PROG Holdings, Inc. (NYSE:PRG) announced its third‑quarter 2025 financial results on October 24, 2025. Consolidated revenue for the quarter was $595.1 million, a 1.8% decline year‑over‑year, while net earnings were $33.1 million, down from $84.0 million in the same period last year. Adjusted EBITDA rose to $67.0 million, representing 11.3% of revenue, and diluted earnings per share were $0.82, compared with $1.94 a year earlier. Non‑GAAP diluted EPS was $0.90, up 16.9% from $0.77 in Q3 2024.
The company’s core segments performed as follows: Progressive Leasing generated $556.6 million in revenue, a 4.5% decline YoY, and reported a 10% drop in gross‑leased‑asset GMV to $410.9 million. The segment’s write‑off rate was 7.4% of leasing revenues, within the targeted 6‑8% range. Four Technologies, the BNPL platform, continued its growth trajectory, contributing to the overall earnings momentum, while the sale of Vive Financial was excluded from the current quarter’s results and will be presented as discontinued operations in Q4.
PROG Holdings updated its 2025 outlook, excluding the Vive portfolio from the guidance. For the fourth quarter, revenue is projected at $575 million to $590 million, with net earnings from continuing operations of $17 million to $24 million and adjusted EBITDA of $47 million to $54 million. Full‑year 2025 revenue is forecast at $2.41 billion to $2.435 billion, with net earnings from continuing operations of $124 million to $129 million and adjusted EBITDA of $258 million to $265 million. Non‑GAAP diluted EPS is expected to range from $3.35 to $3.45.
Cash on hand stood at $292.6 million, and the company’s debt remained at $600.0 million, giving it a solid liquidity position. PROG Holdings reiterated its focus on capital efficiency, noting that proceeds from the sale of Vive will be used to support growth initiatives and enhance shareholder value. The company’s guidance reflects a disciplined approach to risk management amid a challenging macroeconomic environment.
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