PROG Holdings shares surged 24.1% after the company posted Q1 results that surpassed the high end of its outlook for revenue, adjusted EBITDA, and non-GAAP EPS. The upside was fueled by stronger-than-expected consolidated GMV growth, especially at Four, as well as improved profitability and payment performance across the portfolio.

• Consolidated GMV jumped 54% year-over-year, driven by the addition of Purchasing Power and triple-digit growth (+134% YoY) at Four.
• Revenue grew 11% year-over-year to $743 million, powered by new clients at Purchasing Power and improving trends at Four.
• Adjusted EBITDA reached $90.3 million, and non-GAAP EPS was $1.24, both exceeding the upper end of management's outlook for the quarter.
• Progressive Leasing's GMV declined 2.2% YoY, but trends improved sequentially, turning positive in March as headwinds from 2025 faded.
• Management acknowledged a challenging macro backdrop, but highlighted resilient consumer demand and ongoing efforts to manage costs and deliver earnings as guided.