PROG Holdings, Inc. (PRG): Business Model Canvas [Dec-2025 Updated]

You're looking at a complex financial engine here with PROG Holdings, Inc., one that's clearly pivoting from just lease-to-own to a broader suite of flexible payments, which is smart given the current credit environment. Honestly, seeing them project full-year revenue between $2.41 billion and $2.435 billion while sitting on $292.6 million in cash (Q3 2025) shows they have the firepower to execute this strategy, even while servicing $600 million in gross debt. I've mapped out exactly how this model works-from their 30,000+ retail touchpoints to their proprietary risk analytics-so you can see the mechanics behind their value proposition for near- and below-prime shoppers. Check out the full Business Model Canvas below to understand the nine building blocks driving their strategy right now.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Key Partnerships

National and regional retail partners provide lease-purchase solutions through more than 30,000 retail partner locations in 46 states and the District of Columbia, including e-commerce merchants.

The company actively grows online Gross Merchandise Value (GMV) through e-commerce and affiliate partners. As of Third Quarter 2025, E-commerce GMV represented 23% of total Progressive Leasing GMV. The PROG Marketplace platform is on track to surpass $75 million in GMV for 2025.

Employer partnerships, significantly expanded via the Purchasing Power acquisition announced in December 2025, provide access to a large employee base. Key metrics related to these employer relationships include:

Partnership Metric	Number/Amount
Fortune 500 Companies Partnered	48
Top 30 U.S. Employers Partnered	7
Total Established Employer Partnerships	Over 360
Eligible Employees Reached Nationwide	More than seven million

The benefit-broker distribution channel is a key component for new customer acquisition, leveraging the relationships with established employers. This channel, combined with direct sales and other partners, reaches over 7mm+ Eligible Employees Today.

Third-party suppliers support the product offering through a broad network. The Purchasing Power platform provides access to over 70,000 products and services.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Key Activities

You're looking at the core engine room of PROG Holdings, Inc. (PRG) as we close out 2025. These aren't just things they do; these are the specific, high-stakes actions that generate their revenue and manage their risk profile. Honestly, the focus is clearly split between optimizing the established lease-to-own business and aggressively scaling the newer digital platforms.

Developing proprietary risk analytics and decisioning models

This activity is all about keeping the loss rate tight in the core Progressive Leasing business. It's a constant calibration act against consumer stress. The effectiveness of their models is directly visible in their write-off rates, which is where the rubber meets the road for portfolio health.

Here are the latest figures showing the outcome of that risk management:

• Provision for lease merchandise write-offs was 7.4% of leasing revenues for the third quarter of 2025.
• This compares to 7.5% of leasing revenues reported in the second quarter of 2025.

Managing lease-to-own portfolio and collections

Managing the existing lease-to-own portfolio involves everything from customer service to collections, all while trying to maximize the total value transacted (Gross Merchandise Volume or GMV). You see the impact of both deliberate portfolio tightening and macroeconomic softness in the quarterly GMV figures.

The core performance metrics for the Progressive Leasing segment as of the third quarter of 2025 are laid out here. Note the gross margin improvement, which is a definite win given the environment:

Metric	Q3 2025 Value	Comparison/Context
Progressive Leasing GMV	$410.9 million	Year-over-year decline of 10%
Progressive Leasing Gross Margin	32%	Improvement of approximately 80 basis points year over year
Q3 2025 Adjusted EBITDA (Consolidated)	$67.0 million	Representing 11.3% of consolidated revenue

The company is defintely focused on efficiency; the Q3 Adjusted EBITDA margin of 11.3% was up from 10.5% in the same period last year.

Integrating point-of-sale (POS) technology with retail partners

This key activity centers on embedding PROG Holdings' technology directly into the merchant's checkout flow, whether in-store or online. It's about making the lease option a seamless part of the purchase decision. The success here is measured by the growth in the Four Technologies segment, which represents their Buy Now, Pay Later (BNPL) platform.

Four Technologies is the growth story:

• Four Technologies achieved triple-digit growth in revenue for the third quarter of 2025.
• Its year-to-date Adjusted EBITDA reached $11.1 million, a 23% margin on revenue.
• In Q2 2025, Four Technologies' GMV grew by 166.5% year-over-year.

Investing in AI-powered tools and digital funnel optimization

This is the forward-looking investment bucket, aimed at improving customer acquisition efficiency and the overall user experience across their digital channels. Management specifically called out this focus in mid-2025.

The stated goals include:

• Deploying AI-powered tools.
• Optimizing the digital funnel.
• Enhancing mobile and web experiences for a more seamless journey.

Processing payroll deductions for the Purchasing Power platform

As of December 2025, this activity is about to become a major, newly acquired component of the PROG Holdings ecosystem. The acquisition of Purchasing Power brings a distinct B2B2C model centered entirely around payroll deduction for voluntary employee benefits.

The scale of this new activity, based on the acquisition terms and target metrics, is substantial:

Metric	Purchasing Power Data Point	Timing/Context
Acquisition Price	$420 million in cash	Agreed upon in December 2025
Employer Clients	Over 360 established employers	Current client base
Employee Access	Over 7 million employees nationwide	Through client relationships
Expected 2026 Adjusted EBITDA Contribution	$50 million to $60 million	Projected for 2026
Non-Recourse Debt Remaining Post-Close	Approximately $330 million	To remain within securitization facilities

Finance: draft 13-week cash view by Friday.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Key Resources

You're analyzing the core assets PROG Holdings, Inc. (PRG) relies on to operate its lease-to-own and Buy Now, Pay Later (BNPL) ecosystem as of late 2025. These resources are the foundation for their decisioning engine and partner relationships.

The proprietary risk and credit decisioning technology platform, central to Progressive Leasing since 1999, is key for providing instant decisioning results to consumers seeking furniture, electronics, and other durable goods. This technology is continually enhanced; for instance, Q2 2025 saw the rollout of a new consumer chat feature and expanded AI-driven tools to improve digital servicing.

This platform is fueled by an extensive database of consumer payment and lease history. The quality of this data directly impacts portfolio performance, evidenced by write-offs as a percentage of leasing revenues landing at 7.4% in Q3 2025, an improvement from 7.7% in the prior year. The company's e-commerce penetration, a key metric leveraging this digital infrastructure, reached 23% of total Progressive Leasing Gross Merchandise Value (GMV) in Q3 2025.

Financially, PROG Holdings, Inc. maintained a solid liquidity position, reporting cash and cash equivalents of $292.6 million at the close of Q3 2025. This was alongside a gross debt of $600 million, resulting in a net leverage ratio of 1.11x.

The business depends on exclusive long-term agreements with major national retailers to drive volume. In Q3 2025, Progressive Leasing GMV was $410.9 million. Furthermore, the company strengthened its position by extending these exclusive agreements with existing partners. The BNPL platform, Four Technologies, also showed significant partner momentum, achieving its eighth consecutive quarter of triple-digit revenue growth as of Q3 2025.

The internal expertise is a critical resource. The company relies on skilled technology and data science teams to manage and refine the proprietary algorithms that drive instant approvals and manage risk across its portfolio. The success of Four Technologies, which generated year-to-date Adjusted EBITDA of $11.1 million through Q3 2025 at a 23% margin on revenue, speaks to the capability of these teams.

Here's a look at some quantifiable technology and operational metrics as of late 2025:

Resource Component	Metric/Data Point	Value/Amount
Progressive Leasing Technology	E-commerce GMV as % of Total GMV (Q3 2025)	23%
Progressive Leasing Portfolio Performance	Lease Merchandise Write-offs as % of Revenue (Q3 2025)	7.4%
Four Technologies Performance	Year-to-Date Adjusted EBITDA (Through Q3 2025)	$11.1 million
Four Technologies Performance	Revenue Margin (YTD Q3 2025)	23%
Progressive Leasing Volume	Gross Merchandise Value (GMV) (Q3 2025)	$410.9 million

The planned acquisition of Purchasing Power, announced in December 2025 for $420 million in cash, adds another layer of proprietary infrastructure-a payments infrastructure connecting directly to payroll systems-and access to over 360 employer partnerships, including 48 Fortune 500 companies.

The firm's operational strengths are also reflected in its ongoing commitment to shareholders, having paid a quarterly cash dividend of $0.13 per share in Q3 2025, while maintaining $309.6 million of unused authorization under its $500 million share repurchase program.

• Progressive Leasing segment reported a Gross Margin of 32% in Q3 2025.
• Four Technologies delivered its 8th consecutive quarter of triple-digit GMV and revenue growth.
• The company's revised full-year 2025 consolidated revenue projection is between $2.41 billion and $2.435 billion.
• The revised full-year 2025 non-GAAP EPS projection is between $3.35 and $3.45.

Finance: draft 13-week cash view by Friday.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Value Propositions

You're looking at the core benefits PROG Holdings, Inc. (PRG) offers its customers and partners as of late 2025. This isn't just about offering credit; it's about providing specific access points for consumers often overlooked by traditional finance.

Inclusive payment options for near- and below-prime consumers

The foundation remains Progressive Leasing, serving consumers who need flexible options for durable goods. For the third quarter of 2025, the Gross Merchandise Volume (GMV) for Progressive Leasing was $410.9 million. The company actively manages this segment, targeting annual write-offs to remain within the 6% to 8% range, with Q3 2025 write-offs at 7.4% of leasing revenues. This discipline keeps the service viable for the near- and below-prime segment.

Flexible lease-to-own solutions for durable goods

The lease-to-own model itself is the value proposition here-providing immediate access to necessary or desired items. In the second quarter of 2025, Progressive Leasing reported a gross margin of 32.4%, showing the operational efficiency in delivering these flexible terms. The GMV for that quarter hit $413.9 million, illustrating the scale of goods moved through this channel.

Here's a quick look at the core lease-to-own segment performance from recent quarters:

Metric	Q2 2025 Value	Q3 2025 Value
Gross Merchandise Volume (GMV)	$413.9 million	$410.9 million
Write-offs (% of Leasing Revenue)	7.5%	7.4%
Gross Margin	32.4%	Not explicitly stated

What this estimate hides is the varying consumer demand across different durable goods categories.

Buy Now, Pay Later (BNPL) with Four Technologies

Four Technologies is the high-growth engine, validating the market for interest-free installment payments. In Q2 2025, this platform delivered over 200% revenue growth year-over-year, with GMV growing 167%. The company is actively scaling this, aiming for the PROG Marketplace platform to surpass $75 million in GMV for 2025. The take rate for Four Technologies was approximately 10% in Q2 2025, and active shoppers grew over 130% year-over-year.

The omnichannel push is clear, too; e-commerce represented an all-time high of approximately 21% of the total Progressive Leasing GMV in Q2 2025.

• Four Technologies GMV Growth (Q3 2025): 162.8%
• Four Technologies Consecutive Quarters of Triple-Digit Growth: Eight
• PROG Marketplace GMV Target (2025): Over $75 million

Payroll-deducted purchasing for financial wellness (Purchasing Power)

The announced acquisition of Purchasing Power in December 2025 immediately adds a highly secure payment rail. PROG Holdings is paying $420 million in cash for this platform, which is expected to carry approximately $330 million of non-recourse funding debt, implying an enterprise value around $750 million. This provides access to a new, non-overlapping customer base of over seven million employees through more than 360 employer partnerships, including 48 Fortune 500 companies. Management expects this acquisition to contribute between $50 million and $60 million in adjusted EBITDA in 2026. This model uses automatic payroll deductions, which defintely mitigates credit risk.

Seamless, omnichannel application and servicing experience

PROG Holdings is investing in technology to make the process smoother across all channels. In Q2 2025, technology initiatives included the rollout of a new consumer chat feature and expanded AI-driven tools. These enhancements were specifically implemented to lift application starts and reduce call center volumes, improving the servicing experience for customers interacting with Progressive Leasing.

You should track the impact of these digital investments on application start rates versus call center costs going into 2026.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Customer Relationships

You're looking at how PROG Holdings, Inc. (PRG) manages its interactions with customers, both the end-users and the retail merchants, as of late 2025. It's a mix of digital efficiency and necessary human touchpoints.

Automated, app-based, and digital self-service tools

PROG Holdings, Inc. is clearly pushing customers toward digital channels. Technology initiatives in the Progressive Leasing segment included the rollout of a new consumer chat feature, expanded AI-driven tools, and enhancements to digital servicing. These efforts are designed to create a more seamless, personalized customer journey. The focus on digital is evident in the e-commerce penetration within the core leasing business; e-commerce represented approximately 21% of Progressive Leasing Gross Merchandise Volume (GMV) in the second quarter of 2025, which was an all-time high for the company. Also, the direct-to-consumer channel, PROG Marketplace, is a key focus for engagement.

Dedicated call center support for lease and payment inquiries

While the company is advancing digital tools, the stated goal of those enhancements was to lift application starts and reduce call center volumes. This suggests that while digital adoption is growing, a dedicated call center remains a necessary component for handling lease and payment inquiries, even if the volume is being actively managed downward through technology.

High-touch relationship management with key retail partners

The relationship with retail partners is critical, especially for the Progressive Leasing segment. Management noted deliberate actions taken to preserve portfolio health while expanding balance of share with key retail partners, even while navigating GMV headwinds. The Progressive Leasing segment reported a GMV of $413.9 million in the second quarter of 2025 and $410.9 million in the third quarter of 2025. The company is focused on deepening engagement within its existing network.

Here are some key metrics showing the scale of the core leasing business and the growth of the partner ecosystem:

Metric	Period End Date	Value
Progressive Leasing GMV	Q2 2025	$413.9 million
Progressive Leasing GMV	Q3 2025	$410.9 million
Progressive Leasing GMV	Q1 2025	$402.0 million
Provision for Lease Merchandise Write-offs (Q2 2025)	Q2 2025	7.5% of leasing revenues

Direct-to-consumer marketing via PROG Marketplace

The PROG Marketplace serves as a direct-to-consumer (DTC) channel, enhancing customer engagement across the PROG Holdings, Inc. ecosystem. This platform is on track to surpass $75 million in Gross Merchandise Volume (GMV) for the full year 2025. In the second quarter of 2025 specifically, the PROG Marketplace GMV was up 38% year-over-year. This channel also benefits from the success of the Four+ subscription service, which drove over 85% of Four Technologies' GMV. The overall growth in the Four Technologies platform is also a customer relationship story, with active shoppers growing over 130% year-over-year.

The growth in the Four Technologies platform, which includes the PROG Marketplace, shows strong customer adoption:

• Four Technologies GMV growth (YoY) in Q2 2025: 166.5%
• Four Technologies revenue growth (YoY) in Q2 2025: Over 200%
• Four Technologies trailing 12-month take rate: Approximately 10%
• Active shoppers growth (YoY) for Four Technologies: Over 130%

Finance: draft 13-week cash view by Friday.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Channels

You're looking at how PROG Holdings, Inc. gets its services-lease-to-own and BNPL-to the customer base as of late 2025. It's a multi-pronged approach, relying heavily on existing retail relationships but increasingly pushing direct digital channels.

Retail partner point-of-sale (in-store and e-commerce)

This remains the core engine for Progressive Leasing, where the lease-to-own option is presented right at the checkout, both physically and online. You see the impact of these relationships in the Gross Merchandise Volume (GMV) figures, though macro issues and specific partner bankruptcies, like Big Lots, created headwinds.

For instance, in the third quarter of 2025, Progressive Leasing's GMV was $410.9 million, which was down 10.0% compared to the third quarter of 2024. Still, the company is actively expanding this base, having signed 3 recognizable new retail partners since the previous earnings call. The digital component of this channel is growing fast; e-commerce GMV represented 23% of total Progressive Leasing GMV in Q3 2025, up from 16.6% in Q3 2024. That's a clear shift in how customers are accessing the service.

Progressive Leasing mobile app and e-commerce platform

The digital experience within the core Progressive Leasing business is a major focus area under the Enhance strategic pillar. Technology investments here aim to lift application starts and reduce the need for call center support.

The e-commerce channel, which includes the app and online portal for Progressive Leasing transactions, hit an all-time high percentage of total leasing GMV in Q2 2025 at approximately 21%. By Q3 2025, this figure edged up to 23%. This channel is definitely where PROG Holdings, Inc. is seeing its incremental growth, helping offset the drag from physical retail softness.

Four Technologies BNPL platform integration

Four Technologies is the high-growth engine, operating as a Buy Now, Pay Later (BNPL) platform. This channel is integrated across various merchant points-of-sale, often complementing or running alongside the Progressive Leasing offering.

The performance here is starkly different from the core leasing business. Four Technologies delivered over 200% revenue growth and its GMV grew 162.8% in Q3 2025. For the first nine months of 2025, Four generated year-to-date adjusted EBITDA of $11.1 million, which translates to a 23% margin on its revenue. This segment achieved profitability for its second consecutive quarter in Q2 2025.

Employer benefit programs and broker networks

Specific, standalone financial metrics for channels flowing through employer benefit programs or broker networks are not explicitly broken out in the latest public disclosures. The company generally discusses its ecosystem strategy, which includes cross-selling initiatives, but the revenue or GMV contribution from this specific pathway isn't itemized separately from the main segments.

PROG Marketplace direct-to-consumer channel

The PROG Marketplace is the dedicated direct-to-consumer (D2C) channel, designed to drive incremental traffic and sales outside of the primary retail partner flow. Management has a clear target for this channel.

PROG Holdings, Inc. is on track to surpass $75 million in GMV for the PROG Marketplace in 2025. In the third quarter of 2025 alone, the Marketplace delivered 59% year-over-year GMV growth. This channel is clearly being invested in to build a direct relationship with the end consumer.

Here's a quick look at how the key revenue-driving channels stacked up in the third quarter of 2025:

Channel/Metric	Value (Q3 2025)	Context/Comparison
Progressive Leasing Revenue	$556.6 million	Down approximately 4.5% YoY
Progressive Leasing GMV	$410.9 million	Down 10.0% YoY
E-commerce GMV % of Progressive Leasing GMV	23%	Up from 20.9% in Q2 2025
PROG Marketplace GMV Growth	59%	Year-over-year growth
Four Technologies GMV Growth	162.8%	Year-over-year growth
Four Technologies YTD Adj. EBITDA Margin	23%	On revenue through Q3 2025

The full-year 2025 consolidated revenue outlook is guiding between $2.45 billion and $2.5 billion. If onboarding takes 14+ days, churn risk rises, which impacts the realized GMV across all these channels.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Customer Segments

You're analyzing the customer base for PROG Holdings, Inc. as of late 2025. The company's model centers on providing access to goods for consumers who may not qualify for traditional credit or prefer flexible payment structures. This focus is evident across its core operating segments, even as the company actively manages its portfolio, such as the recent divestiture of the Vive Financial portfolio.

Near- and below-prime consumers needing flexible payment options represent the core of the Progressive Leasing business. Management noted in Q3 2025 that these consumers faced ongoing economic pressures, leading to a deliberate tightening of lease approvals to protect portfolio health. This segment is served by the lease-to-own model, which saw its Gross Merchandise Volume (GMV) reach $410.9 million in the third quarter of 2025.

Shoppers of durable goods (furniture, electronics, appliances) are the direct end-users of the Progressive Leasing service at the point of sale. The company's ability to service this segment is reflected in its overall financial health, with full-year 2025 revenue guidance projected between $2.41 billion and $2.435 billion. The provision for lease merchandise write-offs for Q3 2025 was maintained at 7.4% of leasing revenues, which is within the targeted annual range of 6-8%.

Consumers seeking second-look financing and credit building products are served through the remaining portfolio assets, primarily the Build product, following the sale of the Vive Financial second-look revolving credit business. The company's financial strength supports these inclusive products, evidenced by a cash position of $292.6 million at the end of Q3 2025. The Build product specifically targets consumers looking to establish or repair their credit profiles.

Employees of large corporations seeking payroll-deducted purchases are a segment targeted through specific partnership channels, often integrated with the lease-to-own or BNPL offerings. While specific segment revenue is not broken out, the overall growth in the Buy Now, Pay Later (BNPL) platform, Four Technologies, validates the company's ability to scale innovative payment methods. Four Technologies achieved GMV growth of 162.8% in Q3 2025, marking its eighth consecutive quarter of triple-digit GMV growth.

Here's a quick look at the key financial metrics grounding the capacity to serve these segments as of the latest reported quarter:

Metric	Value (Q3 2025)	Context
Consolidated Revenue	$595.1 million	Third Quarter 2025
Progressive Leasing GMV	$410.9 million	Third Quarter 2025
Four Technologies GMV Growth	162.8%	Year-over-year in Q3 2025
Lease Write-Off Rate	7.4%	Q3 2025 of leasing revenues
Non-GAAP Diluted EPS	$0.90	Third Quarter 2025
Full-Year 2025 Revenue Guidance (Midpoint)	$2.4225 billion	Updated as of Q3 2025

You can see the focus on operational efficiency alongside customer access. The company is clearly managing risk while trying to expand its reach:

• Progressive Leasing revenue rose 5% to $651.6 million in Q1 2025, driven by a larger lease portfolio balance.
• The company generated $389.9 million in cash flow from operations for the nine months ended September 30, 2025.
• The company maintains a gross debt of $600.0 million against cash of $292.6 million as of Q3 2025.
• The company paid a quarterly cash dividend of $0.13 per share.

If onboarding for new partners takes longer than expected, the ability to capture new durable goods shoppers in Q4 could be delayed.

Finance: draft 13-week cash view by Friday.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Cost Structure

You're looking at the core expenses PROG Holdings, Inc. incurs to keep the engine running, especially as they navigate the shift away from the Vive Financial portfolio and lean into Four Technologies. Here's the quick math on what's hitting the bottom line from an operational and financing perspective as of late 2025.

The provision for lease merchandise write-offs remains a critical variable cost tied directly to the core Progressive Leasing revenue base. For the third quarter of 2025, the actual write-offs landed at 7.4% of leasing revenue. This result keeps the company squarely within its targeted annual range of 6% to 8%, which is a key metric management watches closely for portfolio health.

Technology development and maintenance costs are embedded within operating expenses, particularly SG&A, reflecting ongoing investment in the platform. For instance, in the second quarter of 2025, the deleverage in Progressive Leasing's SG&A was explicitly attributed to active investments in technology and sales enablement, showing where some of those fixed-cost dollars are going to drive future efficiency.

Selling, general, and administrative (SG&A) expenses show the ongoing operational spend. For Progressive Leasing in the third quarter of 2025, SG&A hit $79.3 million, which represented 14.2% of that segment's revenue. This compares to 13.1% of revenue in the third quarter of 2024, indicating some deleverage due to investments and the revenue mix shift.

Financing costs are tied to the capital structure. PROG Holdings ended the third quarter of 2025 with a gross debt level of $600 million. While the exact Interest Expense, Net for Q3 2025 isn't immediately isolated in the latest reports, the Interest Expense, Net for the second quarter of 2025 was reported as ($8,149 thousand), which gives you a sense of the interest burden associated with their debt load.

Costs associated with retail partner integration and support are a component of the overall SG&A structure, often falling under sales enablement. The company has been focused on strengthening these relationships, for example, by extending long-term exclusive agreements with existing retail partners, which suggests continued investment in the operational support needed to maintain those channel placements.

Here is a snapshot of the key expense-related figures we have for the period:

Cost Component	Metric/Period	Amount/Percentage
Provision for Lease Merchandise Write-offs	Q3 2025 Actual (as % of Leasing Revenue)	7.4%
Provision for Lease Merchandise Write-offs	Targeted Annual Range	6% to 8%
Progressive Leasing SG&A	Q3 2025 (in millions)	$79.3 million
Progressive Leasing SG&A	Q3 2025 (as % of Revenue)	14.2%
Gross Debt	End of Q3 2025 (in millions)	$600 million
Interest Expense, Net (Proxy)	Q2 2025 (in thousands)	($8,149 thousand)

You should track the SG&A as a percentage of revenue closely, especially for Progressive Leasing, as it reflects the balance between necessary technology investment and the impact of revenue fluctuations from partner losses like Big Lots.

• Active investments in technology and sales enablement are driving SG&A deleverage expectations.
• Four Technologies generated year-to-date adjusted EBITDA of $11.1 million through Q3 2025, representing a 23% margin on revenue.
• The company paid a quarterly cash dividend of $0.13 per share in Q3 2025.

Finance: draft 13-week cash view by Friday.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Revenue Streams

You're looking at the core ways PROG Holdings, Inc. brings in cash as of late 2025, which is a mix of legacy lease-to-own, a rapidly expanding BNPL offering, and the financial impact of strategic divestitures. The company's latest full-year guidance reflects a slight recalibration following the sale of a business line.

The overall expectation for the full-year 2025 consolidated revenue is projected between $2.41 billion and $2.435 billion. This compares to the trailing twelve months revenue ending September 30, 2025, which totaled $2.51B. For the most recently reported quarter, Q3 2025, consolidated revenues were $595.1 million.

The primary driver remains the lease-to-own business, but the high-growth segment is definitely the Buy Now, Pay Later (BNPL) offering.

Here's a quick look at the key components driving that revenue picture, using the latest reported quarterly figures and guidance:

Revenue Component	Latest Reported Metric/Figure	Period/Context
Full-Year 2025 Consolidated Revenue Projection	$2.41 billion to $2.435 billion	Full Year 2025 Guidance
Lease Revenues from Progressive Leasing segment	$556.6 million	Q3 2025 Revenue
Progressive Leasing Gross Merchandise Volume (GMV)	$410.9 million	Q3 2025
Fees from BNPL transactions (Four Technologies)	23% margin on revenue (YTD Adjusted EBITDA)	Year-to-Date through Q3 2025
Interest and fee income from Vive Financial	Proceeds from sale: $150 million in cash	Divestiture in Q3 2025 (Cessation of income stream)

Lease revenues from the Progressive Leasing segment are the foundation. In Q3 2025, this segment generated $556.6 million in revenue, even as its Gross Merchandise Volume (GMV) declined 10.0% year-over-year to $410.9 million. The write-offs as a percentage of leasing revenue for that quarter were 7.4%, staying within the targeted annual range of 6% to 8%.

Fees from Buy Now, Pay Later (BNPL) transactions, primarily through Four Technologies, show explosive growth. This segment delivered its eighth consecutive quarter of triple-digit GMV growth. For the year-to-date period through Q3 2025, Four Technologies generated an adjusted EBITDA of $11.1 million, representing a strong 23% margin on its revenue.

Regarding the other streams you mentioned:

• Interest and fee income from Vive Financial is no longer a revenue stream, as PROG Holdings sold the credit card receivables portfolio in Q3 2025 for approximately $150 million in cash.
• Data on revenue from payroll-deducted purchases (Purchasing Power, post-acquisition) is not detailed in the latest public financial reports available as of late 2025.

The company's technology focus is clearly aimed at driving the BNPL revenue stream, with Four Technologies achieving over 200% revenue growth in Q2 2025. Also, the PROG Marketplace platform is on track to surpass $75 million in GMV for the full year 2025.

Finance: draft 13-week cash view by Friday.