v3.26.3
SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Total Assets and Capital Expenditures from Continuing Operations by Segment, and Revenue, Significant Segment Expenses, Other Segment Items, and Profit and Loss Information
The following is a summary of total assets from continuing operations by segment:
(in thousands)
September 30, 2026December 31, 2025
Assets:
Progressive Leasing$1,098,996 $1,444,367 
Purchasing Power
799,044 — 
Four
129,870 132,337 
Other19,207 20,154 
Total assets from continuing operations
$2,047,117 $1,596,858 
The following is a summary of capital expenditures from continuing operations by segment:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2026202520262025
Capital expenditures:1
Progressive Leasing$3,635 $2,886 $8,205 $5,451 
Purchasing Power
1,181 — 4,052 — 
Four
3 39 95 121 
Other— 602 661 1,813 
Total capital expenditures from continuing operations
$4,819 $3,527 $13,013 $7,385 
1 Capital expenditures primarily consists of internal-use software, as well as computer hardware and furniture and equipment.
The following tables present a summary of segment revenues, significant segment expenses, other segment items, and profit and loss information for the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30, 2026
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$552,266 $— $— $— $552,266 
Product and service revenues
— 128,941 — — 128,941 
Other revenues
464 2,855 37,239 4,014 44,572 
Total revenues
552,730 131,796 37,239 4,014 725,779 
Significant segment expenses1
Depreciation of lease merchandise
376,821 — — — 376,821 
Cost of product sales
— 75,826 — — 75,826 
Provision for lease merchandise write-offs
45,977 — — — 45,977 
Selling, general and administrative
83,763 25,366 14,023 2,339 125,491 
Provision for credit losses
— 16,011 12,042 2,473 30,526 
Total
506,561 117,203 26,065 4,812 654,641 
Other segment items:
Depreciation and amortization2
1,600 8,087 4 623 10,314 
Restructuring and other expenses(1,628)830 — — (798)
Gain on sale of lease receivables
(2,881)— — — (2,881)
Gain on change in fair value of receivables
— (1,478)— — (1,478)
Interest expense3
10,241 4,432 1,310 269 16,252 
Interest income3
(1,987)(241)(123)(230)(2,581)
Total
5,345 11,630 1,191 662 18,828 
Earnings (loss) before income tax expense
$40,824 $2,963 $9,983 $(1,460)$52,310 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 Excludes depreciation of lease merchandise, which is not included in the CODM's measure of depreciation and amortization.
3 Intersegment interest income and expense of $2.1 million are included within the amounts shown.
Three months ended September 30, 2025
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$556,583 $— $— $— $556,583 
Other revenues
— — 17,414 3,709 21,123 
Total revenues
556,583 — 17,414 3,709 577,706 
Significant segment expenses1
Depreciation of lease merchandise
378,499 — — — 378,499 
Provision for lease merchandise write-offs
41,037 — — — 41,037 
Selling, general and administrative
79,272 — 7,275 3,037 89,584 
Provision for credit losses
— — 7,609 2,382 9,991 
Total
498,808 — 14,884 5,419 519,111 
Other segment items:
Depreciation and amortization2
5,116 — 243 645 6,004 
Interest expense3
10,106 — 1,123 1,170 12,399 
Interest income3
(4,185)— (110)(213)(4,508)
Total
11,037 — 1,256 1,602 13,895 
Earnings (loss) before income tax expense
$46,738 $— $1,274 $(3,312)$44,700 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 Excludes depreciation of lease merchandise, which is not included in the CODM's measure of depreciation and amortization.
3 Intersegment interest income and expense of $2.6 million are included within the amounts shown.
Nine months ended September 30, 2026
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$1,698,960 $— $— $— $1,698,960 
Product and service revenues— 363,854 — — 363,854 
Other revenues
1,188 5,461 107,291 11,414 125,354 
Total revenues
1,700,148 369,315 107,291 11,414 2,188,168 
Significant segment expenses1
Depreciation of lease merchandise
1,150,142 — — — 1,150,142 
Cost of product sales— 214,034 — — 214,034 
Provision for lease merchandise write-offs
136,127 — — — 136,127 
Selling, general and administrative
247,852 83,133 39,619 14,630 385,234 
Provision for credit losses
— 43,920 35,327 6,113 85,360 
Total
1,534,121 341,087 74,946 20,743 1,970,897 
Other segment items:
Depreciation and amortization2
9,109 24,210 513 1,690 35,522 
Restructuring and other expenses3
3,648 4,217 — 3 7,868 
Gain on sale of lease receivables(14,039)— — — (14,039)
Gain on change in fair value of receivables— (9,000)— — (9,000)
Interest expense4
35,387 14,260 3,768 786 54,201 
Interest income4
(6,292)(631)(368)(670)(7,961)
Total
27,813 33,056 3,913 1,809 66,591 
Earnings (loss) before income tax expense
$138,214 $(4,828)$28,432 $(11,138)$150,680 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 Excludes depreciation of lease merchandise, which is not included in the CODM's measure of depreciation and amortization.
3 Includes $4.8 million of expense to settle a legal dispute.
4 Intersegment interest income and expense of $6.4 million are included within the amounts shown.
Nine months ended September 30, 2025
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$1,777,814 $— $— $— $1,777,814 
Other revenues
— — 47,919 8,904 56,823 
Total revenues
1,777,814 — 47,919 8,904 1,834,637 
Significant segment expenses1
Depreciation of lease merchandise
1,224,049 — — — 1,224,049 
Provision for lease merchandise write-offs
131,688 — — — 131,688 
Selling, general and administrative
240,344 — 19,641 9,307 269,292 
Provision for credit losses
— — 18,017 5,518 23,535 
Total
1,596,081 — 37,658 14,825 1,648,564 
Other segment items:
Depreciation and amortization2
15,316 — 883 1,630 17,829 
Interest expense3
30,180 — 3,411 2,852 36,443 
Interest income3
(10,672)— (220)(421)(11,313)
Total
34,824 — 4,074 4,061 42,959 
Earnings (loss) before income tax expense
$146,909 $— $6,187 $(9,982)$143,114 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 Excludes depreciation of lease merchandise, which is not included in the CODM's measure of depreciation and amortization.
3 Intersegment interest income and expense of $6.9 million are included within the amounts shown.