PROG (NYSE:PRG) Announces Quarterly Earnings Results, Beats Expectations By $0.46 EPS

PROG (NYSE:PRG) released its quarterly earnings data on Wednesday. The fintech holding company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.46, FiscalAI reports. The firm had revenue of $742.67 million for the quarter, compared to analyst estimates of $732.70 million. PROG had a net margin of 5.88% and a return on equity of 21.94%. PROG’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. PROG updated its Q2 2026 guidance to 1.050-1.050 EPS.

Here are the key takeaways from PROG’s conference call:

• Delivered a strong Q1, beating guidance with consolidated revenue of $743 million, Adjusted EBITDA of $90.3 million, Non-GAAP EPS of $1.24, and consolidated GMV up 54% year‑over‑year.
• Four continued rapid, profitable scaling—Q1 GMV of $280 million (+134% YoY), revenue up 142%, and Adjusted EBITDA of $12.9 million with a 37% margin, showing improving unit economics.
• Progressive Leasing showed sequential improvement (January down high single digits → March up low single digits) but Q1 GMV was down 2.2% YoY and portfolio size remained down ~5.4% YoY, even as gross margin expanded ~210 bps and write‑offs stayed within the 6%–8% target.
• Purchasing Power delivered modest momentum with Q1 GMV +10.3% and revenue of $107.1 million, producing near‑breakeven Adjusted EBITDA (~$0.8M) while integration and employer distribution remain early‑stage growth drivers.
• Balance sheet progress: paid down $210 million of recourse debt post‑acquisition, exiting Q1 at ~2.0x net leverage (within the 1.5–2.0x target), raised the quarterly dividend, and prioritized deleveraging, M&A, and potential buybacks.

PROG Trading Down 0.1%

PROG stock opened at $35.82 on Friday. The firm has a 50 day simple moving average of $31.16 and a 200-day simple moving average of $30.95. The company has a debt-to-equity ratio of 1.27, a current ratio of 4.27 and a quick ratio of 2.32. The stock has a market capitalization of $1.42 billion, a PE ratio of 9.79 and a beta of 1.81. PROG has a 12-month low of $25.80 and a 12-month high of $41.14.

PROG Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 24th. Stockholders of record on Thursday, March 12th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.6%. This is a boost from PROG’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, March 12th. PROG’s payout ratio is 15.56%.

Analysts Set New Price Targets

PRG has been the subject of several recent analyst reports. Zacks Research cut shares of PROG from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Wall Street Zen upgraded shares of PROG from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Raymond James Financial restated an “outperform” rating and issued a $45.00 target price on shares of PROG in a research report on Thursday. B. Riley Financial restated a “buy” rating on shares of PROG in a research report on Thursday. Finally, Weiss Ratings upgraded shares of PROG from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.70.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP boosted its holdings in PROG by 82.8% during the fourth quarter. Quarry LP now owns 1,117 shares of the fintech holding company’s stock worth $33,000 after buying an additional 506 shares in the last quarter. WealthCollab LLC boosted its holdings in PROG by 28.1% during the third quarter. WealthCollab LLC now owns 2,680 shares of the fintech holding company’s stock worth $87,000 after buying an additional 588 shares in the last quarter. Swiss National Bank boosted its holdings in PROG by 0.9% during the third quarter. Swiss National Bank now owns 78,200 shares of the fintech holding company’s stock worth $2,531,000 after buying an additional 700 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in PROG by 5.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,363 shares of the fintech holding company’s stock worth $648,000 after buying an additional 1,162 shares in the last quarter. Finally, Vident Advisory LLC boosted its holdings in PROG by 7.7% during the third quarter. Vident Advisory LLC now owns 18,880 shares of the fintech holding company’s stock worth $611,000 after buying an additional 1,349 shares in the last quarter. 97.92% of the stock is currently owned by institutional investors.

PROG News Roundup

Here are the key news stories impacting PROG this week:

• Positive Sentiment: Q1 earnings and revenue beat consensus — PROG reported $1.24 EPS vs. $0.78 expected and revenue of $742.7M (up 11.1% y/y), signaling solid core performance and helping lift profit metrics. PROG Holdings (PRG) Q1 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Management highlights ecosystem strategy and margin expansion — commentary and analyses point to improving profitability across Progressive Leasing, Purchasing Power, Four Technologies and MoneyApp, which supports higher longer‑term earnings power. PRG Q1 deep dive: Ecosystem strategy drives growth and expanding profit margins
• Positive Sentiment: Analyst bullishness — Stephens raised its price target to $47.50 and upgraded the stock to Overweight, implying meaningful upside versus current levels and providing support for the shares. Benzinga
• Neutral Sentiment: Acquisition integration noted — Q1 results include Purchasing Power (acquired Jan 2, 2026); the consolidation boosts scale but requires monitoring for integration execution and combined unit economics. PROG Holdings Reports First Quarter 2026 Results
• Negative Sentiment: Q2 guidance came in light of Street consensus — management set Q2 EPS at $1.05 (consensus ~$1.08) and revenue guidance of $700–725M (vs. ~$725.7M consensus), creating a near‑term disappointment risk despite the strong quarter. PROG Holdings Reports First Quarter 2026 Results

PROG Company Profile

PROG Holdings, Inc, formerly known as Aaron’s, is a North American provider of lease-to-own and consumer finance solutions. The company operates through two primary segments: Aaron’s Business Solutions and Progressive Financial Services. Through Aaron’s Business Solutions, PROG offers customers access to furniture, electronics, home appliances and technology products via lease ownership arrangements, serving both individual consumers and small businesses.

The Progressive Financial Services segment provides lease-purchase and retail point-of-sale financing programs to customers with limited credit histories.