PROG Holdings, Inc. announced its financial results for the second quarter ended June 30, 2025, reporting consolidated revenues of $604.7 million, an increase of 2.1% from the same period in 2024. Consolidated net earnings for the quarter were $38.5 million, up from $33.8 million in the prior year.
Adjusted EBITDA for the quarter reached $73.5 million, or 12.2% of revenues, an increase from $72.3 million, or 12.2% of revenues, in Q2 2024. Non-GAAP diluted earnings per share were $1.02, representing a 10.9% increase year-over-year from $0.92, and exceeding the company's outlook.
Progressive Leasing's Gross Merchandise Volume (GMV) was $413.9 million, a decrease of 8.9% compared to Q2 2024, attributed to the Big Lots bankruptcy and deliberate tightening of decisioning posture. Despite this, the provision for lease merchandise write-offs was 7.5% of leasing revenues, remaining within the targeted annual range of 6%-8%.
Four Technologies continued its strong performance, delivering over 200% revenue growth and maintaining profitability during the quarter. The company also repurchased $25.7 million of its stock. PROG Holdings updated its full-year 2025 outlook, raising the low end of its revenue guidance to $2.45 billion to $2.50 billion, adjusted EBITDA to $255 million to $265 million, and non-GAAP diluted EPS to $3.20 to $3.35.
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