PROG Q3 Revenue Down; EPS Beat, Guidance Below

PROG Holdings reported Q3 2025 revenue of $595.1 million, down 1.8% year-over-year, and delivered a non-GAAP EPS of $0.90 (GAAP EPS roughly $0.83), beating estimates. The company issued Q4 2025 guidance below consensus — revenue $575M–$590M and EPS $0.55–$0.65 — and provided FY 2025 revenue guidance of $2.41B–$2.44B, slightly under analysts’ forecasts. Management cited a lower gross leased asset balance tied to the Big Lots bankruptcy and a tightened decisioning posture at Progressive Leasing that pushed Progressive Leasing GMV down about 10% even as e-commerce penetration rose to 23% from 16.6%. Vive and Other segments drove growth (Vive GMV +19.5%; Other GMV +162.8%), and PROG said it expects to sell Vive’s credit‑card receivable portfolio, presenting Vive as discontinued operations starting in Q4 and anticipating a pretax gain. While management characterized the quarter as evidence of consistent execution, analysts noted PROG’s revenue has been roughly flat over five years, a factor weighing on the company’s recent stock performance.