Revenue growth remains inconsistent, fluctuating between an 8.6% increase in 2026Q1 and a 7.8% decline in 2025Q4, while operating margins remain constrained within a narrow 8% to 13% range.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.52B | 2.41B | 2.46B | 2.41B | 2.6B | 2.68B | 2.48B | 2.16B | 3.83B | 3.38B | 3.21B | 3.18B | 2.73B | 2.23B | 2.22B | 2.01B | 1.88B | 1.75B | 1.59B | 1.49B | 1.33B | 1.13B | 946.48M | 766.8M | 640.69M | 546.68M | 502.92M | 437.36M | 370.83M | 304.43M | 274.25M |
| Revenue Growth % | 0.45% | -2.2% | 2.29% | -7.3% | -2.99% | 7.78% | 14.86% | -43.5% | 13.16% | 5.49% | 0.88% | 16.68% | 21.95% | 0.54% | 10.73% | 6.95% | 7.08% | 10.06% | 6.54% | 12.69% | 17.87% | 18.91% | 23.43% | 19.68% | 17.2% | 8.7% | 14.99% | 17.94% | 21.81% | 11.01% | 48.97% |
| Cost of Goods Sold | 434.9M | 1.61B | 0 | 1.58B | 0 | 1.82B | 1.69B | 1.45B | 194M | 258.93M | 295.19M | 372.82M | 354.6M | 361.9M | 411.08M | 376.48M | 353.93M | 1.1B | 309.74M | 275.85M | 248.48M | 211.86M | 188.59M | 162.63M | 136.26M | 105.99M | 105.15M | 87.7M | 62.02M | 55.91M | 46.17M |
| COGS % of Revenue | - | 67.02% | - | 65.45% | - | 67.96% | 68.06% | 66.8% | 5.07% | 7.65% | 9.2% | 11.72% | 13.01% | 16.2% | 18.5% | 18.76% | 18.86% | 62.59% | 19.45% | 18.45% | 18.73% | 18.82% | 19.93% | 21.21% | 21.27% | 19.39% | 20.91% | 20.05% | 16.72% | 18.37% | 16.83% |
| Gross Profit | 2.08B | 794.53M | 2.46B | 831.96M | 2.6B | 857.91M | 793.67M | 718.15M | 3.63B | 3.12B | 2.91B | 2.81B | 2.37B | 1.87B | 1.81B | 1.63B | 1.52B | 655.7M | 1.28B | 1.22B | 1.08B | 913.64M | 757.89M | 604.17M | 504.43M | 440.69M | 397.77M | 349.65M | 308.82M | 248.52M | 228.08M |
| Gross Margin % | 82.72% | 32.98% | 100% | 34.55% | 100% | 32.04% | 31.94% | 33.2% | 94.93% | 92.35% | 90.8% | 88.28% | 86.99% | 83.8% | 81.5% | 81.24% | 81.14% | 37.41% | 80.55% | 81.55% | 81.27% | 81.18% | 80.07% | 78.79% | 78.73% | 80.61% | 79.09% | 79.95% | 83.28% | 81.63% | 83.17% |
| Gross Profit Growth % | - | -67.75% | 196.11% | -67.97% | 202.81% | 8.09% | 10.52% | -80.24% | 16.33% | 7.29% | 3.76% | 18.4% | 26.59% | 3.38% | 11.08% | 7.08% | 132.26% | -48.89% | 5.23% | 13.07% | 18% | 20.55% | 25.44% | 19.77% | 14.46% | 10.79% | 13.76% | 13.22% | 24.26% | 8.96% | 53.07% |
| Operating Expenses | 1.82B | 556.18M | 2.27B | 606.33M | 2.41B | 524.38M | 521.91M | 690.54M | 3.35B | 2.85B | 2.66B | 2.57B | 2.21B | 1.68B | 1.56B | 1.46B | 1.33B | 474.96M | 1.14B | 1.08B | 943.67M | 812.79M | 667.97M | 540.54M | 456.01M | 414.58M | 348.24M | 304.25M | 278.89M | 220.88M | 199.45M |
| OpEx % of Revenue | - | 23.09% | 92.09% | 25.18% | 92.85% | 19.58% | 21.01% | 31.92% | 87.4% | 84.3% | 82.8% | 80.81% | 80.99% | 75.14% | 70.05% | 72.71% | 70.81% | 27.1% | 71.3% | 72.36% | 71.14% | 72.22% | 70.57% | 70.49% | 71.17% | 75.84% | 69.24% | 69.56% | 75.21% | 72.55% | 72.73% |
| Selling, General & Admin | 312.98M | 442.95M | 324.44M | 438.55M | 326.17M | 396.8M | 373.43M | 11.23M | 1.62B | 1.25B | 860.65M | 867.82M | 865.17M | 792.35M | 0 | 908.75M | 824.93M | 771.63M | 705.57M | 674.41M | 579.57M | 507.16M | 414.52M | 344.88M | 293.35M | 276.68M | 227.59M | 201.92M | 189.72M | 149.73M | 135.01M |
| SG&A % of Revenue | - | 18.39% | 13.17% | 18.21% | 12.56% | 14.82% | 15.03% | 0.52% | 42.27% | 36.99% | 26.83% | 27.29% | 31.75% | 35.46% | - | 45.27% | 43.95% | 44.02% | 44.3% | 45.11% | 43.69% | 45.06% | 43.8% | 44.98% | 45.79% | 50.61% | 45.25% | 46.17% | 51.16% | 49.18% | 49.23% |
| Research & Development | 0 | 0 | 0 | 5.4M | 0 | 4.9M | 3.4M | 2.9M | 600K | 11.5M | 9.2M | 7.4M | 5.4M | 3.3M | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.22% | - | 0.18% | 0.14% | 0.13% | 0.02% | 0.34% | 0.29% | 0.23% | 0.2% | 0.15% | 0.12% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 113.23M | 1.94B | 162.38M | 2.09B | 122.68M | 145.09M | 676.41M | 796K | 4.12M | 2.88M | -2.99M | -669K | -1.07M | 604.65M | 550.73M | 504.11M | 474.96M | 429.91M | 407.32M | 364.11M | 305.63M | 253.46M | 195.66M | 162.66M | 137.9M | 120.65M | 102.32M | 89.17M | 71.15M | 64.44M |
| Operating Income | 257.67M | 238.35M | 194.9M | 225.63M | 185.65M | 333.53M | 271.76M | 27.61M | 289.61M | 254.7M | 242.68M | 235.94M | 139.84M | 187.06M | 279.71M | 183.38M | 190.79M | 180.74M | 147.4M | 137.32M | 134.44M | 100.86M | 89.92M | 63.63M | 48.42M | 26.11M | 49.53M | 45.41M | 29.93M | 27.64M | 28.63M |
| Operating Margin % | 10.24% | 9.89% | 7.91% | 9.37% | 7.15% | 12.45% | 10.94% | 1.28% | 7.56% | 7.53% | 7.57% | 7.42% | 5.13% | 8.37% | 12.58% | 9.14% | 10.17% | 10.31% | 9.26% | 9.19% | 10.13% | 8.96% | 9.5% | 8.3% | 7.56% | 4.78% | 9.85% | 10.38% | 8.07% | 9.08% | 10.44% |
| Operating Income Growth % | - | 22.29% | -13.62% | 21.54% | -44.34% | 22.73% | 884.19% | -90.47% | 13.71% | 4.95% | 2.85% | 68.72% | -25.24% | -33.12% | 52.53% | -3.88% | 5.56% | 22.62% | 7.34% | 2.15% | 33.3% | 12.16% | 41.33% | 31.41% | 85.42% | -47.28% | 9.08% | 51.73% | 8.28% | -3.46% | 77.81% |
| EBITDA | 1.83B | 1.85B | 1.84B | 1.83B | 1.98B | 361.88M | 362.18M | 129.77M | 383.76M | 337.27M | 325.05M | 1.45B | 1.07B | 815.15M | 884.36M | 734.11M | 694.89M | 655.7M | 618.79M | 582.2M | 530.02M | 433.99M | 367.11M | 279.02M | 227.46M | 179.66M | 182.64M | 158.15M | 128.02M | 105.12M | 99.32M |
| EBITDA Margin % | 72.66% | 76.91% | 74.81% | 76.15% | 76.11% | 13.51% | 14.58% | 6% | 10.02% | 9.97% | 10.13% | 45.56% | 39.35% | 36.48% | 39.79% | 36.57% | 37.02% | 37.41% | 38.85% | 38.95% | 39.95% | 38.56% | 38.79% | 36.39% | 35.5% | 32.86% | 36.32% | 36.16% | 34.52% | 34.53% | 36.22% |
| EBITDA Growth % | 24.5% | 0.55% | 0.49% | -7.25% | 446.37% | -0.08% | 179.08% | -66.18% | 13.78% | 3.76% | -77.56% | 35.07% | 31.57% | -7.83% | 20.47% | 5.64% | 5.98% | 5.96% | 6.29% | 9.84% | 22.13% | 18.22% | 31.57% | 22.67% | 26.6% | -1.63% | 15.48% | 23.54% | 21.78% | 5.84% | 73.94% |
| D&A (Non-Cash Add-back) | 1.57B | 1.61B | 1.65B | 1.61B | 1.79B | 28.36M | 90.41M | 102.16M | 94.15M | 82.57M | 82.38M | 1.21B | 932.63M | 628.09M | 604.65M | 550.73M | 504.11M | 474.96M | 471.39M | 444.87M | 395.58M | 333.13M | 277.19M | 215.4M | 179.04M | 153.55M | 133.11M | 112.75M | 98.09M | 77.49M | 70.69M |
| EBIT | 229.06M | 238.35M | 202.42M | 225.63M | 186.92M | 461.11M | 420.25M | 356.13M | 156.8M | 260.12M | 241.81M | 236.46M | 140.92M | 190.57M | 283.25M | 188.09M | 193.88M | 180.74M | 147.4M | 137.32M | 134.44M | 100.86M | 89.92M | 63.63M | 48.42M | 26.11M | 49.53M | 45.4M | 38.8M | 33.9M | 24.4M |
| Net Interest Income | -42.43M | -32.25M | -42.33M | -29.41M | -37.4M | -16.86M | -187K | 1.79M | 454K | -18.7M | -20.69M | -21.15M | -16.29M | -2.62M | -2.85M | -2.99M | -2.59M | -4.3M | -7.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.45M |
| Interest Income | 2.29M | 7.07M | -3.52M | 0 | 0 | 0 | 0 | 1.79M | 454K | 1.83M | 2.7M | 2.19M | 2.92M | 3M | 3.54M | 1.72M | 509K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 44.72M | 39.32M | 38.82M | 29.41M | 37.4M | 16.86M | 187K | 0 | 0 | 20.54M | 23.39M | 23.34M | 19.21M | 5.61M | 6.39M | 4.71M | 3.1M | 4.3M | 3.4M | 0 | 0 | 8.52M | 5.41M | 5.78M | 4.77M | 6.26M | 5.63M | 4.11M | 0 | 0 | 3.45M |
| Other Income/Expense | -80.48M | -63.83M | -31.29M | -29.41M | -37.4M | -5.32M | -187K | 0 | 0 | -15.12M | -24.25M | -22.82M | -18.14M | -2.1M | -27.73M | -3.77M | -2.59M | -4.3M | -7.82M | 3.51M | 3.88M | -8.52M | -5.41M | -5.78M | -4.77M | -6.26M | -5.63M | -4.1M | 5.27M | 2.56M | -3.45M |
| Pretax Income | 177.19M | 174.52M | 163.61M | 196.22M | 148.24M | 328.2M | 271.58M | 27.61M | 252.2M | 239.58M | 218.42M | 213.12M | 121.7M | 184.96M | 276.86M | 183.38M | 190.79M | 176.44M | 139.58M | 128.84M | 124.71M | 92.34M | 84.51M | 57.84M | 43.65M | 19.86M | 43.91M | 41.3M | 35.19M | 30.24M | 25.18M |
| Pretax Margin % | 7.04% | 7.24% | 6.64% | 8.15% | 5.71% | 12.26% | 10.93% | 1.28% | 6.59% | 7.08% | 6.81% | 6.7% | 4.47% | 8.28% | 12.46% | 9.14% | 10.17% | 10.07% | 8.76% | 8.62% | 9.4% | 8.2% | 8.93% | 7.54% | 6.81% | 3.63% | 8.73% | 9.44% | 9.49% | 9.93% | 9.18% |
| Income Tax | 49.45M | 50.17M | -33.64M | 57.38M | 49.53M | 84.65M | 37.95M | 52.23M | 55.99M | -52.96M | 79.14M | 77.41M | 43.47M | 64.29M | 103.81M | 69.61M | 72.41M | 63.56M | 53.81M | 48.57M | 46.08M | 34.34M | 31.89M | 21.42M | 16.21M | 7.52M | 16.64M | 15.7M | 13.71M | 11.84M | 9.79M |
| Effective Tax Rate % | 27.91% | 28.75% | -20.56% | 29.24% | 33.41% | 25.79% | 13.97% | 189.14% | 22.2% | -22.11% | 36.23% | 36.32% | 35.72% | 34.76% | 37.5% | 37.96% | 37.95% | 36.02% | 38.55% | 37.7% | 36.95% | 37.19% | 37.74% | 37.03% | 37.14% | 37.87% | 37.91% | 38.01% | 38.95% | 39.16% | 38.87% |
| Net Income | 148.12M | 146.79M | 197.25M | 138.84M | 98.71M | 243.56M | -61.47M | 31.47M | 196.21M | 292.54M | 139.28M | 135.71M | 78.23M | 120.67M | 173.04M | 113.77M | 118.38M | 112.6M | 90.19M | 80.28M | 78.64M | 57.99M | 52.62M | 36.43M | 27.44M | 12.34M | 27.26M | 25.6M | 21.48M | 18.4M | 15.39M |
| Net Margin % | 5.88% | 6.09% | 8.01% | 5.77% | 3.8% | 9.1% | -2.47% | 1.45% | 5.12% | 8.65% | 4.34% | 4.27% | 2.87% | 5.4% | 7.79% | 5.67% | 6.31% | 6.42% | 5.66% | 5.37% | 5.93% | 5.15% | 5.56% | 4.75% | 4.28% | 2.26% | 5.42% | 5.85% | 5.79% | 6.04% | 5.61% |
| Net Income Growth % | -29.47% | -25.58% | 42.07% | 40.65% | -59.47% | 496.25% | -295.3% | -83.96% | -32.93% | 110.03% | 2.63% | 73.47% | -35.17% | -30.27% | 52.1% | -3.89% | 5.13% | 24.85% | 12.35% | 2.09% | 35.59% | 10.22% | 44.45% | 32.75% | 122.44% | -54.75% | 6.48% | 19.17% | 16.79% | 19.51% | 74.92% |
| Net Income (Continuing) | 127.74M | 124.35M | 197.25M | 138.84M | 98.71M | 243.56M | 233.63M | -24.61M | 196.21M | 292.54M | 139.28M | 135.71M | 78.23M | 120.67M | 173.04M | 113.77M | 118.38M | 112.88M | 85.77M | 80.28M | 78.64M | 57.99M | 52.62M | 36.43M | 27.44M | 12.34M | 27.26M | 25.6M | 21.5M | 18.4M | 15.4M |
| Discontinued Operations | 836K | 22.44M | 0 | 0 | 0 | 0 | -295.09M | 56.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.63 | 3.59 | 4.53 | 2.98 | 1.90 | 3.67 | -0.91 | 0.47 | 2.78 | 4.06 | 1.91 | 1.86 | 1.08 | 1.58 | 2.25 | 1.43 | 1.44 | 1.37 | 1.11 | 0.97 | 1.00 | 0.76 | 0.69 | 0.49 | 0.38 | 0.18 | 0.41 | 0.37 | 0.31 | 0.28 | 0.23 |
| EPS Growth % | -25.2% | -20.75% | 52.01% | 56.84% | -48.23% | 503.3% | -293.62% | -83.09% | -31.53% | 112.57% | 2.69% | 72.22% | -31.65% | -29.78% | 57.34% | -0.69% | 5.11% | 23.42% | 14.43% | -3% | 31.58% | 10.14% | 40.82% | 28.95% | 111.11% | -56.1% | 10.81% | 19.35% | 10.71% | 21.74% | 53.33% |
| EPS (Basic) | - | 3.66 | 4.63 | 3.02 | 1.90 | 3.69 | -0.91 | 0.47 | 2.84 | 4.13 | 1.93 | 1.87 | 1.08 | 1.59 | 2.28 | 1.46 | 1.46 | 1.39 | 1.13 | 0.99 | 1.00 | 0.77 | 0.71 | 0.49 | 0.39 | 0.19 | 0.41 | 0.38 | 0.31 | 0.28 | 0.24 |
| Diluted Shares Outstanding | 40.81M | 40.86M | 43.55M | 46.55M | 51.92M | 66.03M | 67.26M | 67.32M | 70.6M | 72.12M | 73.01M | 73.04M | 72.72M | 76.39M | 76.83M | 79.34M | 82.1M | 81.95M | 81.14M | 82.46M | 79.31M | 76.21M | 75.86M | 74.64M | 71.59M | 67.91M | 67.18M | 68.57M | 69.77M | 66M | 67.43M |
| Basic Shares Outstanding | 39.9M | 40.09M | 42.58M | 46.03M | 51.92M | 66.03M | 67.26M | 67.32M | 69.13M | 70.84M | 72.35M | 72.57M | 72.38M | 75.75M | 75.82M | 78.1M | 81.19M | 81.14M | 80.11M | 81.24M | 78.64M | 74.77M | 74.4M | 73.41M | 70.5M | 67.19M | 67M | 67.5M | 68.46M | 64.62M | 64.1M |
| Dividend Payout Ratio | - | 14.15% | 10.34% | - | - | - | - | 29.99% | 3.18% | 2.72% | 5.33% | 5.03% | 10% | 3.21% | 3.38% | 3.58% | 2.47% | 4.13% | 3.8% | 4.05% | 3.7% | 4.55% | 3.88% | 2.54% | 2.91% | 6.46% | 2.91% | 3.12% | 3.72% | 4.35% | 4.97% |
Regulatory and credit default exposure
According to the provided quarterly financial data, PRG's revenue trajectory remains inconsistent, oscillating between a 8.6% expansion in 2026Q1 and a 7.8% contraction in 2025Q4, suggesting that the company is struggling to maintain a stable growth baseline in the current volatile consumer durable goods environment.
The revenue volatility appears to reflect the cyclical nature of the underlying retail partnerships and shifting consumer demand for lease-to-own products. Investors should monitor whether the recent 8.6% growth in 2026Q1 represents a sustainable recovery or merely a seasonal anomaly in the company's transactional volume.
As reported in the income statement history, gross margins exhibit extreme variance, swinging from 31.5% in 2024Q1 to 100% in periods where COGS reporting appears absent, which complicates the assessment of true underlying profitability and suggests potential inconsistencies in how lease merchandise costs are being recognized.
The wide fluctuations in gross margin indicate that the company's cost recognition policies may be masking the true impact of lease merchandise write-offs. This lack of transparency warrants further investigation into whether the business is effectively managing its asset depreciation or if margin compression is being obscured by accounting adjustments.
Based on the quarterly figures, operating margins have remained largely range-bound between 8% and 13%, indicating that PRG has yet to demonstrate significant operating leverage as SG&A expenses continue to scale in tandem with revenue, preventing a meaningful expansion of the bottom line relative to top-line growth.
The inability to significantly improve operating margins suggests that the company's asset-light model still requires substantial investment in customer acquisition and technology maintenance. This implies that future earnings growth may be limited unless management can achieve greater efficiency in its core operating expense structure.
As indicated by the financial statements, stock-based compensation remains a consistent drag on earnings, with quarterly charges frequently exceeding $7 million, which suggests that reported net income may be overstated relative to the actual cash-generating capability of the business after accounting for equity-based dilution.
The persistent use of stock-based compensation warrants caution, as it effectively lowers the quality of reported EPS for shareholders. Investors should consider the impact of these recurring non-cash charges when evaluating the company's true profitability and its ability to sustain dividend or buyback programs.
Based on the provided data and industry context, the primary risk to the income statement is the potential for regulatory intervention, as any mandated caps on lease-to-own fees could fundamentally impair the company's ability to maintain its current gross margin profile and overall profitability levels.
Short-sellers may focus on the vulnerability of the company's fee-heavy revenue model to potential CFPB scrutiny. If regulatory pressure forces a change in pricing transparency or fee structures, the company may face a permanent compression in margins that the current valuation does not appear to fully reflect.
Quick answers to the most common questions about buying PRG stock.
For fiscal year 2025, PROG Holdings, Inc. (PRG) reported total revenue of $2.41B. This represents a 778.5% increase compared to $274.2M in 1996.
PROG Holdings, Inc. (PRG) is profitable, generating $146.8M in net income for the fiscal year ending 2025 with a net profit margin of 6.1%.
PROG Holdings, Inc. (PRG) reported an operating income of $238.3M, resulting in an operating profit margin of 9.9%. This margin reflects the operational efficiency of the business before interest and taxes.
PROG Holdings, Inc. (PRG) generated $794.5M in gross profit for the year, representing a gross profit margin of 33.0%. This demonstrates the company's core pricing power and production efficiency.