PRG

EX-99.1

2 a2026q2ex991earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

PROG Holdings Reports Second Quarter 2026 Results

•Consolidated revenues from continuing operations of $719.7 million, up 22.3%; Net earnings from continuing operations of $37.4 million

•Adjusted EBITDA from continuing operations of $88.4 million, up 22.8%

•Diluted EPS from continuing operations of $0.92; Non-GAAP Diluted EPS from continuing operations of $1.19, up 19.0%

•Consolidated GMV of $902.0 million, up 60.1%

•Net leverage ratio ended the quarter at 1.7x

SALT LAKE CITY, July 29, 2026 - PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for Progressive Leasing, Four Technologies, MoneyApp and Purchasing Power, today announced financial results for the second quarter ended June 30, 2026, which includes the results of Purchasing Power since January 2, 2026, the date the Company acquired Purchasing Power.

"PROG Holdings delivered a strong second quarter, with revenue toward the higher end of our outlook and both adjusted EBITDA and Non-GAAP EPS coming in above the top end of our April outlook ranges, a reflection of disciplined execution across the business," said PROG Holdings Chairman, President and CEO Steve Michaels. "Every product in our ecosystem contributed: consolidated GMV grew 60% year-over-year, Progressive Leasing returned to positive GMV growth of 3.4% with adjusted EBITDA margin at 12.7%, Four delivered its eleventh consecutive quarter of triple-digit GMV growth, and Purchasing Power's GMV grew double-digits."

"Equally important was our continued strengthening of the balance sheet. We used our strong cash flow to pay down debt, bringing our net leverage ratio to approximately 1.7 times, down from about 2.5 times right after the acquisition of Purchasing Power, and comfortably within our targeted range of 1.5 to 2.0 times. This deleveraging gave us the confidence to resume share repurchases during the quarter."

"Reflecting our second-quarter outperformance and the momentum we see across our product ecosystem, we are raising our full-year 2026 outlook. Our performance is a testament to the resilience of our platform and the discipline with which we run it," concluded Michaels.

Consolidated Results

Consolidated revenues for the second quarter of 2026 were $719.7 million, an increase of 22.3% from the same period in 2025.

Consolidated net earnings from continuing operations for the quarter were $37.4 million, compared with $37.6 million in the prior year period. The effective income tax rate was 26.4% in the second quarter of 2026, compared to 26.5% in the same period in the prior year. Adjusted EBITDA from continuing operations for the quarter was $88.4 million, or 12.3% of revenues, compared with $72.0 million, or 12.2% of revenues for the same period in 2025.

Diluted earnings per share from continuing operations for the second quarter of 2026 were $0.92, compared with $0.93 in the year ago period. On a non-GAAP basis, diluted earnings per share from continuing operations were up 19.0% at $1.19 in the second quarter of 2026, compared with $1.00 for the same period in 2025.

Progressive Leasing Results

Progressive Leasing's second quarter GMV of $428.1 million was up 3.4% compared to the same period in 2025. Revenues were $550.6 million, down 3.4% from the prior year. The provision for lease merchandise write-offs for the quarter was 8.4% of leasing revenues. Earnings before taxes for the second quarter of 2026 were $45.4 million, down 11.9% from the second quarter of 2025. Adjusted EBITDA was $69.9 million, up 0.3% from the second quarter of 2025.

Four Results

Four's GMV for the second quarter of 2026 was $315.1 million, an increase of 110.6% compared to the same period in the prior year. Revenues were $35.1 million, up 118.2% from the year ago period. Four's earnings before taxes for the second quarter of 2026 were $7.1 million, up 139.9% from the second quarter of 2025. Adjusted EBITDA was $8.7 million, up 111.2% from the second quarter of 2025.

Purchasing Power Results

The Company acquired Purchasing Power on January 2, 2026. Purchasing Power's GMV, which is defined as the total value of merchandise and services purchased and delivered to customers through its platform, was $158.8 million, up 15.2% from the second quarter of 2025 on a standalone basis.

Revenues were $130.4 million in the second quarter of 2026. Loss before taxes was $0.3 million and adjusted EBITDA was $10.6 million for the second quarter of 2026.

Liquidity and Capital Allocation

PROG Holdings ended the second quarter of 2026 with cash of $85.2 million and gross debt of $893.7 million. During the quarter, the Company repaid $50.0 million of debt related to the acquisition of Purchasing Power. Since the acquisition of Purchasing Power, the Company has reduced its total debt by $304.9 million. The Company repurchased $10.2 million of its stock in the quarter at an average price of $36.37 per share, leaving $299.4 million

EX-99.1

2 a2026q1ex991earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

PROG Holdings Reports First Quarter 2026 Results

•Consolidated revenues from continuing operations of $742.7 million, up 11.1%; Net earnings from continuing operations of $36.2 million

•Adjusted EBITDA from continuing operations of $90.3 million, up 29.2%

•Diluted EPS from continuing operations of $0.89; Non-GAAP Diluted EPS from continuing operations of $1.24, up 37.8%

•Consolidated GMV of $805.6 million, up 54.4%

•$210 million of net recourse debt reduction since the acquisition of Purchasing Power, resulting in net leverage ratio of 2.0

SALT LAKE CITY, April 29, 2026 - PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for Progressive Leasing, Purchasing Power, Four Technologies and MoneyApp, today announced financial results for the first quarter ended March 31, 2026, which includes the results of Purchasing Power since January 2, 2026, the date the Company acquired Purchasing Power.

"We delivered a strong start to 2026, with first quarter results exceeding the high end of our outlook for earnings, and non-GAAP EPS," said PROG Holdings President and CEO Steve Michaels. "This performance reflects disciplined execution across the organization and the benefits of our diversified model, with improving trends at Progressive Leasing, continued triple-digit growth and strong economics at Four, and growth at Purchasing Power. Importantly, Progressive Leasing returned to year-over-year GMV growth as we exited the quarter, reflecting the progress we've made on our initiatives and the lapping of prior headwinds. We also meaningfully improved the balance sheet, reducing our net leverage ratio to two times as we prioritized debt reduction following the Purchasing Power acquisition."

"We saw continued momentum in our ecosystem with increasing engagement across products, which is driving higher customer lifetime value and improving acquisition efficiency. As our ecosystem scales, we are able to drive more efficient growth through cross-product connectivity."

"Based on our strong first quarter and the momentum we are seeing in the business, we have increased our full-year 2026 outlook, providing a positive start towards the three-year 2028 compound annual growth targets we outlined at our Investor Day. These targets, inclusive of Purchasing Power on a pro forma 2025 basis, are to grow consolidated GMV 20% to 25%, revenue 5% to 8%, Adjusted EBITDA 13% to 16%, and non-GAAP EPS 17% to 20%. Despite a challenging

macro environment, our model is performing as designed, and we remain focused on executing our Grow, Enhance, and Expand strategy that we believe will deliver durable, profitable growth and long-term shareholder value," concluded Michaels.

Consolidated Results

Consolidated revenues for the first quarter of 2026 were $742.7 million, an increase of 11.1% from the same period in 2025.

Consolidated net earnings from continuing operations for the quarter were $36.2 million, compared with $34.6 million in the prior year period. The effective income tax rate was 23.9% in the first quarter of 2026, compared to 26.8% in the same period in the prior year. Adjusted EBITDA from continuing operations for the quarter was $90.3 million, or 12.2% of revenues, compared with $69.9 million, or 10.5% of revenues for the same period in 2025.

Diluted earnings per share from continuing operations for the first quarter of 2026 were $0.89, compared with $0.83 in the year ago period. On a non-GAAP basis, diluted earnings per share from continuing operations were up 37.8% at $1.24 in the first quarter of 2026, compared with $0.90 for the same period in 2025.

Progressive Leasing Results

Progressive Leasing's first quarter GMV of $393.0 million was down 2.2% compared to the same period in 2025. Revenues were $596.9 million, down 8.4% from the prior year. The provision for lease merchandise write-offs for the quarter was 7.3% of leasing revenues, approximately flat from the prior year, and within the Company's 6-8% targeted annual range. Earnings before taxes for the first quarter of 2026 were $52.0 million, up 6.9% from the first quarter of 2025. Adjusted EBITDA was $76.7 million, up 14.1% from the first quarter of 2025.

Four Results

Four's GMV for the first quarter of 2026 was $280.0 million, an increase of 133.6% compared to the same period in the prior year. Revenues were $35.0 million, up 142.3% from the year ago period. Four's earnings before taxes for the first quarter of 2026 were $11.4 million, up 478.2% from the first quarter of 2025. Adjusted EBITDA was $12.9 million, up 201.0% from the first quarter of 2025.

Purchasing Power Results

The Company acquired Purchasing Power on January 2, 2026. Accordingly, results for the first quarter 2026 reflect activity since the acquisition date. Purchasing Power's GMV, which is defined as the total value of merchandise and services purchased and delivered to customers through its platform, was $

prg-20260218false000180883400018088342026-02-182026-02-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 18, 2026

PROG HOLDINGS, INC.

(Exact name of Registrant as Specified in Charter)

Georgia 1-39628 85-2484385

(State or other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

256 W. Data DriveDraper,Utah84020-2315 (Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (385) 351-1369 Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading SymbolName of each exchange on which registered Common Stock, $0.50 Par ValuePRGNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02.     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 18, 2026, PROG Holdings, Inc. (the "Company") issued a press release (the "Press Release") announcing its financial results for the fourth quarter and fiscal year ended December 31, 2025. A copy of the Press Release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The information contained in this paragraph, as well as Exhibit 99.1 referenced herein, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

ITEM 9.01.     FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits:

Exhibit No. Description

99.1 Press release, dated February 18, 2026.

99.2 PROG Holdings, Inc. Earnings Supplement Presentation, dated February 18, 2026.

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PROG Holdings, Inc.

By: /s/ Brian Garner

Date: February 18, 2026 Brian Garner Chief Financial Officer