Prog Holdings, Inc. reported financial results for the third quarter ended September 30, 2026, highlighting a 25.6% increase in consolidated revenues to $725.8 million. Net earnings from continuing operations for the quarter were $37.5 million, with diluted earnings per share (EPS) of $0.92. On a non-GAAP basis, diluted EPS increased 21.8% to $1.06. The company reported a consolidated Gross Merchandise Value (GMV) of $912.0 million, which increased 58.9% compared to the prior year.
The company’s results include the performance of Purchasing Power, which was acquired on January 2, 2026. Progressive Leasing, the company’s primary segment, reported GMV of $420.4 million, up 2.3% year-over-year. Four Technologies, the company’s Buy Now, Pay Later segment, saw a significant increase in GMV of 102.6% to $330.4 million. The company ended the quarter with a net leverage ratio of 1.5x and held cash of $108.9 million.
In a separate announcement regarding capital allocation, the company stated its intention to enter into an accelerated share repurchase (ASR) program to repurchase $100 million of its common stock during the fourth quarter. To support this program, the Board of Directors replenished the existing share repurchase authorization by adding $237.3 million, bringing the total available for future repurchases to $500 million. The term of the repurchase program was extended through October 26, 2029. Additionally, the company paid a quarterly cash dividend of $0.14 per share.
The company also provided an outlook for the remainder of 2026 and the fourth quarter, noting that it is reducing its revenue and earnings guidance ranges due to ongoing macroeconomic pressures on consumers. The outlook assumes the company enters into the ASR program during the fourth quarter, with non-GAAP EPS expectations reflecting only the initial delivery of approximately 80% of the repurchased shares.
