PROG Holdings, Inc.
PRG NYSE Services-Equipment Rental & Leasing, Nec Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$2.4B
0.4%
vs prior year
Operating margin
Operating income as a share of revenue.
8.6%
0.5 pts
Net income
Profit after all expenses, interest and tax.
$147M
25.6%
Free cash flow
Cash from operations minus capital spending.
$325M
149.5%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.3%
1.9 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $3.61 EPS (TTM)
What PROG Holdings, Inc. does
No business description yet.
- Legal name
- PROG Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001808834-26-000012
0001808834
Revenue and margins
PROG Holdings, Inc. had $2.4B of revenue in fiscal 2025, up 0.4% on the year before.
FY18
Revenue $2.0B
FY19
Revenue $2.2B
FY20
Revenue $2.5B
FY21
Revenue $2.7B
FY22
Revenue $2.6B
FY23
Revenue $2.3B
FY24
Revenue $2.4B
FY25
Revenue $2.4B
Q3 '23
Revenue $583M
Q4 '23
Revenue $508M
Q1 '24
Revenue $642M
Q2 '24
Revenue $592M
Q3 '24
Revenue $606M
Q4 '24
Revenue $559M
Q1 '25
Revenue $668M
Q2 '25
Revenue $589M
Q3 '25
Revenue $595M
Q4 '25
Revenue $525M
Q1 '26
Revenue $743M
Q2 '26
Revenue $720M
FY18
Gross —
Operating 7.7%
Net 9.6%
FCF 13.6%
FY19
Gross —
Operating 1.3%
Net 1.5%
FCF 10.4%
FY20
Gross —
Operating 10.9%
Net −2.5%
FCF 15.8%
FY21
Gross —
Operating 12.5%
Net 9.1%
FCF 8.8%
FY22
Gross —
Operating 7.1%
Net 3.8%
FCF 9.0%
FY23
Gross —
Operating 9.3%
Net 5.9%
FCF 8.3%
FY24
Gross —
Operating 8.1%
Net 8.2%
FCF 5.4%
FY25
Gross —
Operating 8.6%
Net 6.1%
FCF 13.5%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 9.4%
Net 6.0%
FCF 14.5%
Q4 '23
Gross —
Operating 5.6%
Net 3.7%
FCF −17.9%
Q1 '24
Gross —
Operating 6.2%
Net 3.4%
FCF 20.8%
Q2 '24
Gross —
Operating 9.4%
Net 5.7%
FCF 9.0%
Q3 '24
Gross —
Operating 8.1%
Net 13.9%
FCF 4.9%
Q4 '24
Gross —
Operating 8.9%
Net 10.3%
FCF −15.5%
Q1 '25
Gross 100.0%
Operating 8.4%
Net 5.2%
FCF 31.1%
Q2 '25
Gross 100.0%
Operating 10.1%
Net 6.5%
FCF 11.5%
Q3 '25
Gross —
Operating 9.0%
Net 5.6%
FCF 17.9%
Q4 '25
Gross —
Operating 6.9%
Net 7.7%
FCF −10.9%
Q1 '26
Gross 91.6%
Operating 8.8%
Net 4.9%
FCF 22.7%
Q2 '26
Gross 89.5%
Operating 9.1%
Net 5.1%
FCF 14.1%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2018 to 2025, diluted EPS grew 3.7% a year. Loss periods are shown in red.
FY18
Net income $196M
FY19
Net income $31.5M
FY20
Net income −$61.5M
FY21
Net income $244M
FY22
Net income $98.7M
FY23
Net income $139M
FY24
Net income $197M
FY25
Net income $147M
Q3 '23
Net income $35.0M
Q4 '23
Net income $18.6M
Q1 '24
Net income $22.0M
Q2 '24
Net income $33.8M
Q3 '24
Net income $84.0M
Q4 '24
Net income $57.5M
Q1 '25
Net income $34.7M
Q2 '25
Net income $38.5M
Q3 '25
Net income $33.1M
Q4 '25
Net income $40.5M
Q1 '26
Net income $36.1M
Q2 '26
Net income $37.0M
FY18
Diluted EPS $2.78
FY19
Diluted EPS $0.47
FY20
Diluted EPS −$0.90
FY21
Diluted EPS $3.67
FY22
Diluted EPS $1.90
FY23
Diluted EPS $2.98
FY24
Diluted EPS $4.53
FY25
Diluted EPS $3.59
Q3 '23
Diluted EPS $0.76
Q4 '23
Diluted EPS $0.43
Q1 '24
Diluted EPS $0.49
Q2 '24
Diluted EPS $0.77
Q3 '24
Diluted EPS $1.94
Q4 '24
Diluted EPS $1.33
Q1 '25
Diluted EPS $0.83
Q2 '25
Diluted EPS $0.95
Q3 '25
Diluted EPS $0.82
Q4 '25
Diluted EPS $0.99
Q1 '26
Diluted EPS $0.89
Q2 '26
Diluted EPS $0.91
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity 11.1%
Return on assets —
FY19
Return on capital —
Return on equity 1.8%
Return on assets 1.0%
FY20
Return on capital 23.4%
Return on equity −4.5%
Return on assets −2.7%
FY21
Return on capital 22.5%
Return on equity 29.2%
Return on assets 16.6%
FY22
Return on capital 12.0%
Return on equity 15.8%
Return on assets 6.3%
FY23
Return on capital 15.0%
Return on equity 23.9%
Return on assets 9.3%
FY24
Return on capital 16.2%
Return on equity 31.8%
Return on assets 13.1%
FY25
Return on capital 14.3%
Return on equity 21.0%
Return on assets 9.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $325M in fiscal 2025, 13.5% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow $278M
FY19
Free cash flow $224M
FY20
Free cash flow $392M
FY21
Free cash flow $236M
FY22
Free cash flow $233M
FY23
Free cash flow $195M
FY24
Free cash flow $130M
FY25
Free cash flow $325M
Q3 '23
Free cash flow $84.6M
Q4 '23
Free cash flow −$91.0M
Q1 '24
Free cash flow $134M
Q2 '24
Free cash flow $53.5M
Q3 '24
Free cash flow $29.8M
Q4 '24
Free cash flow −$86.8M
Q1 '25
Free cash flow $208M
Q2 '25
Free cash flow $68.0M
Q3 '25
Free cash flow $106M
Q4 '25
Free cash flow −$57.5M
Q1 '26
Free cash flow $169M
Q2 '26
Free cash flow $101M
FY18
Cash from operations $356M
Capital spending $78.8M
FY19
Cash from operations $317M
Capital spending $93.0M
FY20
Cash from operations $456M
Capital spending $64.3M
FY21
Cash from operations $246M
Capital spending $9.6M
FY22
Cash from operations $242M
Capital spending $9.7M
FY23
Cash from operations $204M
Capital spending $9.6M
FY24
Cash from operations $139M
Capital spending $8.3M
FY25
Cash from operations $335M
Capital spending $10.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations $87.2M
Capital spending $2.6M
Q4 '23
Cash from operations −$88.3M
Capital spending $2.7M
Q1 '24
Cash from operations $136M
Capital spending $2.1M
Q2 '24
Cash from operations $55.4M
Capital spending $1.9M
Q3 '24
Cash from operations $31.9M
Capital spending $2.0M
Q4 '24
Cash from operations −$84.5M
Capital spending $2.3M
Q1 '25
Cash from operations $210M
Capital spending $2.0M
Q2 '25
Cash from operations $69.9M
Capital spending $1.9M
Q3 '25
Cash from operations $110M
Capital spending $3.6M
Q4 '25
Cash from operations −$54.9M
Capital spending $2.6M
Q1 '26
Cash from operations $172M
Capital spending $3.1M
Q2 '26
Cash from operations $106M
Capital spending $5.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
PROG Holdings, Inc. returned $72.5M to shareholders in fiscal 2025, 22% of free cash flow. The diluted share count fell 6.2%.
FY18
Dividends $6.2M
Buybacks $169M
FY19
Dividends $9.4M
Buybacks $69.3M
FY20
Dividends $13.8M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $142M
FY22
Dividends $0.0M
Buybacks $224M
FY23
Dividends $0.0M
Buybacks $140M
FY24
Dividends $20.4M
Buybacks $139M
FY25
Dividends $20.8M
Buybacks $51.8M
Dividends
Buybacks
Q3 '23
Dividends $0.0M
Buybacks $36.4M
Q4 '23
Dividends $0.0M
Buybacks $31.3M
Q1 '24
Dividends $5.2M
Buybacks $24.4M
Q2 '24
Dividends $5.1M
Buybacks $36.7M
Q3 '24
Dividends $5.1M
Buybacks $37.0M
Q4 '24
Dividends $5.0M
Buybacks $40.5M
Q1 '25
Dividends $5.3M
Buybacks $26.1M
Q2 '25
Dividends $5.2M
Buybacks $25.7M
Q3 '25
Dividends $5.2M
Buybacks $0.0M
Q4 '25
Dividends $5.1M
Buybacks $0.0M
Q1 '26
Dividends $5.6M
Buybacks $0.0M
Q2 '26
Dividends $5.6M
Buybacks $10.2M
Dividends
Buybacks
FY18
Diluted shares 0.07B
FY19
Diluted shares 0.07B
FY20
Diluted shares 0.07B
FY21
Diluted shares 0.07B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably PROG Holdings, Inc. can carry it.
FY18
Cash $15.3M
Debt —
FY19
Cash $57.8M
Debt —
FY20
Cash $36.6M
Debt $50.0M
FY21
Cash $170M
Debt $590M
FY22
Cash $132M
Debt $591M
FY23
Cash $155M
Debt $592M
FY24
Cash $90.9M
Debt $644M
FY25
Cash $309M
Debt $595M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $170M | $132M | $155M | $90.9M | $309M |
| Debt incl. finance leases | $590M | $591M | $592M | $644M | $595M |
| Net debt / EBITDA | 1.2x | 2.1x | 1.7x | 2.5x | 1.2x |
| Debt / equity | 0.9x | 1.0x | 1.0x | 1.0x | 0.8x |
| Interest coverage | 62.7x | 5.0x | 5.5x | 4.9x | 4.2x |
| Total assets | $1.6B | $1.5B | $1.5B | $1.5B | $1.6B |
| Total liabilities | $942M | $921M | $900M | $863M | $864M |
| Shareholders' equity | $679M | $570M | $591M | $650M | $746M |
| Net debt (− = net cash) | $419M | $459M | $437M | $553M | $286M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | — | — | ✕ | ✕ | ✕ | ✕ | ✓ |
| Current ratio rose | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ |
| F-score | — / 3 | — / 4 | — / 6 | 5 / 7 | 5 / 7 | 5 / 7 | 5 / 7 | 5 / 7 |
| Accruals ratio | — | −8.7% | −22.4% | −0.2% | −9.2% | −4.4% | 3.9% | −12.0% |
| Altman Z'' | — | — | — | — | — | — | — | — |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $2.0B | $2.2B | $2.5B | $2.7B | $2.6B | $2.3B | $2.4B | $2.4B |
| Net interest income | — | — | — | −$5.3M | −$37.4M | −$29.4M | — | — |
| Provision for credit losses | $21.1M | $21.7M | $34.0M | — | — | — | — | — |
| Operating income | $157M | $27.6M | $272M | $334M | $186M | $219M | $195M | $207M |
| Interest expense | $0.0M | $0.0M | $0.2M | $5.3M | $37.4M | $39.5M | $39.5M | $49.3M |
| Pretax income | $157M | $27.6M | $272M | $328M | $148M | $189M | $163M | $175M |
| Income tax | $31.5M | $52.2M | $37.9M | $84.6M | $49.5M | $55.4M | −$33.9M | $50.2M |
| Net income | $196M | $31.5M | −$61.5M | $244M | $98.7M | $139M | $197M | $147M |
| Diluted EPS | $2.78 | $0.47 | −$0.90 | $3.67 | $1.90 | $2.98 | $4.53 | $3.59 |
| Diluted shares | 0.07B | 0.07B | 0.07B | 0.07B | 0.05B | 0.05B | 0.04B | 0.04B |
| Cash flow | ||||||||
| Cash from operations | $356M | $317M | $456M | $246M | $242M | $204M | $139M | $335M |
| Capital expenditure | $78.8M | $93.0M | $64.3M | $9.6M | $9.7M | $9.6M | $8.3M | $10.0M |
| Free cash flow | $278M | $224M | $392M | $236M | $233M | $195M | $130M | $325M |
| Depreciation and amortization | $7.1M | $9.1M | $9.7M | $11.0M | $33.9M | $31.3M | $26.3M | $24.0M |
| Stock-based compensation | $28.2M | $26.5M | −$2.6M | $21.3M | $17.5M | $24.9M | $29.2M | $28.8M |
| Acquisitions | — | — | $14.8M | $22.8M | −$0.0M | — | — | — |
| Share buybacks | $169M | $69.3M | $0.0M | $142M | $224M | $140M | $139M | $51.8M |
| Dividends paid | $6.2M | $9.4M | $13.8M | $0.0M | $0.0M | $0.0M | $20.4M | $20.8M |
| Dividends and buybacks | $175M | $78.7M | $13.8M | $142M | $224M | $140M | $159M | $72.5M |
| Balance sheet | ||||||||
| Cash and short-term investments | $15.3M | $57.8M | $36.6M | $170M | $132M | $155M | $90.9M | $309M |
| Total debt | — | — | $50.0M | $590M | $591M | $592M | $644M | $595M |
| Inventory | — | — | — | — | — | — | — | $0.0M |
| Property and equipment, net | — | $30.4M | $26.7M | $25.6M | $23.9M | $24.1M | $20.0M | $19.5M |
| Goodwill | — | $289M | $289M | $306M | $296M | $296M | $296M | $296M |
| Intangible assets | — | $177M | $154M | $137M | $114M | $91.7M | $73.8M | $57.8M |
| Total assets | — | $3.3B | $1.3B | $1.6B | $1.5B | $1.5B | $1.5B | $1.6B |
| Total liabilities | — | $1.6B | $331M | $942M | $921M | $900M | $863M | $864M |
| Shareholders' equity | $1.8B | $1.7B | $986M | $679M | $570M | $591M | $650M | $746M |
| Margins | ||||||||
| Operating margin | 7.7% | 1.3% | 10.9% | 12.5% | 7.1% | 9.3% | 8.1% | 8.6% |
| EBITDA margin | 8.0% | 1.7% | 11.3% | 12.9% | 8.4% | 10.7% | 9.2% | 9.6% |
| Net margin | 9.6% | 1.5% | −2.5% | 9.1% | 3.8% | 5.9% | 8.2% | 6.1% |
| FCF margin | 13.6% | 10.4% | 15.8% | 8.8% | 9.0% | 8.3% | 5.4% | 13.5% |
| Net interest share of revenue | — | — | — | −0.2% | −1.4% | −1.3% | — | — |
| Returns | ||||||||
| Return on capital | — | — | 23.4% | 22.5% | 12.0% | 15.0% | 16.2% | 14.3% |
| Return on equity | 11.1% | 1.8% | −4.5% | 29.2% | 15.8% | 23.9% | 31.8% | 21.0% |
| Return on assets | — | 1.0% | −2.7% | 16.6% | 6.3% | 9.3% | 13.1% | 9.4% |
| Return on tangible equity | 11.1% | 2.5% | −11.3% | 103.2% | 61.7% | 68.2% | 70.3% | 37.4% |
| Growth | ||||||||
| Revenue growth | — | 6.2% | 14.9% | 7.8% | −3.0% | −9.9% | 2.6% | 0.4% |
| Net income growth | — | −84.0% | −295.3% | — | −59.5% | 40.7% | 42.1% | −25.6% |
| EPS growth | — | −83.1% | −291.5% | — | −48.2% | 56.8% | 52.0% | −20.8% |
| FCF growth | — | −19.2% | 74.7% | −39.6% | −1.5% | −16.4% | −33.1% | 149.5% |
| Share count change | — | −4.6% | 1.0% | −2.4% | −21.6% | −10.6% | −6.4% | −6.2% |
| Financial health | ||||||||
| Net debt / EBITDA | — | — | 0.0x | 1.2x | 2.1x | 1.7x | 2.5x | 1.2x |
| Debt / equity | — | — | 0.1x | 0.9x | 1.0x | 1.0x | 1.0x | 0.8x |
| Interest coverage | — | — | 1,453.3x | 62.7x | 5.0x | 5.5x | 4.9x | 4.2x |
| Capital allocation | ||||||||
| Capex / revenue | 3.9% | 4.3% | 2.6% | 0.4% | 0.4% | 0.4% | 0.3% | 0.4% |
| Stock comp / revenue | 1.4% | 1.2% | −0.1% | 0.8% | 0.7% | 1.1% | 1.2% | 1.2% |
| Payouts / FCF | 63.0% | 35.1% | 3.5% | 60.2% | 96.0% | 71.7% | 122.1% | 22.3% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | — | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| Accruals ratio | — | −8.7% | −22.4% | −0.2% | −9.2% | −4.4% | 3.9% | −12.0% |
Source: SEC EDGAR XBRL filings (CIK 0001808834). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.