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false000180883400018088342026-07-292026-07-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
 ________________________________
 FORM 8-K
________________________________
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 29, 2026
PROG HOLDINGS, INC.
(Exact name of Registrant as Specified in Charter)
Georgia
1-39628
85-2484385
(State or other Jurisdiction of Incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
256 W. Data Drive Draper, Utah 84020-2315
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (385) 351-1369
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
    ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    ☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class  Trading Symbol Name of each exchange on which registered
Common Stock, $0.50 Par Value PRG New York Stock Exchange
    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


ITEM 2.02.     RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 29, 2026, PROG Holdings, Inc. (the "Company") issued a press release (the "Press Release") announcing its financial results for the second quarter ended June 30, 2026. A copy of the Press Release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The information contained in this paragraph, as well as Exhibit 99.1 referenced herein, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
ITEM 8.01.    OTHER EVENTS

On July 29, 2026, the Company announced with deep sadness that Douglas C. Curling, a member of the Company’s Board of Directors (the “Board”), passed away unexpectedly on July 25, 2026.

In light of Mr. Curling’s passing, on July 27, 2026, the Board reduced the size of the Board from ten members to nine members, effective immediately.

The Board, management team, and employees of the Company extend their deepest condolences to Mr. Curling’s family and express profound gratitude for his leadership and more than a decade of dedicated service to the Company.

ITEM 9.01.     FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits:

Exhibit No.
Description
104
 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL


SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PROG Holdings, Inc.
By:
/s/ Brian Garner
Date:
July 29, 2026
Brian Garner
Chief Financial Officer

EX-99.1 2 a2026q2ex991earningsrelease.htm EX-99.1 Document


Exhibit 99.1


PROG Holdings Reports Second Quarter 2026 Results
•Consolidated revenues from continuing operations of $719.7 million, up 22.3%; Net earnings from continuing operations of $37.4 million
•Adjusted EBITDA from continuing operations of $88.4 million, up 22.8%
•Diluted EPS from continuing operations of $0.92; Non-GAAP Diluted EPS from continuing operations of $1.19, up 19.0%
•Consolidated GMV of $902.0 million, up 60.1%
•Net leverage ratio ended the quarter at 1.7x

SALT LAKE CITY, July 29, 2026 - PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for Progressive Leasing, Four Technologies, MoneyApp and Purchasing Power, today announced financial results for the second quarter ended June 30, 2026, which includes the results of Purchasing Power since January 2, 2026, the date the Company acquired Purchasing Power.
"PROG Holdings delivered a strong second quarter, with revenue toward the higher end of our outlook and both adjusted EBITDA and Non-GAAP EPS coming in above the top end of our April outlook ranges, a reflection of disciplined execution across the business," said PROG Holdings Chairman, President and CEO Steve Michaels. "Every product in our ecosystem contributed: consolidated GMV grew 60% year-over-year, Progressive Leasing returned to positive GMV growth of 3.4% with adjusted EBITDA margin at 12.7%, Four delivered its eleventh consecutive quarter of triple-digit GMV growth, and Purchasing Power's GMV grew double-digits."
"Equally important was our continued strengthening of the balance sheet. We used our strong cash flow to pay down debt, bringing our net leverage ratio to approximately 1.7 times, down from about 2.5 times right after the acquisition of Purchasing Power, and comfortably within our targeted range of 1.5 to 2.0 times. This deleveraging gave us the confidence to resume share repurchases during the quarter."
"Reflecting our second-quarter outperformance and the momentum we see across our product ecosystem, we are raising our full-year 2026 outlook. Our performance is a testament to the resilience of our platform and the discipline with which we run it," concluded Michaels.


Consolidated Results
Consolidated revenues for the second quarter of 2026 were $719.7 million, an increase of 22.3% from the same period in 2025.
Consolidated net earnings from continuing operations for the quarter were $37.4 million, compared with $37.6 million in the prior year period. The effective income tax rate was 26.4% in the second quarter of 2026, compared to 26.5% in the same period in the prior year. Adjusted EBITDA from continuing operations for the quarter was $88.4 million, or 12.3% of revenues, compared with $72.0 million, or 12.2% of revenues for the same period in 2025.
Diluted earnings per share from continuing operations for the second quarter of 2026 were $0.92, compared with $0.93 in the year ago period. On a non-GAAP basis, diluted earnings per share from continuing operations were up 19.0% at $1.19 in the second quarter of 2026, compared with $1.00 for the same period in 2025.
Progressive Leasing Results
Progressive Leasing's second quarter GMV of $428.1 million was up 3.4% compared to the same period in 2025. Revenues were $550.6 million, down 3.4% from the prior year. The provision for lease merchandise write-offs for the quarter was 8.4% of leasing revenues. Earnings before taxes for the second quarter of 2026 were $45.4 million, down 11.9% from the second quarter of 2025. Adjusted EBITDA was $69.9 million, up 0.3% from the second quarter of 2025.
Four Results
Four's GMV for the second quarter of 2026 was $315.1 million, an increase of 110.6% compared to the same period in the prior year. Revenues were $35.1 million, up 118.2% from the year ago period. Four's earnings before taxes for the second quarter of 2026 were $7.1 million, up 139.9% from the second quarter of 2025. Adjusted EBITDA was $8.7 million, up 111.2% from the second quarter of 2025.
Purchasing Power Results
The Company acquired Purchasing Power on January 2, 2026. Purchasing Power's GMV, which is defined as the total value of merchandise and services purchased and delivered to customers through its platform, was $158.8 million, up 15.2% from the second quarter of 2025 on a standalone basis.


Revenues were $130.4 million in the second quarter of 2026. Loss before taxes was $0.3 million and adjusted EBITDA was $10.6 million for the second quarter of 2026.
Liquidity and Capital Allocation
PROG Holdings ended the second quarter of 2026 with cash of $85.2 million and gross debt of $893.7 million. During the quarter, the Company repaid $50.0 million of debt related to the acquisition of Purchasing Power. Since the acquisition of Purchasing Power, the Company has reduced its total debt by $304.9 million. The Company repurchased $10.2 million of its stock in the quarter at an average price of $36.37 per share, leaving $299.4 million of repurchase capacity under its $500 million share repurchase program. Additionally, the Company paid a quarterly cash dividend of $0.14 per share.
2026 Outlook
Due to the strong start to the year and the momentum in the business, the Company is increasing its full year 2026 outlook for revenue and earnings as well as providing guidance for the third quarter of 2026. This outlook assumes an operating environment with no change in the current financial pressures and uncertainties for our customers, no material changes in the Company's decisioning posture, no meaningful increase in unemployment rates for our consumer base, an effective tax rate for non-GAAP EPS of approximately 26% and no impact from additional share purchases.


Revised 2026 outlook
Previous 2026 outlook
(In thousands, except per share amounts) Low High
Low
High
PROG Holdings - Total revenues from continuing operations
 $ 3,025,000  $ 3,100,000  $ 3,000,000  $ 3,100,000 
PROG Holdings - Net earnings from continuing operations
 155,000  164,500  150,500  166,000 
PROG Holdings - Adjusted EBITDA from continuing operations
 355,000  375,000  343,000  370,000 
PROG Holdings - Diluted EPS from continuing operations
 3.82  4.06  3.68  4.06 
PROG Holdings - Diluted non-GAAP EPS from continuing operations
 4.75  5.00  4.40  4.80 
Progressive Leasing - Total revenues
 2,247,500  2,285,000  2,227,500  2,285,000 
Progressive Leasing - Earnings before taxes
 188,500  193,000  191,000  198,500 
Progressive Leasing - Adjusted EBITDA 272,500  279,500  269,500  279,500 
Purchasing Power - Total revenues
 620,000  640,000  620,000  640,000 
Purchasing Power - Earnings before taxes
 17,000  21,500  14,500  22,000 
Purchasing Power - Adjusted EBITDA
 54,000  60,000  50,000  60,000 
Four - Total revenues
 145,000  157,000  140,000  157,000 
Four - Earnings before taxes
 22,000  25,000  16,500  20,500 
Four - Adjusted EBITDA
 30,000  34,000  25,000  29,000 
Other - Total revenues
 12,500  18,000  12,500  18,000 
Other - Loss before taxes
 (13,500) (10,500) (14,500) (12,000)
Other - Adjusted EBITDA (1,500) 1,500  (1,500) 1,500 
Three months ended
September 30, 2026 outlook
(In thousands, except per share amounts) Low High
PROG Holdings - Total revenues from continuing operations
 $ 715,000 $ 750,000
PROG Holdings - Net earnings from continuing operations
 36,000 42,500
PROG Holdings - Adjusted EBITDA from continuing operations
 79,000 89,000
PROG Holdings - Diluted EPS from continuing operations
 0.86 1.06
PROG Holdings - Diluted non-GAAP EPS from continuing operations
 1.00 1.20


Conference Call and Webcast
The Company has scheduled a live webcast and conference call for Wednesday, July 29, 2026, at 8:30 A.M. ET to discuss its financial results for the second quarter of 2026. To access the live webcast, visit the Events and Presentations page of the Company’s Investor Relations website, https://investor.progholdings.com/.
About PROG Holdings, Inc.
PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company headquartered in Salt Lake City, UT, that provides inclusive, transparent and competitive payment options to consumers. The Company owns Progressive Leasing, a leading provider of e-commerce, app-based, and in-store point-of-sale lease-to-own solutions; Purchasing Power, a voluntary employee benefit program provider, allowing employees to purchase brand-name products and services through either automatic payroll deductions or allotments; Four Technologies, a provider of Buy Now, Pay Later payment options through its platform, Four; and MoneyApp, a mobile application that offers customers interest-free cash advances. More information on PROG Holdings and its companies can be found at https://investor.progholdings.com/.
Forward-Looking Statements:
Statements, estimates and projections in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "continued," "targeted," and "outlook," and similar forward-looking terminology. These risks and uncertainties include (i) continued volatility and challenges in the macroeconomic environment, including due to the war in Iran and related geopolitical disruptions and increases in fuel and other prices, and their impact on: (a) consumer confidence and customer demand for the merchandise that our retail partners and Purchasing Power sell, in particular consumer durables, such as home appliances, electronics and furniture; (b) our customers’ disposable income and their ability to make the lease and loan payments they owe the Company; and (c) our overall financial performance and outlook; (ii) the impact of the uncertain macroeconomic environment on our proprietary algorithms and decisioning tools that we use to approve customers such that they are no longer indicative of our customers’ ability to perform, which in turn may limit the ability of our businesses to manage risk, avoid lease and loan charge-offs and may result in insufficient reserves to cover actual losses; (iii) a large percentage of Progressive Leasing's revenue being concentrated with several key retail partners, and the loss of any of these retail partner relationships materially and adversely affecting several aspects of our performance; (iv) Progressive Leasing being unable to attract additional retail partners and retain and grow its relationships with its existing retail partners, and/or Purchasing Power being unable to attract additional employer-clients and retain and grow its relationships with its existing clients, resulting in several aspects of our performance being materially and adversely affected; (v) our businesses being unable to attract new consumers and retain and grow their relationships with their existing customers materially and adversely affecting several aspects of our performance; (vi) Four’s and Purchasing Power's business models differing significantly from Progressive Leasing’s lease-to-own business, which


means these businesses have different risk profiles; (vii) our efforts to modernize and enhance certain enterprise-wide information management systems and technologies adversely impacting our businesses and operations; (viii) the inability of our businesses to successfully operate in highly and increasingly competitive industries materially and adversely affecting several aspects of our performance; (ix) our business, results of operations, financial condition, and prospects being materially and adversely affected due to our businesses failing to maintain a consistently high level of consumer satisfaction and trust in its brands; (x) our businesses being subject to extensive federal, state and local laws and regulations, including certain laws and regulations unique to the industries in which our businesses operate, that may subject them to government investigations and significant monetary penalties, remediation expenses and compliance-related burdens that may result in them changing the manner in which they operate, which may be materially adverse to several aspects of our performance; (xi) our performance being materially and adversely affected due to the transactions offered to consumers by our businesses being negatively characterized by federal, state and local government officials, consumer advocacy groups and the media; (xii) our inability to protect confidential, proprietary, or sensitive information, including the confidential information of our customers, being adversely affected by cyber-attacks or similar disruptions, which may result in significant costs, litigation and reputational damage or otherwise have a material adverse impact on several aspects of our performance; (xiii) any significant disruption in our vendors' information technology systems, or disruptions in the information our businesses rely on in their lease and loan decisioning, materially and adversely affecting several aspects of our performance; (xiv) our capital allocation strategy and financial policies; and (xv) the other risks and uncertainties discussed under "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 18, 2026. Statements, estimates and projections in this press release that are "forward-looking" include without limitation statements, estimates and projections about: (i) the strength of our balance sheet; (ii) our net leverage ratio; and (iii) our revised full year 2026 outlook and the guidance we provide for the third quarter of 2026. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this press release.
Investor Contact
John A. Baugh, CFA
Vice President, Investor Relations
john.baugh@progholdings.com

PROG Holdings, Inc.
Consolidated Statement of Earnings
(In thousands, except per share data)
(Unaudited) 
 Three months ended
 (Unaudited) 
 Six months ended
June 30, June 30,
2026 2025 2026 2025
Revenues
Lease revenues and fees $ 549,830  $ 569,674  $ 1,146,694  $ 1,221,231 
Product and service revenues 128,507  —  234,913  — 
Other revenue 41,378  18,829  80,782  35,700 
719,715  588,503  1,462,389  1,256,931 
Costs and expenses
Depreciation of lease merchandise 364,311  385,107  773,321  845,550 
Cost of product sales 75,702  —  138,208  — 
Provision for lease merchandise write-offs 46,499  42,633  90,150  90,651 
Operating expenses 143,417  93,409  293,617  191,533 
Provision for credit losses 30,667  8,043  54,834  13,544 
660,596  529,192  1,350,130  1,141,278 
Gain on sale of lease receivables 4,701  —  11,158  — 
Gain on change in fair value of receivables
 1,810  —  7,522  — 
Operating profit 65,630  59,311  130,939  115,653 
Interest expense (15,217) (9,794) (33,606) (19,757)
Interest income 394  1,645  1,037  2,518 
Earnings from continuing operations before income tax expense 50,807  51,162  98,370  98,414 
Income tax expense 13,429  13,581  24,774  26,243 
Net earnings from continuing operations 37,378  37,581  73,596  72,171 
(Loss) earnings from discontinued operations, net of tax (349) 902  (513) 1,030 
Net earnings $ 37,029  $ 38,483  $ 73,083  $ 73,201 
Basic earnings per share
Continuing operations $ 0.93  $ 0.94  $ 1.84  $ 1.78 
Discontinued operations (0.01) 0.02  (0.01) 0.03 
Total basic earnings per share $ 0.92  $ 0.96  $ 1.83  $ 1.81 
Diluted earnings per share
Continuing operations $ 0.92  $ 0.93  $ 1.81  $ 1.75 
Discontinued operations (0.01) 0.02  (0.01) 0.03 
Total diluted earnings per share $ 0.91  $ 0.95  $ 1.80  $ 1.78 
Cash dividend declared per share
Common stock $ 0.14  $ 0.13  $ 0.28  $ 0.26 
Weighted average shares outstanding
Basic 40,177  40,130  40,038  40,484 
Diluted
 40,734  40,559  40,772  41,203 

PROG Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except share data)

(Unaudited)
June 30,
2026		 December 31,
2025
Assets
Cash and cash equivalents $ 85,201  $ 308,774 
Restricted cash 7,168  — 
Receivables (net of allowances and unearned interest income of $94,401 in 2026 and $68,806 in 2025; includes $106,069 recorded at fair value in 2026)1
374,522  74,228 
Other receivables (net of allowances and unearned interest income of $7,137 in 2026 and $— in 2025; includes $10,063 recorded at fair value in 2026)1
39,777  — 
Lease merchandise (net of accumulated depreciation and allowances of $429,925 in 2026 and $407,104 in 2025)
 531,071  609,009 
Loans receivable (net of allowances and unamortized fees of $19,808 in 2026 and $18,246 in 2025)
 74,312  90,648 
Property and equipment, net
 24,414  19,526 
Goodwill and other intangibles, net 763,089  353,835 
Income tax receivable 25,150  47,894 
Deferred income tax assets 18,852  19,561 
Prepaid expenses and other assets 93,827  73,383 
Assets of discontinued operations 10,683  13,550 
Total assets $ 2,048,066  $ 1,610,408 
Liabilities and shareholders' equity
Accounts payable and accrued expenses $ 148,668  $ 96,471 
Debt, net1
887,064  594,861 
Deferred income tax liabilities 157,177  121,152 
Other liabilities 47,012  44,676 
Liabilities of discontinued operations 2,805  6,831 
Total liabilities
 1,242,726  863,991 
Shareholders' equity
Common stock, par value $0.50 per share: authorized: 225,000,000 shares at June 30, 2026 and December 31, 2025; shares issued: 82,078,654 at June 30, 2026 and December 31, 2025
 41,039  41,039 
Additional paid-in capital 357,133  363,583 
Retained earnings 1,656,044  1,594,685 
2,054,216  1,999,307 
Less: treasury shares at cost
Common stock: 42,247,309 shares at June 30, 2026 and 42,502,844 at December 31, 2025
 (1,248,876) (1,252,890)
Total shareholders' equity
 805,340  746,417 
Total liabilities and shareholders' equity
 $ 2,048,066  $ 1,610,408 
1 As of June 30, 2026 receivables included $381.4 million of contractual amounts outstanding of consolidated VIEs that can only be used to settle their obligations, and debt included $293.7 million of liabilities of consolidated VIEs for which creditors have no recourse to the Company.

PROG Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six months ended June 30,
2026 2025
Operating activities
Net earnings $ 73,083  $ 73,201 
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation of lease merchandise 773,321  845,550 
Other depreciation and amortization 25,208  12,111 
Provisions for accounts receivable and credit losses
 213,345  198,650 
Stock-based compensation 16,842  14,536 
Gain on change in fair value of receivables
 (7,522) — 
Deferred income taxes 17,746  (20,049)
Gain on sale of receivables (11,706) — 
Non-cash lease expense (1,284) (1,642)
Other changes, net 1,513  (943)
Changes in operating assets and liabilities, net of effects of the acquisition:
Additions to lease merchandise (814,049) (784,951)
Book value of lease merchandise sold or disposed 118,665  93,340 
Accounts receivable (109,136) (147,179)
Prepaid expenses and other assets (1,989) 5,480 
Income tax receivable and payable 22,722  1,749 
Accounts payable and accrued expenses (37,179) (4,620)
Customer deposits and advance payments (1,644) (5,413)
Cash provided by operating activities 277,936  279,820 
Investing activities
Investments in loans receivable (599,515) (370,099)
Proceeds from loans receivable 592,456  339,206 
Funding of other receivables (45,919) — 
Collections from other receivables 38,565  — 
Purchases of property and equipment (8,194) (3,896)
Proceeds from sale of property and equipment 234  — 
Acquisition of business, net of cash acquired (391,845) — 
Cash used in investing activities (414,218) (34,789)
Financing activities
Proceeds from debt 546,178  — 
Repayments on debt (591,108) (50,000)
Dividends paid (11,218) (10,443)
Acquisition of treasury stock (10,185) (51,775)
Issuance of stock under stock option and employee purchase plans 1,135  1,028 
Cash paid for shares withheld for employee taxes (10,297) (7,385)
Debt issuance costs (4,628) (84)
Cash used in financing activities (80,123) (118,659)
(Decrease) increase in cash, cash equivalents and restricted cash
 (216,405) 126,372 
Cash, cash equivalents and restricted cash at beginning of period 308,774  95,655 
Cash, cash equivalents and restricted cash at end of period $ 92,369  $ 222,027 
Net cash (received) paid during the period:
Interest $ 31,774  $ 18,795 
Income taxes $ (15,643) $ 45,044 

PROG Holdings, Inc.
Quarterly Revenues by Segment
(In thousands)

(Unaudited)
Three months ended
June 30, 2026
Progressive Leasing Purchasing Power Four Other
Consolidated total
Lease revenues and fees
 $ 549,830  $ —  $ —  $ —  $ 549,830 
Product and service revenues
 —  128,507  —  —  128,507 
Other revenue 724  1,877  35,085  3,692  41,378 
Total revenues $ 550,554  $ 130,384  $ 35,085  $ 3,692  $ 719,715 

(Unaudited)
Three months ended
June 30, 2025
Progressive Leasing Purchasing Power Four Other
Consolidated total
Lease revenues and fees
 $ 569,674  $ —  $ —  $ —  $ 569,674 
Product and service revenues
 —  —  —  —  — 
Other revenue —  —  16,076  2,753  18,829 
Total revenues
 $ 569,674  $ —  $ 16,076  $ 2,753  $ 588,503 

PROG Holdings, Inc.
Six Month Revenues by Segment
(In thousands)

(Unaudited)
Six months ended
June 30, 2026
Progressive Leasing Purchasing Power
Four
 Other Consolidated total
Lease revenues and fees
 $ 1,146,694  $ —  $ —  $ —  $ 1,146,694 
Product and service revenues
 —  234,913  —  —  234,913 
Other revenue 724  2,606  70,052  7,400  80,782 
Total revenues
 $ 1,147,418  $ 237,519  $ 70,052  $ 7,400  $ 1,462,389 

(Unaudited)
Six months ended
June 30, 2025
Progressive Leasing Purchasing Power
Four
 Other Consolidated total
Lease revenues and fees $ 1,221,231  $ —  $ —  $ —  $ 1,221,231 
Product and service revenues —  —  —  —  — 
Other revenue —  —  30,505  5,195  35,700 
Total revenues $ 1,221,231  $ —  $ 30,505  $ 5,195  $ 1,256,931 

PROG Holdings, Inc.
Quarterly Gross Merchandise Volume by Segment
(In thousands)

(Unaudited)
Three months ended June 30,
Change
2026 2025
$
%
Progressive Leasing $ 428,116  $ 413,872  $ 14,244  3.4  %
Purchasing Power
 158,794  —  158,794  nmf
Four
 315,107  149,632  165,475  110.6 
Total GMV
 $ 902,017  $ 563,504  $ 338,513  60.1  %
nmf - Calculation is not meaningful

(Unaudited)
Purchasing Power
Pre-Acquisition Gross Merchandise Volume
Three months ended
Twelve months ended
March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2025
Gross merchandise volume
 $ 120,287  $ 137,890  $ 143,516  $ 247,641  $ 649,334 


Use of Non-GAAP Financial Information:
Non-GAAP net earnings from continuing operations, non-GAAP diluted earnings from continuing operations per share, and adjusted EBITDA are supplemental measures of our performance that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). Non-GAAP diluted earnings per share from continuing operations for the full year 2026 and third quarter 2026 outlook excludes intangible amortization expense, restructuring expenses, transaction-related costs, legal settlement, gain on change in fair value of receivables during the first quarter of 2026, and also excludes Vive as its normal operations have been discontinued as a result of the sale of its credit card portfolio in October 2025. Non-GAAP net earnings from continuing operations and non-GAAP diluted earnings per share from continuing operations for the three and six months ended June 30, 2026 exclude intangible amortization expense, transaction and integration costs, restructuring costs, legal settlement, gain on change in fair value of receivables during the first quarter of 2026, and costs related to the cybersecurity incident, net of insurance recoveries. Non-GAAP net earnings from continuing operations and non-GAAP diluted earnings from continuing operations per share for the three and six months ended June 30, 2025 exclude intangible amortization expense, restructuring expenses, and costs related to the cybersecurity incident, net of insurance recoveries. The amount for the after-tax non-GAAP adjustment, which is tax effected using our statutory tax rate, can be found in the reconciliation of net earnings and diluted earnings per share to non-GAAP net earnings and diluted earnings per share table in this press release.
The Adjusted EBITDA figures presented in this press release are calculated as the Company’s earnings from continuing operations before interest expense, net on non-asset-backed security borrowings, depreciation on property and equipment, amortization of intangible assets and income taxes. Adjusted EBITDA for the full year and third quarter 2026 outlook also excludes stock-based compensation expense, transaction-related costs for the acquisition of Purchasing Power, restructuring charges, legal settlement, gain on change in fair value of receivables during the first quarter of 2026, and the operations of Vive. Adjusted EBITDA for the full year and third quarter 2026 includes estimated interest expense on Purchasing Power's asset-backed secured borrowings. Adjusted EBITDA for the three and six months ended June 30, 2026 also excludes stock-based compensation expense, costs related to the cybersecurity incident, net of insurance recoveries, restructuring costs, legal settlement, gain on change in fair value of receivables during the first quarter of 2026, and transaction and integration costs for the acquisition of Purchasing Power. Adjusted EBITDA for the three and six months ended June 30, 2025 also excludes stock-based compensation expense and costs related to the cybersecurity incident, net of insurance recoveries. The amounts for these pre-tax non-GAAP adjustments can be found in the segment EBITDA tables in this press release.
Management believes that non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA provide relevant and useful information, and are widely used by analysts, investors and competitors in our industry as well as by our management in assessing both consolidated and business unit performance.


Non-GAAP net earnings from continuing operations, non-GAAP diluted earnings from continuing operations, and adjusted EBITDA provide management and investors with an understanding of the results from the primary operations of our business by excluding the effects of certain items that generally arose from larger, one-time transactions that are not reflective of the ordinary earnings activity of our operations or transactions that have variability and volatility of the amount. We believe the exclusion of stock-based compensation expense provides for a better comparison of our operating results with our peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types. We believe interest expense on Purchasing Power's asset-backed secured borrowings represents a direct operating cost required to generate revenue; therefore, the Company is including this interest expense when calculating consolidated and Purchasing Power's adjusted EBITDA. This measure may be useful to an investor in evaluating the underlying operating performance of our business.
Adjusted EBITDA also provides management and investors with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes. These measures may be useful to an investor in evaluating our operating performance because the measures:
•Are widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors.
•Are used by rating agencies, lenders and other parties to evaluate our creditworthiness.
•Are used by our management for various purposes, including as a measure of performance of our operating entities and as a basis for strategic planning and forecasting.
Non-GAAP financial measures, however, should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP, such as the Company’s GAAP basis net earnings and diluted earnings per share and the GAAP revenues and earnings before income taxes of the Company’s segments, which are also presented in the press release. Further, we caution investors that amounts presented in accordance with our definitions of non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner.

PROG Holdings, Inc.
Reconciliation of Net Earnings and Diluted Earnings Per Share to
Non-GAAP Net Earnings and Diluted Earnings Per Share
(In thousands, except per share amounts)
(Unaudited) (Unaudited)
Three months ended Six months ended
June 30, June 30,
2026 2025 2026 2025
Net earnings from continuing operations
 $ 37,378  $ 37,581  $ 73,596  $ 72,171 
Add: Intangible amortization expense
8,588  4,000  20,400  8,001 
Add: Restructuring expense
 44  —  3,916  — 
Add: Costs related to the cybersecurity incident, net of insurance recoveries
 —  127  9  109 
Add: Transaction and integration costs 1,872  —  11,563  — 
Add: Legal settlement 4,750  —  4,750  — 
Less: Gain on change in fair value of receivables —  —  (5,712) — 
Less: Tax impact of adjustments(1)
(3,966) (1,073) (9,081) (2,109)
Non-GAAP net earnings from continuing operations
 $ 48,666  $ 40,635  $ 99,441  $ 78,172 
Diluted earnings per share from continuing operations
 0.92  0.93  1.81  1.75 
Add: Intangible amortization expense
0.21  0.10  0.50  0.20 
Add: Restructuring expense
 —  —  0.10  — 
Add: Costs related to the cybersecurity incident, net of insurance recoveries
 —  —  —  — 
Add: Transaction and integration costs 0.05  —  0.28  — 
Add: Legal settlement 0.12  —  0.12  — 
Less: Gain on change in fair value of receivables —  —  (0.14) — 
Less: Tax impact of adjustments(1)
(0.10) (0.03) (0.22) (0.05)
Non-GAAP diluted earnings per share from continuing operations(2)
$ 1.19  $ 1.00  $ 2.44  $ 1.90 
Diluted weighted average shares outstanding
 40,734  40,559  40,772  41,203 
(1)Adjustments are tax-effected using an assumed statutory tax rate of 26%.
(2)In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.

PROG Holdings, Inc.
Non-GAAP Financial Information
Quarterly Segment Adjusted EBITDA
(In thousands)

(Unaudited)
Three months ended
June 30, 2026
Progressive Leasing
Purchasing Power
Four
 Other
Consolidated total
Net earnings from continuing operations
 $ 37,378 
Income tax expense(1)
13,429 
Earnings (loss) from continuing operations before income tax expense
 $ 45,430  $ (291) $ 7,059  $ (1,391) 50,807 
Interest expense, net
 9,238  259  1,140  74  10,711 
Depreciation 1,653  225  26  566  2,470 
Amortization 545  7,813  230  —  8,588 
EBITDA from continuing operations
 56,866  8,006  8,455  (751) 72,576 
Stock-based compensation
 8,294  638  244  1  9,177 
Transaction and integration costs —  1,872  —  —  1,872 
Restructuring expense
 —  44  —  —  44 
Legal settlement 4,750  —  —  —  4,750 
Adjusted EBITDA from continuing operations
 $ 69,910  $ 10,560  $ 8,699  $ (750) $ 88,419 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

(Unaudited)
Three months ended
June 30, 2025
Progressive Leasing
Four
 Other
Consolidated total
Net earnings from continuing operations
 $ 37,581 
Income tax expense(1)
13,581 
Earnings (loss) from continuing operations before income tax expense
 $ 51,546  $ 2,943  $ (3,327) 51,162 
Interest expense, net
 6,424  945  780  8,149 
Depreciation 1,301  19  530  1,850 
Amortization 3,771  229  —  4,000 
EBITDA from continuing operations
 63,042  4,136  (2,017) 65,161 
Stock-based compensation
 6,565  (18) 193  6,740 
Costs related to the cybersecurity incident, net of insurance recoveries
 127  —  —  127 
Adjusted EBITDA from continuing operations
 $ 69,734  $ 4,118  $ (1,824) $ 72,028 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Six Month Segment Adjusted EBITDA
(In thousands)

(Unaudited)
Six months ended
June 30, 2026
Progressive Leasing Purchasing Power
Four
 Other Consolidated total
Net earnings from continuing operations $ 73,596 
Income tax expense(1)
24,774 
Earnings (loss) from continuing operations before income tax expense $ 97,390  $ (7,791) $ 18,449  $ (9,678) 98,370 
Interest expense, net 20,841  682  2,213  77  23,813 
Depreciation 3,193  498  50  1,067  4,808 
Amortization 4,316  15,625  459  —  20,400 
EBITDA from continuing operations 125,740  9,014  21,171  (8,534) 147,391 
Stock-based compensation 15,581  1,052  433  (277) 16,789 
Transaction and integration costs —  3,653  —  7,910  11,563 
Restructuring expense 526  3,387  —  3  3,916 
Gain on change in fair value of receivables —  (5,712) —  —  (5,712)
Costs related to the cybersecurity incident, net of insurance recoveries 9  —  —  —  9 
Legal settlement 4,750  —  —  —  4,750 
Adjusted EBITDA from continuing operations $ 146,606  $ 11,394  $ 21,604  $ (898) $ 178,706 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Six Month Segment Adjusted EBITDA
(In thousands)

(Unaudited)
Six months ended
June 30, 2025
Progressive Leasing
Four
 Other Consolidated total
Net earnings from continuing operations $ 72,171 
Income tax benefit(1)
26,243 
Earnings (loss) from continuing operations before income tax benefit $ 100,171  $ 4,913  $ (6,670) 98,414 
Interest expense, net 13,587  2,178  1,474  17,239 
Depreciation 2,658  181  985  3,824 
Amortization 7,542  459  —  8,001 
EBITDA from continuing operations 123,958  7,731  (4,211) 127,478 
Stock-based compensation 12,872  674  784  14,330 
Restructuring expense —  —  —  — 
Costs related to the cybersecurity incident, net of insurance recoveries 109  —  —  109 
Adjusted EBITDA from continuing operations $ 136,939  $ 8,405  $ (3,427) $ 141,917 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Reconciliation of Revised Full Year 2026 Outlook for Adjusted EBITDA
(In thousands)

Fiscal year 2026 ranges
Progressive Leasing
Purchasing Power
Four
 Other
Consolidated total
Estimated net earnings from continuing operations
 $155,000 - $164,500
Income tax expense(1)
59,000 - 61,000
Projected earnings (loss) from continuing operations before income tax expense
 $188,500 - $193,000 $17,000 - $21,500 $22,000 - $25,000 $(13,500) - $(10,500) 214,000 - 225,500
Interest expense, net
 38,000 1,000 - 2,000 5,500 - 6,000 500 45,000 - 47,500
Depreciation 6,500 - 7,500 1,000 500 3,000 11,000 - 12,000
Amortization 4,000 32,000 1,000 — 37,000
Projected EBITDA from continuing operations
 237,000 - 242,500 51,000 - 56,500 29,000 - 32,500 (10,000) - (7,000) 307,000 - 322,000
Stock-based compensation
 30,500 - 31,500 2,000 - 2,500 1,000 - 1,500 500 34,000 - 38,000
Restructuring / change in fair value of receivables / acquisition-related transaction-costs / legal settlements 5,000 - 5,500 1,000 — 8,000 14,000 - 15,000
Projected adjusted EBITDA from continuing operations
 $272,500 - 279,500 $54,000 - $60,000 $30,000 - $34,000 $(1,500) - $1,500 $355,000 - $375,000
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Reconciliation of Previous Full Year 2026 Outlook for Adjusted EBITDA
(In thousands)

Fiscal year 2026 ranges
Progressive Leasing
Purchasing Power
Four
 Other
Consolidated total
Estimated net earnings from continuing operations
 $150,500 - $166,000
Income tax expense(1)
57,000 - 63,000
Projected earnings (loss) from continuing operations before income tax expense
 $191,000 - $198,500 $14,500 - $22,000 $16,500 - $20,500
$(14,500) - $(12,000)
 207,500 - 229,000
Interest expense, net
 38,000 1,500 - 2,000 5,500
1,500 - 2,000
 46,500 - 47,500
Depreciation 6,500 - 7,500 5,500 - 6,000 500 3,000 15,500 - 17,000
Amortization 4,000 32,000 1,000 — 37,000
Projected EBITDA from continuing operations
 239,500 - 248,000 53,500 - 62,000 23,500 - 27,500 (10,000) - (7,000) 306,500 - 330,500
Stock-based compensation
 29,500 - 30,500 2,000 - 3,000 1,500 500 33,500 - 35,500
Restructuring / change in fair value of receivables / acquisition-related transaction-costs / legal settlements 500 - 1,000 (5,500) - (5,000) — 8,000 3,000 - 4,000
Projected adjusted EBITDA from continuing operations
 $269,500 - $279,500
$50,000 - $60,000
 $25,000 - $29,000
$(1,500) - $1,500
 $343,000 - $370,000
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Reconciliation of the Three Months Ended September 30, 2026 Outlook for Adjusted EBITDA
(In thousands)

Three months ended
September 30, 2026
Consolidated total
Estimated net earnings from continuing operations
 $36,000 - $42,500
Income tax expense(1)
14,000 - 16,500
Projected earnings from continuing operations before income tax expense
 50,000 - 59,000
Interest expense, net
 9,500
Depreciation 3,000 - 4,000
Amortization 8,000
Projected EBITDA from continuing operations
 70,500 - 80,500
Stock-based compensation
 8,500
Restructuring / transaction costs / legal settlements -
Projected adjusted EBITDA from continuing operations
 $79,000 - $89,000
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Reconciliation of Revised Full Year 2026 Outlook for Diluted Earnings Per Share
to Non-GAAP Diluted Earnings Per Share

Full year 2026
Low High
Projected diluted earnings per share from continuing operations
 $ 3.82  $ 4.06 
Add: Projected intangible amortization expense
 0.91  0.91 
Add: Restructuring / change in fair value of receivables / acquisition-related transaction-costs / legal settlements 0.35  0.37 
Subtract: Tax effect on non-GAAP adjustments(1)
(0.32) (0.33)
Projected non-GAAP diluted earnings per share from continuing operations(2)
$ 4.75  $ 5.00 
(1)Adjustments are tax-effected using an assumed statutory tax rate of 26%.
(2)In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.

PROG Holdings, Inc.
Reconciliation of Previous Full Year 2026 Outlook for Diluted Earnings Per Share
to Non-GAAP Diluted Earnings Per Share

Full year 2026
Low High
Projected diluted earnings per share from continuing operations
 $ 3.68  $ 4.06 
Add: Projected intangible amortization expense
 0.90  0.90 
Add: Restructuring / change in fair value of receivables / acquisition-related transaction-costs / legal settlements 0.07  0.10 
Subtract: Tax effect on non-GAAP adjustments(1)
(0.25) (0.26)
Projected non-GAAP diluted earnings per share from continuing operations(2)
$ 4.40  $ 4.80 
(1)Adjustments are tax-effected using an assumed statutory tax rate of 26%.
(2)In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.

PROG Holdings, Inc.
Reconciliation of the Three Months Ended September 30, 2026 Outlook for Diluted
Earnings Per Share to Non-GAAP Diluted Earnings Per Share

Three months ended
September 30, 2026
Low High
Projected diluted earnings per share from continuing operations
 $ 0.86  $ 1.06 
Add: Projected intangible amortization expense
 0.20  0.20 
Add: Restructuring / change in fair value of receivables / acquisition-related transaction-costs / legal settlements —  — 
Subtract: Tax effect on non-GAAP adjustments(1)
(0.05) (0.05)
Projected non-GAAP diluted earnings per share from continuing operations(2)
$ 1.00  $ 1.20 
(1)Adjustments are tax-effected using an assumed statutory tax rate of 26%.
(2)In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.

EX-99.2 3 ex-992q22026earningssupp.htm EX-99.2 Q2 2026 EARNINGS SUPPLEMENT PRESENTATION ex-992q22026earningssupp
PROG Internal PROG Holdings, Inc. Q2 2026 Earnings Supplement JULY 29, 2026 Exhibit 99.2

 
2 Statements, estimates and projections in this earnings supplement regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "continued," “targeted,” and "outlook," and “similar forward-looking terminology. These risks and uncertainties include (i) continued volatility and challenges in the macroeconomic environment, including due to the war in Iran and related geopolitical disruptions and increases in fuel and other prices, and their impact on: (a) consumer confidence and customer demand for the merchandise that our retail partners and Purchasing Power sell, in particular consumer durables, such as home appliances, electronics and furniture; (b) our customers’ disposable income and their ability to make the lease and loan payments they owe the Company; and (c) our overall financial performance and outlook; (ii) the impact of the uncertain macroeconomic environment on our proprietary algorithms and decisioning tools that we use to approve customers such that they are no longer indicative of our customers’ ability to perform, which in turn may limit the ability of our businesses to manage risk, avoid lease and loan charge-offs and may result in insufficient reserves to cover actual losses; (iii) a large percentage of Progressive Leasing's revenue being concentrated with several key retail partners, and the loss of any of these retail partner relationships materially and adversely affecting several aspects of our performance; (iv) Progressive Leasing being unable to attract additional retail partners and retain and grow its relationships with its existing retail partners, and/or Purchasing Power being unable to attract additional employer-clients and retain and grow its relationships with its existing clients, resulting in several aspects of our performance being materially and adversely affected; (v) our businesses being unable to attract new consumers and retain and grow their relationships with their existing customers materially and adversely affecting several aspects of our performance; (vi) Four’s and Purchasing Power's business models differing significantly from Progressive Leasing’s lease-to-own business, which means these businesses have different risk profiles; (vii) our efforts to modernize and enhance certain enterprise-wide information management systems and technologies adversely impacting our businesses and operations; (viii) the inability of our businesses to successfully operate in highly and increasingly competitive industries materially and adversely affecting several aspects of our performance; (ix) our business, results of operations, financial condition, and prospects being materially and adversely affected due to our businesses failing to maintain a consistently high level of consumer satisfaction and trust in its brands; (x) our businesses being subject to extensive federal, state and local laws and regulations, including certain laws and regulations unique to the industries in which our businesses operate, that may subject them to government investigations and significant monetary penalties, remediation expenses and compliance-related burdens that may result in them changing the manner in which they operate, which may be materially adverse to several aspects of our performance; (xi) our performance being materially and adversely affected due to the transactions offered to consumers by our businesses being negatively characterized by federal, state and local government officials, consumer advocacy groups and the media; (xii) our inability to protect confidential, proprietary, or sensitive information, including the confidential information of our customers, being adversely affected by cyber-attacks or similar disruptions, which may result in significant costs, litigation and reputational damage or otherwise have a material adverse impact on several aspects of our performance; (xiii) any significant disruption in our vendors' information technology systems, or disruptions in the information our businesses rely on in their lease and loan decisioning, materially and adversely affecting several aspects of our performance; (xiv) our capital allocation strategy and financial policies; and (xv) the other risks and uncertainties discussed under "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 18, 2026. Statements, estimates and projections in this earnings supplement that are "forward-looking" include without limitation statements, estimates and projections about: (i) the strength of our balance sheet; (ii) our net leverage ratio; (iii) our revised full year 2026 outlook and the guidance we provide for the third quarter of 2026. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this earnings supplement. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this earnings supplement. Use of Forward-Looking Statements

 
PROG Internal 3 PROG Holdings Q2 2026 Headlines • Consolidated revenues from continuing operations of $719.7 million, up 22.3%; Net earnings from continuing operations of $37.4 million • Adjusted EBITDA from continuing operations of $88.4 million, up 22.8% • Diluted EPS from continuing operations of $0.92; Non- GAAP Diluted EPS from continuing operations of $1.19, up 19% • Consolidated GMV of $902.0 million, up 60.1% • Net leverage ratio ended the quarter at 1.7x

 
PROG Internal 4 "PROG Holdings delivered a strong second quarter, with revenue toward the higher end of our outlook and both adjusted EBITDA and Non-GAAP EPS coming in above the top end of our April outlook ranges, a reflection of disciplined execution across the business," said PROG Holdings Chairman, President and CEO Steve Michaels. "Every product in our ecosystem contributed: consolidated GMV grew 60% year-over-year, Progressive Leasing returned to positive GMV growth of 3.4% with adjusted EBITDA margin at 12.7%, Four delivered its eleventh consecutive quarter of triple-digit GMV growth, and Purchasing Power's GMV grew double-digits.” "Equally important was our continued strengthening of the balance sheet. We used our strong cash flow to pay down debt, bringing our net leverage ratio to approximately 1.7 times, down from about 2.5 times right after the acquisition of Purchasing Power, and comfortably within our targeted range of 1.5 to 2.0 times. This deleveraging gave us the confidence to resume share repurchases during the quarter.” "Reflecting our second-quarter outperformance and the momentum we see across our product ecosystem, we are raising our full-year 2026 outlook. Our performance is a testament to the resilience of our platform and the discipline with which we run it," concluded Michaels. Steve Michaels Chairman, President and CEO, PROG Holdings, Inc. PROG Holdings Executive Commentary

 
PROG Internal Adjusted EBITDA in millions 5 $588.5 $577.7 $574.6 $742.7 $719.7 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Non-GAAP EPSRevenue in millions 12.2% 11.4% 10.7% 12.2% 12.3% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Adjusted EBITDA as a % of PROG Holdings consolidated revenues PROG Holdings Q2 Consolidated Results (from continuing operations) $72.0 $65.7 $61.5 $90.3 $88.4 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $1.00 $0.87 $0.74 $1.24 $1.19 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 • Consolidated revenue increased 22.3% driven by the acquisition of Purchasing Power and growth at Four Technologies, partially offset by a decline in the Leasing segment. • Non-GAAP EPS increased 19%, primarily driven by addition of Purchasing Power and growth in Four. • The year-over-year increase in Consolidated Adjusted EBITDA was primarily a result of contribution from Purchasing Power, strong revenue and earnings at Four and higher yield on the Leasing portfolio. Q1/Q2 2026 consolidated results include Purchasing Power

 
PROG Internal Results

 
PROG Internal 7 2026 2025 Consolidated GMV $902.0 $563.5 60.1% Revenue $719.7 $588.5 22.3% GAAP Net Earnings $37.4 $37.6 -0.5% Adjusted Net Earnings $48.7 $40.6 19.8% Adjusted EBITDA $ $88.4 $72.0 22.8% Adjusted EBITDA % 12.3% 12.2% 5 bps GAAP Diluted Earnings Per Share* $0.92 $0.93 -1.1% Non-GAAP Diluted Earnings Per Share* $1.19 $1.00 18.8% Three Months Ended June 30 Change All dollar amounts in millions except EPS • GAAP to non-GAAP reconciliation tables available in appendix Q1/Q2 2026 consolidated results include Purchasing Power PROG Holdings Consolidated Q2 Results (from continuing operations)

 
PROG Internal 8 PROG Holdings Consolidated Results Cash and Cash Equivalents As of 6/30/2026 $85.2M Gross Recourse Debt1 As of 6/30/2026 $600M Net Leverage Ratio2 As of 6/30/2026 1.7x Operating Cash Flow From Continuing Operations Six Months Ended 6/30/2026 $283M 1)Recourse debt does not include securitization funding debt from Purchasing Power 2)Net leverage ratio defined as Gross recourse debt minus cash and cash equivalents divided by trailing 12-month adjusted EBITDA (does not add back interest from nonrecourse ABS debt)

 
PROG Internal 9 PROG Holdings Revised Full-Year 2026 Outlook The Company is increasing its full year 2026 outlook. The outlook assumes an operating environment with no change in the current financial pressures and uncertainties for our customers, no material changes in the company’s decisioning posture, no meaningful increase in unemployment rates for our consumer base, an effective tax rate for Non-GAAP EPS of approximately 26%, and no impact from additional share purchases.

 
PROG Internal 10 PROG Holdings Q3 2026 Outlook The Company is providing selective third quarter 2026 outlook metrics. The outlook assumes an operating environment with no change in the current financial pressures and uncertainties for our customers, no material changes in the company’s decisioning posture, no meaningful increase in unemployment rates for our consumer base, an effective tax rate for Non-GAAP EPS of approximately 26%, and no impact from additional share purchases.

 
PROG Internal

 
PROG Internal Non-GAAP net earnings from continuing operations, non-GAAP diluted earnings from continuing operations per share, and adjusted EBITDA are supplemental measures of our performance that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). Non-GAAP diluted earnings per share from continuing operations for the full year 2026 and third quarter 2026 outlook excludes intangible amortization expense, restructuring expenses, transaction-related costs, legal settlement, gain on change in fair value of receivables during the first quarter of 2026, and also excludes Vive as its normal operations have been discontinued as a result of the sale of its credit card portfolio in October 2025. Non-GAAP net earnings from continuing operations and non-GAAP diluted earnings per share from continuing operations for the three and six months ended June 30, 2026, exclude intangible amortization expense, transaction and integration costs, restructuring costs, legal settlement, and costs related to the cybersecurity incident, net of insurance recoveries. Non-GAAP net earnings from continuing operations and non-GAAP diluted earnings from continuing operations per share for the three and six months ended June 30, 2025 exclude intangible amortization expense, restructuring expenses, and costs related to the cybersecurity incident, net of insurance recoveries. The amount for the after-tax non-GAAP adjustment, which is tax effected using our statutory tax rate, can be found in the reconciliation of net earnings and diluted earnings per share to non-GAAP net earnings and diluted earnings per share table in this presentation. The Adjusted EBITDA figures presented in this presentation are calculated as the Company’s earnings from continuing operations before interest expense, net, on non-asset-backed security borrowings, depreciation on property and equipment, amortization of intangible assets and income taxes. Adjusted EBITDA for the full year and third quarter 2026 outlook also excludes stock-based compensation expense, transaction-related costs for the acquisition of Purchasing Power, restructuring charges, legal settlement, gain on change in fair value of receivables during the first quarter of 2026, and transaction and integration costs for the acquisition of Purchasing Power. Adjusted EBITDand the operations of Vive. Adjusted EBITDA for the full year and third quarter 2026 includes estimated interest expense on Purchasing Power's asset-backed secured borrowings. Adjusted EBITDA for the three and six months ended June 30, 2026, also excludes stock-based compensation expense, costs related to the cybersecurity incident, net of insurance recoveries, restructuring costs, legal settlement, gain on change in fair value of receivables during the first quarter of 2026, and transaction and integration costs for the acquisition of Purchasing Power. Adjusted EBITDA for the three and six months ended June 30, 2025, also excludes stock-based compensation expense and costs related to the cybersecurity incident, net of insurance recoveries. The amounts for these pre-tax non-GAAP adjustments can be found in the segment EBITDA tables in this presentation. Management believes that non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA provide relevant and useful information, and are widely used by analysts, investors and competitors in our industry as well as by our management in assessing both consolidated and business unit performance. Non-GAAP net earnings from continuing operations, non-GAAP diluted earnings from continuing operations, and adjusted EBITDA provide management and investors with an understanding of the results from the primary operations of our business by excluding the effects of certain items that generally arose from larger, one-time transactions that are not reflective of the ordinary earnings activity of our operations or transactions that have variability and volatility of the amount. We believe the exclusion of stock-based compensation expense provides for a better comparison of our operating results with our peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types. We believe interest expense on Purchasing Power's asset-backed secured borrowings represents a direct operating cost required to generate revenue; therefore, the Company is including this interest expense when calculating consolidated and Purchasing Power's adjusted EBITDA. This measure may be useful to an investor in evaluating the underlying operating performance of our business. Adjusted EBITDA also provides management and investors with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes. These measures may be useful to an investor in evaluating our operating performance because the measures: • Are widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. • Are used by rating agencies, lenders and other parties to evaluate our creditworthiness. • Are used by our management for various purposes, including as a measure of performance of our operating entities and as a basis for strategic planning and forecasting. Non-GAAP financial measures, however, should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP, such as the Company’s GAAP basis net earnings and diluted earnings per share and the GAAP revenues and earnings before income taxes of the Company’s segments, which are also presented in this presentation. Further, we caution investors that amounts presented in accordance with our definitions of non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. 12 Use of Non-GAAP Financial Measures

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Reconciliation of Net Earnings and Diluted Earnings Per Share to Non- GAAP Net Earnings and Diluted Earnings Per Share (In thousands, except per share amounts)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Reconciliation of Net Earnings and Diluted Earnings Per Share to Non- GAAP Net Earnings and Diluted Earnings Per Share (In thousands, except per share amounts)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Consolidated & Progressive Leasing Adjusted EBITDA %

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Revised Full Year 2026 Outlook for Adjusted EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Previous Full Year 2026 Outlook for Adjusted EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of the Three Months Ended September 30, 2026 Outlook for Adjusted EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Revised Full Year 2026 Outlook for Diluted Earnings Per Share to Non-GAAP Diluted Earnings Per Share

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Previous Full Year 2026 Outlook for Diluted Earnings Per Share to Non-GAAP Diluted Earnings Per Share

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of the Three Months Ended September 30, 2026 Outlook for Diluted Earnings Per Share to Non- GAAP Diluted Earnings Per Share

 
PROG Internal