PROG Holdings, Inc. reported a consolidated revenue of $742.7 million for the first quarter of 2026, marking an 11.1% increase from $668.4 million in the same period of 2025. This growth was primarily driven by the acquisition of Purchasing Power, which contributed $107.1 million in revenue since its integration on January 2, 2026. However, the Progressive Leasing segment experienced a decline in lease revenues, falling to $596.9 million from $651.6 million, attributed to a smaller gross leased asset balance and a tightening of decision-making processes in response to elevated customer payment delinquencies.
The company's net earnings from continuing operations rose to $36.2 million, or $0.91 per share, compared to $34.6 million, or $0.85 per share, in the prior year. The increase in earnings was supported by improved performance in the Four segment, which saw a significant rise in gross merchandise volume (GMV) and revenue due to the growth of its Buy Now, Pay Later (BNPL) offerings. The Four segment's GMV surged by 133.6% to $280.0 million, reflecting a strong demand for smaller-ticket items, which are less affected by macroeconomic pressures.
In terms of operational metrics, the active customer count for Progressive Leasing decreased to 763,828, while Purchasing Power reported 263,000 active customers for the first time. The Four segment had 350,151 active customers, indicating a robust expansion in its user base. The overall GMV for the company increased by 54.4% to $805.6 million, driven by the strong performance of Four and the initial contributions from Purchasing Power.
The acquisition of Purchasing Power significantly impacted PROG Holdings' financial position, with total assets rising to $2.04 billion as of March 31, 2026, up from $1.61 billion at the end of 2025. This increase was primarily due to the addition of Purchasing Power's receivables and goodwill, which rose to $771.7 million. The company's total liabilities also increased to $1.27 billion, largely due to new debt incurred to finance the acquisition, which included $936.1 million in total debt as of the end of the first quarter.
Looking ahead, PROG Holdings anticipates that the integration of Purchasing Power will enhance its platform and broaden access to flexible payment options for consumers. However, the company remains cautious about the macroeconomic environment, including inflation and consumer confidence, which could impact demand across its segments. The management is focused on monitoring these conditions while continuing to optimize its operations and financial performance.
About PROG Holdings, Inc.
PROG Holdings is a financial technology company offering lease-to-own solutions, revolving credit products, and buy now, pay later services. Its core segments include Progressive Leasing, Vive, and Four, serving credit-challenged consumers and retail partners across the U.S. The company focuses on innovative, technology-driven payment options, customer experience, and expanding its ecosystem to provide flexible, transparent financing for durable goods and consumer services.
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