PROG Holdings published a transcript of its fourth-quarter 2025 earnings conference call. Corporate speakers on the call were John Baugh (Vice President, Investor Relations), Steven Michaels (President and Chief Executive Officer), and Brian Garner (Chief Financial Officer). Analysts participating included Kyle Joseph (Stephens), Harold Goetsch (B. Riley Securities), Bradley Thomas (KeyBanc Capital Markets), Alessandra Jimenez (Raymond James), Anthony Chukumba (Loop Capital Markets), Hoang Nguyen (TD Cowen), Yuna Sohn (Jefferies), and Vincent Caintic (BTIG). Management said 2025 results met or exceeded prior outlook despite a challenging consumer environment, disruption from the Big Lots bankruptcy, and tighter underwriting at Progressive Leasing. The CEO said, “2025 was a year that required balance, discipline and focus,” adding that the company “took deliberate actions to tighten decisioning…to protect portfolio performance.” PROG highlighted ecosystem-driven growth, including triple-digit expansion at its BNPL platform Four Technologies and increased cross-selling from Money App and Four that generated about $45 million of incremental leasing GMV in 2025. The company also emphasized portfolio health and margin performance at Progressive Leasing, with full-year write-offs within its 6% to 8% target range, and discussed strategic portfolio actions including the sale of its Vive portfolio (now reported as discontinued operations) and the January 2026 acquisition of Purchasing Power. Michaels said Purchasing Power’s revenue outlook implies “a low double-digit revenue growth for the business,” while noting the company did not include revenue synergies in 2026 guidance yet because “you have to capture them first.” CFO Brian Garner outlined 2026 consolidated guidance for continuing operations of $3.0 billion to $3.1 billion in revenue, $320 million to $350 million in adjusted EBITDA, and non-GAAP EPS of $4.00 to $4.45, while reiterating a near-term focus on deleveraging after the Purchasing Power deal. He added that Purchasing Power is expected to contribute $680 million to $730 million of revenue and $50 million to $60 million of adjusted EBITDA in 2026, with Q1 expected to be roughly breakeven due to seasonality. The full transcript can be accessed through the link below.

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