Short answer
PROG Holdings, Inc. (PRG) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $2.4B (−2.2% year over year) and net income of $147M.
- Top risk flagged: Regulatory/legal risk: cybersecurity incident lawsuits consolidated in Utah District Court, settled for $3.3 million with insurer paying full amount (2023–2026 timeline)
FY2025 key financial metrics · XBRL
- Revenue
- $2.4B
- −2.2% YoY
- Net income
- $147M
- −25.6% YoY
- Operating margin
- 8.6%
- +0.7 pp YoY
- EPS (diluted)
- $3.59
- −20.8% YoY
- ROE
- 19.7%
- −10.7 pp YoY
- Operating cash flow
- $335M
- +141.8% YoY
Source: XBRL data from the PROG Holdings, Inc. (PRG) FY2025 10-K on SEC EDGAR. USD.
PROG Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Financial technology holding company offering lease-to-own and Buy Now, Pay Later (BNPL) payment solutions for underserved near-prime and subprime consumers
- Strategic acquisition of Purchasing Power in January 2026 expanding payment ecosystem with employer-based payroll deduction purchase program
- Sold Vive Financial lending segment loans portfolio in October 2025, initiating wind-down of that operation
- Progressive Leasing segment generated approx. 96% of consolidated revenues in 2025, underscoring continued dominance
- Emphasis on expanding direct-to-consumer marketing and technology investments to enhance omnichannel consumer experience and scale Four app
Management Discussion & Analysis
- Revenue concentration: Progressive Leasing 96% of consolidated revenue in 2025, expected >70% in 2026 post-Purchasing Power acquisition
- Regulatory, macroeconomic, operational risks highlighted; no revenue or profitability figures disclosed
- Potential adverse effects from inflation, interest rates, subprime customer base, and IT system disruptions emphasized
- Capital allocation risks include stock repurchase and dividend programs may not enhance shareholder value; no dollar amounts provided
- Forward risks: macroeconomic uncertainty, reliance on key POS partners, acquisitions performance, and indebtedness servicing risks
Risk Factors
- Regulatory/legal risk: cybersecurity incident lawsuits consolidated in Utah District Court, settled for $3.3 million with insurer paying full amount (2023–2026 timeline)
- Geopolitical/macro risk: Big Lots bankruptcy in late 2024 caused 8.6% 2025 GMV decrease in Progressive Leasing, with American Signature bankruptcy in Nov 2025 causing further 2026 impact
- Operational/supply chain risk: Progressive Leasing portfolio shrinkage due to bankrupt POS partners and tightened lease decisioning posture since early 2025
- Competitive/market disruption risk: Four BNPL grew GMV 144.2% in 2025, challenging Progressive Leasing’s traditional lease-to-own with smaller average ticket sizes
- Financial/structural risk: $420 million cash acquisition of Purchasing Power in Jan 2026 adds $338.6 million non-recourse debt exposure post-close
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