PROG Holdings, Inc. announced its financial results for the first quarter ended March 31, 2025, with consolidated revenues of $684.1 million, an increase of 6.6% from the same period in 2024. Consolidated net earnings for the quarter were $34.7 million, up from $22.0 million in the prior year.
Adjusted EBITDA for the quarter was $70.3 million, or 10.3% of revenues, a decrease from $72.6 million, or 11.3% of revenues, in Q1 2024. Non-GAAP diluted earnings per share were $0.90, relatively flat compared to $0.91 in the first quarter of 2024. Progressive Leasing's GMV declined 4.0% year-over-year to $402.0 million, primarily due to the bankruptcy of a major retail partner in late 2024.
Despite the challenges in Progressive Leasing, Four Technologies, the company's Buy Now, Pay Later (BNPL) platform, achieved its first quarter of positive adjusted EBITDA and delivered triple-digit GMV growth for the sixth consecutive quarter. The company also repurchased $26.1 million of its stock during the quarter.
In light of a deteriorating macroeconomic environment, PROG Holdings updated its full-year 2025 outlook, revising total revenues to a range of $2.425 billion to $2.500 billion, down from the previous $2.515 billion to $2.590 billion. Adjusted EBITDA guidance was lowered to $245 million to $265 million, and non-GAAP diluted EPS was revised to $2.90 to $3.30.
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