PROG Holdings, Inc. Q2 2026 Earnings Recap

PROG Holdings shares fell 4.7% following the quarter as investors reacted negatively to margin pressure and signs of cautious conditions in Progressive Leasing, despite strong GMV growth in other segments.

Key Takeaways

• Consolidated revenue grew 22% year-over-year to $720 million, near the high end of guidance.
• Adjusted EBITDA from continuing operations was $88.4 million with non-GAAP EPS of $1.19, both above the top of the outlook range.
• Progressive Leasing GMV grew 3.4% year-over-year, a recovery from Q1’s decline, but revenue declined due to a smaller average portfolio.
• Lease merchandise write-offs increased seasonally to 8.4% of Progressive Leasing revenue, modestly above normal seasonal expectations, driven by consumer cost pressures.
• Management emphasized disciplined credit decisioning and margin focus, but elevated write-offs and portfolio headwinds tempered confidence in the leasing segment’s near-term outlook.