PROG Holdings, Inc. (PRG) · Oct 28, 2026 · Earnings

PROG earnings miss as 2026 guidance is cut

Miss — Diluted EPS $0.92 vs ~$1.09 consensus; revenue $725.8M vs ~$737.8M

PROG Holdings’ Q3 earnings missed published expectations, while management cut 2026 revenue, EBITDA and EPS guidance as consumer pressure weighs on its core leasing business.

PROG is trying to evolve from a leasing-centric company into a broader consumer-access platform spanning Progressive Leasing, Four and newly acquired Purchasing Power, with Four intended to supply faster growth while the core leasing portfolio funds the transition. The quarter did not clear the market’s bar. Q3 diluted EPS from continuing operations was $0.92 versus a published consensus of roughly $1.09, while revenue was $725.8 million versus roughly $737.8 million expected. That is a miss despite year-over-year growth, so the headline operating momentum was weaker than the market had assumed.

Metric	Q3 2026	Q3 2025 / expectation	Read
Revenue	$725.8M	$577.7M; ~$737.8M consensus	Up 25.6% year over year, below expectation (Income Statement)
Diluted EPS from continuing operations	$0.92	$0.80; ~$1.09 consensus	Up year over year, below expectation (Income Statement)
Non-GAAP diluted EPS	$1.06	$0.87 year over year	Up 21.8% year over year (Non-GAAP reconciliation)
Adjusted EBITDA	$80.0M	$65.7M year over year	Up 21.8%, but margin fell to 11.0% from 11.4% (Financial Highlights)
Consolidated GMV	$912.0M	$574.0M year over year	Up 58.9% (GMV table)

The growth engine is increasingly Four, not the legacy franchise. Four’s GMV doubled and revenue rose 113.8%, while its adjusted EBITDA reached $11.4 million versus $2.7 million a year earlier. That supports the multi-product strategy. But Progressive Leasing—the much larger business—saw GMV rise only 2.3%, revenue fall 0.7%, and adjusted EBITDA decline 12.3%; the core business is absorbing the consumer pressure that management highlighted.

Management lowered the full-year bar, making the miss more consequential. 2026 revenue guidance fell to $3.015 billion-$3.050 billion from $3.025 billion-$3.100 billion; adjusted EBITDA fell to $345 million-$355 million from $355 million-$375 million; and non-GAAP EPS fell to $4.70-$4.85 from $4.75-$5.00. The cuts are concentrated in Progressive Leasing and Purchasing Power, while Four’s profit outlook was raised—another sign that diversification is progressing, but not yet large enough to offset weakness in the core. 〔0〕

The buyback is supportive capital allocation, not a fix for the operating reset. PROG intends to enter a $100 million accelerated share repurchase program, replenished its authorization to $500 million and extended the authorization through October 26, 2029. That can reduce the share count and cushion per-share results, but the revised EPS outlook already assumes only the initial delivery of roughly 80% of the ASR shares, so the guidance cut remains fundamentally an operating signal rather than merely a capital-structure change.

Bottom line: The platform is growing, but the quarter shows that the largest business is weakening faster than Four is scaling. With both reported results and full-year guidance below the market’s apparent bar, this filing sets back the near-term transition story even as the longer-term diversification remains intact.

What to watch next

Q4 report, late February 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

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PROG earnings miss as 2026 guidance is cut

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