PROG Holdings, Inc. Q3 2026 Earnings Recap

PROG’s shares rose 4.3% after earnings, as investors appeared to favor 59% consolidated GMV growth and signs of a leasing inflection. The quarter was not uniformly strong: adjusted EBITDA was near the low end of its outlook range, with leasing portfolio yields pressured by customer liquidity and higher purchase-option exercise rates.

Key Takeaways

• Consolidated GMV grew 59% year over year, revenue roughly 26%, and non-GAAP EPS 21.8% to $1.06; revenue and EPS were near the midpoint of the company’s Q3 outlook, while adjusted EBITDA was toward the low end.
• Progressive Leasing GMV grew in the low single digits despite tighter approval standards; approval rates were down nearly 300 basis points year over year, while the gross lease asset balance turned positive year over year at quarter-end.
• Leasing adjusted EBITDA faced yield pressure from more customers in newer pools exercising the 90-day purchase option and weaker liquidity among older-pool customers.
• Four posted triple-digit GMV growth for the 12th consecutive quarter and improved adjusted EBITDA margin sequentially; Purchasing Power delivered double-digit GMV growth.