The beat-and-raise, combined with rapid deleveraging and resumption of buybacks, signals strong operational momentum. Progressive Leasing returning to positive GMV growth is a key milestone. Watch Q3 guidance for confirmation; the raised FY ranges imply confidence in H2 performance.
Price Chart
Executive Summary
PROG Holdings reported Q2 2026 non-GAAP EPS of $1.19, beating consensus of $0.95 by 25.8%, and revenue of $719.7M (+22.3% YoY, +0.9% vs est). Full-year 2026 guidance was raised: non-GAAP EPS now $4.75-$5.00 (previous $4.40-$4.80) and Adjusted EBITDA $355M-$375M (previous $343M-$370M). Net leverage improved to 1.7x, allowing resumption of share repurchases ($10.2M in Q2). Progressive Leasing GMV returned to positive growth (+3.4%) but revenue declined 3.4%, while Four continued triple-digit GMV growth (+110.6%) and Purchasing Power showed double-digit GMV growth (+15.2%). Overall, a beat-and-raise quarter with strong cash generation and balance sheet improvement.
Key Financial Metrics
Key Facts
- Non-GAAP diluted EPS $1.19 vs consensus $0.95 (+25.8% beat)
- Revenue $719.7M vs consensus $713.5M (+0.9% beat, +22.3% YoY)
- Full-year 2026 guidance raised: non-GAAP EPS $4.75-$5.00 (previous $4.40-$4.80); Adjusted EBITDA $355M-$375M (previous $343M-$370M)
- Net leverage ratio improved to 1.7x from ~2.5x post-Purchasing Power acquisition
- Resumed share repurchases: $10.2M at average price $36.37/share in Q2
- Consolidated GMV grew 60.1% to $902.0M; Progressive Leasing GMV +3.4% (first positive growth since acquisition); Four GMV +110.6%; Purchasing Power GMV +15.2% on standalone basis
- GAAP net earnings from continuing ops flat at $37.4M vs $37.6M prior year; GAAP diluted EPS $0.92 vs $0.93
- Adjusted EBITDA increased 22.8% to $88.4M; margin improved 5 bps to 12.3%
- Board member Douglas C. Curling passed away; board size reduced from 10 to 9 (neutral event)
Financial Impact
Non-GAAP EPS beat of $0.24 vs consensus ($1.19 vs $0.95) represents a 25.8% upside surprise. Full-year guidance raised by $0.35-$0.20 on non-GAAP EPS. Revenue beat of $6.2M.
Risk Factors
- Progressive Leasing revenue continues to decline (-3.4% YoY), indicating core business headwinds
- Macro pressures on lower-income consumers could impact lease-to-own and BNPL volumes
- Integration and scaling of Purchasing Power and Four remain execution risks
- GAAP net earnings flat YoY due to acquisition-related amortization and transaction costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001808834-26-000101 |
| Exhibit: ex-992q22026earningssupp.htm | 0001808834-26-000101 |
| Document: prg-20260729.htm | 0001808834-26-000101 |
| Document: 0001808834-26-000101-index-headers.html | 0001808834-26-000101 |
| Document: 0001808834-26-000101-index.html | 0001808834-26-000101 |
| Document: 0001808834-26-000101.txt | 0001808834-26-000101 |
| 8-K Data (Synthetic) | 0001808834-26-000101 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 11w ago | Insider Cluster | $42.71 | awaiting T+60 | — | $29.61 (−30.67%) |
Jul 29, 2026 12w ago | 8-K | $42.78 $31.83 | ▼ −25.60% | ▼ −30.33% | $29.61 (−30.79%) |
May 8, 2026 24w ago | 3 | $35.31 $45.85 | ▲ +29.85% | ▲ +25.46% | $29.61 (−16.14%) |
May 7, 2026 24w ago | 8-K | $35.71 $45.79 | ▲ +28.23% | ▲ +24.39% | $29.61 (−17.08%) |
Apr 29, 2026 25w ago | 8-K | $35.84 $43.71 | ▲ +21.96% | ▲ +17.85% | $29.61 (−17.38%) |
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