Results GMV Revenue in millions in millions $651.6 $597.5 $592.9 $569.7 $534.0 $556.6 $544.9 • Year-over-year GMV was down $402.0 $413.9 $410.9 10.6% driven by tighter decisioning and the bankruptcy of a large national partner, partially offset by growth in the rest of
Slide 7: Results
Results PROG Internal
Slide 8: PROG Holdings Consolidated Q4 Results
PROG Holdings Consolidated Q4 Results (from Continuing Operations) Three Months Ended Change December 31 2025 2024 Revenue $574.6 $606.4 -5.2% GAAP Net Earnings $19.9 $58.3 -65.9% Adjusted Net Earnings $30.1 $33.4 -9.9% Adjusted EBITDA $ $61.5 $64.1 -4.1% Adjusted EBITDA % 10.7% 10.6% 10 bps GAAP Di
Slide 9: Progressive Leasing Q4 Segment Results
Progressive Leasing Q4 Segment Results Three Months Ended Change* December 31 2025 2024 GMV $534.0 $597.5 -10.6% Revenue $544.9 $592.9 -8.1% Gross Margin % 32.8% 31.9% 90 bps SG&A % 16.8% 13.9% 290 bps Write-Off %** 7.6% 7.9% -30 bps Adjusted EBITDA $ $63.9 $65.8 -2.9% Adjusted EBITDA % 11.7% 11.1%
Slide 10: PROG Holdings Consolidated Results: Cash Flow and Leverage
PROG Holdings Consolidated Results Cash Flow Cash and Cash From Continuing Operations Equivalents Twelve Months Ended 12/31/2025 As of 12/31/2025 $301.8M $308.8M Gross Debt Net Leverage Ratio* As of 12/31/2025 As of 12/31/2025 $600M 1.08x *(Gross debt minus cash and cash equivalents) divided 10 by t
Slide 11: PROG Holdings Full-Year 2026 Outlook
PROG Holdings Full-Year 2026 Outlook The Company is issuing its full year 2026 outlook. The outlook includes almost a full year of ownership of the recently acquired Purchasing Power and assumes a difficult operating environment with soft demand for consumer durable goods, no material changes in the
Slide 12: PROG Holdings Q1 2026 Outlook
PROG Holdings Q1 2026 Outlook The Company is providing selective first quarter 2026 outlook metrics. The outlook includes almost a full quarter of ownership of recently acquired Purchasing Power and assumes a difficult operating environment with soft demand for consumer durable goods, no material ch
Slide 13: Appendix
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Slide 14: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Non-GAAP net earnings from continuing operations, non-GAAP diluted earnings from continuing operations per share, and adjusted EBITDA are supplemental measures of our performance that are not calculated in accordance with generally accepted accounting principles in
Slide 15: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Reconciliation of Net Earnings and Diluted Earnings Per Share to Non- GAAP Net Earnings and Diluted Earnings Per Share (In thousands, except per share amounts) PROG Internal
Slide 16: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Reconciliation of Net Earnings and Diluted Earnings Per Share to Non- GAAP Net Earnings and Diluted Earnings Per Share (In thousands, except per share amounts) PROG Internal
Slide 17: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands) PROG Internal
Slide 18: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands) PROG Internal
Slide 19: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands) PROG Internal
Slide 20: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Annual Segment EBITDA (In thousands) PROG Internal
Slide 21: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Consolidated & Progressive Leasing Adjusted EBITDA % PROG Internal
Slide 22: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Full Year 2026 Outlook for Adjusted EBITDA (In thousands) PROG Internal
Slide 23: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of the Three Months Ended March 31, 2026 Outlook for Adjusted EBITDA (In thousands) PROG Internal
Slide 24: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Full Year 2026 Outlook for Diluted Earnings Per Share to Non-GAAP Diluted Earnings Per Share PROG Internal
Slide 25: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of the Three Months Ended March 31, 2026 Outlook for Diluted Earnings Per Share to Non- GAAP Diluted Earnings Per Share PROG Internal
Slide 26: PROG Internal
PROG Internal