PROG Holdings Reports 59% GMV Growth and Announces $100 Million Share Repurchase Program
PROG Holdings (PRG) reported strong third-quarter 2026 financial results, highlighted by a 59% year-over-year increase in consolidated gross merchandise value (GMV), reaching $912 million. A key driver of this growth was the 'Four' buy-now-pay-later business, which achieved triple-digit GMV growth for the 12th consecutive quarter and reported an adjusted EBITDA margin of 30.6%. The company also signaled a recovery in its Progressive Leasing segment, noting that gross lease asset balances have turned positive year-over-year for the first time since April 2025. This inflection point suggests potential top-line revenue rebounds even as management maintains strict underwriting standards to protect credit quality against macroeconomic headwinds like high fuel costs. Leveraging a strong balance sheet and low net leverage of 1.5x, PROG Holdings announced a new $100 million accelerated share repurchase program. This initiative aims to reduce weighted average shares outstanding and boost earnings per share (EPS), reinforcing management's commitment to long-term compound annual growth targets.
Tickers: $PRG
Topics: EBITDA GMV growth Lease asset balance Share repurchase program