PRGMEDIUM SIGNALFINANCIAL10-K

PRG completed the Purchasing Power acquisition while experiencing substantially higher credit losses and reduced profitability, though maintaining strong capital returns to shareholders.

The acquisition of Purchasing Power represents a strategic diversification away from lease-to-own concentration, with management projecting it will comprise over 30% of 2026 revenues. However, credit quality deteriorated meaningfully during the transition year, suggesting either portfolio seasoning issues or underwriting challenges that warrant monitoring.

Comparing 2026-02-18 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

PRG's financial profile shifted notably in 2025, with credit losses substantially higher reflecting either acquisition integration effects or portfolio quality issues. Net income declined by approximately 26% despite revenue growth from the Purchasing Power deal, indicating margin compression during the integration period. The company maintained robust shareholder returns through continued buybacks and dividends, though share repurchases were reduced significantly from the prior year, while stockholders' equity grew solidly to $746.4 million.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-62.7%
$138.7M→$51.8M

Buyback activity reduced 62.7% — capital being redeployed elsewhere or cash conservation underway.

Provision for Credit Losses
P&L
+57.1%
$21.7M→$34.0M

Credit loss provisions surged 57.1% — management flagging significant deterioration in loan quality ahead.

Net Income
P&L
-25.6%
$197.2M→$146.8M

Net income declined 25.6% — review whether driven by operations, interest costs, or non-recurring items.

Capital Expenditure
Cash Flow
+20.8%
$8.3M→$10.0M

Capex increased 20.8% — ongoing investment in capacity or infrastructure for future growth.

Stockholders Equity
Balance Sheet
+14.8%
$650.3M→$746.4M

Equity base grew 14.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-19
ADDED
As of February 12, 2026, there were 39,575,810 shares of the Company's common stock outstanding.
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 36 ITEM 6.[RESERVED] 38 ITEM 7.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 38 ITEM 7A.
A large percentage of Progressive Leasing's revenue, which represented approximately 96% of PROG Holdings' consolidated revenue for the year ended December 31, 2025 and is expected to represent more than 70% of its consolidated revenue in 2026 due to our acquisition of Purchasing Power, is concentrated with several key point-of-sale partners (whom we refer to as our "POS partners").
Although Purchasing Power and Four also serve subprime and near-prime consumers, as well as customers with limited credit histories and prime consumers, their business models differ significantly from Progressive Leasing's lease-to-own business, which means each of these businesses have different risk profiles.
+7 more — sign up free →
REMOVED
As of February 14, 2025, there were 40,816,531 shares of the Company's common stock outstanding.
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 33 ITEM 6.[RESERVED] 35 ITEM 7.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 35 ITEM 7A.
A large percentage of Progressive Leasing's revenue, which represents approximately 96% of PROG Holdings' consolidated revenue, is concentrated with several key point-of-sale partners (whom we refer to as our "POS partners").
Although Vive and Four also serve subprime and near-prime consumers, their business models differ significantly from Progressive Leasing's lease-to-own business, which means each of these businesses have different risk profiles.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →