PROG Reports Q3 Results; Leasing Segment Faces Consumer Pressure

PROG reported third-quarter results showing consolidated gross merchandise volume rose 59% year over year to $912 million. Revenue from continuing operations increased 26% to $725.8 million, and non-GAAP diluted earnings per share rose 21.8% to $1.06. However, the Progressive Leasing segment faced pressure from consumer inflation and higher fuel costs.

The company reported strong growth from its Four Technologies and Purchasing Power businesses. Although the leasing segment declined slightly, the gross lease asset balance increased for the first time since April 2025, and PROG expects segment revenue to return to year-over-year growth in the fourth quarter.