PROG Holdings Reports 2.1% Revenue Growth to $604.7 Million in Q2 2025

PROG Holdings, Inc. reported its financial results for the second quarter and first half of 2025, revealing a revenue increase of 2.1% to $604.7 million compared to $592.2 million in the same period of 2024. The growth was primarily driven by a significant rise in interest and fees on loans receivable, which surged by 61.6% to $35.0 million, up from $21.6 million. Net earnings for the quarter also saw a notable increase of 13.9%, reaching $38.5 million, compared to $33.8 million in the prior year. The company’s earnings before income tax expense rose to $52.6 million, an 8.8% increase from $48.3 million in the previous year.

In terms of operational metrics, PROG Holdings experienced a decline in Gross Merchandise Volume (GMV) for its Progressive Leasing segment, which fell by 8.9% to $413.9 million, attributed to the bankruptcy of a major partner, Big Lots, and a tightening of credit decisioning. Conversely, GMV for the Vive segment increased by 23.0% to $44.0 million, reflecting the expansion of loan origination programs. The total GMV across all segments increased by 11.2% to $607.5 million, driven by a substantial rise in loan originations from the company’s other operations, particularly Four Technologies, which saw a 166.5% increase in GMV.

The company’s balance sheet showed a decrease in total assets to $1.45 billion as of June 30, 2025, down from $1.51 billion at the end of 2024. Cash and cash equivalents increased significantly to $222.0 million, up from $95.7 million, while accounts receivable decreased to $60.5 million from $80.2 million, reflecting the impact of reduced GMV. Total liabilities also decreased to $785.9 million from $863.5 million, primarily due to a reduction in debt, which fell to $594.2 million from $643.6 million.

Strategically, PROG Holdings continues to focus on enhancing its product offerings and expanding its market presence. The company has not initiated any new restructuring activities in 2025, following a significant reduction in restructuring expenses compared to the previous year. The company’s active customer count for Progressive Leasing decreased to 802,834, while Vive's active customer count rose to 93,000, indicating a shift in customer engagement dynamics. Looking ahead, PROG Holdings anticipates continued growth in its loan origination programs and remains committed to navigating the challenging macroeconomic environment, which includes inflationary pressures and changing consumer behaviors.